0000913760-22-000174 | 10-K | XBRL Viewer

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Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Sep. 30, 2022	Nov. 25, 2022	Mar. 31, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Sep. 30, 2022
Current Fiscal Year End Date	--09-30
Document Transition Report	false
Entity File Number	000-23554
Entity Registrant Name	StoneX Group Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	59-2921318
Entity Address, Address Line One	230 Park Ave
Entity Address, Address Line Two	10th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10169
City Area Code	212
Local Phone Number	485-3500
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	SNEX
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
ICFR Auditor Attestation Flag	true
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 1,063.4
Entity Common Stock, Shares Outstanding		20,394,011
Documents Incorporated by Reference	Certain portions of the definitive Proxy Statement for the Registrant’s Annual Meeting of Stockholders to be held on March 1, 2023 are incorporated by reference into Part III of this Annual Report on Form 10-K.
Entity Central Index Key	0000913760
Document Fiscal Year Focus	2022
Amendment Flag	false
Document Fiscal Period Focus	FY

Audit Information	12 Months Ended
Audit Information	Sep. 30, 2022
Auditor Information [Abstract]
Auditor Name	KPMG LLP
Auditor Firm ID	185
Auditor Location	Kansas City, MO

Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2022	Sep. 30, 2021
ASSETS
Cash and cash equivalents	$ 1,108.5	$ 1,109.6
Cash, securities and other assets segregated under federal and other regulations (including $805.7 million and $14.1 million at fair value at September 30, 2022 and 2021, respectively)	3,267.2	2,274.4
Collateralized transactions:
Securities purchased under agreements to resell	1,672.0	2,239.9
Securities borrowed	1,209.8	2,163.1
Deposits with and receivables from broker-dealers, clearing organizations and counterparties, net (including $2,817.2 million and $1,070.6 million at fair value at September 30, 2022 and 2021, respectively)	6,842.6	5,292.9
Receivable from clients, net (including $(0.5) million and $2.6 million at fair value at September 30, 2022 and 2021, respectively)	566.2	461.1
Notes receivable, net	5.1	6.1
Income taxes receivable	16.8	26.6
Financial instruments owned, at fair value (includes securities pledged as collateral that can be sold or repledged of $2,372.3 million and $843.3 million at September 30, 2022 and 2021, respectively)	4,167.3	4,354.6
Physical commodities inventory, net (including $359.8 million and $359.9 million at fair value at September 30, 2022 and 2021, respectively)	513.5	447.5
Deferred income taxes, net	52.0	35.1
Property and equipment, net	112.9	93.3
Operating right of use assets	121.8	125.3
Goodwill and intangible assets, net	86.2	100.8
Other assets	117.7	109.3
Total assets	19,859.6	18,839.6
Liabilities:
Accounts payable and other accrued liabilities (including $0.0 million and $2.8 million at fair value at September 30, 2022 and 2021, respectively)	400.6	305.1
Operating lease liabilities	143.0	146.6
Payables to:
Clients (including $(1,392.4) million and $291.5 million at fair value at September 30, 2022 and 2021, respectively)	9,891.0	7,835.9
Broker-dealers, clearing organizations and counterparties (including $55.8 million and $12.7 million at fair value at September 30, 2022 and 2021, respectively)	659.8	613.5
Lenders under loans	485.1	248.6
Senior secured borrowings, net	339.1	507.0
Income taxes payable	16.2	13.2
Collateralized transactions:
Securities sold under agreements to repurchase	3,195.6	4,340.9
Securities loaned	1,189.5	2,153.6
Financial instruments sold, not yet purchased, at fair value	2,469.6	1,771.2
Total liabilities	18,789.5	17,935.6
Commitments and contingencies (Note 13)
Stockholders' equity:
Preferred stock, $0.01 par value. Authorized 1,000,000 shares; no shares issued or outstanding	0.0	0.0
Common stock, $0.01 par value. Authorized 30,000,000 shares; 22,911,227 issued and 20,303,904 outstanding at September 30, 2022 and 22,431,233 issued and 19,823,910 outstanding at September 30, 2021	0.2	0.2
Common stock in treasury, at cost - 2,607,323 shares at September 30, 2022 and 2021	(69.3)	(69.3)
Additional paid-in-capital	340.2	315.7
Retained earnings	889.6	682.5
Accumulated other comprehensive loss, net	(90.6)	(25.1)
Total equity	1,070.1	904.0
Total liabilities and stockholders' equity	$ 19,859.6	$ 18,839.6

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2022	Sep. 30, 2021
Statement of Financial Position [Abstract]
Cash and cash equivalents, fair value	$ 805.7	$ 14.1
Deposits and receivables from broker dealer at fair value	2,817.2	1,070.6
Receivables from clients at fair value	(0.5)	2.6
Collateral that can be sold or repledged	2,372.3	843.3
Physical commodities inventory at fair value	359.8	359.9
Accounts payable and other accrued liabilities at fair value	0.0	2.8
Client payables at fair value	(1,392.4)	291.5
Payables to broker dealer at fair value	$ 55.8	$ 12.7
Preferred stock - par value (in dollar per share)	$ 0.01	$ 0.01
Preferred stock - authorized (in shares)	1,000,000	1,000,000
Preferred stock - issued (in shares)	0	0
Preferred stock - outstanding (in shares)	0	0
Common stock - par value (in dollar per share)	$ 0.01	$ 0.01
Common stock - authorized (in shares)	30,000,000	30,000,000
Common stock - issued (in shares)	22,911,227	22,431,233
Common stock - outstanding (in shares)	20,303,904	19,823,910
Treasury stock - shares (in shares)	2,607,323	2,607,323

Consolidated Income Statements - USD ($) $ in Millions	12 Months Ended
Consolidated Income Statements - USD ($) $ in Millions	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Revenues:
Principal gains, net	$ 1,145.2	$ 892.0	$ 622.2
Revenue from contract with customer	3,607.5	2,119.5	487.3
Interest income	219.0	102.4	130.9
Total revenues	66,036.0	42,534.2	54,139.6
Cost of sales of physical commodities	63,928.6	40,861.1	52,831.3
Operating revenues	2,107.4	1,673.1	1,308.3
Transaction-based clearing expenses	291.2	271.7	222.5
Introducing broker commissions	160.1	160.5	113.8
Interest expense	135.5	49.6	80.4
Interest expense on corporate funding	44.7	41.3	23.6
Net operating revenues	1,475.9	1,150.0	868.0
Compensation and other expenses:
Compensation and benefits	794.8	679.1	518.7
Trading systems and market information	66.2	58.8	46.3
Professional fees	54.3	40.9	30.2
Non-trading technology and support	52.4	46.0	28.4
Occupancy and equipment rental	36.1	34.2	23.5
Selling and marketing	55.3	33.3	12.2
Travel and business development	16.9	4.5	8.9
Communications	8.3	9.3	7.0
Depreciation and amortization	44.4	36.5	19.7
Bad debts, net of recoveries and impairment	15.8	10.4	18.7
Other	60.6	46.3	29.6
Total compensation and other expenses	1,205.1	999.3	743.2
Gain on acquisitions and other gains, net	6.4	3.4	81.9
Income from operations, before tax	277.2	154.1	206.7
Income tax expense	70.1	37.8	37.1
Net income	$ 207.1	$ 116.3	$ 169.6
Earnings per share:
Basic (in dollar per share)	$ 10.27	$ 5.90	$ 8.78
Diluted (in dollar per share)	$ 10.01	$ 5.74	$ 8.61
Weighted-average number of common shares outstanding:
Basic (in shares)	19,570,403	19,130,643	18,824,328
Diluted (in shares)	20,067,540	19,678,168	19,180,479
Sales of physical commodities
Revenues:
Sales of physical commodities	$ 64,052.6	$ 40,961.6	$ 52,899.2
Commission and clearing fees
Revenues:
Revenue from contract with customer	507.9	487.2	403.6
Consulting, management, and account fees
Revenues:
Revenue from contract with customer	$ 111.3	$ 91.0	$ 83.7

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 207.1	$ 116.3	$ 169.6
Other comprehensive (loss)/income, net of tax:
Foreign currency translation adjustment	(11.7)	13.3	(4.5)
Cash flow hedges	(53.5)	0.0	0.0
Pension liabilities adjustment	(0.3)	1.5	(0.2)
Reclassification of adjustment for losses included in net income:
Periodic pension costs (included in compensation and benefits)	0.0	0.2	0.1
Reclassification adjustment for losses included in net income	0.0	0.2	0.1
Other comprehensive (loss)/income	(65.5)	15.0	(4.6)
Comprehensive income	$ 141.6	$ 131.3	$ 165.0

Consolidated Statements of Cash Flows - USD ($)
$ in Millions

12 Months Ended

Sep. 30, 2022

Sep. 30, 2021

Sep. 30, 2020

Cash flows from operating activities:

Net income

$ 207.1

$ 116.3

$ 169.6

Adjustments to reconcile net income to net cash (used in)/provided by operating activities:

Depreciation and amortization

44.4

36.5

19.7

Amortization of operating right of use assets

15.9

12.2

9.9

Provision for bad debts, net of recoveries and impairment

15.8

10.4

18.7

Deferred income taxes

(0.3)

3.2

4.1

Amortization and extinguishment of debt issuance costs

4.5

3.9

6.5

Actuarial gain on pension and postretirement benefits

(0.1)

(0.3)

(0.2)

Amortization of share-based compensation expense

17.8

13.9

10.3

Gain on acquisition

0.0

(3.3)

(81.9)

Gain on stock sales of clearing organization memberships

0.0

(0.7)

0.0

Changes in operating assets and liabilities, net:

Securities and other assets segregated under federal and other regulations

(591.5)

(1.0)

293.0

Securities purchased under agreements to resell

567.9

(543.7)

(271.7)

Securities borrowed

953.3

(723.1)

(16.8)

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

(2,174.3)

(132.0)

(326.0)

Receivable from clients, net

(119.7)

(68.3)

0.9

Notes receivable, net

1.0

(4.4)

1.2

Income taxes receivable

10.4

(9.6)

(11.1)

Financial instruments owned, at fair value

187.3

(1,626.9)

(552.5)

Physical commodities inventory

(67.2)

(166.4)

(51.8)

Other assets

(9.8)

(16.7)

(3.7)

Accounts payable and other accrued liabilities

101.4

35.7

42.7

Operating lease liabilities

(16.0)

(8.6)

(9.5)

Payable to clients

2,055.1

2,146.7

2,093.7

Payable to broker-dealers, clearing organizations and counterparties

46.3

76.0

270.8

Income taxes payable

2.8

(9.4)

(0.3)

Securities sold under agreements to repurchase

(1,145.3)

1,185.4

381.8

Securities loaned

(964.1)

711.7

(18.0)

Financial instruments sold, not yet purchased, at fair value

627.8

1,085.2

(28.8)

Net cash (used in)/provided by operating activities

(229.5)

2,122.7

1,950.6

Cash flows from investing activities:

Proceeds from stock sales of clearing organization memberships

0.2

1.6

0.0

Cash paid for acquisitions

(0.2)

(2.4)

(225.0)

Sale of property and equipment

0.0

3.1

0.0

Purchase of property and equipment and internally developed software

(49.5)

(62.1)

(16.6)

Net cash used in investing activities

(49.5)

(59.8)

(241.6)

Cash flows from financing activities:

Net change in lenders under loans with maturities 90 days or less

211.5

(33.5)

99.7

Proceeds from lenders under loans with maturities greater than 90 days

547.0

191.4

608.5

Repayments of lenders under loans with maturities greater than 90 days

(522.0)

(186.4)

(642.0)

Proceeds from issuance of senior secured term loan

0.0

21.5

Repayments of senior secured term loan

(170.3)

(9.8)

Proceeds from issuance of senior secured notes

0.0

344.8

Repayment of senior secured notes

(0.5)

(1.6)

(92.1)

Issuance of note payable

0.0

9.0

0.0

Repayments of note payable

0.0

(0.4)

Deferred payments on acquisitions

(3.0)

(2.2)

(0.9)

Payment of contingent consideration

(3.6)

0.0

Share repurchase

0.0

(11.7)

(7.5)

Debt issuance costs

0.0

(15.0)

Exercise of stock options

6.7

9.2

5.5

Net cash provided by/(used in) financing activities

65.8

(35.6)

312.3

Effect of exchange rates on cash, segregated cash, cash equivalents, and segregated cash equivalents

(11.2)

13.8

(4.2)

Net (decrease) increase in cash, segregated cash, cash equivalents, and segregated cash equivalents

(224.4)

2,041.1

2,017.1

Cash, segregated cash, cash equivalents, and segregated cash equivalents at beginning of period

6,509.5

4,468.4

2,451.3

Cash, segregated cash, cash equivalents, and segregated cash equivalents at end of period

6,285.1

6,509.5

4,468.4

Supplemental disclosure of cash flow information:

Cash paid for interest

149.2

87.0

90.4

Income taxes paid, net of cash refunds

56.3

52.0

44.0

Supplemental disclosure of non-cash investing and financing activities:

Identified intangible assets and goodwill on acquisitions

0.2

6.5

11.8

Additional consideration payable related to acquisitions

0.0

3.9

21.6

Acquisition of businesses:

Assets acquired

0.0

6.5

1,169.2

Liabilities acquired

0.0

(4.1)

(359.5)

Total net assets acquired

0.0

2.4

809.7

Cash and cash equivalents

1,108.5

1,109.6

952.6

Cash segregated under federal and other regulations

^[1]

2,461.6

2,260.3

1,907.2

Securities segregated under federal and other regulations

^[1]

200.0

0.0

Cash segregated and deposited with or pledged to exchange-clearing organizations and other futures commission merchants (“FCMs”)

^[2]

2,138.2

2,739.6

698.7

Securities segregated and pledged to exchange-clearing organizations

^[2]

376.8

400.0

909.9

Total cash, segregated cash, cash equivalents, and segregated cash equivalents shown in the consolidated statements of cash flows

6,285.1

6,509.5

4,468.4

Non cash equivalent segregated assets

605.6

14.1

13.0

Non segregated cash and other non cash equivalent assets included with in deposits and receivables from broker dealers clearing organizations and counter parties

$ 4,327.6

$ 2,153.3

$ 2,021.3

[1]

Represents segregated client cash held at third-party banks. Excludes segregated commodity warehouse receipts, segregated United States (“U.S.”) Treasury obligations with original or acquired maturities of greater than 90 days, and other assets, combined totaling $605.6 million, $14.1 million, and $13.0 million as of September 30, 2022, 2021, and 2020, respectively, included within Cash, securities and other assets segregated under federal and other regulations on the Consolidated Balance Sheets.

[2]

Represents segregated client cash and U.S. Treasury obligations on deposit with, or pledged to, exchange clearing organizations and other FCMs. Excludes non-segregated cash, segregated securities pledged to exchange-clearing organizations with original or acquired maturities greater than 90 days, and other assets, combined totaling $4,327.6 million, $2,153.3 million, and $2,021.3 million as of September 30, 2022, 2021, and 2020, respectively, included within Deposits with and receivables from broker-dealers, clearing organizations, and counterparties, net on the Consolidated Balance Sheets.

Consolidated Statements of Stockholders’ Equity - USD ($) $ in Millions	Total	Cumulative transition adjustment	Adjusted balance	Common Stock	Common Stock Adjusted balance	Treasury Stock	Treasury Stock Adjusted balance	Additional Paid-in Capital	Additional Paid-in Capital Adjusted balance	Retained Earnings	Retained Earnings Cumulative transition adjustment	Retained Earnings Adjusted balance	Accumulated Other Comprehensive Loss, net	Accumulated Other Comprehensive Loss, net Cumulative transition adjustment	Accumulated Other Comprehensive Loss, net Adjusted balance
Beginning balance at Sep. 30, 2019	$ 594.2	$ 0.0	$ 594.2	$ 0.2	$ 0.2	$ (50.1)	$ (50.1)	$ 276.8	$ 276.8	$ 402.1	$ 0.7	$ 402.8	$ (34.8)	$ (0.7)	$ (35.5)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	169.6									169.6
Other comprehensive income (loss)	(4.6)												(4.6)
Exercise of stock options	5.5							5.5
Share-based compensation	10.3							10.3
Repurchase of stock	(7.5)					(7.5)
Ending balance at Sep. 30, 2020	$ 767.5	$ (6.2)	$ 761.3	0.2	$ 0.2	(57.6)	$ (57.6)	292.6	$ 292.6	572.4	$ (6.2)	$ 566.2	(40.1)		$ (40.1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible Enumeration]	Accounting Standards Update 2016-13 [Member]
Net income	$ 116.3									116.3
Other comprehensive income (loss)	15.0												15.0
Exercise of stock options	9.2							9.2
Share-based compensation	13.9							13.9
Repurchase of stock	(11.7)					(11.7)
Ending balance at Sep. 30, 2021	904.0			0.2		(69.3)		315.7		682.5			(25.1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	207.1									207.1
Other comprehensive income (loss)	(65.5)												(65.5)
Exercise of stock options	6.7							6.7
Share-based compensation	17.8							17.8
Ending balance at Sep. 30, 2022	$ 1,070.1			$ 0.2		$ (69.3)		$ 340.2		$ 889.6			$ (90.6)

- Definition

Indicates amendment to accounting standards.

+ References

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- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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+ Details

Description of Business and Significant Accounting Policies	12 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Description of Business and Significant Accounting Policies	Description of Business and Significant Accounting Policies StoneX Group Inc., a Delaware corporation, and its consolidated subsidiaries (collectively “SNEX” or “the Company”), is a global financial services network that connects companies, organizations, traders and investors to the global market ecosystem through a unique blend of digital platforms, end-to-end clearing and execution services, high touch service, and deep expertise. The Company strives to be its clients’ sole trusted partner, providing its networks, products, and services to allow them to pursue trading opportunities, manage market risks, make investments and improve business performance. The Company offers a vertically integrated product suite, beginning with high-touch and electronic access to nearly all major financial markets worldwide, as well as numerous liquidity venues. The Company delivers access and service through the entire trade lifecycle, by delivering deep market expertise and on-the-ground intelligence, best execution, and finally post-trade clearing, custody, as well as settlement services. The Company has created revenue streams, diversified by asset class, client type and geography, that earn commissions and spreads as clients execute transactions across the Company’s financial networks, while the Company monetizes non-trading client activity including interest and fee earnings on client balances as well as earning consulting and fees for market intelligence and risk management services. The Company provides these services to a diverse group of clients in more than 180 countries. These clients include more than 54,000 commercial, institutional, and global payments clients and over 400,000 retail clients. The Company’s clients include commercial entities, asset managers, regional, national and introducing broker-dealers, insurance companies, brokers, institutional investors and professional traders, commercial and investment banks, and government and non-governmental organizations (“NGOs”). Basis of Presentation The accompanying consolidated financial statements include the accounts of StoneX Group Inc. and all entities in which the Company has a controlling financial interest. All material intercompany transactions and balances have been eliminated in consolidation. In the Consolidated Income Statements, total revenues reported combine gross revenues for the physical commodities business and net revenues for all other businesses. The subtotal Operating revenues in the Consolidated Income Statements is physical commodities cost of sales deducted from total revenues. The subtotal Net operating revenues in the Consolidated Income Statements is operating revenues less transaction-based clearing expenses, introducing broker commissions, and interest expense. Transaction-based clearing expenses are variable expenses paid to executing brokers, exchanges, clearing organizations, and banks, typically related to transactional volumes. Introducing broker commissions include commission paid to non-employee third parties that have introduced clients to the Company. Net operating revenues represent revenues available to pay variable compensation to risk management consultants and traders, certain non-variable expenses, as well as variable and non-variable expenses related to both operational and administrative employees. Use of Estimates Preparing consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires that management make estimates and assumptions affecting the reported amounts of assets and liabilities, disclosure of contingent liabilities as of the date of the financial statements and the reported amounts of revenue and expense during the reporting period. The most significant of these estimates and assumptions in the current year relate to fair value measurements for financial instruments, revenue recognition, valuation of inventories, and income taxes. These estimates are based on management’s best knowledge of current events and actions the Company may undertake in the future. The Company reviews all significant estimates affecting the financial statements on a recurring basis and records the effect of any necessary adjustments prior to financial statement issuance. Although these and other estimates and assumptions are based on the best available information, actual results could be materially different from these estimates. Foreign Currency Translation The Company’s consolidated financial statements are reported in U.S. dollars. The Company’s subsidiaries maintain their records either in U.S. dollars or, as appropriate, the currencies of the countries in which they operate. The method of translating local currency financial information into U.S. dollars depends on whether the economy in which the foreign subsidiary operates has been designated as highly inflationary. Economies with a three-year cumulative inflation rate of more than 100% are considered highly inflationary. Assets and liabilities of foreign subsidiaries in non-highly inflationary economies are translated into U.S. dollars using rates of exchange at the balance sheet date. Translation adjustments are recorded in other comprehensive income (loss). Revenues and expense are translated at rates of exchange in effect at relevant times during the year. Transaction gains and losses related to changes in currency rates are recorded in earnings. Foreign subsidiaries that operate in highly inflationary countries use the U.S. dollar as their functional currency. Local currency monetary assets and liabilities are remeasured into U.S. dollars using rates of exchange as of each balance sheet date, with remeasurement adjustments and other transaction gains and losses recognized in earnings. Nonmonetary assets and liabilities do not fluctuate with changes in the local currency exchange rates to the dollar as the translated amounts for nonmonetary assets and liabilities at the end of the accounting period in which the economy becomes highly inflationary becomes the accounting basis for those assets and liabilities in the period of change and subsequent periods. Revenues and expenses are translated at rates of exchange in effect at relevant times during the year. The Company operates asset management and debt trading businesses in Argentina through various wholly-owned subsidiaries. Operating revenues from the Company’s Argentinean subsidiaries were approximately 1% of the consolidated operating revenues for the year ended September 30, 2022. The operating environment in Argentina continues to present business challenges, including ongoing devaluation of the Argentine peso and significant inflation. Based upon inflationary data published by the International Practices Task Force of the Center for Audit Quality, the economy of Argentina became highly inflationary during the three months ended June 30, 2018, and continues to be considered highly inflationary. Beginning July 1, 2018, the Company designated Argentina’s economy as highly inflationary for accounting purposes. As a result, the Company has accounted for its Argentinean entities using the U.S. dollar as their functional currency, beginning in the quarter ending September 30, 2018. The Company has implemented strategies to reduce exposure to the Argentine peso. As a result of Argentina’s highly inflationary status, the Company recorded translation gains through earnings of $2.1 million for the year ended September 30, 2022. Translation gains recorded through earnings were $0.8 million for the year ended September 30, 2021. The Company recorded de minimis translation adjustments through earnings for the year ended September 30, 2020. At September 30, 2022, the Company had net monetary liabilities denominated in Argentine pesos of $0.4 million, compared to net monetary assets of $0.4 million at September 30, 2021. The Company held cash and cash equivalents denominated in Argentine pesos of less than $0.1 million as of September 30, 2022 and 2021, respectively. At September 30, 2022 and 2021, the Company had net nonmonetary assets denominated in Argentine pesos of $1.1 million and $0.9 million, respectively. Cash and Cash Equivalents The Company considers cash held at banks and all highly liquid investments not held for trading purposes, with original or acquired maturities of 90 days or less, including certificates of deposit and money market mutual funds, to be cash and cash equivalents. Cash and cash equivalents consists of cash, certificates of deposit, and money market mutual funds not deposited with or pledged to clearing organizations, broker-dealers, clearing organizations or counterparties, or segregated under federal or other regulations. Certificates of deposit are stated at cost plus accrued interest, which approximates fair value, and may be withdrawn at any time, at the discretion of the Company. Money market mutual funds are stated at their net asset value. Cash, Securities and Other Assets Segregated under Federal and other Regulations Pursuant to requirements of the Commodity Exchange Act and Commission Regulation 30.7 of the U.S. Commodity Futures Trading Commission (“CFTC”) in the U.S., the Markets in Financial Instruments Implementing Directive 2006/73/EC underpinning the Client Asset (“CASS”) rules in the Financial Services Authority (“FSA”) handbook in the United Kingdom (“U.K.”), and the Securities & Futures Act (“SFA”) in Singapore, funds deposited by clients relating to futures and options on futures contracts in regulated commodities must be carried in separate accounts, which are designated as segregated or secured client accounts. Additionally, in accordance with Rule 15c3-3 of the Securities Exchange Act of 1934 (“Rule 15c3-3”), the Company maintains separate accounts for the exclusive benefit of securities clients and proprietary accounts of broker dealers (“PABs”). Rule 15c3-3 requires the Company to maintain special reserve bank accounts (“SRBAs”) for the exclusive benefit of securities clients and PABs. The deposits in segregated client accounts and SRBAs are not commingled with Company funds. Under the FSA’s rules, certain categories of clients may choose to opt-out of segregation. As of September 30, 2022 and 2021, cash, securities, and other assets segregated under federal and other regulations consisted of cash held at banks of approximately $2,461.6 million and $2,260.3 million, respectively, U.S. Treasury obligations of approximately $786.0 million and $0.2 million, respectively, and commodities warehouse receipts of approximately $19.7 million and $13.9 million, respectively (see fair value measurements discussion in Note 3). Collateralized Transactions The Company enters into securities purchased under agreements to resell, securities sold under agreements to repurchase, securities borrowed transactions, and securities loaned transactions primarily to fund principal debt trading, acquire securities to cover short positions, acquire securities for settlement, or meet counterparty needs under matched-booked trading strategies. These transactions are accounted for as collateralized financing transactions and are recorded at their contractual amounts plus accrued interest. In connection with these agreements and transactions, it is the Company’s policy to receive or pledge cash or securities to collateralize such agreements and transactions in accordance with contractual arrangements. The Company monitors the fair value of its collateral on a daily basis, and the Company may require counterparties, or may be required by counterparties, to deposit additional collateral or return collateral pledged. Interest income and interest expense are recognized over the life of the arrangements and are recorded in the Consolidated Income Statements as Interest income or Interest expense, as applicable. The carrying amount of these transactions approximate fair value due to their short-term nature and the level of collateralization. Repurchase and Reverse repurchase agreement netting During the year ended September 30, 2022, the Company began trading with a new central counterparty clearing house provider for its fixed income portfolio. This arrangement and related agreements meet the criteria for netting under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 210-20, Balance Sheet – Offsetting. Netting occurs within Securities purchased under agreements to resell and Securities sold under agreements to repurchase. More details can be found in Note 12. Deposits with and Receivables from Broker-dealers, Clearing Organizations and Counterparties, and Payables to Broker-dealers, Clearing Organizations and Counterparties As required by regulations of the CFTC, FSA, and Monetary Authority of Singapore (“MAS”), client funds received to margin, guaranty, and/or secure commodity futures and futures on options as well as retail foreign exchange transactions are segregated and accounted for separately from the general assets of the Company. Deposits with broker-dealers, clearing organizations, and counterparties pertain primarily to deposits made to satisfy margin requirements on client and proprietary open futures and options on futures positions and to satisfy the requirements set by clearing exchanges for clearing membership. The Company also pledges margin deposits with various counterparties for over-the-counter (“OTC”) derivative contracts. These deposits are also included in deposits with broker-dealers, clearing organizations, and counterparties. The Company also deposits cash margin with various securities clearing organizations as an ongoing condition of the securities clearing relationships, and these deposits are included in deposits with and receivables from broker-dealers, clearing organizations, and counterparties. Deposits with and receivables from broker-dealers, clearing organizations, and counterparties are reported gross, except where a right of offset exists. As of September 30, 2022 and 2021, the Company had cash and cash equivalents on deposit with or pledged to broker-dealers, clearing organizations, and counterparties of approximately $2,515.0 million and $3,139.6 million, respectively. Deposits with and receivables from broker-dealers, clearing organizations, and counterparties also includes guaranty deposits with clearing exchanges. The guaranty deposits are held by the clearing exchanges for use in potential default situations by one or more members of the clearing exchanges. The guaranty deposits may be applied to the Company’s obligations to the clearing exchange, or to the clearing exchange’s obligations to unrelated parties. Deposits with and receivables from broker-dealers, clearing organizations, and counterparties also include securities pledged to clearing exchanges. These securities are either pledged to the Company by its clients or represent investments of client funds. It is the Company’s practice to include client-owned securities on its Consolidated Balance Sheets, as the rights to those securities have been transferred to the Company under the terms of the relevant futures trading agreements. Securities pledged primarily include U.S. Treasury obligations, foreign government obligations, and certain ETFs. Securities that are not client-owned, and represent an investment of client funds, are adjusted to fair value with associated changes in unrealized gains or losses recorded in Interest income in the Consolidated Income Statements. For client-owned securities, the change in fair value is offset against the payable to clients with no impact recognized in the Consolidated Income Statements. The total fair value of client owned and non-client owned securities included within Deposits with and receivables from broker-dealers, clearing organizations, and counterparties, net was $4,272.9 million and $810.7 million as of September 30, 2022 and 2021, respectively. Management has considered guidance required by ASC 860, Transfers and Servicing as it relates to securities pledged by clients to margin their futures and options on futures trading accounts. Management believes that the transferor surrenders control over those assets because: (a) the transferred assets have been isolated from the transferor—put presumptively beyond the reach of the transferor and its creditors, even in bankruptcy or other receivership, (b) each transferee has the right to pledge or exchange the assets (or beneficial interests) it received, and no condition both constrains the transferee (or holder) from taking advantage of its right to pledge or exchange and provides more than a trivial benefit to the transferor and (c) the transferor does not maintain effective control over the transferred assets through either (1) an agreement that both entitles and obligates the transferor to repurchase or redeem them before their maturity or (2) the ability to unilaterally cause the holder to return specific assets, other than through a cleanup call. Under this guidance, the Company reflects the client collateral assets and corresponding liabilities in the Company’s Consolidated Balance Sheets as of September 30, 2022 and 2021. Deposits with and receivables from broker-dealers, clearing organizations, and counterparties also includes amounts due from clearing exchanges for unrealized gains and losses associated with clients’ options on futures contracts. See discussion in the Financial Instruments section below for additional information on the Company’s accounting policies for derivative contracts. For client-owned derivative contracts, the fair value is offset against the payable to clients with no impact recognized on the Consolidated Income Statements. The Company maintains client omnibus and proprietary accounts with other clearing organizations. The equity balances in those accounts, along with any margin cash or securities deposited with the clearing organizations are included in deposits with and receivables from broker-dealers, clearing organizations, and counterparties. Deposits with and receivables from broker-dealers, clearing organizations, and counterparties also include amounts due from or due to clearing exchanges for daily variation settlements on open futures and options on futures positions. The variation settlements due from or due to clearing exchanges are paid in cash on the following business day. Variation settlements equal the daily settlement of futures contracts and premiums on options on futures contracts. Deposits with and receivables from broker-dealers, clearing organizations, and counterparties further include amounts receivable for securities sold but not yet delivered by the Company on settlement date (“fails-to-deliver”) and net receivables arising from unsettled proprietary trades. Payables to broker-dealers, clearing organizations, and counterparties primarily include amounts payable for securities purchased but not yet received by the Company on settlement date (“fails-to-receive”) and net payables arising from unsettled proprietary trades. Deposits with and receivables from broker-dealers, clearing organizations and counterparties, and payables to broker-dealers, clearing organizations and counterparties also include amounts related to the value of registered broker-dealer clients cross-currency payment transactions related to the Global Payments segment. These amounts arise due to a clearing period before funds are received and payments are made, which usually is one to two business days. Receivable from and Payables to Clients Receivable from clients, net of allowance for doubtful accounts, includes the total of net deficits in individual exchange-traded futures and OTC derivative trading accounts carried by the Company. Client deficits arise from realized and unrealized trading losses on client OTC, futures, options on futures, swaps and forwards and amounts due on cash and margin transactions. Client deficit accounts are reported gross of client accounts that contain net credit or positive balances, except where a right of offset exists. Net deficits in individual futures exchange-traded and OTC derivative trading accounts include both secured and unsecured deficit balances due from clients as of the balance sheet date. Secured deficit amounts are backed by U.S. Treasury obligations and commodity warehouse receipts. These U.S Treasury obligations and commodity warehouse receipts are netted against the secured deficit amounts when conditions necessary for the right to offset exist. Receivable from clients, net also includes the net amounts receivable from securities clients in connection with the settlement of regular-way cash securities, margin loans to clients, and client cash debits. It is the Company’s policy to report margin loans and payables that arise due to positive cash flows in the same client’s accounts on a net basis when the conditions for netting as specified in U.S. GAAP are met. Clients’ securities transactions cleared by the Company are recorded on a settlement date basis, but the Company makes accruals necessary to adjust any uncompleted transactions to a trade date basis for consolidated reporting, under U.S. GAAP. Securities cleared by the Company and pledged to the Company as a condition of custodial clearing arrangements are owned by the clients, including those that collateralize margin or other similar transactions, and are not reflected on the Consolidated Balance Sheets as the Company does not have title to, or beneficial interests, in those assets. The carrying value of the receivables and payables approximates fair value due to their short-term nature. Receivable from clients, net also include amounts receivable from non-broker-dealer clients for securities sold but not yet delivered by the Company on settlement date (“fails-to-deliver”) and net receivables arising from unsettled proprietary trades. Payables to clients represent the total of client accounts with credit or positive balances. Client accounts are used primarily in connection with exchange-traded and OTC commodity, foreign exchange, precious metals, and securities transactions and include gains and losses on open trades as well as securities and cash margin deposits made as required by the Company, the exchange-clearing organizations or other clearing organizations. Client accounts with credit or positive balances are reported gross of client deficit accounts, except where a right of offset exists. Payables to broker-dealers and counterparties also includes amounts payable to non-broker-dealer clients for securities purchased but not yet received by the Company on settlement date (“fails-to-receive”) and net payables arising from unsettled proprietary trades. Receivable from and payables to clients also include amounts related to the value of non-registered broker-dealer clients’ cross-currency payment transactions related to the Global Payments segment. These amounts arise due to a clearing period before the funds are received and payments are made, which usually is one to two business days. The future collectability of receivables from clients can be impacted by the Company’s collection efforts, client financial stability, and the general economic climate. In determining collectability, the Company considers a number of factors including, but not limited to, historical collection experience, current and forecasted economic and business conditions, internal and external credit risk ratings, collateral terms, payment terms and aging of the financial asset, as well as specific-identification in certain circumstances. The Company evaluates accounts that it believes may become uncollectible on a specific identification basis, through reviewing daily margin deficit reports, the historical daily aging of the receivables, and by monitoring the financial strength of its clients. The Company may unilaterally close client trading positions in certain circumstances. In addition, to evaluate client margining and collateral requirements, client positions are stress tested regularly and monitored for excessive concentration levels relative to the overall market size. Furthermore, in certain instances, the Company is indemnified and able to charge back introducing broker-dealers for bad debts incurred by their clients. The Company generally charges off an outstanding receivable balance when all economic means of recovery have been exhausted. That determination considers information such as the occurrence of significant changes in the client’s financial position such that the client can no longer pay the obligation, or that the proceeds from collateral will not be sufficient to pay the balance. Notes Receivable Accrual of commodity financing income on any note is discontinued when, in the opinion of management, there is reasonable doubt as to the timely collectability of interest or principal. Nonaccrual notes are returned to an accrual status when, in the opinion of management, the financial position of the borrower indicates there is no longer any reasonable doubt as to the timely payment of principal and interest. The Company records a charge against earnings for notes receivable losses when management believes that the collection of outstanding principal is not probable. Physical Commodities Inventory Inventories of certain agricultural commodities are carried at net realizable value, which approximates fair value less disposal costs. Agricultural commodities inventories have reliable, readily determinable and realizable market prices, relatively predictable and insignificant costs of disposal, and are available for immediate delivery. Changes in the fair values of these agricultural commodities inventories are included as a component of Cost of sales of physical commodities in the Consolidated Income Statements. Inventories of energy related products are valued at the lower of cost or net realizable value. Inventories of precious metals held by subsidiaries that are not broker-dealers are valued at the lower of cost or net realizable value, using the weighted-average price and first-in first-out costing method. Changes in the values of these inventories are included as a component of Cost of sales of physical commodities in the Consolidated Income Statements. Precious metals inventory held by StoneX Financial Ltd, a U.K. based broker-dealer subsidiary, is measured at fair value, with changes in fair value included as a component of Principal gains, net in the Consolidated Income Statements, in accordance with U.S. GAAP accounting requirements for broker-dealers. Property and Equipment Property and equipment is stated at cost, net of accumulated depreciation and amortization and depreciated using the straight-line method over estimated useful life. Leasehold improvements are amortized on a straight-line basis over the estimated useful life of the improvement or the term of the lease, whichever is shorter. Expenditures that increase the value or productive capacity of assets are capitalized. When property and equipment are retired, sold, or otherwise disposed of, asset carrying amount and related accumulated depreciation are removed from the accounts and any gain or loss is included in earnings. The Company had no assets held for sale at September 30, 2022 and 2021. The Company accounts for costs incurred to develop its trading platforms and related software in accordance with ASC 350-40, Internal-Use Software, which requires that such technology be capitalized in the application development stages. Costs related to planning, training, administration, and non-value added maintenance are charged to expense as incurred. Capitalized software development costs are amortized over the useful life of the software, which the Company generally estimates at three years. In accordance with ASC 360-10, Property, Plant and Equipment, the Company periodically evaluates the carrying value of long-lived assets when events and circumstances warrant such review. The carrying value of a long-lived asset is considered impaired when the anticipated identifiable undiscounted cash flows from such an asset (or asset group) are less than carrying value. In that event, a loss is recognized in the amount by which the carrying value exceeds fair market value of the long-lived asset. This standard applies to assets held for use and not to assets held for sale. The Company has identified no such impairment indicators as of September 30, 2022 and 2021. Acquisitions The Company applies acquisition accounting on the date of acquisition to those transactions meeting the definition of a business under ASC 805. Applying acquisition accounting requires the Company to allocate the purchase consideration to the fair value of the identifiable tangible and intangible assets acquired and liabilities assumed on acquisition date. In determining the fair value of identifiable assets acquired and liabilities assumed, the Company frequently utilizes a third-party valuation specialist. The Company applies certain significant assumptions, estimates, and judgments in determining the fair value of assets acquired and liabilities assumed on acquisition date. These significant assumptions, estimates, and judgments include, but are not limited to, cash flow forecasts, discount rates, client churn rates, royalty rates, and economic lives. Any excess of the purchase consideration over the fair value of the net assets acquired is recorded as goodwill. Alternatively, in an instance where the fair value of the net assets acquired exceeds the purchase consideration, the Company records a bargain purchase gain in the Consolidated Income Statements at the date of acquisition. While the Company uses its best estimates and assumptions as a part of the purchase price allocation to accurately value assets acquired and liabilities assumed at the acquisition date, these estimates are inherently uncertain and subject to refinement. As a result, during the remeasurement period, which may extend one year from the acquisition date, the Company may record adjustments to the assets acquired and liabilities assumed, with the corresponding offset to goodwill or bargain purchase gain. Upon conclusion of the measurement period or final determination of the fair values of assets acquired and liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the Consolidated Income Statements rather than adjusted through goodwill or bargain purchase gains. The Company includes the post-acquisition results of acquired businesses in the Consolidated Income Statements from the date of acquisition. Acquisition related costs, such as fees for attorneys, accountants, and investment bankers, are expensed as incurred and are not capitalized as part of the purchase price. Goodwill and Identifiable Intangible Assets Goodwill is the cost of acquired companies in excess of the fair value of identifiable net assets at acquisition date. Goodwill is not subject to amortization, but rather is evaluated for impairment at least annually. The Company evaluates its goodwill for impairment at its fiscal year end, or more frequently if indicators of potential impairment exist, in accordance with ASC 350, Intangibles - Goodwill and Other. Goodwill impairment is determined by comparing the estimated fair value of a reporting unit (generally defined as the businesses for which financial information is available and reviewed regularly by management) with its respective carrying value. If the estimated fair value exceeds the carrying value, goodwill at the reporting unit level is not deemed to be impaired. However, if the estimated fair value is below carrying value, further analysis is required to determine the amount of the impairment. In the course of evaluating the potential impairment of goodwill, the Company may perform either a qualitative or a quantitative assessment. The Company’s qualitative assessment of potential impairment may result in the determination that a quantitative impairment analysis is not necessary. Under this elective process, the Company assesses qualitative factors to determine whether the existence of events or circumstances leads the Company to determine that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If after assessing the totality of events and circumstances, the Company determines it is more likely than not that the fair value of a reporting unit is greater than its carrying amount, then performing a quantitative analysis is not required. However, if the Company concludes otherwise, then the Company performs a quantitative impairment analysis. If the Company either chooses not to perform a qualitative assessment, or the Company chooses to perform a qualitative assessment but is unable to qualitatively conclude that no impairment has occurred, then the Company performs a quantitative evaluation. In the case of a quantitative assessment, the Company estimates the fair value of the reporting unit with which the goodwill that is subject to the quantitative analysis is associated and compares it to the carrying value. If the estimated fair value of a reporting unit is less than its carrying value, the Company estimates the fair value of all assets and liabilities of the reporting unit, including goodwill. If the carrying value of the reporting unit’s goodwill is greater than the estimated fair value, an impairment charge is recognized for the excess. The fair value of the Company’s reporting units exceeded their respective carrying values under the qualitative assessment approach. No goodwill impairment charges were recorded for any of the periods presented, nor were any indicators present. Identifiable intangible assets subject to amortization are amortized using the straight-line method over their estimated period of benefit, ranging from five to twenty years. Both definite and indefinite lived 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. Residual value is presumed to be zero for all identifiable intangible assets. No intangible impairment charges were recorded for any of the periods presented, nor were any indicators present. Financial Instruments Owned and Sold, Not Yet Purchased Financial instruments owned and sold, not yet purchased, at fair value consist of financial instruments carried at fair value, measured on a recurring basis, or amounts that approximate fair value. Related realized and unrealized gains and losses are recognized in current period earnings within Principal gains, net, Interest income, Interest expense, and Cost of sales of physical commodities in the Consolidated Income Statements. The fair value of a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties. Financial instruments owned and sold, not yet purchased comprise primarily the financial instruments held by the Company’s broker-dealer subsidiaries and the Company’s OTC derivative swap dealer. Financial instruments owned and financial instruments sold, not yet purchased, includes trading securities that the Company holds as a principal. The Company has not classified any financial instruments owned or sold, not yet purchased, as available-for-sale or held-to-maturity. Financial instruments owned and sold, not yet purchased includes derivative instruments that the Company holds as a principal which are primarily transacted on an OTC basis. As a derivatives dealer, the Company utilizes these instruments to manage exposures to foreign currency, commodity price and interest rate risks for the Company and its clients. The Company’s objectives for holding derivatives include reducing, eliminating, and efficiently managing the economic impact of these exposures as effectively as possible. The Company’s derivative instruments also include forward purchase and sale commitments for the physical delivery of agricultural and energy related commodities in a future period. Contracts for the sale of agricultural and energy commodities generally do not extend beyond one year, while contracts to purchase agricultural and energy commodities generally relate to the current or future crop year. Derivative instruments are measured at fair value on a recurring basis. For derivatives for which the Company does not elect hedge accounting, realized and unrealized gains and losses from the changes in fair value of derivative instruments are recognized immediately in current period earnings. Realized and unrealized gains and losses from the derivative instruments in which the Company acts as a dealer are included within Principal gains, net on the Consolidated Income Statements. Realized and unrealized gains and losses on firm purchase and sale commitments are included within Cost of sales of physical commodities on the Consolidated Income Statements. To reduce credit exposure on the derivative instruments for which the Company acts as a dealer, the Company may enter into a master netting arrangement that allows for settlement of all derivative transactions with each counterparty. In addition, the credit support annex that accompanies master netting arrangements allows parties to the master netting agreement to mitigate their credit risk by requiring the party which is out of the money to post collateral. The Company accepts collateral in the form of cash or other marketable securities. Where permitted, the Company elects to net-by-counterparty certain derivative instruments entered into under a legally enforceable master netting agreement and, therefore, the fair value of those derivative instruments are netted by counterparty in the Consolidated Balance Sheets. As the Company elects to net-by-counterparty the fair value of such derivative instruments, the Company also nets-by-counterparty cash collateral exchanged as part of those derivative instruments. The Company also brokers foreign exchange forwards, options and cash, or spot, transactions between clients and external counterparties. A portion of the contracts are arranged on an offsetting basis, limiting the Company’s risk to performance of the two offsetting parties. The offsetting nature of the contracts eliminates the effects of market fluctuations on the Company’s operating results. Due to the Company’s role as a principal participating in both sides of these contracts, the amounts are presented gross on the Consolidated Balance Sheets at their respective fair values, net of offsetting assets and liabilities. The Company holds proprietary positions in its foreign exchange line of business. On a limited basis, the Company’s foreign exchange trade desk will accept a client transaction and will offset that transaction with a similar but not identical position with a counterparty. These unmatched transactions are intended to be short-term in nature and are often conducted to facilitate the most effective transaction for the Company’s client. These spot and forward contracts are accounted for as free-standing derivatives and reported in the Consolidated Balance Sheets at their fair values. The Company may lease commodities to or from clients or counterparties. These commodity leases, which primarily involve precious metals, are recorded at fair value utilizing the fair value option based on guidance in ASC 825-10, Financial Instruments - Fair Value Option. These commodities leases represent hybrid financial instruments which contain both a dollar denominated loan host contract and an embedded forward derivative contract on the underlying commodities, which can be settled in either cash or metals. As permitted by the fair value option election, the entire instrument is recorded at fair value as either an asset or liability in the Consolidated Balance Sheets. The Company elects to value all of its commodities lease agreements at fair value using the fair value option. For further information regarding the types of financial instruments owned and sold, not yet purchased, as well as the related valuation techniques refer to Note 3. Derivative instruments and hedging activities The Company executes interest rate swaps and foreign currency hedges to lessen the impacts of changes to interest rates and currency exchange rates, respectively, as well as benefit from favorable conditions. The Company recognizes all derivative instruments as either assets or liabilities at fair value. For all of the Company’s derivative positions that are designated and qualify as part of a cash flow hedging relationship, the effective portion of the gain or loss on the derivatives is reported as a component of other comprehensive income and reclassified into earnings in the same period or periods during which the hedged transactions affect earnings. Gains and losses on derivatives representing any ineffective component of the hedge are recognized in current earnings. All of the Company’s cash flow hedges have been deemed effective as of September 30, 2022 for both accounting and tax purposes. The Company has elected hedge accounting for both U.S. GAAP and tax purposes. The Company maintains formal documentation through a periodic memo and accounting analysis that cover what is being hedged, how it is being hedged, hedge effectiveness, the nature of the risk being hedged, among other required analyses. Company policy further includes a quarterly probability analysis covering hedge effectiveness. Exchange and Clearing Organization Memberships The Company or its affiliates are required to hold certain exchange and clearing organization memberships and pledges them for clearing purposes, in order to provide the right to process trades directly with the respective venues. Exchange memberships include seats on the Chicago Board of Trade (“CBOT”), the Minneapolis Grain Exchange, the New York Mercantile Exchange (“NYMEX”), the Commodity Exchange, Inc. (“COMEX”) Division of the New York Mercantile Exchange, Mercado de Valores de Buenos Aires S.A. (“MERVAL”), the Chicago Mercantile Exchange (“CME”) Growth and Emerging Markets, InterContinental Exchange, Inc. (“ICE”) Futures US, and the London Metal Exchange (“LME”). Exchange firm and clearing organization common stock include shares of CME Group, Inc., ICE, LME Holdings Limited, and the Depository Trust & Clearing Corporation (“DTCC”). Exchange and clearing organization memberships required in order to conduct business through the respective venues are recorded at cost and are included in Other assets on the Consolidated Balance Sheets. Equity investments in exchange firm common stock not required in order to conduct business on the exchanges are classified as trading securities included within Financial instruments owned, at fair value on the Consolidated Balance Sheets and recorded at fair value, with unrealized gains and losses recorded as a component of Principal gains, net on the Consolidated Income Statements. The fair value of exchange firm common stock not required in order to conduct business on the exchanges is determined from quoted market prices. Exchange memberships that represent both (a) an ownership interest and the right to conduct business in the respective venues and are held for operating purposes, or (b) an ownership interest, which must be held by the Company to conduct business in the respective venues are accounted for as an ownership interest at cost with appropriate consideration for other-than-temporary impairment. The cost of exchange and clearing organization memberships that represent an ownership interest and are required in order to conduct business in the respective venues was $5.5 million and $5.5 million as of September 30, 2022 and 2021, respectively, compared to a fair value of $6.2 million and $6.8 million as of September 30, 2022 and 2021, respectively. Fair value was determined using quoted market prices and recent transactions. Alternatively, exchange memberships, or seats, that only represent the right to conduct business on an exchange, but not an ownership interest in the exchange, are accounted for as intangible assets at cost with potential impairment determined under Accounting Standards Codification 350-30- Intangibles - Goodwill and Other. The cost of exchange memberships required in order to conduct business on the exchange, but not representing an ownership interest in the exchange, was $5.8 million and $6.0 million as of September 30, 2022 and 2021, respectively. As of and during the year ended September 30, 2022, there were no indicators of impairment that would suggest that the carrying value of exchange memberships that don’t represent an ownership interest are impaired, primarily based upon projections of future cash flows and earnings attributable to access these respective venues. Product Financing Arrangements In the normal course of operations, the Company executes notes receivable under repurchase agreements with clients whereby the clients sell certain commodity inventory or other investments to the Company and agree to repurchase the commodity inventory or investment at a future date at a fixed price. These transactions are short-term in nature and are treated as secured borrowings rather than commodity inventory and purchases and sales in the Company’s consolidated financial statements. These transactions are reflected as Notes receivable, net in the Consolidated Balance Sheets. Commodities or investments sold under repurchase agreements are reflected at the amount of cash received in connection with the transactions. The Company may be required to provide additional collateral based on the fair value of the underlying asset. The Company also participates in commodity repurchase transactions that are accounted for as commodity inventory and purchases and sales of physical commodities as opposed to secured borrowings. The repurchase price under these arrangements is not fixed at the time of execution and, therefore, does not meet all the criteria to be accounted for as product financing arrangements. Lenders Under Loans Lenders under loans are accounted for at amortized cost, which approximates fair value due to variable rates of interest. Senior Secured Borrowings Senior secured borrowings are accounted for at amortized cost, and are stated net of unamortized deferred financing costs and original issue discount. Contingent Consideration The Company estimates and records acquisition date estimated fair value of contingent consideration as part of purchase price consideration for acquisitions. Additionally, each reporting period, the Company estimates changes in the fair value of contingent consideration, and any change in fair value is recognized in the Consolidated Income Statements. Estimating contingent consideration fair value incorporates assumptions regarding future operating results, discount rates, and probabilities assigned to various potential operating results scenarios. Revenue Recognition The Company accounts for revenue earned from contracts with clients for services such as the execution, clearing, brokering, and custody of futures and options on futures contracts, OTC derivatives, and securities, investment management, and underwriting services under FASB ASC 606, Revenue from Contracts with Customers (“Topic 606”). Revenues for these services are recognized when the performance obligations related to the underlying transaction are completed. Only when goods or services are transferred to clients, are revenues recognized in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Revenues are analyzed to determine whether the Company is the principal (i.e. reports revenue on a gross basis) or agent (i.e., reports revenues on a net basis) in the contract. Principal or agent designations depend primarily on the control an entity has over the good or service before control is transferred to a client. The indicators of which party exercises control include primary responsibility over performance obligations, inventory risk before the good or service is transferred, and discretion in establishing the price. The revenue recognition model does not apply to revenues associated with dealing, or market-making, activities in financial instruments or contracts in the capacity of a principal, including derivative sales contracts which result in physical settlement and interest income. Refer to Note 15 for further discussion of the Company’s significant accounting policies related to revenue recognition. Cost of Sales of Physical Commodities Cost of sales of physical commodities include finished commodity or raw material and processing costs along with operating costs relating to the receipt, storage and delivery of physical commodities. Cost of sales of physical commodities also includes changes in the fair value of agricultural commodity inventories held for sale and adjustments for related forward purchase and sale commitments and exchange-traded futures and options contracts. Cost of sales of physical commodities further includes lower of cost or net realizable value for energies and certain precious metals. Interest Expense Interest expense is recognized on an accrual basis. Interest expense is incurred on outstanding balances on the Company’s credit facilities. Interest expense is also incurred on fixed income securities sold, not yet purchased, that the Company holds in its market-marking businesses. Interest expense is also incurred from collateralized transactions, including securities loaned and securities sold under agreements to repurchase. Transaction-Based Clearing Expenses Clearing fees and related expenses include primarily variable expenses for clearing and settlement services, including fees the Company pays to executing brokers, exchanges, clearing organizations and banks. These fees are based on transaction volume and recorded as expense on trade date. Clearing fees are passed on to clients and are presented gross in the consolidated statements of income as the Company acts as a principal for these transactions. Introducing Broker Commissions Introducing broker commissions include commissions paid to non-employee individuals or organizations that maintain relationships with clients and introduce them to the Company. Introducing brokers accept futures and options orders from those clients, while the Company directly provides all account, transaction and margining services, including accepting money, securities and property from the clients. Introducing brokers bring clients to the Company’s OTC business as well. Introducing broker commissions are determined monthly and settled regularly. Compensation and Benefits Compensation and benefits consists primarily of salaries, incentive compensation, variable compensation, including commissions, related payroll taxes and employee benefits. The Company classifies employees as either risk management consultants / traders, operational or administrative personnel, which includes executive officers. Variable compensation paid to risk management consultants and traders generally represents a fixed percentage of revenues generated, and in some cases, revenues produced less direct costs and an overhead allocation. The Company accrues commission expense on a trade-date basis. Share-Based Compensation The Company accounts for share-based compensation from option and restricted stock unit awards in accordance with the guidance in ASC 718-10, Compensation - Stock Compensation. The cost of employee services received in exchange for a share-based award is generally measured based on the grant-date fair value of the award. Share-based employee awards that require future service are amortized over the relevant service period. Forfeitures are accounted for as they occur in determining share-based employee compensation expense. For awards granted, compensation cost is recognized on a straight-line basis over the vesting period for the entire award. Selling and Marketing The Company generally expenses Selling and marketing costs as incurred. The Company’s policy includes expensing commercial media development costs as incurred, rather than deferring them until the related commercial airs. The Company expenses air time, such as television air-time, as used. Income Taxes Income tax expense includes U.S. federal, state and local and foreign income taxes. Certain items of income and expense are not reported in tax returns and financial statements in the same year. Accounting for income taxes aims to recognize the amount of taxes payable or refundable for the current year. The Company utilizes the asset and liability method to provide income taxes on all transactions recorded in the consolidated financial statements. This method requires that income taxes reflect the expected future tax consequences of temporary differences between the carrying amounts of assets or liabilities for book and tax purposes. Accordingly, a deferred tax asset or liability for each temporary difference is determined based on the tax rates that the Company expects to be in effect when the underlying items of income and expense are realized. Judgment is required in assessing the future tax consequences of events that have been recognized in the Company’s financial statements or tax returns, including the repatriation of undistributed earnings of foreign subsidiaries. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some or all of the deferred tax assets will not be realized. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authority, based upon the technical merits of the position. The tax benefit recognized in the consolidated financial statements from such a position is measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. See Note 19 for further information on the Company’s income taxes. Additional Paid-In Capital The Company’s additional paid-in capital (“APIC”) consists of stockholder contributions that are in excess of par value of common stock, also including amounts related to stock options exercises and share-based compensation. Comprehensive Income Comprehensive income consists of net income and other gains and losses affecting stockholders’ equity that, under U.S. GAAP, are excluded from net income. Other comprehensive income (loss) includes net actuarial gains and losses from defined benefit pension plans, the unrealized gains and losses from the Company’s cash flow hedges, as well as and gains and losses on foreign currency translations. 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, 2022 and 2021, no preferred shares were outstanding and the Company’s Board of Directors had not established any class or series of shares. Accounting Standards Adopted In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This ASU removed certain exceptions for recognizing deferred taxes for investments, performing intraperiod allocation and calculating income taxes in interim periods. The ASU also adds guidance to reduce complexity in certain areas, including recognizing deferred taxes for tax goodwill and allocating taxes to members of a consolidated group. The Company adopted this standard as of October 1, 2021 on a prospective basis, as permitted by the standard. There was no cumulative effect adjustment recorded to retained earnings. The effects of this standard on the Company’s consolidated financial position, results of operations and cash flows are not material. In June 2016, the FASB issued ASU No. 2016-13, “Measurement of Credit Losses on Financial Instruments”, which significantly changes the ways entities recognize credit losses on financial instruments. The guidance is effective for public business entities for annual and interim periods in fiscal years beginning after December 15, 2019. In April 2019, the FASB issued ASU No. 2019-04, “Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments”, which among other things, included several amendments to ASU No. 2016-13, changing how a company considers expected recoveries and contractual extensions or renewal options when estimating expected credit losses. The guidance replaces the previous incurred loss impairment guidance and introduces a new credit reserving model known as the Current Expected Credit Loss (“CECL”) model, which is based on expected losses over the life of an asset, and applies to financial assets carried at amortized cost, held-to-maturity debt securities and off-balance sheet credit exposures. The allowance must reflect management’s estimate of credit losses over the life of the assets taking future economic changes into consideration. The Company adopted this guidance on October 1, 2020, using the modified retrospective approach, which resulted in a recognized cumulative-effect adjustment of $6.2 million, net of tax of $2.0 million, to the opening balance of retained earnings - see Note 5 and Note 13. The adoption impact was attributable to an increase in allowance for credit losses related to the OptionSellers.com Inc. clients discussed in further detail within Note 13 of the consolidated financial statements. Results for reporting periods beginning after October 1, 2020 are presented using the CECL model, while prior period amounts continue to be reported in accordance with previously applicable U.S. GAAP. Current Expected Credit Losses Beginning October 1, 2020, the Company estimates its allowance for credit losses on financial assets measured at amortized cost based on expected credit losses over the life of the financial asset. In determining expected credit losses, the Company considers a number of factors including, but not limited to, historical collection experience, current and forecasted economic and business conditions, internal and external credit risk ratings, collateral terms, payment terms and aging of the financial asset. The Company estimates expected credit losses primarily using a probability of default (“PD”)/loss given default (“LGD”) model (“PD/LGD model”), under which the expected credit loss is calculated as the product of PD, LGD and exposure at default. Additionally, for collateralized transactions, the Company elects to measure expected credit losses using the fair value of collateral received where the borrower is required to, and reasonably expected to, replenish the amount of collateral securing the receivable as a result of changes in the fair value of such collateral.

Earnings per Share

12 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Earnings per Share

The Company presents basic and diluted earnings per share (“EPS”) using the two-class method which requires all outstanding unvested share-based payment awards that contain rights to non-forfeitable dividends and therefore participate in undistributed earnings with common stockholders be included in computing earnings per share. Under the two-class method, net income is reduced by the amount of dividends declared in the period for each class of common stock and participating security. The remaining undistributed earnings are then allocated to common stock and participating securities, based on their respective rights to receive dividends. Restricted stock awards granted to certain employees and directors contain non-forfeitable rights to dividends at the same rate as common stock, and are considered participating securities. Basic EPS has been computed by dividing net income by the weighted-average number of common shares outstanding.

The following is a reconciliation of the numerator and denominator of the diluted net income per share computations for the periods presented below.


	Year Ended September 30,
(in millions, except share amounts)	2022		2021		2020
Numerator:
Net income	$	207.1	$	116.3	$	169.6
Less: Allocation to participating securities	(6.1)		(3.5)		(4.0)
Net income allocated to common stockholders	$	201.0	$	112.8	$	165.6
Denominator:
Weighted average number of:
Common shares outstanding	19,570,403		19,130,643		18,824,328
Dilutive potential common shares outstanding:
Share-based awards	497,137		547,525		356,151
Diluted shares outstanding	20,067,540		19,678,168		19,180,479

The dilutive effect of share-based awards is reflected in diluted net income per share by application of the treasury stock method, which includes consideration of unamortized share-based compensation expense.

Options to purchase 451,907, 298,786 and 898,420 shares of common stock for the years ended September 30, 2022, 2021, and 2020, respectively, were excluded from the calculation of diluted earnings per share because they would have been anti-dilutive.

Assets and Liabilities, at Fair Value

12 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Assets and Liabilities, at Fair Value

Assets and Liabilities, at Fair Value Fair value is defined by U.S. GAAP as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between willing market participants on the measurement date.

Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, the Company is required to develop a set of assumptions that reflect those that market participants would use in pricing the asset or liability at the measurement date. The Company uses prices and inputs that are current as of the measurement date, including periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many securities. This condition could cause a security to be reclassified to a lower level within the fair value hierarchy.

The Company has designed independent price verification controls and periodically performs such controls to ensure the reasonableness of such values.

Financial and nonfinancial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). A market is active if there are sufficient transactions on an ongoing basis to provide current pricing information for the asset or liability, pricing information is released publicly, and price quotations do not vary substantially either over time or among market makers. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity.

The guidance requires the Company to consider counterparty credit risk of all parties of outstanding derivative instruments that would be considered by a market participant in the transfer or settlement of such contracts (exit price). The Company’s exposure to credit risk on derivative financial instruments relates to the portfolio of OTC derivative contracts as all exchange-traded contracts held can be settled on an active market with a credit guaranty from the respective exchange. The Company requires each counterparty to deposit margin collateral for all OTC instruments and is also required to deposit margin collateral with counterparties. The Company has assessed the nature of these deposits and used its discretion to adjust each based on the underlying credit considerations for the counterparty and determined that the collateral deposits minimize the exposure to counterparty credit risk in the evaluation of the fair value of OTC instruments as determined by a market participant.

In accordance with ASC 820, Fair Value Measurement, the Company groups its assets and liabilities measured at fair value in three levels based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. These levels are:

Level 1 - Valuation is based upon unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 1 consists of financial assets and liabilities whose fair values are estimated using quoted market prices.

Level 2 - Valuation is based upon quoted prices for identical or similar assets or liabilities in markets that are less active, that is, markets in which there are few transactions for the asset or liability that are observable for substantially the full term. Included in Level 2 are those financial assets and liabilities for which fair values are estimated using models or other valuation methodologies. These models are primarily industry-standard models that consider various observable inputs, including time value, yield curve, volatility factors, observable current market and contractual prices for the underlying financial instruments, as well as other relevant economic measures.

Level 3 - Valuation is based on prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). Level 3 comprises financial assets and liabilities whose fair value is estimated based on internally developed models or methodologies utilizing significant inputs that are not readily observable from objective sources. Level 3 includes contingent liabilities that have been valued using an income approach based upon management developed discounted cash flow projections, which are an unobservable input. The Company had $0.0 million and $2.8 million of contingent liabilities classified within Level 3 of the fair value hierarchy as of September 30, 2022 and 2021, respectively. The Company had no Level 3 assets as of September 30, 2022 and 2021.

Fair value of financial and nonfinancial assets and liabilities that are carried on the Consolidated Balance Sheets at fair value on a recurring basis

Cash and cash equivalents reported at fair value on a recurring basis includes certificates of deposit and money market mutual funds, which are stated at cost plus accrued interest, which approximates fair value.

Cash, securities and other assets segregated under federal and other regulations reported at fair value on a recurring basis include the value of pledged investments, primarily U.S. Treasury obligations and commodities warehouse receipts.

Deposits with and receivables from broker-dealers, clearing organizations and counterparties and payable to clients and broker-dealers, clearing organizations and counterparties includes the fair value of pledged investments, primarily U.S. Treasury obligations and foreign government obligations. These balances also include the fair value of exchange-traded options on futures and OTC forwards, swaps, and options.

Financial instruments owned and sold, not yet purchased include the fair value of equity securities, which includes common, preferred, and foreign ordinary shares, American Depository Receipts (“ADRs”), Global Depository Receipts (“GDRs”), and exchange-traded funds (“ETFs”), corporate and municipal bonds, U.S. Treasury obligations, U.S. government agency obligations, foreign government obligations, agency mortgage-backed obligations, asset-backed obligations, derivative financial instruments, commodities warehouse receipts, exchange firm common stock, and investments in managed funds. The fair value of exchange firm common stock is determined by quoted market prices.

Cash equivalents, debt and equity securities, commodities warehouse receipts, physical commodities inventory, derivative financial instruments and contingent liabilities are carried at fair value, on a recurring basis, and are classified and disclosed into three levels in the fair value hierarchy.

The following section describes the valuation methodologies used by the Company to measure classes of financial instruments at fair value and specifies the level within the fair value hierarchy where various financial instruments are classified.

The Company uses quoted prices in active markets, where available, and classifies such instruments within Level 1 of the fair value hierarchy. Examples include U.S. Treasury obligations, foreign government obligations, commodities warehouse receipts, certain equity securities traded in active markets, physical precious metals inventory held by a regulated broker-dealer subsidiary, exchange firm common stock, investments in managed funds, as well as options on futures contracts traded on national exchanges. The fair value of exchange firm common stock is determined by recent sale transactions and is included within Level 1.

When instruments are traded in secondary markets and observable prices are not available for substantially the full term, the Company generally relies on internal valuation techniques or prices obtained from third-party pricing services or brokers or a combination thereof, and accordingly, classifies these instruments as Level 2. Examples include corporate and municipal bonds, U.S. government agency obligations, agency-mortgage backed obligations, asset-backed obligations, certain equity securities traded in less active markets, and OTC derivative contracts, which include purchase and sale commitments related to the Company’s agricultural and energy commodities.

Certain derivatives without a quoted price in an active market and derivatives executed OTC are valued using internal valuation techniques, including pricing models which utilize significant inputs observable to market participants. The valuation techniques and inputs depend on the type of derivative and the nature of the underlying instrument. The key inputs depend upon the type of derivative and the nature of the underlying instrument and include interest yield curves, foreign exchange rates, commodity prices, volatilities and correlation. These derivative instruments are included within Level 2 of the fair value hierarchy.

Physical commodities inventory includes precious metals that are a part of the trading activities of a regulated broker-dealer subsidiary that records these assets at fair value using exchange-quoted prices. Physical commodities inventory also includes agricultural commodities that are a part of the trading activities of a non-broker dealer subsidiary and are recorded at net realizable value using exchange-quoted prices. The fair value of precious metals physical commodities inventory is based upon unadjusted exchange-quoted prices and is, therefore, classified within Level 1 of the fair value hierarchy. The fair value of agricultural physical commodities inventory and related OTC firm sale and purchase commitments are generally based upon exchange-quoted prices, adjusted for basis or differences in local markets, broker or dealer quotations or market transactions in either listed or OTC markets. Exchange-quoted prices are adjusted for location and quality because the exchange-quoted prices for agricultural and energy related products represent contracts that have standardized terms for commodity, quantity, future delivery period, delivery location, and commodity quality or grade. The basis or local market adjustments are observable inputs or have an insignificant impact on the measurement of fair value and, therefore, the agricultural physical commodities inventory as well as the related OTC forward firm sale and purchase commitments have been included within Level 2 of the fair value hierarchy.

With the exception of certain derivative instruments where the valuation approach is disclosed above, financial instruments owned and sold are primarily valued using third-party pricing sources. Third-party pricing vendors compile prices from various sources and often apply matrix pricing for similar securities when market-observable transactions for the instruments are not observable for substantially the full term. The Company reviews the pricing methodologies used by third-party pricing vendors in order to evaluate the fair value hierarchy classification of vendor-priced financial instruments and the accuracy of vendor pricing, which typically involves the comparison of primary vendor prices to internal trader prices or secondary vendor prices. When evaluating the propriety of vendor-priced financial instruments using secondary prices, considerations include the range and quality of vendor prices, level of observable transactions for identical and similar instruments, and judgments based upon knowledge of a particular market and asset class. If a primary vendor price does not represent fair value, justification for using a secondary price, including source data used to make the determination, is subject to review and approval by authorized personnel prior to using a secondary price. Financial instruments owned and sold that are valued using third-party pricing vendors are included within either Level 1 or Level 2 of the fair value hierarchy based upon the observability of the inputs used and the level of activity in the market.

The fair value estimates presented herein are based on pertinent information available to management as of September 30, 2022 and 2021. Although management is not aware of any factors that would significantly affect the estimated fair value amounts, such amounts have not been comprehensively revalued for purposes of these consolidated financial statements since that date and current estimates of fair value may differ significantly from the amounts presented herein.

The following tables set forth the Company’s financial and nonfinancial assets and liabilities accounted for at fair value, on a recurring basis, as of September 30, 2022 and 2021 by level in the fair value hierarchy. All fair value measurements were performed on a recurring basis as of September 30, 2022 and 2021.


	September 30, 2022
(in millions)	Level 1		Level 2		Level 3		Netting (1)		Total
Assets:
Certificates of deposit	$	4.0	$	—	$	—	$	—	$	4.0
Money market mutual funds	39.5		—		—		—		39.5
Cash and cash equivalents	43.5		—		—		—		43.5
Commodities warehouse receipts	19.7		—		—		—		19.7
U.S. Treasury obligations	786.0		—		—		—		786.0
Securities and other assets segregated under federal and other regulations	805.7		—		—		—		805.7
U.S. Treasury obligations	4,258.5		—		—		—		4,258.5
To be announced ("TBA") and forward settling securities	—		207.6		—		(91.4)		116.2
Foreign government obligations	14.4		—		—		—		14.4
Derivatives	7,714.4		461.4		—		(9,747.7)		(1,571.9)
Deposits with and receivables from broker-dealers, clearing organizations and counterparties, net	11,987.3		669.0		—		(9,839.1)		2,817.2
Receivables from clients, net - Derivatives	67.2		511.6				(579.3)		(0.5)
Equity securities	367.9		11.8		—		—		379.7
Corporate and municipal bonds	—		156.8		—		—		156.8
U.S. Treasury obligations	347.6		—		—		—		347.6
U.S. government agency obligations	—		343.0		—		—		343.0
Foreign government obligations	4.8		—		—		—		4.8
Agency mortgage-backed obligations	—		2,588.7		—		—		2,588.7
Asset-backed obligations	—		70.7		—		—		70.7
Derivatives	0.7		694.3		—		(502.4)		192.6
Commodities leases	—		26.4		—		—		26.4
Commodities warehouse receipts	24.9		—		—		—		24.9
Exchange firm common stock	10.6		—		—		—		10.6
Mutual funds and other	17.4		4.1		—		—		21.5
Financial instruments owned	773.9		3,895.8		—		(502.4)		4,167.3
Physical commodities inventory	136.3		223.5		—		—		359.8
Total assets at fair value	$	13,813.9	$	5,299.9	$	—	$	(10,920.8)	$	8,193.0
Liabilities:

Payables to clients - Derivatives	7,722.5		175.4		—		(9,290.3)		(1,392.4)
TBA and forward settling securities	—		154.9		—		(96.9)		58.0
Derivatives	58.7		590.6		—		(651.5)		(2.2)
Payable to broker-dealers, clearing organizations and counterparties	58.7		745.5		—		(748.4)		55.8
Equity securities	299.9		5.7		—		—		305.6
Foreign government obligations	0.5		—		—		—		0.5
Corporate and municipal bonds	—		63.2		—		—		63.2
U.S. Treasury obligations	1,686.5		—		—		—		1,686.5
U.S. government agency obligations	—		24.3		—		—		24.3
Agency mortgage-backed obligations	—		5.4		—		—		5.4
Derivatives	—		779.7		—		(466.3)		313.4
Cash flow hedges	—		70.6		—		—		70.6

Other	—		0.1		—		—		0.1
Financial instruments sold, not yet purchased	1,986.9		949.0		—		(466.3)		2,469.6
Total liabilities at fair value	$	9,768.1	$	1,869.9	$	—	$	(10,505.0)	$	1,133.0

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


	September 30, 2021
(in millions)	Level 1		Level 2		Level 3		Netting (1)		Total
Assets:
Certificates of deposit	$	7.9	$	—	$	—	$	—	$	7.9
Money market mutual funds	12.9		—		—		—		12.9
Cash and cash equivalents	20.8		—		—		—		20.8
Commodities warehouse receipts	13.9		—		—		—		13.9
U.S. Treasury obligations	0.2		—		—		—		0.2
Securities and other assets segregated under federal and other regulations	14.1		—		—		—		14.1
U.S. Treasury obligations	798.5		—		—		—		798.5
TBA and forward settling securities	—		59.1		—		(40.1)		19.0
Foreign government obligations	12.2		—		—		—		12.2
Derivatives	4,475.8		167.4		—		(4,402.3)		240.9
Deposits with and receivables from broker-dealers, clearing organizations and counterparties, net	5,286.5		226.5		—		(4,442.4)		1,070.6
Receivables from clients, net - Derivatives	—		413.7				(411.1)		2.6
Equity securities	512.4		14.6		—		—		527.0
Corporate and municipal bonds	—		150.8		—		—		150.8
U.S. Treasury obligations	433.1		—		—		—		433.1
U.S. government agency obligations	—		327.6		—		—		327.6
Foreign government obligations	—		—		—		—		—
Agency mortgage-backed obligations	—		2,599.8		—		—		2,599.8
Asset-backed obligations	—		110.4		—		—		110.4
Derivatives	0.6		644.1		—		(500.4)		144.3
Commodities leases	—		18.1		—		—		18.1
Commodities warehouse receipts	21.4		—		—		—		21.4
Exchange firm common stock	11.6		—		—		—		11.6
Mutual funds and other	10.5		—		—		—		10.5
Financial instruments owned	989.6		3,865.4		—		(500.4)		4,354.6
Physical commodities inventory	111.2		248.7		—		—		359.9
Total assets at fair value	$	6,422.2	$	4,754.3	$	—	$	(5,353.9)	$	5,822.6
Liabilities:
Accounts payable and other accrued liabilities - contingent liabilities	$	—	$	—	$	2.8	$	—	$	2.8
Payables to clients - Derivatives	4,413.8		156.1		—		(4,278.4)		291.5
TBA and forward settling securities	—		52.2		—		(39.5)		12.7
Derivatives	63.1		239.4		—		(302.5)		—
Payable to broker-dealers, clearing organizations and counterparties	63.1		291.6		—		(342.0)		12.7
Equity securities	429.9		6.2		—		—		436.1
Corporate and municipal bonds	—		51.1		—		—		51.1
U.S. Treasury obligations	851.2		—		—		—		851.2

Agency mortgage-backed obligations	—		63.4		—		—		63.4
Derivatives	3.2		700.3		—		(335.0)		368.5
Commodities leases	—		0.9		—		—		0.9
Financial instruments sold, not yet purchased	1,284.3		821.9		—		(335.0)		1,771.2
Total liabilities at fair value	$	5,761.2	$	1,269.6	$	2.8	$	(4,955.4)	$	2,078.2

(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.

Realized and unrealized gains and losses are included in Principal gains, net, Interest income, and Cost of sales of physical commodities in the Consolidated Income Statements.

The fair value of an exchange-traded options on futures contract is equal to the unrealized gain or loss on the contract determined by marking the contract to the current settlement price for a like contract on the valuation date of the contract. A settlement price may not be used if the market makes a limit move with respect to a particular options on futures contract or if the contract’s underlying experiences significant price fluctuations after the determination of the settlement price. When a

settlement price cannot be used, options on futures contracts will be valued at their fair value as determined in good faith pursuant to procedures adopted by management of the Company.

The Company has classified equity investments in exchange firms’ common stock not pledged for clearing purposes as trading securities. The investments are recorded at fair value, with unrealized gains and losses recorded, net of taxes, included in earnings. As of September 30, 2022, the cost and fair value of the equity investments in exchange firms is $3.7 million and $10.6 million, respectively. As of September 30, 2021, the cost and fair value of the equity investments in exchange firms was $3.7 million and $11.6 million, respectively.

Information on Level 3 Financial Liabilities

The acquisition of Fillmore Advisors, LLC, as further discussed in Note 20, included a contingent consideration arrangement as a component of the purchase price. Pursuant to the contingent consideration agreement, the Company was required to make additional future cash payments based on certain financial performance measures of the acquired business. As of September 30, 2021, the Company had fully satisfied the liability for the contingent consideration. During the year ended September 30, 2021, the Company recorded cash settlements against the liability of $2.6 million, partially offset by remeasurement losses of $1.1 million included in Other expenses on the Consolidated Income Statements for the year ended September 30, 2021. Remeasurement losses in the year ended September 30, 2020 were $0.6 million.

The acquisition of Chasing Returns Limited, as further discussed in Note 20, included a contingent consideration arrangement as a component of the purchase price. Pursuant to the contingent consideration agreement, the Company is required to make additional future cash payments based on certain implementation milestones. As of September 30, 2022, the Company had fully satisfied the liability for the contingent consideration, with payments of $3.6 million made during the year ended September 30, 2022.

Additional Disclosures about the Fair Value of Financial Instruments that are not carried on the Consolidated Balance Sheets at Fair Value

Many, but not all, of the financial instruments that the Company holds are recorded at fair value in the Consolidated Balance Sheets. The following represents financial instruments in which the ending balances at September 30, 2022 and 2021 were not carried at fair value in accordance with U.S. GAAP on our Consolidated Balance Sheets:

Short-term financial instruments: The carrying values of short-term financial instruments, including cash and cash equivalents, cash segregated under federal and other regulations, securities purchased under agreements to re-sell and securities sold under agreements to re-purchase, and securities borrowed and loaned are recorded at amounts that approximate the fair value of these instruments due to their short-term nature and level of collateralization. These financial instruments generally expose the Company to limited credit risk and have no stated maturities or have short-term maturities and carry interest rates that approximate market rates. Under the fair value hierarchy, cash and cash equivalents and cash segregated under federal and other regulations are classified as Level 1. Securities purchased under agreements to re-sell and securities sold under agreements to re-purchase, and securities borrowed and loaned are classified as Level 2 under the fair value hierarchy as they are generally overnight, or short-term in nature, and are collateralized by common stock, U.S. Treasury obligations, U.S. government agency obligations, agency mortgage-backed obligations, and asset-backed obligations.

Receivables and other assets: Deposits with and receivables from broker-dealers, clearing organizations, and counterparties, receivables from clients, net, notes receivables, net and certain other assets are recorded at amounts that approximate fair value due to their short-term nature and are classified as Level 2 under the fair value hierarchy.

Payables: Payables to clients and payables to brokers-dealers, clearing organizations, and counterparties are recorded at amounts that approximate fair value due to their short-term nature. They are classified as Level 2 under the fair value hierarchy.

Lenders under loans: Payables to lenders under loans carry variable rates of interest and thus approximate fair value and are classified as Level 2 under the fair value hierarchy.

Senior secured borrowings, net: Senior secured borrowings, net includes the Company's 8.625% Senior Secured Notes due 2025 (the “Senior Secured Notes”), as further described in Note 11 with a carrying value of $339.1 million as of September 30, 2022. The carrying value of the Senior Secured Notes represent their principal amounts net of unamortized deferred financing costs and original issue discount. As of September 30, 2022, the Senior Secured Notes had a fair value of $352.3 million and are classified as Level 2 under the fair value hierarchy.

- 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 + Details

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

12 Months Ended

Sep. 30, 2022

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

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

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, 2022 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, 2022. The total Financial instruments sold, not yet purchased, at fair value of $2,469.6 million as of September 30, 2022 includes $313.4 million for derivative contracts, which represent a liability to the Company based on their fair values as of September 30, 2022.

Derivatives

The Company utilizes derivative products in its trading capacity as a dealer in order to satisfy client needs and mitigate risk. The Company manages risks from both derivatives and non-derivative cash instruments on a consolidated basis. The risks of derivatives should not be viewed in isolation, but in aggregate with the Company’s other trading activities. The Company’s derivative positions are included in the Consolidating Balance Sheets in Deposits with and receivables from broker-dealers, clearing organizations, and counterparties; Receivables from clients, net; Financial instruments owned, net; Financial instruments sold, not yet purchased, at fair value; Payables to clients; and Payables to broker-dealers, clearing organizations and counterparties.

Listed below are the fair values of the Company’s derivative assets and liabilities as of September 30, 2022 and 2021. Assets represent net unrealized gains and liabilities represent net unrealized losses.


	September 30, 2022				September 30, 2021
(in millions)	Assets (1)		Liabilities (1)		Assets (1)		Liabilities (1)
Derivative contracts not accounted for as hedges:
Exchange-traded commodity derivatives	$	4,520.4	$	4,519.3	$	3,904.1	$	3,904.7
OTC commodity derivatives	756.9		695.6		803.4		761.3
Exchange-traded foreign exchange derivatives	25.6		25.7		119.9		119.9
OTC foreign exchange derivatives	577.1		549.3		216.9		185.5
Exchange-traded interest rate derivatives	2,626.8		2,626.7		245.9		249.0
OTC interest rate derivatives	168.9		205.1		56.4		54.9
Exchange-traded equity index derivatives	609.5		609.5		206.5		206.5
OTC equity and indices derivatives	164.4		95.7		148.5		94.1
TBA and forward settling securities	207.6		154.9		59.1		52.2
Total derivative contracts not accounted for as hedges	9,657.2		9,481.8		5,760.7		5,628.1
Derivative contracts designated as hedging instruments:
Interest rate swaps	—		48.8		—		—
Foreign currency forwards	—		21.8		—		—
Total derivative contracts designated as hedging instruments	—		70.6		—		—
Gross fair value of derivative contracts	$	9,657.2	$	9,552.4	$	5,760.7	$	5,628.1
Impact of netting and collateral	(10,920.8)		(10,505.0)		(5,353.9)		(4,955.4)
Total fair value included in Deposits with and receivables from broker-dealers, clearing organizations, and counterparties, net	$	(1,455.7)			$	259.9
Total fair value included in Receivables from clients, net	$	(0.5)			$	2.6
Total fair value included in Financial instruments owned, at fair value	$	192.6			$	144.3
Total fair value included in Payables to clients			$	(1,392.4)			$	291.5
Total fair value included in Payables to broker-dealers, clearing organizations and counterparties			$	55.8			$	12.7
Fair value included in Financial instruments sold, not yet purchased, at fair value			$	384.0			$	368.5

(1)As of September 30, 2022 and 2021, the Company’s derivative contract volume for open positions was approximately 13.3 million and 11.1 million contracts, respectively.

The Company’s derivative contracts are principally held in its Institutional, Commercial, and Retail segments. The Company provides its Institutional segment clients access to exchanges at which they can carry out their trading strategies. The Company assists its Commercial segment clients in protecting the value of their future production by entering into option or forward

agreements with them on an OTC basis. The Company also provides its Commercial segment clients with exchange products, including combinations of buying and selling puts and calls. In its Retail segment, the Company provides its retail clients with access to spot foreign exchange, precious metals trading, as well as contracts for difference (“CFD”) and spread bets, where permitted. The Company mitigates its risk by generally offsetting the client’s transaction simultaneously with one of the Company’s trading counterparties or will offset that transaction with a similar but not identical position on the exchange. The risk mitigation of these offsetting trades is not within the documented hedging designation requirements of the Derivatives and Hedging Topic of the ASC. These derivative contracts are traded along with cash transactions because of the integrated nature of the markets for these products. The Company manages the risks associated with derivatives on an aggregate basis along with the risks associated with its proprietary trading and market-making activities in cash instruments as part of its firm-wide risk management policies. In particular, the risks related to derivative positions may be partially offset by inventory, other derivatives, or cash collateral paid or received.

Hedging Activities

The Company uses interest rate derivatives, in the form of swaps, to hedge risk related to variability in overnight rates. These hedges are designated cash flow hedges, through which the Company mitigates uncertainty in its interest income generation by converting floating-rate interest income to fixed-rate interest income. While the swaps mitigate interest rate risk, they do introduce credit risk, which is the possibility that the Company’s trading counterparty fails to meet its obligation. The Company minimizes this risk by entering into its swaps with highly-rated, multi-national institutions. In addition to credit risk, there is market risk associated with the swap positions. The Company’s market risk is limited, because any amounts the Company must pay from having exchanged variable interest will be funded by the variable interest the Company receives on its deposits. As of September 30, 2022, the Company had $1,500.0 million in notional value of its interest rate contracts hedges. As of September 30, 2022, the Company’s hedges will all mature within 2 years from the end of the current period.

The Company also uses foreign currency derivatives, in the form of forward contracts, to hedge risk related to the variability in exchange rates relative to certain of the Company’s non-USD expenditures. These hedges are designated cash flow hedges, through which the Company mitigates variability in exchange rates by exchanging foreign currency for USD at fixed exchange rates at a pre-determined future date, or several cash flows at several pre-determined future dates. While the forward contracts mitigate exchange rate variability risk, they do introduce credit risk, which is the possibility that the Company’s trading counterparty fails to meet its obligation. The Company minimizes this risk by entering into its forward contracts with highly-rated, multi-national institutions. As of September 30, 2022, the Company had foreign currency forward contracts to purchase British Pound Sterling with notional values in local currency of £168.0 million and USD of $207.3 million. These hedges will all mature within 2 years from the end of the current period.

The Company assesses the effectiveness of its hedges at each reporting period to identify any required reclassifications into current earnings. During the year ended September 30, 2022, the Company did not designate any portion of its hedges as ineffective and thus did not have any values in current earnings related to ineffective hedges. As of September 30, 2022, $9.7 million and $8.9 million of derivative liabilities related to interest rate contracts and foreign currency forward contracts, respectively, are expected to be released from Other comprehensive income into current earnings. The Company had no such hedges as of September 30, 2021 or during the year then ended. The fair values of derivative instruments designated for hedging held as of September 30, 2022 are as follow:


	September 30, 2022
(in millions)	Balance Sheet Location	Fair Value
Liability Derivatives
Derivatives designated as hedging instruments:
Interest rate contracts	Financial instruments sold, not yet purchased	$	48.8
Foreign currency forward contracts	Financial instruments sold, not yet purchased	21.8
Total derivatives designated as hedging instruments		$	70.6

The Condensed Consolidated Income Statement effects of derivative instruments designated for hedging held for the year ended September 30, 2022 are as follow:


	Year Ended September 30, 2022
(in millions)	Interest Expense
Total amounts in net income related to hedges
Interest rate contracts	$	2.4
Total derivatives designated as hedging instruments	$	2.4

Loss on cash flow hedging relationships:
Amount of loss reclassified from accumulated other comprehensive income into income	$	2.4
Amount reclassified from accumulated other comprehensive income into income as a result of a forecasted transaction that is no longer probable of occurring	$	—

The accumulated other comprehensive income effects of derivative instruments designated for hedging held for the year ended September 30, 2022 are as follows:


	Year Ended September 30, 2022
(in millions)	Amount of Loss Recognized in Other Comprehensive Income on Derivatives, net of tax		Location of Loss Reclassified from Accumulated Other Comprehensive Income into Income	Amount of Loss Reclassified from Accumulated Other Comprehensive Income into Income
Derivatives in Cash Flow Hedging Relationships:
Interest rate contracts	$	37.0	Interest Income	$	2.4
Foreign currency forward contracts	16.5		N/A	—
Total	$	53.5		$	2.4

The following table sets forth the Company’s net gains/(losses) related to derivative financial instruments for the periods indicated, in accordance with the Derivatives and Hedging Topic of the ASC. The net gains/(losses) set forth below are included in Principal gains, net and Cost of sales of physical commodities in the Consolidated Income Statements.


	Year Ended September 30,
(in millions)	2022		2021		2020
Commodities	$	303.7	$	207.8	$	197.3
Foreign exchange	174.4		116.3		38.2
Interest rate, equities, and indices	100.4		80.8		20.4
TBA and forward settling securities	226.8		(6.3)		(49.7)
Net gains from derivative contracts	$	805.3	$	398.6	$	206.2

Credit Risk

In the normal course of business, the Company purchases and sells financial instruments, commodities and foreign currencies as either principal or agent on behalf of its clients. If either the client or counterparty fails to perform, the Company may be required to discharge the obligations of the nonperforming party. In such circumstances, the Company may sustain a loss if the fair value of the financial instrument or foreign currency is different from the contract value of the transaction.

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

The Company is a party to financial instruments in the normal course of its business through client and proprietary trading accounts in exchange-traded and OTC derivative instruments. These instruments are primarily the execution of orders for commodity futures, options on futures and forward foreign currency contracts on behalf of its clients, substantially all of these transactions occur on a margin basis. Such transactions may expose the Company to significant credit risk in the event margin requirements are not sufficient to fully cover losses which clients may incur. The Company controls the risks associated with these transactions by requiring clients to maintain margin deposits in compliance with individual exchange regulations and

internal guidelines. The Company monitors required margin levels daily and, therefore, may require clients to deposit additional collateral or reduce positions when necessary. The Company also establishes client credit limits, which are monitored daily. The Company evaluates each client’s creditworthiness on a case by case basis. Clearing, financing, and settlement activities may require the Company to maintain funds with or pledge securities as collateral with other financial institutions. Generally, these exposures to both clients and counterparties are subject to master netting, or client agreements, which reduce the exposure to the Company by permitting receivables and payables with such clients to be offset in the event of a client default. Management believes that the margin deposits held as of September 30, 2022 and 2021 were adequate to minimize the risk of material loss that could be created by positions held at that time. Additionally, the Company monitors collateral fair value on a daily basis and adjusts collateral levels in the event of excess market exposure.

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

Allowance for Doubtful Accounts

12 Months Ended

Sep. 30, 2022

Receivables [Abstract]

Allowance for Doubtful Accounts

Deposits with and receivables from broker-dealers, clearing organizations, and counterparties, net; receivable from clients, net; and notes receivable, net include allowances for doubtful accounts, which reflect the Company’s best estimates of probable losses inherent in the accounts. In determining expected credit losses and establishing its allowance for doubtful accounts, the Company considers a number of factors including, but not limited to, historical collection experience, current and forecasted economic and business conditions, internal and external credit risk ratings, collateral terms, payment terms and aging of the financial asset, as well as specific-identification in certain circumstances. The Company continually reviews its allowance for doubtful accounts.

The allowance for doubtful accounts related to deposits with and receivables from broker-dealers, clearing organizations, and counterparties was $1.4 million and $1.3 million as of September 30, 2022 and 2021. The allowance for doubtful accounts related to receivables from clients was $46.4 million and $38.5 million as of September 30, 2022 and 2021, respectively. The Company had no allowance for doubtful accounts related to notes receivable as of September 30, 2022 and 2021.

During the years ended September 30, 2022 and September 30, 2021, the Company charged off $5.6 million and $5.9 million, respectively, of receivables against the allowance for doubtful accounts. During the year ended September 30, 2020, the Company charged off $35.6 million of receivables against the allowance for doubtful accounts related to the physical coal business, which the Company exited in the year ended September 30, 2018.

During the year ended September 30, 2022, the Company recorded bad debt expense of $12.4 million, related to the allowance. The bad debt expense was primarily caused by $11.6 million of deficits in the Commercial segment, which includes $2.5 million in physical commodity accounts, and $2.3 million of client deficits in the Retail segment.

During the year ended September 30, 2021, the Company recorded bad debt expense of $10.4 million. The bad debt expense was primarily related to $8.5 million of client OTC derivative account deficits in the Commercial segment, $0.6 million of client exchange-traded futures and options on futures account deficits in the Institutional segment, $1.1 million of OTC derivative client account deficits in the Retail segment, and $0.2 million in the Global Payments segment. $4.6 million of the bad debt within the Commercial segment related to a particular energy product in the Company’s physical energy commodity business.

During the year ended September 30, 2020, the Company recorded bad debt expense, net of recoveries, of $13.0 million. The bad debt expense during the year ended September 30, 2020 primarily related to $3.5 million of client OTC derivative account deficits in the Commercial segment, $5.4 million of client exchange-traded futures and options on futures account deficits in the Institutional segment, and $0.6 million of OTC derivative client account deficits in the Retail segment. The Company also incurred bad debt expense of $3.2 million within the Commercial segment related to receivables in the Company’s physical energy commodity business.

Activity in the allowance for doubtful accounts for the years ended September 30, 2022, 2021, and 2020 was as follows:


(in millions)	2022		2021		2020
Balance, beginning of year	$	39.8	$	27.1	$	48.6
ASU 2016-13 cumulative transition adjustment	—		8.2		—
Adjusted balance, beginning of year	39.8		35.3		48.6
Provision for bad debts(2)	12.4		10.4		13.0
Allowance charge-offs	(5.6)		(5.9)		(35.6)

Other(1)	1.2		—		1.1
Balance, end of year	$	47.8	$	39.8	$	27.1
(1) Allowance increase is related to a recoverable amount due from an affiliated party and recorded in Other assets on the Consolidated Balance Sheets.
(2) An additional $3.4 million is included in bad debt expense for the year ended September 30, 2022 on the consolidated income statement, which is not included in the allowance at the year then ended.

Physical Commodities Inventory

12 Months Ended

Sep. 30, 2022

Inventory Disclosure [Abstract]

Physical Commodities Inventory

The Company’s inventories consist of finished physical commodities as shown below.


	September 30,
(in millions)	2022		2021
Physical Ag & Energy(1)	$	223.6	$	248.6
Precious metals - held by broker-dealer subsidiary	136.3		111.2
Precious metals - held by non-broker-dealer subsidiaries	153.6		87.7
Physical commodities inventory	$	513.5	$	447.5

(1) Physical Ag & Energy consists of agricultural commodity inventories, including corn, soybeans, wheat, dried distillers grain, canola, sorghum, coffee, cocoa, cotton, and others. Agricultural inventories have reliable, readily determinable and realizable market prices, have relatively insignificant costs of disposal and are available for immediate delivery. Physical Ag & Energy also includes energy related inventories, including primarily propane, gasoline, and kerosene. The Company records changes to these values in Cost of sales of physical commodities on the Consolidated Income Statements.

Property and Equipment, net

12 Months Ended

Sep. 30, 2022

Property, Plant and Equipment, Net [Abstract]

Property and Equipment, net

Property and equipment is stated at cost, and reported net of accumulated depreciation and amortization on the Consolidated Balance Sheets. Depreciation on property and equipment is generally calculated using the straight-line method over the relevant asset’s estimated useful life. The estimated useful lives of property and equipment range from 3 to 10 years. During the years ended September 30, 2022, 2021, and 2020, depreciation expense was $30.0 million, $21.3 million, and $13.3 million respectively.

The Company capitalized $24.8 million and $22.3 million of software development costs during the years ended September 30, 2022 and September 30, 2021.

The Company recorded impairment charges of $5.7 million, which are reflected in Bad debts, net of recoveries and impairment on the Consolidated Income Statement for the year ended September 30, 2020.

A summary of property and equipment, at cost less accumulated depreciation and amortization as of September 30, 2022 and 2021 is as follows:


	September 30,
(in millions)	2022		2021
Property and equipment:
Furniture and fixtures	$	16.0	$	15.0
Software	34.4		30.0
Equipment	45.3		44.1
Leasehold improvements	43.3		43.9
Capitalized software development	47.1		22.3
Total property and equipment	186.1		155.3
Less: accumulated depreciation and amortization	(73.2)		(62.0)
Property and equipment, net	$	112.9	$	93.3

Goodwill

12 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

Goodwill allocated to the Company’s operating segments as of September 30, 2022 and 2021 is as follows:


	September 30,
(in millions)	2022		2021
Commercial	$	32.6	$	32.5
Institutional	9.8		9.8
Retail	5.8		5.8
Global Payments	10.0		10.0
Total Goodwill	$	58.2	$	58.1

The Company recorded $0.1 million and $0.2 million in foreign exchange revaluation adjustments on goodwill for the years ended September 30, 2022 and 2021, respectively.

Intangible Assets

12 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Intangible Assets The Company recorded $0.2 million of customer base assets related to a purchased client list and wrote off $11.1 million of fully amortized intangible assets during the year ended September 30, 2022.

The gross and net carrying values of intangible assets as of the balance sheet dates, by major intangible asset class are as follows (in millions):


	September 30, 2022						September 30, 2021
	Gross Amount		Accumulated Amortization		Net Amount		Gross Amount		Accumulated Amortization		Net Amount
Intangible assets subject to amortization:


Trade/domain names	$	3.7	$	(1.6)	$	2.1	$	3.7	$	(0.9)	$	2.8
Software programs/platforms	28.3		(19.4)		8.9		31.4		(13.3)		18.1
Customer base	29.5		(18.0)		11.5		37.7		(21.7)		16.0
Total intangible assets subject to amortization	61.5		(39.0)		22.5		72.8		(35.9)		36.9

Intangible assets not subject to amortization
Website domains	1.8		—		1.8		2.1		—		2.1
Business licenses	3.7		—		3.7		3.7		—		3.7
Total intangible assets not subject to amortization	5.5		—		5.5		5.8		—		5.8
Total intangible assets	$	67.0	$	(39.0)	$	28.0	$	78.6	$	(35.9)	$	42.7

Amortization expense related to intangible assets was $14.4 million, $15.1 million, and $5.8 million for the years ended September 30, 2022, 2021, and 2020, respectively.

As of September 30, 2022, estimated future amortization expense was as follows:


(in millions)

Fiscal 2023	$	12.6
Fiscal 2024	5.0
Fiscal 2025	1.9
Fiscal 2026	1.2
Fiscal 2027 and thereafter	1.8
	$	22.5

Leases

12 Months Ended

Sep. 30, 2022

Leases [Abstract]

Leases

The Company leases office space under non-cancelable operating leases with third parties as of September 30, 2022. Leases with an initial term of twelve months or less are not recorded on the Consolidated Balance Sheets and the Company recognizes lease expense for these leases on a straight-line basis over the lease term. Certain office space leases include one or more options to renew, with renewal terms that can extend the lease term from three to ten years, and some of which include the Company’s option to terminate the leases within two years of the balance sheet date. The Company has not considered any renewal options in the lease terms of its office space leases as the Company does not believe it is reasonably certain that any of the rights will be exercised. In determining the term of certain office space leases, the Company has not included periods after termination date, if the Company holds a termination option and believes it is reasonably certain to exercise.

As the office space leases do not provide an implicit rate, the Company applies a collateralized incremental borrowing rate based on information available at lease commencement date in determining the present value of lease payments. For office space leases executed by subsidiaries, including foreign subsidiaries, the Company has applied its incremental borrowing rate. The Company believes this is a reasonable approach as its subsidiaries either do not have their own treasury functions or the credit facilities available to its subsidiaries do not permit financing of right-of-use assets. Additionally, in certain instances, the parent company provides a guaranty of the lease payments to the lessor under office space leases executed by its subsidiaries. The Company believes that pricing subsidiary leases is more significantly influenced by the credit standing of the parent company than that of its subsidiaries.

Certain office space leases contain variable lease payments related to fair market rent adjustments and local inflation index measures. The Company estimates variable lease payments based upon information available at lease commencement date in determining the present value of lease payments.

The Company has elected to not separate lease components from nonlease components for all office space leases. The Company does not have any financing leases as of September 30, 2022. Operating lease expense is recognized on a straight-line basis over the lease term and is reported within Occupancy and equipment rental on the Consolidated Income Statements.

As of September 30, 2022 and 2021, the Company recorded operating lease right-of-use assets of $121.8 million and $125.3 million, respectively, and operating lease liabilities of $143.0 million and $146.6 million, respectively.

The following table presents operating lease costs and other related information as of and for the fiscal year ended September 30, 2022 and 2021 (in millions, except as stated):


	Year Ended September 30,
	2022			2021
Operating lease costs (1)	$	25.7		$	25.5

Supplemental cash flow information and non-cash activity:
Cash paid for amounts included in the measurement of operating lease liabilities	$	16.4		$	16.8
Right-of-use assets obtained in exchange for operating lease liabilities	$	12.4		$	36.2

Lease term and discount rate information:
Weighted average remaining lease term (years)	10.9			11.5
Weighted average discount rate	4.3		%	4.0		%

(1) Includes short-term leases and variable lease costs, which are immaterial.

The maturities of the lease liabilities are as follows as of September 30, 2022 (in millions):



2023	$	17.2
2024	17.0
2025	15.8
2026	16.1
2027	15.8
After 2027	97.8
Total lease payments	179.7
Less: interest	36.7
Present value of lease liabilities	$	143.0

Credit Facilities

12 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Credit Facilities

Committed Credit Facilities

The Company has four committed credit facilities under which the Company and its subsidiaries may borrow up to $1,000.0 million, subject to the terms and conditions for these facilities. The amounts outstanding under these credit facilities carry variable rates of interest, thus approximating fair value. The Company’s committed credit facilities consist of the following:

•A three-year $475.0 million first-lien senior secured syndicated loan facility is available to the Company for general working capital requirements and capital expenditures. The facility was amended on April 21, 2022 to replace the $236.1 million revolving credit facility and $165.4 million Term Loan A facility, values as of March 31, 2022, with a $475.0 million revolving credit facility and extend the maturity date to April 21, 2025. Prior to the amendment, the Company was required to make quarterly principal payments against the Term Loan equal to 1.25% of the original balance. During the year ended September 30, 2022, prior to its replacement, the Company made scheduled quarterly principal payments against the Term Loan equal to $4.9 million.

The revolving credit facility is secured by a first priority lien on substantially all of the assets of the Company and those of the Company’s subsidiaries that guarantee the credit facility. Per the terms of the amended facility, the commitment fees and interest rates are subject to decrease if the Company’s consolidated leverage ratio, as defined, decreases below certain thresholds. As of September 30, 2022, unused portions of the loan facility require a commitment fee of up to 0.625% on the unused commitment. The revolving credit facility is subject to variable rates of interest. As of September 30, 2022, borrowings under the facility bear interest at the Secured Overnight Financing Rate (“SOFR”), as defined, plus 3.00% or the Base Rate, as defined, plus 2.00%. Borrowings under the Base Rate and SOFR options were subject to interest rates of 8.25% and 6.15%, respectively, as of September 30, 2022. The agreement contains financial covenants related to consolidated tangible net worth, consolidated funded debt to net worth ratio, consolidated fixed charge coverage ratio and consolidated net unencumbered liquid assets, as defined. The Company was in compliance with all covenants under the loan facility as of September 30, 2022.

•An unsecured committed line of credit under which $75.0 million is available to the Company’s wholly owned subsidiary, StoneX Financial Inc 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 StoneX Financial Inc’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 0.5% on the unused commitment. Borrowings under the margin line are on a demand basis and bear interest at the Base Rate, as defined, plus 2.00%, which was 5.75% as of September 30, 2022. The agreement contains financial covenants related to StoneX Financial Inc’s tangible net worth, excess net capital, and maximum net loss over a trailing twelve month period, as defined. StoneX Financial Inc was in compliance with these covenants as of September 30, 2022. The facility is guaranteed by the Company.

•A syndicated committed borrowing facility available to the Company’s wholly owned subsidiary, StoneX Commodity Solutions LLC, to finance commodity financing arrangements and commodity repurchase agreements. The facility was amended on July 28, 2022 to increase the amount available from $325.0 million to $400.0 million and extend the maturity date to July 28, 2024. The facility is secured by the assets of StoneX Commodity Solutions, and guaranteed by the Company. Unused portions of the borrowing facility require a commitment fee of 0.35% on the unused commitment. The borrowings outstanding under the facility bear interest at a rate per annum equal to the SOFR plus Applicable Margin, as defined, or the Base Rate plus Applicable Margin, as defined. Borrowings under the Base Rate and SOFR options were subject to interest rates of 6.25% and 5.41%, respectively, as of September 30, 2022. The agreement contains financial covenants related to tangible net worth, as defined. StoneX Commodity Solutions was in compliance with this covenant as of September 30, 2022.

•An unsecured syndicated committed borrowing facility under which $50.0 million is available to the Company’s wholly owned subsidiary, StoneX Financial Ltd for short term funding of margin to commodity exchanges. The borrowings outstanding under the facility bear interest at a rate per annum equal to 2.50% plus SOFR, as defined. The agreement contains financial covenants related to net tangible assets, as defined. StoneX Financial Ltd was in compliance with this covenant as of September 30, 2022. The facility is guaranteed by the Company. During November 2022, the facility was renewed to extend the maturity date to October 14, 2023.

Uncommitted Credit Facilities

During the year ended September 30, 2022, the Company executed a secured, uncommitted loan facility, under which StoneX Financial Ltd may borrow up to $45.0 million, collateralized by commodities warehouse receipts, to facilitate the financing of inventory of commodities, subject to certain terms and conditions of the credit agreement. There were $0.0 million and $25.0 million in borrowings outstanding under this credit facility as of September 30, 2022 and 2021, respectively.

The Company has a secured, uncommitted loan facility, under which StoneX Financial Inc may borrow up to $75.0 million, collateralized by commodities warehouse receipts, to facilitate U.S. commodity exchange deliveries of its clients, subject to certain terms and conditions of the credit agreement. There were no borrowings outstanding under this credit facility at September 30, 2022 and 2021.

The Company has a secured, uncommitted loan facility, under which StoneX Financial Inc. may borrow for short term funding of proprietary and client securities margin requirements, subject to certain terms and conditions of the agreement. The uncommitted amount available to be borrowed is not specified, and all requests for borrowing are subject to the sole discretion of the lender. The borrowings are secured by first liens on Company owned marketable securities or client owned securities which have been pledged to the Company. The amounts borrowed under the facilities are payable on demand. There were no borrowings outstanding under this credit facility as of September 30, 2022 and 2021.

The Company has secured uncommitted loan facilities under which StoneX Financial Inc may borrow up to $100.0 million for short term funding of proprietary and client securities margin requirements, subject to certain terms and conditions of the agreement. The borrowings are secured by first liens on Company owned marketable securities or client owned securities which have been pledged to the Company. The amounts borrowed under the facilities are payable on demand. There were no borrowings outstanding under this credit facility as of September 30, 2022 and 2021.

Note Payable to Bank

In December 2020, the Company obtained a $9.0 million loan from a commercial bank, secured by equipment purchased with the proceeds. The note is payable in monthly installments, with the final payment due during December 2025. The note bears interest at a rate per annum equal to the Index rate, as defined in the agreement, plus 2.35%.

Senior Secured Notes

In June 2020, the Company issued $350 million in aggregate principal amount of its 8.625% Senior Secured Notes due 2025 (the “Senior Secured Notes”) at the offering price of 98.5% of the aggregate principal amount. The Company used the proceeds from the sale of the Senior Secured Notes to fund the preliminary cash consideration for the acquisition of Gain on the closing date, as further discussed in Note 20, to pay certain related transaction fees and expenses, and to fund the repayment of Gain’s 5.00% Convertible Senior Notes due 2022 (the “Gain Notes”).

The Senior Secured Notes are fully and unconditionally guaranteed, jointly and severally, on a senior second lien secured basis, by certain subsidiaries of the Company that guarantee the Company’s senior committed credit facility and by Gain and certain of its domestic subsidiaries.

The Senior Secured Notes will mature on June 15, 2025. Interest on the Senior Secured Notes accrues at a rate of 8.625% per annum and is payable semiannually in arrears on June 15 and December 15 of each year. The Company incurred debt issuance costs of $9.5 million in connection with the issuance of the Senior Secured Notes, which are being amortized over the term of the Senior Secured Notes under the effective interest method. At any time on or after June 15, 2022, the Company may redeem the Senior Secured Notes, in whole or in part, at the redemption prices set forth in the indenture.

During the year ended September 30, 2021, the Company redeemed $1.6 million of the principal amount of the outstanding Senior Secured Notes, for 103% of the principal amount, plus accrued and unpaid interest.

During the year ended September 30, 2022, the Company redeemed the remaining $0.5 million of the principal amount of the Gain Notes.

The following table sets forth a listing of credit facilities, the current committed amounts as of the report date on the facilities, and outstanding borrowings on the facilities as well as indebtedness on a promissory note and the Senior Secured Notes as of the periods indicated:


(in millions)
							Amounts Outstanding
	Borrower	Security	Renewal/Expiration Date	Total Commitment			September 30, 2022			September 30, 2021
Committed Credit Facilities
	Term Loan	(1)	N/A	$	—		$	—	(4)	$	170.1
	Revolving Line of Credit	(1)	April 21, 2025	475.0		(5)	260.0			—
	Senior StoneX Group Inc. Committed Credit Facility			475.0			260.0			170.1
	StoneX Financial Inc.	None	March 31, 2023	75.0		(5)	—			—
	StoneX Commodity Solutions LLC	Certain commodities assets	July 28, 2024	400.0		(5)	217.0			215.0
	StoneX Financial Ltd.	None	October 14, 2023	50.0		(5)	—			—
				$	1,000.0		$	477.0		$	385.1

Uncommitted Credit Facilities
	StoneX Financial Inc.	Commodities warehouse receipts and certain pledged securities	n/a	n/a		(5)	—			—
	StoneX Financial Ltd.	Commodities warehouse receipts	n/a	n/a		(5)	—			25.0
	Notes payable to bank	Certain equipment				(5)	8.1			8.6
	Senior Secured Notes	(2)				(4)	339.1		(3)	336.9
Total outstanding borrowings							$	824.2		$	755.6

(1) The StoneX Group Inc. committed credit facility is secured by substantially all of the assets of StoneX Group Inc. and certain subsidiaries identified in the credit facility agreement as obligors, and pledged equity of certain subsidiaries identified in the credit facility as limited guarantors

(2) The Senior Secured Notes and the related guarantees are secured by liens on substantially all of the Company’s and the guarantors’ assets, subject to certain customary and other exceptions and permitted liens. The liens on the assets that secure the Senior Secured Notes and the related guarantees are contractually subordinated to the liens on the assets that secure the Company’s and the guarantors’ existing and future first lien secured indebtedness, including indebtedness under the Company’s senior committed credit facility.

(3) Amounts outstanding under the Senior Secured Notes are reported net of unamortized deferred financing costs and original issue discount of $8.8 million.

(4) Included in Senior secured borrowings, net on the Consolidated Balance Sheets.

(5) Included in Lenders under loans on the Consolidated Balance Sheets.

As reflected above, one of the Company’s committed credit facilities is scheduled to expire during the year ending September 30, 2023. The Company intends to renew or replace this facility as it expires, and based on the Company’s 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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Securities and Commodity Financing Transactions

12 Months Ended

Sep. 30, 2022

Broker-Dealer [Abstract]

Securities and Commodity Financing Transactions

The Company enters into securities purchased under agreements to resell, securities sold under agreements to repurchase, securities borrowed and securities loaned transactions to, among other things, fund principal debt trading, acquire securities to cover short positions, acquire securities for settlement, and to accommodate counterparties’ needs under matched-book trading strategies. These agreements are recorded as collateralized financings at their contractual amounts plus accrued interest. The related interest is recorded in the Consolidated Income Statements as Interest income or Interest expense, as applicable. In connection with these agreements and transactions, it is the Company’s policy to receive or pledge cash or securities to adequately collateralize such agreements and transactions in accordance with relevant contractual terms. The collateral is valued daily and the Company may require counterparties to deposit additional collateral or return collateral pledged.

The Company pledges financial instruments owned to collateralize repurchase agreements. At September 30, 2022 and 2021, financial instruments owned, at fair value of $2,372.3 million and $843.3 million, respectively, were pledged as collateral under repurchase agreements. The financial instruments owned that have been pledged as collateral have been parenthetically disclosed on the Consolidated Balance Sheets.

In addition, as of September 30, 2022 and 2021, the Company pledged financial instruments owned, at fair value of $822.5 million and $2,359.6 million, respectively, to cover collateral requirements for tri-party repurchase agreements. These securities have not been parenthetically disclosed on the Consolidated Balance Sheets since the counterparties do not have the right to sell or repledge the collateral. The Company also repledged securities received under reverse repurchase agreements of $2,965.3 million and $1,157.9 million, respectively in the two years, to cover collateral requirements for tri-party repurchase agreements.

The Company also has repledged securities borrowed and client securities held under custodial clearing arrangements to collateralize securities loaned agreements with a fair value of $1,146.0 million and $2,097.6 million as of September 30, 2022 and 2021, respectively.

At September 30, 2022 and 2021, the Company had accepted collateral that it is permitted by contract to sell or repledge. This collateral consists primarily of securities received in reverse repurchase agreements, securities borrowed agreements, and margin securities held on behalf of correspondent brokers. The fair value of such collateral at September 30, 2022 and 2021 was $5,836.1 million and $4,399.8 million, respectively, of which $1,615.3 million and $1,031.1 million, respectively, was used to cover securities sold short which are recorded in Financial instruments sold, not yet purchased, at fair value on the Consolidated Balance Sheets. In the normal course of business, this collateral is used by the Company to cover financial instruments sold, not yet purchased, to obtain financing in the form of repurchase agreements, and to meet counterparties’ needs under lending arrangements and matched-book trading strategies.

The following tables provide the contractual maturities of gross obligations under repurchase and securities lending agreements as of the periods indicated (in millions):


	September 30, 2022
	Overnight and Open		Less than 30 Days		30-90 Days		Over 90 Days		Total
Securities sold under agreements to repurchase	$	3,664.7	$	2,279.1	$	186.3	3.4		$	6,133.5
Securities loaned	1,189.5		—		—		—		1,189.5
Gross amount of secured financing	$	4,854.2	$	2,279.1	$	186.3	$	3.4	$	7,323.0


	September 30, 2021
	Overnight and Open		Less than 30 Days		30-90 Days		Over 90 Days	Total
Securities sold under agreements to repurchase	$	2,949.8	$	973.4	$	137.5	280.2	$	4,340.9
Securities loaned	2,153.6		—		—		—	2,153.6
Gross amount of secured financing	$	5,103.4	$	973.4	$	137.5	280.2	$	6,494.5

The following table provides the underlying collateral types of the gross obligations under repurchase and securities lending agreements as of the periods indicated (in millions):


	September 30,
Securities sold under agreements to repurchase	2022		2021
U.S. Treasury obligations	$	1,311.0	$	106.8
U.S. government agency obligations	604.1		354.6
Asset-backed obligations	178.0		255.9
Agency mortgage-backed obligations	3,762.5		3,536.2
Foreign government obligations	97.2		—
Corporate bonds	180.7		87.4
Total securities sold under agreement to repurchase	$	6,133.5	$	4,340.9

Securities loaned
Equity securities	$	1,189.5	$	2,153.6
Total securities loaned	1,189.5		2,153.6
Gross amount of secured financing	$	7,323.0	$	6,494.5

The following tables provide the netting of securities purchased under agreements to resell, securities sold under agreements to repurchase, securities borrowed and securities loaned as of the periods indicated (in millions):


	September 30, 2022
Offsetting of collateralized transactions:	Gross Amounts Recognized		Amounts Offset in the Consolidated Balance Sheet		Net Amounts Presented in the Consolidated Balance Sheet
Securities purchased under agreements to resell	$	4,609.9	$	(2,937.9)	$	1,672.0
Securities borrowed	$	1,209.8	$	—	$	1,209.8
Securities sold under agreements to repurchase	$	6,133.5	$	(2,937.9)	$	3,195.6
Securities loaned	$	1,189.5	$	—	$	1,189.5


	September 30, 2021
Offsetting of collateralized transactions:	Gross Amounts Recognized		Amounts Offset in the Consolidated Balance Sheet		Net Amounts Presented in the Consolidated Balance Sheet
Securities purchased under agreements to resell	$	2,239.9	$	—	$	2,239.9
Securities borrowed	$	2,163.1	$	—	$	2,163.1
Securities sold under agreements to repurchase	$	4,340.9	$	—	$	4,340.9
Securities loaned	$	2,153.6	$	—	$	2,153.6

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal and Regulatory Proceedings Certain conditions may exist as of the date the financial statements are issued, which may result in a loss to the Company but which will only be resolved when one or more future events occur or fail to occur. The Company assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal and regulatory proceedings that are pending against the Company or unasserted claims that may result in such proceedings, the Company’s legal counsel evaluates the perceived merits of any legal or regulatory proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein. If the assessment of a contingency indicates that it is probable that a material loss has been incurred at the date of the financial statements and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s financial statements. If the assessment indicates that a potentially material loss contingency is not probable, but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material, would be disclosed. Neither accrual nor disclosure is required for loss contingencies that are deemed remote. The Company accrues legal fees related to contingent liabilities as they are incurred. From time to time and in the ordinary course of business, the Company is involved in various legal actions and proceedings, including tort claims, contractual disputes, employment matters, workers’ compensation claims and collections. The Company carries insurance that provides protection against certain types of claims, up to the limits of the respective policy. Additionally, the Company is subject to extensive regulation and supervision by U.S. federal and international governmental agencies and various self-regulatory organizations. The Company and its advisors periodically engage with such regulatory agencies and organizations, in the context of examinations or otherwise, to respond to inquiries, informational requests, and investigations. From time to time, such engagements result in regulatory complaints or other matters, the resolution of which can include fines and other remediation. As of September 30, 2022 and 2021, the Consolidated Balance Sheets include loss contingency accruals, recorded during and prior to these years then ended, which are not material, individually or in the aggregate, to the Company’s financial position or liquidity. Management does not currently believe exposure from loss contingencies in excess of the amounts accrued, and in addition to the possible losses discussed below, to be material to the Company’s earnings, financial position or liquidity. The following is a summary of a significant legal matter involving the Company: OptionSellers In November 2018, balances in approximately 300 client accounts of the FCM division of the Company’s wholly owned subsidiary, StoneX Financial Inc., declined below required maintenance margin levels and into deficit balances, primarily as a result of significant and unexpected price fluctuations in the natural gas markets. All positions in these accounts, which were managed by OptionSellers.com Inc. (“OptionSellers”), an independent Commodity Trading Advisor (“CTA”), were liquidated in accordance with StoneX Financial Inc.’s client agreements and obligations under market regulation standards. A CTA is registered with the U.S. Commodity Futures Trading Commission (“CFTC”) and a member of, and subject to audit by, the National Futures Association (“NFA”). OptionSellers was registered under a CFTC Rule 4.7 exemption for providing services only to “qualified eligible persons,” which requires the account holders authorizing OptionSellers to act as their CTA to meet or exceed certain minimum financial requirements. OptionSellers, in its role as a CTA, had been granted by each of its clients full discretionary authority to manage the trading in the clients’ accounts, while StoneX Financial Inc. acted solely as the clearing firm in its role as the FCM. StoneX Financial Inc.’s client agreements hold account holders liable for all losses in their accounts and obligate the account holders to reimburse StoneX Financial Inc. for any deficits in their accounts. As of September 30, 2022, the receivable from these client accounts, net of collections and other allowable deductions (the “Net Client Accounts Receivable”), was $25.9 million, with no individual account receivable exceeding $1.4 million. As of September 30, 2022, the allowance against these uncollected balances was $7.6 million. The Company is pursuing collection of the uncollected balances through arbitration proceedings against the account holders. The Company will consider developments in these proceedings, and any other relevant matters, in determining whether any changes in the allowance against the uncollected balances are required. In these and other arbitration proceedings, clients are seeking damages from StoneX Financial Inc. relating to the trading losses in their accounts. During the year ended September 30, 2022, the Company resolved several of these arbitration claims through arbitration decisions and privately negotiated settlements. All of the arbitration panels that issued decisions during the year awarded StoneX Financial Inc. the full amount of the uncollected balances. A portion of the panels also awarded relief to account holders. The amount of relief awarded was not material to the Company, individually or in the aggregate. As noted, several of the arbitrations were resolved through privately negotiated settlement, pursuant to which the account holders agreed to pay some or all of their outstanding deficit balances. In October 2022, the Company reached an additional privately negotiated settlement of an arbitration proceeding, pursuant to which the account holders agreed to pay all of their outstanding deficit balances and the Company made certain immaterial payments to the account holders. The Company intends to continue vigorously pursuing claims through arbitration and settling cases in what the Company determines to be appropriate circumstances. The ultimate outcome of remaining arbitrations cannot presently be determined. Depending on future collections and the outcomes of arbitration proceedings, any provisions for bad debts and actual losses may or may not be material to the Company’s financial results. However, the Company believes that the likelihood of a material adverse outcome is remote, and does not currently believe that any potential losses related to this matter would impact its ability to comply with its ongoing liquidity, capital, and regulatory requirements. Contractual Commitments Purchase Commitments The Company determines an estimate of contractual purchase commitments in the ordinary course of business primarily for the purchase of precious metals and agricultural and energy commodities. Unpriced contract commitments have been estimated using September 30, 2022 fair values. Purchase commitments and other obligations as of September 30, 2022 for less than one year, one to three years, three to five years, and after five years were $7,595.3 million, $882.4 million, $52.6 million, and $108.4 million respectively. The purchase commitments for less than one year will be offset by corresponding sales commitments of $8,253.9 million. Exchange Member Guaranties The Company is a member of various exchanges that trade and clear futures and option contracts. The Company is also a member of and provides guaranties to securities clearinghouses and exchanges in connection with client trading activities. Associated with its memberships, the Company may be required to pay a proportionate share of the financial obligations of another member who may default on its obligations to the exchanges. While the rules governing different exchange memberships vary, in general the Company’s guaranty obligations would arise only if the exchange had previously exhausted its resources. In addition, any such guaranty obligation would be apportioned among the other non-defaulting members of the exchange. Any potential contingent liability under these arrangements is not quantifiable and could exceed the cash and securities posted to the clearinghouse as collateral. The Company has not recorded any contingent liability in the consolidated financial statements for these agreements and believes that any potential requirement to make payments under these agreements is remote. Self-Insurance The Company self-insures its medical and dental claims costs up to a stop loss amount, for eligible participating employees and retirees, and for qualified dependents, subject to deductibles and limitations. Liabilities are recognized based on claims filed and an estimate of claims incurred but not reported. The Company has purchased stop-loss coverage to limit its exposure on a per claim basis and in aggregate in the event that aggregated actual claims would exceed 120% of the actuarial estimate. The Company is insured for covered costs in excess of these limits. Although the ultimate outcome of these matters may exceed the amounts recorded and additional losses may be incurred, the Company does not believe that any additional potential exposure for such liabilities will have a material adverse effect on the Company’s consolidated financial position or results of operations. As of September 30, 2022 and 2021, the Company had $1.3 million and $1.2 million, respectively, accrued for self-insured medical and dental claims included in Accounts payable and other liabilities in the Consolidated Balance Sheets.

Accumulated Other Comprehensive Loss, Net

12 Months Ended

Sep. 30, 2022

Equity [Abstract]

Accumulated Other Comprehensive Loss, Net

Comprehensive income consists of net income and other gains and losses affecting stockholders’ equity that, under U.S. GAAP, are excluded from net income. Other comprehensive loss and income includes losses on cash flow hedges, net actuarial gains and losses from defined benefit pension plans, and gains and losses on foreign currency translations.

The following table summarizes the changes in accumulated other comprehensive loss for the years ended September 30, 2022, 2021, and 2020.


(in millions)	Foreign Currency Translation Adjustment		Pension Benefits Adjustment		Cash Flow Hedge		Accumulated Other Comprehensive Loss, net
Balances as of September 30, 2019	$	(31.5)	$	(3.3)	$	—	$	(34.8)
ASU 2018-02 cumulative transition adjustment	—		(0.7)		—		(0.7)
Adjusted balances as of September 30, 2019	(31.5)		(4.0)		—		(35.5)
Other comprehensive loss	(4.5)		(0.2)		—		(4.7)
Amounts reclassified from AOCI, net of tax	—		0.1		—		0.1
Other comprehensive loss, net of tax	(4.5)		(0.1)		—		(4.6)
Balances as of September 30, 2020	$	(36.0)	$	(4.1)	$	—	$	(40.1)
Other comprehensive income	13.3		1.5		—		14.8
Amounts reclassified from AOCI, net of tax	—		0.2		—		0.2
Other comprehensive income, net of tax	13.3		1.7		—		15.0
Balances as of September 30, 2021	$	(22.7)	$	(2.4)	$	—	$	(25.1)
Other comprehensive loss	(11.7)		(0.3)		(53.5)		(65.5)

Other comprehensive loss, net of tax	(11.7)		(0.3)		(53.5)		(65.5)
Balances as of September 30, 2022	$	(34.4)	$	(2.7)	$	(53.5)	$	(90.6)

Revenue from Contracts with Clients

12 Months Ended

Sep. 30, 2022

Revenue from Contract with Customer [Abstract]

Revenue from Contract with Clients

Revenue from Contracts with Clients

The Company’s revenues from contracts with clients subject to FASB ASC 606, Revenue from Contracts with Customers (“Topic 606”) represent approximately 5.5%, 5.0%, and 0.9% of the Company’s total revenues for the years ended September 30, 2022, 2021, and 2020, respectively.

Revenues within the scope of Topic 606 are presented within Commission and clearing fees and Consulting, management, and account fees on the Consolidated Income Statements. Revenues that are not within the scope of Topic 606 are presented within Sales of physical commodities, Principal gains, net, and Interest income on the Consolidated Income Statements.

The following table represents a disaggregation of the Company’s total revenues separated between revenues from contracts with clients and other sources of revenue for the periods indicated (in millions):


	Year Ended September 30,
	2022		2021		2020
Revenues from contracts with clients:
Commission and clearing fees:
Sales-based:
Exchange-traded futures and options	$	210.7	$	190.6	$	143.7
OTC derivative brokerage	16.8		15.9		19.7
Equities and fixed income	62.9		60.5		39.9
Mutual funds	4.1		5.5		5.2
Insurance and annuity products	9.3		9.7		8.4
Other	3.1		2.3		1.4
Total sales-based commission	306.9		284.5		218.3
Trailing:
Mutual funds	14.1		14.5		12.9
Insurance and annuity products	16.0		17.0		15.3
Total trailing commission	30.1		31.5		28.2

Clearing fees	153.2		150.9		139.0
Trade conversion fees	11.5		11.2		8.9
Other	6.2		9.1		9.2
Total commission and clearing fees	507.9		487.2		403.6
Consulting, management, and account fees:
Underwriting fees	0.5		0.6		0.6
Asset management fees	43.9		38.3		31.3
Advisory and consulting fees	30.9		24.9		22.2
Sweep program fees	13.1		3.0		9.5
Client account fees	16.0		15.8		12.3
Other	6.9		8.4		7.8
Total consulting, management, and account fees	111.3		91.0		83.7
Sales of physical commodities:
Precious metals retail sales	2,988.3		1,541.3		—
Total revenues from contracts with clients	$	3,607.5	$	2,119.5	$	487.3

Method of revenue recognition:
Point-in-time	$	3,489.5	$	2,021.8	$	396.1
Time elapsed	118.0		97.7		91.2
Total revenues from contracts with clients	3,607.5		2,119.5		487.3
Other sources of revenues
Physical precious metals trading	57,404.3		37,250.4		51,598.5
Physical agricultural and energy product trading	3,660.0		2,169.9		1,300.7
Principal gains, net	1,145.2		892.0		622.2
Interest income	219.0		102.4		130.9
Total revenues	$	66,036.0	$	42,534.2	$	54,139.6

The substantial majority of the Company’s performance obligations for revenues from contracts with clients are satisfied at a point in time and are typically collected from clients by debiting client trading accounts with the Company.

Commission and clearing fee revenue and consulting, management, and account fees revenue are primarily related to the Commercial, Institutional and Retail reportable segments. Principal gains, net are contributed by all of the Company’s reportable segments. Interest income is primarily related to the Commercial and Institutional reportable segments. Precious metals trading and agricultural and energy product trading revenues are primarily related to the Commercial reportable segment. Precious metals retail sales revenues are primarily related to the Retail reportable segment.

Commission and Clearing Fees

Commission revenue represents sales and brokerage commissions generated by internal brokers, introducing broker-dealers, or registered investment advisors of introducing-broker dealers for their clients’ trading activity in futures, options on futures, OTC derivatives, fixed income securities, equity securities, mutual funds, and annuities. The Company views the selling, distribution, and marketing, or any combination thereof, of mutual funds and insurance and annuity products to clients on the Company’s registered investment advisor (“RIA”) platform as a single performance obligation to the product sponsors.

The Company is the principal for commission revenue, as it is responsible for executing client purchases and sales, and maintaining relationships with product sponsors for trailing commissions. Introducing broker dealers and registered investment advisors assist the Company in performing its obligations. Accordingly, total commission revenues are reported on a gross basis.

The Company primarily generates commission revenue on exchange-traded derivatives, OTC derivatives, and securities. Exchange-traded and OTC derivative commissions are recognized at a point in time on the trade date when the client, either directly or through the use of an internal broker or introducing broker, requests the clearance and execution of a trade. Securities commissions are either sale-based commissions that are recognized at a point in time on the trade date or trailing commission that are recognized over time as earned. Sales-based securities commissions are typically a flat fee per security transaction and in certain instances are based on a percentage of the trade date transaction value.

Trailing commission revenue is generally based on a percentage of the periodic fair value of clients’ investment holdings in trail-eligible assets, and is recognized over the period during which services, such as on-going support, are performed. As trailing commission revenue is based on the fair value of clients’ investment holdings in trail-eligible assets. This variable consideration is constrained until the fair value of trail-eligible assets is determinable.

Clearing fees generally represent transaction based fees charged by the various exchanges and clearing organizations at which the Company or one of its clearing brokers is a member for the privilege of executing and clearing trades through them. Clearing fees are generally passed through to the clients’ accounts and are reported gross as the Company maintains control over the clearing and execution services provided, maintains relationships with the exchanges or clearing brokers, and has ultimate discretion in whether the fees are passed through to the clients and the rates at which they are passed through. As clearing fees are transactional based revenues they are recognized at a point in time on the trade date along with the related commission revenue when the client requests the clearance and execution of a trade.

Trade Conversion Fees

Trade conversion fees include revenue earned from converting foreign ordinary equities into an American Depository Receipt (“ADR”) or Global Depository Receipt (“GDR”) and fees earned from converting an ADR or GDR into foreign ordinary equities on behalf of clients. Trade conversion revenue is recognized at a point in time on the trade date.

Underwriting Fees

Revenues from investment banking consists of revenues earned from underwriting fixed income securities, primarily municipal and asset-backed securities, and are recognized in revenues upon completion of the underlying transaction, which is generally the trade date, based upon the terms of the assignment as the performance obligation is to successfully broker a specific transaction.

Asset Management Fees

The Company earns asset management fees on Company sponsored and managed mutual funds and on the advisory accounts of independent registered investment advisors on the Company’s platform. The Company provides ongoing investment advice and acts as a custodian, providing brokerage and execution services on transactions, and performs administrative services for these accounts. This series of performance obligations transfers control of the services to the client over time as the services are performed. This revenue is recognized ratably over time to match the continued delivery of the performance obligations to the client over the life of the contract. The asset management revenue generated is based on a percentage of the market value of the eligible assets in the clients’ accounts. As such, the consideration for this revenue is variable and this variable consideration is constrained until the market value of eligible assets in the clients’ accounts is determinable.

Advisory and Consulting Fees

Advisory and consulting fees are primarily related to risk management consulting fees which are billed and recognized as revenue on a monthly basis when risk management services are provided. Risk management consulting contracts are generally for a minimum term of six months and then continue from month to month, but may be terminated at any time after the original six months by either party upon providing written notice. Advisory and consulting fees are not variable based on client trading activities. This revenue is generally recognized ratably over time to match the continued delivery of the performance obligation to the client over the life of the contract.

Sweep Program Fees

The Company earns fees generated in lieu of interest income from a multi-bank sweep program with unaffiliated banks and money market funds. Pursuant to contractual arrangements with clients and their introducing-brokers, available cash balances in client accounts are swept into either Federal Deposit Insurance Corporation (“FDIC”) insured cash accounts at unaffiliated banks or unaffiliated money market funds for which the Company earns a portion of the income generated by the client balances for administration and recordkeeping. The fees generated by the Company’s multi-bank sweep program are reported net of the balances remitted to the introducing-brokers and the clients of introducing-brokers. These fees are paid and recognized over time to match the continued delivery of the administration and recordkeeping performance obligations to the life of the contract. The fees earned under this program are generally based upon the type of sweep account, prevailing interest rates, and the amount of client balances invested.

Client Account Fees

Client account fees represent fees earned for custodial, recordkeeping, and administrative functions performed for client accounts. These functions include statement delivery fees, account transfer fees, safekeeping fees, errors and omission insurance fees, platform fees, and other fees. Client account fees that are transactional based, such as account transfer fees, are recognized at a point in time when the related performance obligation is satisfied. Client account fees that are related to ongoing services, such as statement delivery fees and errors and omission insurance fees, are recognized over time. Client account fees that relate to ongoing services are typically billed to clients’ accounts on a monthly or quarterly basis.

Retail Precious Metals Sales

The Company principally generates revenue from sale of bullion coins and small bars of precious metal via its websites. Revenues from the sale of physical precious metals are recognized when control of the inventory is transferred within the meaning of Topic 606.

Physical Precious Metals Trading

The Company principally generates revenue from trading physical precious metals on an OTC basis. Revenues from the sale of physical precious metals are recorded on a trade date basis and generally settle on an unallocated basis. Substantially all of the Company’s sales of precious metals are conducted using sales contracts that meet the definition of derivative instruments in accordance with ASC 815, Derivatives and Hedging (“Topic 815”). The contracts underlying the Company’s commitment to deliver precious metals are referred to as fixed price forward commodity contracts because the price of the commodity is fixed at the time the order is placed. Although the contracts typically are executed on a spot basis and settle on unallocated account, the client has the option to request delivery of the precious metals, the option to net settle out of the position by executing an offsetting trade, or the option to roll the transaction to a subsequent maturity date. Thus, the sales contracts contain embedded option derivatives that would be subject to the guidance in Topic 815. As the contracts are subject to the guidance in Topic 815, the fixed price derivative sales contracts are outside the scope of Topic 606. The Company recognizes revenue when control of the inventory is transferred within the meaning of Topic 606.

Physical precious metals trading revenue generated by registered broker-dealer subsidiaries is presented on a net basis and included as a component of Principal gains, net in the Consolidated Income Statements, in accordance with U.S GAAP for broker-dealers. Physical precious metals trading revenue for subsidiaries that are not broker-dealers continues to be recorded on a gross basis.

Physical Agricultural and Energy Product Trading

The Company principally generates revenue from merchandising and originating physical agricultural and energy commodities from forward firm sales commitments accounted for in accordance with Topic 815. The fixed and provisionally-priced derivative sales contracts that result in physical delivery are outside the scope of Topic 606. The Company recognizes revenue when control of the inventory is transferred within the meaning of Topic 606.

Principal Gains, Net

Principal gains, net includes revenues on financial transactions or contracts for which the Company acts as principal. This revenue is reported on a net basis and is primarily outside the scope of ASC 606. Principal gains, net includes margins

generated from OTC derivative trades, equities, fixed income, precious metals, and foreign exchange executed with clients and other counterparties and are recognized on a trade-date basis. Principal gains, net, also includes realized and unrealized gains and losses derived principally from market making activities in OTC derivatives, equities, fixed income, and foreign exchange. Net dealer inventory and investment gains are recognized on a trade-date basis and include realized gains or losses and changes in unrealized gains or losses on investments at fair value. Principal gains, net also includes dividend income on long equity positions and dividend expense on short equity positions, which are recognized on the ex-dividend date. The following table indicates the relevant income and expense:


	Year Ended September 30,
(in millions)	2022		2021		2020
Dividend income on long equity positions	$	142.3	$	282.7	$	77.0
Dividend expense on short equity positions	134.0		281.3		76.6
Dividend income net of dividend expense reported within Principal Gains, net	$	8.3	$	1.4	$	0.4

Interest Income

Interest income is generated from client funds deposited with the Company to satisfy margin required by third-party banks, exchange-clearing organizations, or other FCMs. Interest income is also generated from investing client funds in allowable securities, primarily U.S. Treasury obligations and from trading fixed income securities that the Company holds in its market-making businesses. Interest income also includes interest generated from collateralized transactions, including securities borrowed and securities purchased under agreements to resell, and from extending margin loans to clients. Interest income is recognized on an accrual basis and is not within the scope of Topic 606.

Remaining Performance Obligations

Remaining performance obligations are services that the firm has committed to perform in the future in connection with its contracts with clients. The Company’s remaining performance obligations are generally related to its risk management consulting and asset management contracts with clients. Revenues associated with remaining performance obligations related to these contracts with clients are not material to the overall consolidated results of the Company. Similar to the above, risk management consulting contracts are generally for a minimum term of six months and then continue from month to month, but may be terminated at any time after the original six months by either party upon providing written notice. Asset management contracts may be terminated by the client at any time. For the Company’s asset management activities, where fees are calculated based on a percentage of the market value of eligible assets in client’s accounts, future revenue associated with remaining performance obligations cannot be determined as such fees are subject to fluctuations in the market value of eligible assets in clients’ accounts.

Practical Expedients

The Company has applied Topic 606’s practical expedient that permits for the non-disclosure of the value of performance obligations for (i) contracts with an original expected length or one year or less and (ii) contracts for which the Company recognizes revenue at the amount to which is has the right to invoice for services performed.

The Company has also applied Topic 606’s practical expedient that allows for no adjustment to consideration due to a significant financing component if the expectation at contract inception is such that the period between payment by the client and the transfer of the promised goods or services to the client will be one year or less.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Share-Based Compensation

12 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

Share-based compensation expense is included in Compensation and benefits in the Consolidated Income Statements and totaled $17.8 million, $13.9 million and $10.3 million for the years ended September 30, 2022, 2021, and 2020, respectively.

Stock Option Plans

The Company sponsors a stock option plan for its directors, officers, employees and consultants. The 2013 Stock Option Plan, which was approved by the Company’s Board of Directors and shareholders, authorizes the Company to issue stock options covering up to 3.0 million shares of the Company’s common stock. As of September 30, 2022, there were 1.4 million shares authorized for future grant under this plan. Awards that expire or are canceled generally become available for issuance again under the plan. The Company settles stock option exercises with newly issued shares of common stock.

Fair value is estimated at the grant date based on a Black-Scholes-Merton option-pricing model using the following weighted-average assumptions:


	Year Ended September 30,
	2022		2021		2020 (1)
Expected stock price volatility	39	%	38	%	—	%
Expected dividend yield	—	%	—	%	—	%
Risk free interest rate	1.54	%	1.68	%	—	%
Average expected life (in years)	5.21		4.50		0.00

(1) There were no stock options granted under the plan during the year ended September 30, 2020.

Expected stock price volatility rates are primarily based on historical volatility. The Company has not paid dividends in the past and does not currently expect to do so in the future. Risk free interest rates are based on the U.S. Treasury yield curve in effect at the time of grant for periods corresponding with the expected life of the option or award. The average expected life represents the estimated period of time that options or awards granted are expected to be outstanding, based on the Company’s historical share option exercise experience for similar option grants. The weighted average fair value of options issued during the years ended September 30, 2022, 2021, and 2020 was $22.82, $19.83, and $0.00, respectively.

The following is a summary of stock option activity for the year ended September 30, 2022:


	Shares Available for Grant	Number of Options Outstanding	Weighted Average Exercise Price		Weighted Average Grant Date Fair Value		Weighted Average Remaining Term (in years)	Aggregate Intrinsic Value ($ millions)
Balances as of September 30, 2021	1,569,798	1,229,600	$	45.17	$	12.82	4.21	$	25.5
Additional shares authorized by shareholders		—
Granted	(240,500)	240,500	$	62.04	$	22.82
Exercised	—	(212,356)	$	31.31	$	12.72
Forfeited	43,389	(43,389)	$	59.89	$	21.65
Expired	15,010	(15,010)	$	46.39	$	10.69
Balances as of September 30, 2022	1,387,697	1,199,345	$	50.46	$	14.57	4.54	$	39.0
Exercisable at September 30, 2022		233,655	$	46.14	$	11.78	3.33	$	8.6

The total compensation cost not yet recognized for non-vested awards of $10.6 million as of September 30, 2022 has a weighted-average period of 4.84 years over which the compensation expense is expected to be recognized. The total intrinsic value of options exercised during the years ended September 30, 2022, 2021, and 2020 was $39.0 million, $11.7 million and $4.2 million, respectively.

The options outstanding as of September 30, 2022 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	—	n/a		n/a
$	5.00	-	$	10.00	—	n/a		n/a
$	10.00	-	$	15.00	—	n/a		n/a
$	15.00	-	$	20.00	—	n/a		n/a
$	20.00	-	$	25.00	—	n/a		n/a
$	25.00	-	$	30.00	—	n/a		n/a
$	30.00	-	$	35.00	—	n/a		n/a
$	35.00	-	$	40.00	53,627	$	39.79	0.37
$	40.00	-	$	45.00	700,000	$	45.00	4.18
$	45.00	-	$	50.00	—	n/a		n/a
$	50.00	-	$	55.00	—	n/a		n/a
$	55.00	-	$	60.00	—	n/a		n/a
$	60.00	-	$	65.00	445,718	$	60.33	5.61
					1,199,345	$	50.46	4.54

Restricted Stock Plan

The Company sponsors a restricted stock plan for its directors, officers and employees. The Company’s 2017 restricted stock plan, which was approved by the Company’s Board of Directors and shareholders, authorizes up to 1.5 million shares to be issued. As of September 30, 2022, 0.3 million shares were authorized for future grant under the 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, 2022:


	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 as of September 30, 2021	558,298	577,041	$	50.57	1.26	$	38.0


Granted	(269,129)	269,129	$	69.41
Vested	—	(265,862)	$	48.60
Forfeited	642	(642)	$	53.44
Balances as of September 30, 2022	289,811	579,666	$	60.22	1.22	$	48.1

The total compensation cost not yet recognized of $25.2 million as of September 30, 2022 has a weighted-average period of 1.22 years over which the compensation expense is expected to be recognized. Compensation expense is amortized on a straight-line basis over the vesting period. Restricted stock grants are included in the Company’s total issued and outstanding common shares.

Retirement Plans	12 Months Ended
Retirement Plans	Sep. 30, 2022
Retirement Benefits [Abstract]
Retirement Plans	Retirement Plans Defined Benefit Retirement Plans The Company has a frozen qualified defined benefit pension plan (the “Qualified Plan”) and a nonqualified defined benefit pension plan (the “Nonqualified Plan”), and recognizes their funded status, measured as the difference between the fair value of the plan assets and the projected benefit obligation, in Other assets or Accounts payable and other accrued liabilities in the Consolidated Balance Sheets, depending on the funded status of each plan. The Qualified Plan assets, which are managed in a third-party trust, primarily consist of a diversified blend of approximately 90% debt securities and 10% equity investments and had a total fair value of $30.9 million and $41.5 million as of September 30, 2022 and 2021, respectively. All Qualified Plan assets fall within Level 2 of the fair value hierarchy. The benefit obligation associated with the Qualified Plan will vary over time only as a result of changes in market interest rates, the life expectancy of the plan participants, and benefit payments, since the accrual of benefits was suspended when the Qualified Plan was frozen in 2006. The benefit obligation was $26.3 million and $36.3 million and the discount rate assumption used in the measurement of this obligation was 5.40% and 2.70% as of September 30, 2022 and 2021, respectively. Related to the Qualified Plan, the Company’s net pension obligation was in a funded status of $4.6 million and $5.2 million as of September 30, 2022 and 2021, respectively. The Nonqualified Plan assets had a total fair value of less than $0.1 million as of September 30, 2022 and 2021. The benefit obligation associated with the Nonqualified Plan will vary over time only as a result of changes in market interest rates, the life expectancy of the plan participants, and benefit payments. There are no active participants in the Nonqualified plan. The benefit obligation was $1.2 million and $1.5 million as of September 30, 2022 and 2021, respectively. Related to the Nonqualified Plan, the Company’s unfunded pension obligation was $1.2 million and $1.5 million as of September 30, 2022 and 2021, respectively. The Company recognized a net periodic benefit of $0.1 million, $0.3 million and $0.4 million for the years ended September 30, 2022, 2021, and 2020, respectively. The expected long-term return on plan assets assumption was 2.8% for 2022. The Company made contributions of $0.1 million to the plans in the years ended September 30, 2022 and 2021. The Company complies with minimum funding requirements. The estimated undiscounted future benefit payments are expected to be $2.1 million in 2023, $2.1 million in 2024, $2.1 million in 2025, $2.1 million in 2026, $2.1 million in 2027, and $10.2 million in 2028 through 2032. Defined Contribution Retirement Plans The Company offers participation in the StoneX Group Inc. 401(k) Plan (“401(k) Plan”), a defined contribution plan providing retirement benefits to all domestic full-time non-temporary employees who have reached 21 years of age. Employees may contribute from 1% to 80% of their annual compensation to the 401(k) Plan, limited to a maximum annual amount as set periodically by the Internal Revenue Service. The Company makes matching contributions to the 401(k) Plan in an amount equal to 62.5% of each participant’s eligible elective deferral contribution to the 401(k) Plan, up to 8% of employee compensation. Matching contributions vest, by participant, based on the following years of service schedule: less than two years – none, after two years – 33%, after three years – 66%, and after four years – 100%. U.K. based employees of StoneX Group are eligible to participate in a defined contribution pension plan. The Company contributes double the employee’s contribution up to 10% of total base salary for this plan. For this plan, employees are 100% vested in both the employee and employer contributions at all times. For fiscal years ended September 30, 2022, 2021, and 2020, the Company’s contributions to these defined contribution plans were $16.9 million, $15.2 million and $10.1 million, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Other Expenses

12 Months Ended

Sep. 30, 2022

Other Expenses [Abstract]

Other Expenses

Other expenses consisted of the following, for the periods indicated.


	Year Ended September 30,
(in millions)	2022		2021		2020
Non-income taxes	$	13.5	$	14.8	$	6.6
Insurance	10.8		7.1		4.7
Employee related expenses	9.6		7.0		4.7
Other direct business expenses	10.0		6.3		4.6
Membership fees	3.3		2.8		2.4
Director and public company expenses	1.8		1.5		1.4
Office expenses	1.7		1.3		1.8
Other expenses	9.9		5.5		3.4
Total other expenses	$	60.6	$	46.3	$	29.6

During the quarter ended December 31, 2021, the Company modified its Other expenses presentation to better explain its current entities and businesses. Prior year values have been adjusted to reflect this format, but total Other expenses has not changed within this footnote or the consolidated income statements.

Income Taxes

12 Months Ended

Sep. 30, 2022

Income Tax Disclosure [Abstract]

Income Taxes

Inflation Reduction Act

In August 2022, the Inflation Reduction Act of 2022 (“Act”) was signed into U.S. law. Under the Act, there is a new 15% corporate minimum tax and a new 1% excise tax on stock repurchases that are effective after December 31, 2022. Further, the Act includes provisions related to climate change, energy, and health care. These provisions should not have a material impact on the Company’s consolidated financial statements.

Coronavirus Aid, Relief, and Economic Security Act

On March 27, 2020, the U.S. government enacted the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), which provides economic relief in response to the coronavirus pandemic. The CARES Act, among other things, includes provisions to allow certain net operating losses to be carried-back up to five years, to increase interest deduction limitations, accelerates the refunds of alternative minimum tax credits, and makes technical corrections to tax depreciation methods for qualified leasehold improvement property. The Company evaluated and properly accounted for the provisions of the CARES Act and there was no material impact to the Company’s consolidated financial statements.

Income tax expense/(benefit) for the years ended September 30, 2022, 2021, and 2020 was allocated as follows:


	Year Ended September 30,
(in millions)	2022		2021		2020
Income tax expense attributable to income from operations	$	70.1	$	37.8	$	37.1


Taxes allocated to stockholders’ equity, related to pension liabilities	(0.1)		0.5		—
Taxes allocated to stockholders’ equity, related to hedge accounting	(17.0)		—		—
Total income tax expense	$	53.0	$	38.3	$	37.1

The components of income tax expense/(benefit) attributable to income from operations were as follows:


	Year Ended September 30,
(in millions)	2022		2021		2020
Current taxes:
U.S. federal	$	8.2	$	6.7	$	(0.6)
U.S. state and local	3.6		(0.1)		2.3
Australia	2.8		1.8		0.5
Brazil	12.6		8.0		6.5
Germany	8.9		6.0		3.4
Singapore	2.0		1.9		2.8
United Kingdom	29.2		6.6		13.9
Other international	3.1		3.7		4.2
Total current taxes	70.4		34.6		33.0
Deferred taxes:
U.S. federal	3.4		1.4		4.9
U.S. state and local	(0.1)		2.7		0.6
Australia	(0.2)		0.3		(0.1)
Brazil	(0.8)		(1.3)		(1.3)
Singapore	—		0.4		0.8
United Kingdom	(2.7)		0.1		(0.3)
Other international	0.1		(0.4)		(0.5)
Total deferred taxes	(0.3)		3.2		4.1
Income tax expense	$	70.1	$	37.8	$	37.1

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


	Year Ended September 30,
(in millions)	2022		2021		2020
U.S.	$	50.0	$	37.3	$	88.8
Australia	8.7		7.8		1.4
Brazil	25.3		13.7		7.6
Germany	27.8		17.2		10.4
Singapore	19.4		16.0		20.5
United Kingdom	104.8		41.4		58.5
Other international	41.2		20.7		19.5
Income from operations, before tax	$	277.2	$	154.1	$	206.7

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


	Year Ended September 30,
	2022		2021		2020
Federal statutory rate effect of:	21.0	%	21.0	%	21.0	%
U.S. State and local income taxes	1.0	%	1.8	%	1.2	%
Foreign earnings and losses taxed at different rates	1.1	%	1.0	%	0.9	%
Change in valuation allowance	0.9	%	1.9	%	1.0	%
U.K. bank tax	2.6	%	0.4	%	—	%
U.S. permanent items	0.2	%	(1.2)	%	0.6	%
Non-deductible compensation	0.7	%	1.9	%	0.6	%
Foreign permanent items	(2.8)	%	(2.3)	%	0.3	%
U.S. bargain purchase gain	—	%	(0.5)	%	(8.3)	%
GILTI	0.6	%	0.6	%	0.7	%
Effective rate	25.3	%	24.6	%	18.0	%

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


(in millions)	September 30, 2022		September 30, 2021
Deferred tax assets:
Share-based compensation	$	4.8	$	1.7

Deferred compensation	5.1		4.7
Net operating loss carryforwards	18.7		17.7
Intangible assets	6.4		6.5

Bad debt reserve	7.8		7.3
Hedging	17.0		—
Foreign tax credit carryforwards	1.6		2.0
Other compensation	8.0		7.0
Property and equipment	—		6.3
Pension	2.1		1.2
Right of use assets	23.8		22.9
Other	2.0		1.8
Total gross deferred tax assets	97.3		79.1
Less valuation allowance	(15.8)		(15.0)
Deferred tax assets	81.5		64.1
Deferred income tax liabilities:
Unrealized gain on securities	2.5		2.8
Prepaid expenses	3.8		4.2
Property and equipment	2.0		—
Right of use liabilities	20.8		21.6
Other deferred liabilities	0.4		0.4
Deferred income tax liabilities	29.5		29.0
Deferred income taxes, net	$	52.0	$	35.1

Deferred income tax balances reflect the effects of temporary differences between the carrying amounts of assets and liabilities and their tax bases and are stated at enacted tax rates expected to be in effect when taxes are actually paid or recovered.

As of September 30, 2022 and 2021, the Company has net operating loss carryforwards for U.S. federal, state, local, and foreign income tax purposes of $5.2 million and $6.2 million, net of valuation allowances, respectively, which are available to offset future taxable income in these jurisdictions. The state and local net operating loss carryforwards of $4.5 million, net of valuation allowance, begin to expire after September 2023.

The Company also has $0.6 million, net of valuation allowances, of federal net operating loss carryforwards, which consist of a portion that will expire in tax years ending 2031 through 2036. The remaining portion of the federal net operating loss carryforwards do not expire, but cannot be utilized until after 2037 and are limited by Internal Revenue Code (“IRC”) Section 382. As of September 30, 2022, the Company has $0.1 million, net of valuation allowance, of foreign net operating loss carryforwards primarily in Ireland, which have an unlimited carryforward period.

As a result of the CARES Act, the AMT credit carryforward was 50% refundable during the year ending September 30, 2019 and the remaining 50% was refundable in the year ended September 30, 2020, to the extent it was not used to offset regular income tax liability. The Company has no remaining foreign tax credit carryforwards, net of valuation allowance, as of September 30, 2022.

The valuation allowance for deferred tax assets as of September 30, 2022 was $15.8 million. The net change in the total valuation allowance for the year ended September 30, 2022 was an increase of $0.8 million. The increase was related to the increase in foreign net operating loss carryforwards offset by decreases related to state net operating loss carryforwards. The valuation allowances as of September 30, 2022 and 2021 were primarily related to U.S. state and local and foreign net operating loss carryforwards that, in the judgment of management, are not more likely than not to be realized.

The Company does not intend to distribute earnings of its foreign subsidiaries in a taxable manner, and therefore intends to limit distributions to earnings previously taxed in the U.S., or earnings that would qualify for the 100 percent dividends received deduction, and earnings that would not result in any significant foreign taxes. The Company repatriated $29.7 million and $300.6 million during the years ended September 30, 2022 and 2021, respectively, of earnings previously taxed in the U.S. resulting in no significant incremental taxes. Therefore, the Company has not recognized a deferred tax liability on its investment in foreign subsidiaries.

The Company had a de minimis balance of unrecognized tax benefits as of September 30, 2022, 2021, and 2020 that, if recognized, would affect the effective tax rate.

Accrued interest and penalties are included in the related tax liability line in the Consolidated Balance Sheets. The Company had no accrued interest and penalties included in the Consolidated Balance Sheets as of September 30, 2022 and 2021.

The Company recognizes accrued interest and penalties related to income taxes as a component of income tax expense. The Company had a de minimis amount of interest, net of federal benefit, and penalties recognized as a component of income tax expense during the years ended September 30, 2022, 2021, and 2020.

The Company and its subsidiaries file income tax returns with the U.S. federal jurisdiction and various U.S. state and local and foreign jurisdictions. The Company has open tax years ranging from September 30, 2016 through September 30, 2022 with U.S. federal and state and local taxing authorities. In the U.K., the Company has open tax years ending September 30, 2020 to September 30, 2022. In Brazil, the Company has open tax years ranging from December 31, 2017 through December 31, 2021. In Argentina, the Company has open tax years ranging from September 30, 2015 to September 30, 2022. In Singapore, the Company has open tax years ranging from September 30, 2017 to September 30, 2022.

- 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

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+ Details

Acquisitions

12 Months Ended

Sep. 30, 2022

Business Combination and Asset Acquisition [Abstract]

Acquisitions

The Company’s consolidated financial statements include the operating results and cash flows of the acquired businesses from the dates of acquisition.

Subsequent Acquisition

Cotton Distributors Inc.

On October 31, 2022, the Company’s wholly owned subsidiary, StoneX Netherlands B.V., acquired CDI-Societe Cotonniere De Distribution S.A (“CDI”), based in Switzerland. CDI operates a global cotton merchant business with clients and producers in Brazil, West Africa, and buyers in the APAC region. The purchase price is approximately $40.0 million, which is CDI’s estimated tangible book value.

Acquisitions in Fiscal 2021

Chasing Returns Ltd.

On August 3, 2021, the Company’s wholly owned subsidiary, StoneX Netherlands B.V., acquired Chasing Returns Limited, a Company based in Ireland, which specializes in financial behavioral science designed to assist traders in analyzing trends and decision making. The Company intends to use Chasing Returns Limited to enhance the Company’s offerings to its retail clients. The estimated purchase price is approximately $6.0 million, all of which was excess purchase price over net assets acquired. The Company recognized $2.4 million in acquired intangible assets, classified as software, and $3.6 million in goodwill.

EncoreFx Ltd.

Effective December 22, 2020, the Company acquired EncoreFx Inc., which is incorporated in the State of Washington, and is registered as a Money Services Business with FinCEN, having 33 state money transmitter licenses and whose primary operations include providing foreign-currency exchange risk management and global payment solutions services to small and medium sized businesses. The terms of the agreement included cash consideration of $0.9 million. The transaction was accounted for as an asset acquisition. The excess of cash consideration over the asset and liabilities assumed of $0.5 million was allocated to an indefinite lived intangible asset recognized related to the licenses acquired. The intangible asset has been assigned to the Global Payments reportable segment. Subsequent to the acquisition, the company was renamed as StoneX Payment Services Ltd.

Acquisitions in Fiscal 2020

Gain Capital Holdings, Inc.

In February 2020, the Company entered into a definitive merger agreement to acquire Gain for $6.00 per share in an all-cash transaction. The merger closed on July 30, 2020 (“the Gain acquisition date”) subsequent to approval by Gain’s shareholders, approval by regulators, and the completion of customary closing conditions.

Purchase Price

The aggregate merger consideration was (in millions):


Aggregate cash consideration	$	215.0
Accrual for merger cash consideration	21.6
Total merger consideration	$	236.6

Subsequent to the Gain acquisition date, holders of 3.6 million shares of Gain common stock outstanding at the Gain acquisition date who did not vote to approve the merger (“Dissenting Holders”, and the shares held by such Dissenting Holders, the “Dissenting Shares”) purportedly demanded appraisal rights pursuant to Section 262 of the Delaware General Corporation Law in the Court of Chancery of the State of Delaware. The $21.6 million accrual for merger consideration included in the aggregate merger consideration was based upon 3.6 million Dissenting Shares assuming a right to receive $6.00 per share at the Gain acquisition date. Any subsequent settlement with the Dissenting Holders will be considered the settlement of a post-acquisition contingency to be included in the Company’s post-acquisition Consolidated Income Statements.

Purchase Price Allocation

The consolidated financial statements were prepared using the acquisition method of accounting under U.S. GAAP with the Company treated as the acquirer of Gain for accounting purposes. Under the acquisition method of accounting, the aggregate merger consideration was allocated to the assets acquired and liabilities assumed generally based on their fair value at the Gain acquisition date. The Company made significant estimates and assumptions in determination of the fair value of assets acquired and liabilities assumed based upon discussions with management and informed insights into the industries in which Gain operates. These significant estimates and assumptions included, but were not limited to, projected cash flows of the acquired business, client attrition rates, discount rates, royalty rates, and economic lives of the identified assets.

The Company engaged a third party valuation specialist to assist with the assessment of the overall reasonableness of the bargain purchase gain as further discussed below and determination of the fair value of the net identifiable assets acquired. The allocation of the purchase price to the fair value of assets acquired and liabilities assumed is considered final as of September 30, 2021.

The following table summarizes the purchase price allocation as of the Gain acquisition date (in millions):


	Purchase Price Allocation
Cash and cash equivalents	$	507.2
Cash, securities and other assets segregated under federal and other regulations	497.4
Deposits with and receivables from broker-dealers, clearing organizations, and counterparties (1)	249.7
Receivables from clients, net (2)	2.0
Income taxes receivable	0.4
Deferred income taxes, net	23.0
Property and equipment, net	6.1

Right of use assets, net	15.0
Other assets	17.9
Total fair value of tangible assets acquired	1,318.7

Accounts payable and other accrued liabilities	49.4
Operating lease liabilities	15.0
Payable to clients	863.4
Payable to broker-dealers, clearing organizations, and counterparties	0.5
Income taxes payable	12.4
Convertible senior notes (3)	92.0
Total fair value of tangible liabilities assumed	1,032.7
Fair value of tangible net assets acquired (4)	286.0

Identifiable intangible assets acquired
Trademarks/domain names(5)	3.7
Software programs/platforms(5)	22.2
Customer base(5)	9.8
Total fair value of intangible assets acquired	35.7
Fair value of identifiable net assets acquired	321.7
Total merger consideration	236.6
Bargain purchase gain	$	85.1

(1) Amount represented the contractual amount of deposits with and receivables from broker-dealers, clearing organizations, and counterparties considered collectible as of the Gain acquisition date.

(2) Amount represented the contractual amount of receivables due from clients for trading activity considered collectible as of the Gain acquisition date.

(3) As $91.5 million of the $92.0 million in aggregate principal of the Gain Notes were redeemed on September 1, 2020, the Company believed that the face value of the Gain Notes approximated their fair value as of the Gain acquisition date due to the fundamental change right provided for in the Gain Notes indenture. Refer to Note 11 for further discussion of the Gain Notes redemption.

(4) With the exception of deferred income taxes and the convertible senior notes, the Company believes that the fair value of the tangible assets acquired and tangible liabilities assumed approximated their carrying values as of the Gain acquisition date due either to their short-term nature, the Company’s ability to initiate the withdrawal and settlement of client related trading balances, or the fact that the balances are recorded at fair value on a recurring basis.

(5) The trademark/domain names, software programs/platforms, and client base intangible assets were assigned useful lives of 5 years, 3 years, and 4 years, respectively.

The Company believes that the transaction resulted in a bargain purchase gain primarily due to the significant market volatility experienced during the first calendar quarter of 2020, primarily as a result of the COVID-19 pandemic. The market volatility experienced during 2020 through the Gain acquisition date increased significantly compared to corresponding historical periods. This resulted in Gain generating windfall profits and a corresponding increase in net tangible book value. The bargain purchase gain is included in Gain on acquisitions and other gains on the Company’s Consolidated Income Statements for the fiscal years ended September 30, 2021 and 2020.

Post-Acquisition Results and Unaudited Pro Forma Information

Gain’s results of operations and cash flows have been included in the Company’s consolidated financial statements for the period subsequent to July 31, 2020. For the year ended September 30, 2020, the Company’s results include total revenues and net income from Gain of $49.0 million and $1.8 million, respectively.

The following unaudited pro forma financial information (in millions, except per share amounts) has been adjusted to give effect to the Gain merger as if it were consummated on October 1, 2019.


	Year Ended September 30, 2020
Total revenues	$	54,414.1
Net income	$	138.5
Basic earnings per share	$	7.17
Diluted earnings per share	$	7.02

The unaudited pro forma financial information includes material, nonrecurring pro forma adjustments directly attributable to the Gain acquisition primarily including the adjustment for a goodwill impairment loss, adjustment for the bargain purchase gain, adjustments to the amortization of intangible assets, and adjustments for direct and incremental acquisition-related costs and the related tax effects. The unaudited pro forma financial information does not include any revenue or cost saving synergies from operating efficiencies or the effect of incremental costs incurred from integrating the companies.

The Company incurred costs related to the merger of $5.2 million for the year ended September 30, 2020, that are included within Professional fees on the Consolidated Income Statement.

The business acquired has been assigned to the Company’s Retail and Institutional reportable segments.

UOB Bullion and Futures Limited

In October 2019, the Company’s subsidiary StoneX Financial Pte Ltd completed its acquisition of the futures and options brokerage and clearing business of UOB Bullion and Futures Limited (“UOB”), a subsidiary of United Overseas Bank Limited. Closing. The cash purchase price for the acquired assets was $5.0 million.

The purchase price allocation resulted in the recognition of liabilities assumed related to the futures and options on futures client account balances of approximately $351.8 million as of the acquisition date, which was recorded within Payables to clients on the Consolidated Balance Sheets, and an equal and offsetting amount of assets acquired. The carrying amount of the client assets and related liabilities was assumed to approximate fair value due to their short-term nature, the Company’s ability to initiate the withdrawal and settlement of client related trading balances, and the fact that the open derivative positions are recorded at fair value on a recurring basis.

The Company also acquired certain client base intangible assets and property and equipment in connection with the acquisition. The Company engaged a third-party valuation specialist to assist with the valuation of the acquired intangible assets and property and equipment. As of the acquisition date, $0.8 million of the purchase price was allocated to the fair value of the property and equipment acquired and $3.1 million was allocated to the fair value of the client base intangible assets acquired. The remaining excess of the purchase price over the fair value of the net assets acquired of $1.1 million was allocated to goodwill. The Company believes the goodwill represents the synergies that can be realized from integrating the acquired business into its existing exchange-traded futures and option business. The allocation of the purchase price to the fair value of assets acquired and liabilities assumed was considered final as of September 30, 2020.

The business acquired has been assigned to the Company’s Institutional reportable segment. The client base intangible assets were assigned a useful life of 5 years.

UOB’s results of operations and cash flows have been included in the Company’s consolidated financial statements for the periods subsequent to October 7, 2019. For the year ended September 30, 2020, the Company’s results include total revenues and net loss from UOB of $10.3 million and $1.4 million, respectively.

Tellimer

In December 2019, the Company executed a definitive purchase agreement to acquire the brokerage businesses of Tellimer Group (“Tellimer”). This transaction involved the stock purchase of 100% of Exotix Partners, LLP, based in the United Kingdom, and the stock purchase of 100% of Tellimer Capital Ltd based in Nigeria. The closing of this transaction was subject

to limited conditions including regulatory approval in the relevant jurisdictions. The cash purchase price was equal to the net tangible book value of the acquired entities upon closing.

Regulatory approval for the acquisition of Exotix Partners, LLP, was obtained during the period with the acquisition closing on April 1, 2020. The cash purchase price for the acquisition of Exotix Partners, LLP, was $4.7 million. The allocation of the cash purchase price to the fair value of assets acquired and liabilities assumed resulted in the recognition of $1.0 million in cash and cash equivalents, $1.0 million in receivables from clients, net, $0.3 million in property and equipment, net, $3.4 million in other assets, and $1.0 million in liabilities assumed. The allocation of the purchase price to the fair value of assets acquired and liabilities assumed was considered final as of March 31, 2021.

Regulatory approval for the acquisition of Tellimer Capital Ltd was obtained during the period with the acquisition closing on June 1, 2020. The cash purchase price for the acquisition of Tellimer Capital Ltd and the related allocation to the fair value of assets acquired and liabilities assumed was not material to the Company’s consolidated financial statements.

Tellimer’s results of operations and cash flows have been included in the Company’s consolidated financial statements from the date of acquisition. For the year ended September 30, 2020, the Company’s results include total revenues and net loss from Tellimer of $5.9 million and less than $0.1 million, respectively.

The acquired business have been assigned to the Company’s Institutional reportable segment.

IFCM Commodities

In January 2020, the Company’s wholly owned subsidiary, INTL Netherlands B.V., acquired 100% of the equity interests of IFCM Commodities GmbH (“IFCM”) based in Germany. The cash purchase price of $1.9 million was equal to net tangible book value upon closing plus a premium of $1.0 million. The excess of the cash consideration over the fair value of the net tangible assets acquired on the closing date was allocated to the fair value of IFCM’s client relationships. This client base intangible asset was assigned a useful life of five years. The allocation of the purchase price to the fair value of assets acquired and liabilities assumed was considered final as of December 31, 2020.

IFCM’s results of operations and cash flows have been included in the Company’s consolidated financial statements for the periods subsequent to January 2, 2020. For the year ended September 30, 2020, the Company’s results include total revenues and net income from IFCM of $1.8 million and $0.5 million, respectively.

GIROXX

In May 2020, the Company’s wholly owned subsidiary, StoneX Financial Ltd, acquired 100% of GIROXX based in Germany.

The cash purchase price for the acquisition of GIROXX was $4.4 million. The allocation of the cash purchase price to the fair value of tangible assets acquired and liabilities assumed resulted in the recognition of cash and cash equivalents of $6.5 million, property and equipment of $0.1 million, accounts payables and other accrued liabilities of $0.6 million, and payables to clients of $5.8 million as of the acquisition date.

The Company acquired certain identifiable intangible assets in connection with the acquisition of GIROXX, primarily related to a business license permitting the Company to facilitate payment transactions in the European Union and certain proprietary developed software. The Company allocated $0.4 million and $1.5 million of the excess purchase price over net tangible assets acquired to the business license and proprietary developed software, respectively. The remaining excess purchase price over the net tangible assets acquired of $2.3 million was allocated to goodwill. The Company believes the allocation to goodwill represents the synergies that can be realized from integrating the acquired business into its existing Global Payments reportable segment.

The acquired business license has been assigned an indefinite life and the proprietary developed software has been preliminarily assigned a useful life of 3 years. The allocation of the purchase price to the fair value of assets acquired and liabilities assumed was considered final as of June 30, 2021.

GIROXX’s results of operations and cash flows have been included in the Company’s consolidated financial statements for the period subsequent to May 1, 2020. For the year ended September 30, 2020, the Company’s results include total revenues and net loss from GIROXX of $0.5 million and $0.6 million, respectively.

The acquired business has been assigned to the Company’s Global Payments reportable segment.

Asset Acquisitions

Quest Capital

In August 2019, the Company’s subsidiary, SA Stone Wealth Management, executed an asset purchase agreement to acquire certain client accounts of Quest Capital Strategies, Inc. The asset purchase agreement was subject to FINRA approval and other conditions to closing. FINRA approval was obtained and the other conditions to closing were fulfilled and the closing of the

transaction occurred on December 9, 2019. The cash purchase price for the acquired client accounts was equal to $1.7 million. This transaction was accounted for as an asset acquisition at cost. The cash purchase price was allocated to the fair value of the client lists and relationships obtained and has been assigned, and will be amortized, over a useful life of seven years.

Regulatory Requirements and Subsidiary Dividend Restrictions

12 Months Ended

Sep. 30, 2022

Capital and Other Regulatory Requirements [Abstract]

Regulatory Requirements and Subsidiary Dividend Restrictions

The Company’s subsidiary StoneX Financial Inc. is registered as a broker dealer and member of the Financial Industry Regulatory Authority (“FINRA”) subject to the SEC Uniform Net Capital Rule 15c3-1, which requires the maintenance of minimum net capital. StoneX Financial Inc. is also a futures commission merchant registered with the CFTC and subject to the net capital requirements of the CFTC Regulation 1.17. Under the more restrictive of these rules, StoneX Financial Inc. is required to maintain “adjusted net capital”, equivalent to the greater of $1.5 million or 8% of client and non-client risk maintenance margin requirements on all positions, as defined in such rules, regulations, and requirements. Adjusted net capital and the related net capital requirement may fluctuate on a daily basis. StoneX Financial Inc., along with certain regulated affiliates, including Gain Capital Group, LLC and others, has a restriction on dividends. For StoneX Financial Inc. withdrawn excess capital cannot reduce excess capital, subsequent to haircuts and charges, to an amount less than 120% of the greatest minimum requirement.

The Company’s subsidiary, Gain Capital Group, LLC, is subject to regulation by the CFTC and NFA and is required to maintain specific levels of regulatory capital. As a futures commission merchant and retail foreign exchange dealer, Gain Capital Group, LLC is required to maintain adjusted net capital of the greater of $1.0 million or 8% of customer and non-customer risk maintenance margin, or $20.0 million plus 5.0% of the amount of retail customer liabilities over $10.0 million, plus 10% of all liabilities owed to eligible contract participant counterparties acting as a dealer that are not an affiliate.

StoneX Financial Inc. as a registered securities carrying broker dealer is also subject to Rule 15c3-3 of the Securities Exchange Act of 1934 (“Rule 15c3-3”), which requires the Company to maintain separate accounts for the benefit of securities clients and proprietary accounts of broker dealers (“PABs”). These client protection rules require the Company to maintain special reserve bank accounts (“SRBAs”) for the exclusive benefit of securities clients and PABs. As of September 30, 2022, StoneX Financial Inc. prepared reserve computations for the client accounts and PAB accounts in accordance with the customer reserve computation guidelines set forth in Rule 15c3-3. Based upon these computations, excess of total credits over debits was $1.6 million as of September 30, 2022. The Company held $3.5 million in customer SRBAs as of September 30, 2022, and made additional deposits of $3.9 million on October 4, 2022 to meet the customer segregation and segregated deposit timing requirements of Rule 15c3-3. The total PAB credits over total PAB debits was $10.3 million as of September 30, 2022 and the PAB reserve requirement was $10.3 million as of September 30, 2022. The Company held $12.9 million in the PAB SRBA as of September 30, 2022, and withdrew $1.1 million on October 4, 2022.

Pursuant to the requirements of the Commodity Exchange Act, funds deposited by clients of StoneX Financial Inc. supporting trading of futures and options on futures on a U.S. commodities exchange must be carried in separate accounts which are designated as segregated client accounts. Pursuant to the requirements of the CFTC, funds deposited by clients of StoneX Financial Inc. related to trading futures and options on futures traded on, or subject to the rules of a foreign board of trade, must be carried in separate accounts in, which are designated as secured clients’ accounts. As of September 30, 2022, StoneX Financial Inc. had client segregated and client secured funds of $6,278.6 million and $212.4 million, respectively, compared to a minimum regulatory requirement of $6,206.7 million and $199.4 million, respectively.

The Company’s subsidiary StoneX Financial Ltd. is regulated by the Financial Conduct Authority (“FCA”), the regulator of the financial services industry in the U.K. The regulations impose regulatory capital, as well as conduct of business, governance, and other requirements. The conduct of business rules include those that govern the treatment of client money and other assets which, under certain circumstances, for certain classes of client, must be segregated from the firm’s own assets. As of September 30, 2022, StoneX Financial Ltd. had client segregated funds of $1,242.4 million, compared to a minimum regulatory requirement of $1,244.1 million, before making the necessary subsequent deposits to meet the client money requirement.

StoneX Financial Pte. Ltd. is regulated by the Monetary Authority of Singapore (“MAS”) and operates as an approved holder of a Capital Market Services License. StoneX Financial Pte. Ltd. is subject to the requirements of MAS and pursuant to the Securities and Futures Act. The regulations include those that govern the treatment of client money and other assets which under certain circumstances must be segregated from the firm’s own assets. As of September 30, 2022, StoneX Financial Pte. Ltd. had client segregated funds of $556.8 million compared to a minimum regulatory requirement of $538.9 million.

The following table details the Company’s subsidiaries with a minimum regulatory net capital requirement in excess of $10.0 million as well as the actual regulatory capital of the subsidiary as of September 30, 2022 (in millions):



Subsidiary	Regulatory Authority	Actual		Minimum Requirement
StoneX Financial Inc.	SEC and CFTC	$	402.4	$	250.1
StoneX Financial Ltd.	Financial Conduct Authority (“FCA”)	$	399.8	$	358.0
Gain Capital Group, LLC	CFTC and NFA	$	49.2	$	28.4
StoneX Financial Pte. Ltd.	Monetary Authority of Singapore ("MAS")	$	58.0	$	13.2
StoneX Markets LLC	CFTC and NFA	$	191.4	$	128.8

Certain other subsidiaries of the Company, each with a minimum requirement less than $10.0 million, are also subject to net capital requirements promulgated by authorities in the countries in which they operate. As of September 30, 2022, all of the Company’s subsidiaries were in compliance with their local regulatory requirements.

Swap dealers are subject to a comprehensive regulatory regime with new obligations for the swaps activities for which they are registered, including adherence to risk management policies, supervisory procedures, trade record and real time reporting requirements, as well as rules for minimum capital requirements which became effective October 6, 2021. Our subsidiary, StoneX Markets LLC, is a CFTC provisionally registered swap dealer, and under these capital rules, StoneX Markets LLC is subject to a minimum regulatory capital requirement of $20.0 million.

- Definition

The entire disclosure for regulatory capital requirement for depository and lending institutions. Institutions include, but not are not limited to, finance company, insured depository institution, bank holding company, savings and loan association holding company, bank and savings institution not federally insured, mortgage company, foreign financial institution and credit union.

+ References + Details

Segment and Geographic Information

12 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Segment and Geographic Information

The Company's operating segments are principally based on the nature of the clients we serve (commercial, institutional, and retail), and a fourth operating segment, its global payments business. The Company manages its business in this manner due to its large global footprint, in which it has more than 3,600 employees allowing it to serve clients in more than 180 countries.

The Company’s business activities are managed as operating segments and organized into reportable segments as follows:

•Commercial

•Institutional

•Retail

•Global Payments

Commercial

The Company offers commercial clients a comprehensive array of products and services, including risk management and hedging services, execution and clearing of exchange-traded and OTC products, voice brokerage, market intelligence and physical trading as well as commodity financing and logistics services. The ability to provide these high-value-added products and services, differentiates the Company from its competitors and maximizes the opportunity to retain clients.

Institutional

The Company provides institutional clients with a complete suite of equity trading services to help them find liquidity with best execution, consistent liquidity across a robust array of fixed income products, competitive and efficient clearing and execution in all major futures and securities exchanges globally as well as prime brokerage in equities and major foreign currency pairs and swap transactions. In addition, the Company originates, structures and place debt instruments in the international and domestic capital markets. These instruments include asset-backed securities (primarily in Argentina) and domestic municipal securities.

Retail

The Company provides retail clients around the world access to over 18,000 global financial markets, including spot foreign exchange ("forex"), both financial trading and physical investment in precious metals, as well as CFDs, which are investment products with returns linked to the performance of underlying assets. In addition, its independent wealth management business offers a comprehensive product suite to retail investors in the United States.

Global Payments

The Company provides customized payment, technology and treasury services to banks and commercial businesses as well as charities and non-governmental organizations and government organizations. The Company provides transparent pricing and offers payments services in more than 185 countries and 140 currencies, which it believes is more than any other payments solution provider.

********

The total revenues reported combine gross revenues from physical contracts for subsidiaries that are not broker-dealers and net revenues for all other businesses. In order to reflect the way that the Company’s management views the results, the table below also reflects the segment contribution to Operating revenues, which is shown on the face of the Consolidated Income Statements and which is calculated by deducting physical commodities cost of sales from total revenues.

Segment data includes the profitability measure of net contribution by segment. Net contribution is one of the key measures used by management to assess the performance of each segment and for decisions regarding the allocation of the Company’s resources. Net contribution is calculated as revenue less direct cost of sales, transaction-based clearing expenses, variable compensation, introducing broker commissions, and interest expense. Variable compensation paid to risk management consultants/traders generally represents a fixed percentage of revenues generated, and in some cases, revenues generated less transaction-based clearing expenses, base salaries and an overhead allocation.

Segment data also includes segment income which is calculated as net contribution less non-variable direct expenses of the segment. These non-variable direct expenses include trader base compensation and benefits, operational employee compensation and benefits, communication and data services, business development, professional fees, bad debt expense and other direct expenses.

Inter-segment revenues, expenses, receivables and payables are eliminated upon consolidation.

Total revenues, operating revenues and net operating revenues shown as “Corporate Unallocated” primarily consist of interest income from its centralized corporate treasury function. In the normal course of operations, the Company operates a centralized corporate treasury function in which it may sweep excess cash from certain subsidiaries, where permitted within regulatory limitations, in exchange for a short-term interest bearing intercompany payable, or provide excess cash to subsidiaries in exchange for a short-term interest bearing intercompany receivable in lieu of the subsidiary borrowing on external credit facilities. The intercompany receivables and payables are eliminated during consolidation; however, this practice may impact reported total assets between segments.

Net costs not allocated to operating segments include costs and expenses of certain shared services such as information technology, accounting and treasury, credit and risk, legal and compliance, and human resources and other activities.

Information for the reportable segments is shown in accordance with the Segment Reporting Topic of the ASC as follows:


	Year Ended September 30,
(in millions)	2022		2021		2020
Total revenues:
Commercial	$	63,743.2	$	39,884.0	$	52,970.1
Institutional	831.8		668.4		624.1
Retail	1,304.2		1,859.9		432.7
Global Payments	172.0		137.3		117.4
Corporate Unallocated	7.8		1.7		14.6
Eliminations	(23.0)		(17.1)		(19.3)
Total	$	66,036.0	$	42,534.2	$	54,139.6
Operating revenues:
Commercial	$	692.1	$	534.8	$	431.5
Institutional	831.8		668.4		624.1
Retail	426.7		348.0		140.0
Global Payments	172.0		137.3		117.4
Corporate Unallocated	7.8		1.7		14.6
Eliminations	(23.0)		(17.1)		(19.3)
Total	$	2,107.4	$	1,673.1	$	1,308.3
Net operating revenues (loss):
Commercial	$	586.5	$	433.1	$	353.4
Institutional	483.5		419.4		363.8
Retail	302.9		222.4		63.8
Global Payments	162.5		129.9		111.5
Corporate Unallocated	(59.5)		(54.8)		(24.5)
Total	$	1,475.9	$	1,150.0	$	868.0
Net contribution:
(Revenues less cost of sales of physical commodities, transaction-based clearing expenses, variable compensation, introducing broker commissions and interest expense)
Commercial	$	415.3	$	299.7	$	242.2
Institutional	295.1		260.9		248.9
Retail	280.3		204.4		58.8
Global Payments	131.2		103.7		89.6
Total	$	1,121.9	$	868.7	$	639.5
Segment income:
(Net contribution less non-variable direct segment costs)
Commercial (1)	$	288.3	$	192.2	$	141.9
Institutional	174.6		167.7		152.9
Retail	115.4		67.8		31.7
Global Payments	97.4		78.5		68.6
Total	$	675.7	$	506.2	$	395.1
Reconciliation of segment income to income before tax:
Segment income	$	675.7	$	506.2	$	395.1
Net costs not allocated to operating segments	(398.5)		(355.5)		(270.3)
Gain on acquisitions and other gains, net	—		3.4		81.9
Income before tax	$	277.2	$	154.1	$	206.7


(in millions)	As of September 30, 2022		As of September 30, 2021		As of September 30, 2020
Total assets:
Commercial	$	5,931.0	$	3,969.9	$	2,753.6
Institutional	11,687.1		12,403.3		8,740.8
Retail	971.2		1,380.9		1,245.9
Global Payments	524.0		243.8		315.9
Corporate unallocated	746.3		841.7		418.7
Total	$	19,859.6	$	18,839.6	$	13,474.9

Information regarding revenues and operating revenues for the ended September 30, 2022, 2021, and 2020, and information regarding long-lived assets (defined as property, equipment, leasehold improvements and software) as of September 30, 2022, 2021, and 2020 in geographic areas were as follows:


	Year Ended September 30,
(in millions)	2022		2021		2020
Total revenues:
United States	$	5,102.3	$	3,313.1	$	2,223.3
Europe	3,440.2		1,889.6		532.6
South America	87.2		64.5		58.9
Middle East and Asia	57,395.5		37,259.1		51,317.1
Other	10.8		7.9		7.7
Total	$	66,036.0	$	42,534.2	$	54,139.6
Operating revenues:
United States	$	1,448.2	$	1,157.4	$	928.3
Europe	474.6		371.3		237.9
South America	87.2		64.5		58.9
Middle East and Asia	86.6		72.0		75.5
Other	10.8		7.9		7.7
Total	$	2,107.4	$	1,673.1	$	1,308.3

(in millions)	As of September 30, 2022		As of September 30, 2021		As of September 30, 2020
Long-lived assets, as defined:
United States	$	67.9	$	54.1	$	55.4
Europe	41.1		36.0		3.1
South America	2.9		2.1		2.1
Middle East and Asia	1.0		0.9		1.3
Other	—		0.2		0.2
Total	$	112.9	$	93.3	$	62.1

- 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/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599

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+ Details

Condensed Financial Information of Parent Company Only Disclosure

12 Months Ended

Sep. 30, 2022

Condensed Financial Information Disclosure [Abstract]

Condensed Financial Information of Parent Company Only Disclosure

Schedule I

StoneX Group Inc.

Condensed Balance Sheets

Parent Company Only


(in millions)	September 30, 2022		September 30, 2021
ASSETS
Cash and cash equivalents	$	6.1	$	34.7

Receivable from clients, net	0.2		0.4
Deposits with and receivables from subsidiary broker-dealer, net	89.1		—
Notes receivable, net	5.0		6.1
Income taxes receivable	55.5		63.7
Investment in subsidiaries(1)	1,286.8		1,100.4
Financial instruments owned, at fair value	5.1		—
Deferred income taxes, net	14.7		2.4
Property and equipment, net	62.1		55.4
Operating right of use assets	69.0		66.3
Other assets	30.8		23.7
Total assets	$	1,624.4	$	1,353.1
LIABILITIES AND EQUITY
Liabilities:
Accounts payable and other accrued liabilities	$	90.7	$	80.6
Operating lease liabilities	93.3		86.2

Payable to subsidiaries, net	293.3		185.0
Payable to lenders under loans	268.1		8.6

Senior secured borrowings, net	339.1		506.5
Financial instruments sold, not yet purchased, at fair value	73.6		0.9
Total liabilities	1,158.1		867.8

Equity:
StoneX Group Inc. (Parent Company Only) stockholders’ equity:
Preferred stock, $0.01 par value. Authorized 1,000,000 shares; no shares issued or outstanding	—		—
Common stock, $0.01 par value. Authorized 30,000,000 shares; 22,911,227 issued and 20,303,904 outstanding at September 30, 2022 and 22,431,233 issued and 19,823,910 outstanding at September 30, 2021	0.2		0.2
Common stock in treasury, at cost - 2,607,323 shares at September 30, 2022 and 2021	(69.3)		(69.3)
Additional paid-in capital	340.2		315.7
Retained earnings(1)	248.8		238.7
Accumulated other comprehensive loss, net	(53.6)		—
Total StoneX Group Inc. (Parent Company Only) stockholders’ equity	466.3		485.3
Total liabilities and equity	$	1,624.4	$	1,353.1

(1) Within the Condensed Balance Sheets and Condensed Statements of Operations of StoneX Group Inc. - Parent Company Only, the Company has accounted for its investment in wholly owned subsidiaries using the cost method of accounting. Under this method, the Company’s share of the earnings or losses of such subsidiaries is not included in the Condensed Balance Sheet or Condensed Statements of Operations. If the accounting for its investment in wholly owned subsidiaries was presented under the equity method of accounting, investment in subsidiaries and retained earnings would each increase by $640.8 million as of September 30, 2022, and $443.8 million, as of September 30, 2021, respectively.

Schedule I

StoneX Group Inc.

Condensed Statements of Operations

Parent Company Only


	Year Ended September 30,
(in millions)	2022		2021		2020
Revenues:
Management fees from affiliates	$	109.9	$	52.5	$	45.1
Trading (losses) gains, net	(2.8)		(0.1)		0.6
Consulting fees	0.1		0.3		0.3
Interest income	2.2		1.5		2.4
Dividend income from subsidiaries(1)	124.4		372.7		111.8
Total revenues	233.8		426.9		160.2
Interest expense	60.9		49.6		30.0
Net revenues	172.9		377.3		130.2
Non-interest expenses:
Compensation and benefits	113.7		99.9		88.0


Trade systems and market information	6.5		6.0		3.9
Occupancy and equipment rental	8.4		8.7		3.8
Selling and marketing	4.9		1.0		3.8
Professional fees	11.9		6.9		12.9
Travel and business development	2.3		0.8		1.7
Non-trading technology and support	30.6		24.9		19.8
Depreciation and amortization	11.0		8.7		6.7
Communications	1.8		1.7		0.7
Impairment	—		0.1		2.5
Management services fees to affiliates	4.3		3.6		2.3
Other	12.4		8.7		7.3
Total non-interest expenses	207.8		171.0		153.4
Gain on acquisitions	—		3.4		81.9
Income (loss) before tax	(34.9)		209.7		58.7
Income tax benefit	45.0		33.8		29.5
Net income	$	10.1	$	243.5	$	88.2

(1) Within the Condensed Balance Sheets and Condensed Statements of Operations of StoneX Group Inc. - Parent Company Only, the Company has accounted for its investment in wholly owned subsidiaries using the cost method of accounting. Under this method, the Company’s share of the earnings or losses of such subsidiaries is not included in the Condensed Balance Sheet or Condensed Statements of Operations. If the accounting for its investment in wholly owned subsidiaries was presented under the equity method of accounting, total revenues would also include subsidiary earnings/(losses) of $197.0 million, $(127.2) million, and $81.4 million for the years ended September 30, 2022, 2021, and 2020, respectively.

Schedule I

StoneX Group Inc.

Condensed Statements of Cash Flows

Parent Company Only


	Year Ended September 30,
(in millions)	2022		2021		2020
Cash flows from operating activities:
Net income	$	10.1	$	243.5	$	88.2
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	11.0		8.7		6.7
Amortization of operating right of use assets	6.1		6.1		4.4
Deferred income taxes	4.7		1.8		—
Amortization and extinguishment of debt issuance costs	3.2		3.3		6.1
Loss on extinguishment of debt	—		0.1		—
Amortization of share-based compensation expense	16.5		12.9		9.2
Dividends	(9.6)		(125.0)		—
Impairment	—		—		2.5
Gain on acquisition	—		(3.3)		(81.9)

Changes in operating assets and liabilities:



Payable to subsidiaries, net	113.6		118.3		149.3
Receivable from clients, net	0.2		—		0.1
Deposits with and receivables from subsidiary broker-dealer, net	(89.1)		—		—
Notes receivable, net	1.1		(4.4)		1.1
Income taxes receivable	8.2		(17.4)		(48.4)
Financial instruments owned, at fair value	(5.1)		—		—
Other assets	(7.3)		(4.2)		(7.7)
Accounts payable and other accrued liabilities	12.0		12.7		24.0
Operating lease liabilities	(1.7)		(2.6)		(2.8)
Payable to clients	—		(0.3)		—
Financial instruments sold, not yet purchased, at fair value	2.1		(0.2)		(83.4)
Net cash provided by operating activities	76.0		250.0		67.4
Cash flows from investing activities:
Capital contribution to affiliates	(180.8)		(170.2)		(251.9)

Purchase of property and equipment and internally developed software	(17.8)		(22.0)		(10.2)
Net cash used in investing activities	(198.6)		(192.2)		(262.1)
Cash flows from financing activities:

Net change in lenders under loans	259.5		(23.4)		(47.0)

Payments of notes payable	—		—		(0.4)
Proceeds from issuance of senior secured term loan	—		—		21.5
Repayments of senior secured term loan	(170.3)		(9.8)		(9.8)
Proceeds from issuance of senior secured notes	—		—		344.8
Repayments of senior secured notes	—		(1.6)		(92.1)
Issuance of note payable	—		9.0		—
Deferred payments on acquisitions	(1.9)		(2.2)		(0.9)
Share repurchase	—		(11.7)		(7.5)
Debt issuance costs	—		—		(14.0)
Exercise of stock options	6.7		9.2		5.5


Net cash provided by/(used in) financing activities	94.0		(30.5)		200.1
Net (decrease)/increase in cash and cash equivalents	(28.6)		27.3		5.4
Cash and cash equivalents at beginning of period	34.7		7.4		2.0
Cash and cash equivalents at end of period	$	6.1	$	34.7	$	7.4
Supplemental disclosure of cash flow information:
Cash paid for interest	$	34.9	$	28.5	$	15.3
Income taxes paid/(received), net of cash refunds	$	2.6	$	9.8	$	(4.3)
Supplemental disclosure of non-cash investing and financing activities:
Additional consideration payable related to acquisitions	$	—	$	—	$	21.6

Description of Business and Significant Accounting Policies (Policies)	12 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Consolidation	The accompanying consolidated financial statements include the accounts of StoneX Group Inc. and all entities in which the Company has a controlling financial interest. All material intercompany transactions and balances have been eliminated in consolidation.
Basis of Presentation	In the Consolidated Income Statements, total revenues reported combine gross revenues for the physical commodities business and net revenues for all other businesses. The subtotal Operating revenues in the Consolidated Income Statements is physical commodities cost of sales deducted from total revenues. The subtotal Net operating revenues in the Consolidated Income Statements is operating revenues less transaction-based clearing expenses, introducing broker commissions, and interest expense. Transaction-based clearing expenses are variable expenses paid to executing brokers, exchanges, clearing organizations, and banks, typically related to transactional volumes. Introducing broker commissions include commission paid to non-employee third parties that have introduced clients to the Company. Net operating revenues represent revenues available to pay variable compensation to risk management consultants and traders, certain non-variable expenses, as well as variable and non-variable expenses related to both operational and administrative employees.
Use of Estimates	Use of Estimates Preparing consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires that management make estimates and assumptions affecting the reported amounts of assets and liabilities, disclosure of contingent liabilities as of the date of the financial statements and the reported amounts of revenue and expense during the reporting period. The most significant of these estimates and assumptions in the current year relate to fair value measurements for financial instruments, revenue recognition, valuation of inventories, and income taxes. These estimates are based on management’s best knowledge of current events and actions the Company may undertake in the future. The Company reviews all significant estimates affecting the financial statements on a recurring basis and records the effect of any necessary adjustments prior to financial statement issuance. Although these and other estimates and assumptions are based on the best available information, actual results could be materially different from these estimates.
Foreign Currency Translation	Foreign Currency Translation The Company’s consolidated financial statements are reported in U.S. dollars. The Company’s subsidiaries maintain their records either in U.S. dollars or, as appropriate, the currencies of the countries in which they operate. The method of translating local currency financial information into U.S. dollars depends on whether the economy in which the foreign subsidiary operates has been designated as highly inflationary. Economies with a three-year cumulative inflation rate of more than 100% are considered highly inflationary. Assets and liabilities of foreign subsidiaries in non-highly inflationary economies are translated into U.S. dollars using rates of exchange at the balance sheet date. Translation adjustments are recorded in other comprehensive income (loss). Revenues and expense are translated at rates of exchange in effect at relevant times during the year. Transaction gains and losses related to changes in currency rates are recorded in earnings. Foreign subsidiaries that operate in highly inflationary countries use the U.S. dollar as their functional currency. Local currency monetary assets and liabilities are remeasured into U.S. dollars using rates of exchange as of each balance sheet date, with remeasurement adjustments and other transaction gains and losses recognized in earnings. Nonmonetary assets and liabilities do not fluctuate with changes in the local currency exchange rates to the dollar as the translated amounts for nonmonetary assets and liabilities at the end of the accounting period in which the economy becomes highly inflationary becomes the accounting basis for those assets and liabilities in the period of change and subsequent periods. Revenues and expenses are translated at rates of exchange in effect at relevant times during the year. The Company operates asset management and debt trading businesses in Argentina through various wholly-owned subsidiaries. Operating revenues from the Company’s Argentinean subsidiaries were approximately 1% of the consolidated operating revenues for the year ended September 30, 2022. The operating environment in Argentina continues to present business challenges, including ongoing devaluation of the Argentine peso and significant inflation. Based upon inflationary data published by the International Practices Task Force of the Center for Audit Quality, the economy of Argentina became highly inflationary during the three months ended June 30, 2018, and continues to be considered highly inflationary. Beginning July 1, 2018, the Company designated Argentina’s economy as highly inflationary for accounting purposes. As a result, the Company has accounted for its Argentinean entities using the U.S. dollar as their functional currency, beginning in the quarter ending September 30, 2018. The Company has implemented strategies to reduce exposure to the Argentine peso.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers cash held at banks and all highly liquid investments not held for trading purposes, with original or acquired maturities of 90 days or less, including certificates of deposit and money market mutual funds, to be cash and cash equivalents. Cash and cash equivalents consists of cash, certificates of deposit, and money market mutual funds not deposited with or pledged to clearing organizations, broker-dealers, clearing organizations or counterparties, or segregated under federal or other regulations. Certificates of deposit are stated at cost plus accrued interest, which approximates fair value, and may be withdrawn at any time, at the discretion of the Company. Money market mutual funds are stated at their net asset value.
Cash, Securities and Other Assets Segregated under Federal and other Regulations	Cash, Securities and Other Assets Segregated under Federal and other Regulations Pursuant to requirements of the Commodity Exchange Act and Commission Regulation 30.7 of the U.S. Commodity Futures Trading Commission (“CFTC”) in the U.S., the Markets in Financial Instruments Implementing Directive 2006/73/EC underpinning the Client Asset (“CASS”) rules in the Financial Services Authority (“FSA”) handbook in the United Kingdom (“U.K.”), and the Securities & Futures Act (“SFA”) in Singapore, funds deposited by clients relating to futures and options on futures contracts in regulated commodities must be carried in separate accounts, which are designated as segregated or secured client accounts. Additionally, in accordance with Rule 15c3-3 of the Securities Exchange Act of 1934 (“Rule 15c3-3”), the Company maintains separate accounts for the exclusive benefit of securities clients and proprietary accounts of broker dealers (“PABs”). Rule 15c3-3 requires the Company to maintain special reserve bank accounts (“SRBAs”) for the exclusive benefit of securities clients and PABs. The deposits in segregated client accounts and SRBAs are not commingled with Company funds. Under the FSA’s rules, certain categories of clients may choose to opt-out of segregation.
Collateralized Transactions	Collateralized Transactions The Company enters into securities purchased under agreements to resell, securities sold under agreements to repurchase, securities borrowed transactions, and securities loaned transactions primarily to fund principal debt trading, acquire securities to cover short positions, acquire securities for settlement, or meet counterparty needs under matched-booked trading strategies. These transactions are accounted for as collateralized financing transactions and are recorded at their contractual amounts plus accrued interest. In connection with these agreements and transactions, it is the Company’s policy to receive or pledge cash or securities to collateralize such agreements and transactions in accordance with contractual arrangements. The Company monitors the fair value of its collateral on a daily basis, and the Company may require counterparties, or may be required by counterparties, to deposit additional collateral or return collateral pledged. Interest income and interest expense are recognized over the life of the arrangements and are recorded in the Consolidated Income Statements as Interest income or Interest expense, as applicable. The carrying amount of these transactions approximate fair value due to their short-term nature and the level of collateralization.
Repurchase and Reverse repurchase agreement netting	Repurchase and Reverse repurchase agreement netting During the year ended September 30, 2022, the Company began trading with a new central counterparty clearing house provider for its fixed income portfolio. This arrangement and related agreements meet the criteria for netting under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 210-20, Balance Sheet – Offsetting. Netting occurs within Securities purchased under agreements to resell and Securities sold under agreements to repurchase. More details can be found in Note 12.
Deposits with and Receivables from Broker-dealers, Clearing Organizations and Counterparties, and Payables to Broker-dealers, Clearing Organizations and Counterparties	Deposits with and Receivables from Broker-dealers, Clearing Organizations and Counterparties, and Payables to Broker-dealers, Clearing Organizations and Counterparties As required by regulations of the CFTC, FSA, and Monetary Authority of Singapore (“MAS”), client funds received to margin, guaranty, and/or secure commodity futures and futures on options as well as retail foreign exchange transactions are segregated and accounted for separately from the general assets of the Company. Deposits with broker-dealers, clearing organizations, and counterparties pertain primarily to deposits made to satisfy margin requirements on client and proprietary open futures and options on futures positions and to satisfy the requirements set by clearing exchanges for clearing membership. The Company also pledges margin deposits with various counterparties for over-the-counter (“OTC”) derivative contracts. These deposits are also included in deposits with broker-dealers, clearing organizations, and counterparties. The Company also deposits cash margin with various securities clearing organizations as an ongoing condition of the securities clearing relationships, and these deposits are included in deposits with and receivables from broker-dealers, clearing organizations, and counterparties. Deposits with and receivables from broker-dealers, clearing organizations, and counterparties are reported gross, except where a right of offset exists. As of September 30, 2022 and 2021, the Company had cash and cash equivalents on deposit with or pledged to broker-dealers, clearing organizations, and counterparties of approximately $2,515.0 million and $3,139.6 million, respectively. Deposits with and receivables from broker-dealers, clearing organizations, and counterparties also includes guaranty deposits with clearing exchanges. The guaranty deposits are held by the clearing exchanges for use in potential default situations by one or more members of the clearing exchanges. The guaranty deposits may be applied to the Company’s obligations to the clearing exchange, or to the clearing exchange’s obligations to unrelated parties. Deposits with and receivables from broker-dealers, clearing organizations, and counterparties also include securities pledged to clearing exchanges. These securities are either pledged to the Company by its clients or represent investments of client funds. It is the Company’s practice to include client-owned securities on its Consolidated Balance Sheets, as the rights to those securities have been transferred to the Company under the terms of the relevant futures trading agreements. Securities pledged primarily include U.S. Treasury obligations, foreign government obligations, and certain ETFs. Securities that are not client-owned, and represent an investment of client funds, are adjusted to fair value with associated changes in unrealized gains or losses recorded in Interest income in the Consolidated Income Statements. For client-owned securities, the change in fair value is offset against the payable to clients with no impact recognized in the Consolidated Income Statements. The total fair value of client owned and non-client owned securities included within Deposits with and receivables from broker-dealers, clearing organizations, and counterparties, net was $4,272.9 million and $810.7 million as of September 30, 2022 and 2021, respectively. Management has considered guidance required by ASC 860, Transfers and Servicing as it relates to securities pledged by clients to margin their futures and options on futures trading accounts. Management believes that the transferor surrenders control over those assets because: (a) the transferred assets have been isolated from the transferor—put presumptively beyond the reach of the transferor and its creditors, even in bankruptcy or other receivership, (b) each transferee has the right to pledge or exchange the assets (or beneficial interests) it received, and no condition both constrains the transferee (or holder) from taking advantage of its right to pledge or exchange and provides more than a trivial benefit to the transferor and (c) the transferor does not maintain effective control over the transferred assets through either (1) an agreement that both entitles and obligates the transferor to repurchase or redeem them before their maturity or (2) the ability to unilaterally cause the holder to return specific assets, other than through a cleanup call. Under this guidance, the Company reflects the client collateral assets and corresponding liabilities in the Company’s Consolidated Balance Sheets as of September 30, 2022 and 2021. Deposits with and receivables from broker-dealers, clearing organizations, and counterparties also includes amounts due from clearing exchanges for unrealized gains and losses associated with clients’ options on futures contracts. See discussion in the Financial Instruments section below for additional information on the Company’s accounting policies for derivative contracts. For client-owned derivative contracts, the fair value is offset against the payable to clients with no impact recognized on the Consolidated Income Statements. The Company maintains client omnibus and proprietary accounts with other clearing organizations. The equity balances in those accounts, along with any margin cash or securities deposited with the clearing organizations are included in deposits with and receivables from broker-dealers, clearing organizations, and counterparties. Deposits with and receivables from broker-dealers, clearing organizations, and counterparties also include amounts due from or due to clearing exchanges for daily variation settlements on open futures and options on futures positions. The variation settlements due from or due to clearing exchanges are paid in cash on the following business day. Variation settlements equal the daily settlement of futures contracts and premiums on options on futures contracts. Deposits with and receivables from broker-dealers, clearing organizations, and counterparties further include amounts receivable for securities sold but not yet delivered by the Company on settlement date (“fails-to-deliver”) and net receivables arising from unsettled proprietary trades. Payables to broker-dealers, clearing organizations, and counterparties primarily include amounts payable for securities purchased but not yet received by the Company on settlement date (“fails-to-receive”) and net payables arising from unsettled proprietary trades. Deposits with and receivables from broker-dealers, clearing organizations and counterparties, and payables to broker-dealers, clearing organizations and counterparties also include amounts related to the value of registered broker-dealer clients cross-currency payment transactions related to the Global Payments segment. These amounts arise due to a clearing period before funds are received and payments are made, which usually is one to two business days.
Receivable from and Payables to Clients	Receivable from and Payables to Clients Receivable from clients, net of allowance for doubtful accounts, includes the total of net deficits in individual exchange-traded futures and OTC derivative trading accounts carried by the Company. Client deficits arise from realized and unrealized trading losses on client OTC, futures, options on futures, swaps and forwards and amounts due on cash and margin transactions. Client deficit accounts are reported gross of client accounts that contain net credit or positive balances, except where a right of offset exists. Net deficits in individual futures exchange-traded and OTC derivative trading accounts include both secured and unsecured deficit balances due from clients as of the balance sheet date. Secured deficit amounts are backed by U.S. Treasury obligations and commodity warehouse receipts. These U.S Treasury obligations and commodity warehouse receipts are netted against the secured deficit amounts when conditions necessary for the right to offset exist. Receivable from clients, net also includes the net amounts receivable from securities clients in connection with the settlement of regular-way cash securities, margin loans to clients, and client cash debits. It is the Company’s policy to report margin loans and payables that arise due to positive cash flows in the same client’s accounts on a net basis when the conditions for netting as specified in U.S. GAAP are met. Clients’ securities transactions cleared by the Company are recorded on a settlement date basis, but the Company makes accruals necessary to adjust any uncompleted transactions to a trade date basis for consolidated reporting, under U.S. GAAP. Securities cleared by the Company and pledged to the Company as a condition of custodial clearing arrangements are owned by the clients, including those that collateralize margin or other similar transactions, and are not reflected on the Consolidated Balance Sheets as the Company does not have title to, or beneficial interests, in those assets. The carrying value of the receivables and payables approximates fair value due to their short-term nature. Receivable from clients, net also include amounts receivable from non-broker-dealer clients for securities sold but not yet delivered by the Company on settlement date (“fails-to-deliver”) and net receivables arising from unsettled proprietary trades. Payables to clients represent the total of client accounts with credit or positive balances. Client accounts are used primarily in connection with exchange-traded and OTC commodity, foreign exchange, precious metals, and securities transactions and include gains and losses on open trades as well as securities and cash margin deposits made as required by the Company, the exchange-clearing organizations or other clearing organizations. Client accounts with credit or positive balances are reported gross of client deficit accounts, except where a right of offset exists. Payables to broker-dealers and counterparties also includes amounts payable to non-broker-dealer clients for securities purchased but not yet received by the Company on settlement date (“fails-to-receive”) and net payables arising from unsettled proprietary trades. Receivable from and payables to clients also include amounts related to the value of non-registered broker-dealer clients’ cross-currency payment transactions related to the Global Payments segment. These amounts arise due to a clearing period before the funds are received and payments are made, which usually is one to two business days. The future collectability of receivables from clients can be impacted by the Company’s collection efforts, client financial stability, and the general economic climate. In determining collectability, the Company considers a number of factors including, but not limited to, historical collection experience, current and forecasted economic and business conditions, internal and external credit risk ratings, collateral terms, payment terms and aging of the financial asset, as well as specific-identification in certain circumstances. The Company evaluates accounts that it believes may become uncollectible on a specific identification basis, through reviewing daily margin deficit reports, the historical daily aging of the receivables, and by monitoring the financial strength of its clients. The Company may unilaterally close client trading positions in certain circumstances. In addition, to evaluate client margining and collateral requirements, client positions are stress tested regularly and monitored for excessive concentration levels relative to the overall market size. Furthermore, in certain instances, the Company is indemnified and able to charge back introducing broker-dealers for bad debts incurred by their clients. The Company generally charges off an outstanding receivable balance when all economic means of recovery have been exhausted. That determination considers information such as the occurrence of significant changes in the client’s financial position such that the client can no longer pay the obligation, or that the proceeds from collateral will not be sufficient to pay the balance.
Notes Receivable	Notes Receivable Accrual of commodity financing income on any note is discontinued when, in the opinion of management, there is reasonable doubt as to the timely collectability of interest or principal. Nonaccrual notes are returned to an accrual status when, in the opinion of management, the financial position of the borrower indicates there is no longer any reasonable doubt as to the timely payment of principal and interest. The Company records a charge against earnings for notes receivable losses when management believes that the collection of outstanding principal is not probable.
Physical Commodities Inventory	Physical Commodities Inventory Inventories of certain agricultural commodities are carried at net realizable value, which approximates fair value less disposal costs. Agricultural commodities inventories have reliable, readily determinable and realizable market prices, relatively predictable and insignificant costs of disposal, and are available for immediate delivery. Changes in the fair values of these agricultural commodities inventories are included as a component of Cost of sales of physical commodities in the Consolidated Income Statements. Inventories of energy related products are valued at the lower of cost or net realizable value. Inventories of precious metals held by subsidiaries that are not broker-dealers are valued at the lower of cost or net realizable value, using the weighted-average price and first-in first-out costing method. Changes in the values of these inventories are included as a component of Cost of sales of physical commodities in the Consolidated Income Statements. Precious metals inventory held by StoneX Financial Ltd, a U.K. based broker-dealer subsidiary, is measured at fair value, with changes in fair value included as a component of Principal gains, net in the Consolidated Income Statements, in accordance with U.S. GAAP accounting requirements for broker-dealers.
Property and Equipment	Property and Equipment Property and equipment is stated at cost, net of accumulated depreciation and amortization and depreciated using the straight-line method over estimated useful life. Leasehold improvements are amortized on a straight-line basis over the estimated useful life of the improvement or the term of the lease, whichever is shorter. Expenditures that increase the value or productive capacity of assets are capitalized. When property and equipment are retired, sold, or otherwise disposed of, asset carrying amount and related accumulated depreciation are removed from the accounts and any gain or loss is included in earnings. The Company had no assets held for sale at September 30, 2022 and 2021. The Company accounts for costs incurred to develop its trading platforms and related software in accordance with ASC 350-40, Internal-Use Software, which requires that such technology be capitalized in the application development stages. Costs related to planning, training, administration, and non-value added maintenance are charged to expense as incurred. Capitalized software development costs are amortized over the useful life of the software, which the Company generally estimates at three years. In accordance with ASC 360-10, Property, Plant and Equipment, the Company periodically evaluates the carrying value of long-lived assets when events and circumstances warrant such review. The carrying value of a long-lived asset is considered impaired when the anticipated identifiable undiscounted cash flows from such an asset (or asset group) are less than carrying value. In that event, a loss is recognized in the amount by which the carrying value exceeds fair market value of the long-lived asset. This standard applies to assets held for use and not to assets held for sale. The Company has identified no such impairment indicators as of September 30, 2022 and 2021.
Acquisitions and Contingent Consideration	Acquisitions The Company applies acquisition accounting on the date of acquisition to those transactions meeting the definition of a business under ASC 805. Applying acquisition accounting requires the Company to allocate the purchase consideration to the fair value of the identifiable tangible and intangible assets acquired and liabilities assumed on acquisition date. In determining the fair value of identifiable assets acquired and liabilities assumed, the Company frequently utilizes a third-party valuation specialist. The Company applies certain significant assumptions, estimates, and judgments in determining the fair value of assets acquired and liabilities assumed on acquisition date. These significant assumptions, estimates, and judgments include, but are not limited to, cash flow forecasts, discount rates, client churn rates, royalty rates, and economic lives. Any excess of the purchase consideration over the fair value of the net assets acquired is recorded as goodwill. Alternatively, in an instance where the fair value of the net assets acquired exceeds the purchase consideration, the Company records a bargain purchase gain in the Consolidated Income Statements at the date of acquisition. While the Company uses its best estimates and assumptions as a part of the purchase price allocation to accurately value assets acquired and liabilities assumed at the acquisition date, these estimates are inherently uncertain and subject to refinement. As a result, during the remeasurement period, which may extend one year from the acquisition date, the Company may record adjustments to the assets acquired and liabilities assumed, with the corresponding offset to goodwill or bargain purchase gain. Upon conclusion of the measurement period or final determination of the fair values of assets acquired and liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the Consolidated Income Statements rather than adjusted through goodwill or bargain purchase gains. The Company includes the post-acquisition results of acquired businesses in the Consolidated Income Statements from the date of acquisition. Acquisition related costs, such as fees for attorneys, accountants, and investment bankers, are expensed as incurred and are not capitalized as part of the purchase price. Contingent Consideration The Company estimates and records acquisition date estimated fair value of contingent consideration as part of purchase price consideration for acquisitions. Additionally, each reporting period, the Company estimates changes in the fair value of contingent consideration, and any change in fair value is recognized in the Consolidated Income Statements. Estimating contingent consideration fair value incorporates assumptions regarding future operating results, discount rates, and probabilities assigned to various potential operating results scenarios.
Goodwill and Identifiable Intangible Assets	Goodwill and Identifiable Intangible Assets Goodwill is the cost of acquired companies in excess of the fair value of identifiable net assets at acquisition date. Goodwill is not subject to amortization, but rather is evaluated for impairment at least annually. The Company evaluates its goodwill for impairment at its fiscal year end, or more frequently if indicators of potential impairment exist, in accordance with ASC 350, Intangibles - Goodwill and Other. Goodwill impairment is determined by comparing the estimated fair value of a reporting unit (generally defined as the businesses for which financial information is available and reviewed regularly by management) with its respective carrying value. If the estimated fair value exceeds the carrying value, goodwill at the reporting unit level is not deemed to be impaired. However, if the estimated fair value is below carrying value, further analysis is required to determine the amount of the impairment. In the course of evaluating the potential impairment of goodwill, the Company may perform either a qualitative or a quantitative assessment. The Company’s qualitative assessment of potential impairment may result in the determination that a quantitative impairment analysis is not necessary. Under this elective process, the Company assesses qualitative factors to determine whether the existence of events or circumstances leads the Company to determine that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If after assessing the totality of events and circumstances, the Company determines it is more likely than not that the fair value of a reporting unit is greater than its carrying amount, then performing a quantitative analysis is not required. However, if the Company concludes otherwise, then the Company performs a quantitative impairment analysis. If the Company either chooses not to perform a qualitative assessment, or the Company chooses to perform a qualitative assessment but is unable to qualitatively conclude that no impairment has occurred, then the Company performs a quantitative evaluation. In the case of a quantitative assessment, the Company estimates the fair value of the reporting unit with which the goodwill that is subject to the quantitative analysis is associated and compares it to the carrying value. If the estimated fair value of a reporting unit is less than its carrying value, the Company estimates the fair value of all assets and liabilities of the reporting unit, including goodwill. If the carrying value of the reporting unit’s goodwill is greater than the estimated fair value, an impairment charge is recognized for the excess. The fair value of the Company’s reporting units exceeded their respective carrying values under the qualitative assessment approach. No goodwill impairment charges were recorded for any of the periods presented, nor were any indicators present. Identifiable intangible assets subject to amortization are amortized using the straight-line method over their estimated period of benefit, ranging from five to twenty years. Both definite and indefinite lived 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. Residual value is presumed to be zero for all identifiable intangible assets. No intangible impairment charges were recorded for any of the periods presented, nor were any indicators present.
Financial Instruments Owned and Sold, Not Yet Purchased	Financial Instruments Owned and Sold, Not Yet Purchased Financial instruments owned and sold, not yet purchased, at fair value consist of financial instruments carried at fair value, measured on a recurring basis, or amounts that approximate fair value. Related realized and unrealized gains and losses are recognized in current period earnings within Principal gains, net, Interest income, Interest expense, and Cost of sales of physical commodities in the Consolidated Income Statements. The fair value of a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties. Financial instruments owned and sold, not yet purchased comprise primarily the financial instruments held by the Company’s broker-dealer subsidiaries and the Company’s OTC derivative swap dealer. Financial instruments owned and financial instruments sold, not yet purchased, includes trading securities that the Company holds as a principal. The Company has not classified any financial instruments owned or sold, not yet purchased, as available-for-sale or held-to-maturity. Financial instruments owned and sold, not yet purchased includes derivative instruments that the Company holds as a principal which are primarily transacted on an OTC basis. As a derivatives dealer, the Company utilizes these instruments to manage exposures to foreign currency, commodity price and interest rate risks for the Company and its clients. The Company’s objectives for holding derivatives include reducing, eliminating, and efficiently managing the economic impact of these exposures as effectively as possible. The Company’s derivative instruments also include forward purchase and sale commitments for the physical delivery of agricultural and energy related commodities in a future period. Contracts for the sale of agricultural and energy commodities generally do not extend beyond one year, while contracts to purchase agricultural and energy commodities generally relate to the current or future crop year. Derivative instruments are measured at fair value on a recurring basis. For derivatives for which the Company does not elect hedge accounting, realized and unrealized gains and losses from the changes in fair value of derivative instruments are recognized immediately in current period earnings. Realized and unrealized gains and losses from the derivative instruments in which the Company acts as a dealer are included within Principal gains, net on the Consolidated Income Statements. Realized and unrealized gains and losses on firm purchase and sale commitments are included within Cost of sales of physical commodities on the Consolidated Income Statements. To reduce credit exposure on the derivative instruments for which the Company acts as a dealer, the Company may enter into a master netting arrangement that allows for settlement of all derivative transactions with each counterparty. In addition, the credit support annex that accompanies master netting arrangements allows parties to the master netting agreement to mitigate their credit risk by requiring the party which is out of the money to post collateral. The Company accepts collateral in the form of cash or other marketable securities. Where permitted, the Company elects to net-by-counterparty certain derivative instruments entered into under a legally enforceable master netting agreement and, therefore, the fair value of those derivative instruments are netted by counterparty in the Consolidated Balance Sheets. As the Company elects to net-by-counterparty the fair value of such derivative instruments, the Company also nets-by-counterparty cash collateral exchanged as part of those derivative instruments. The Company also brokers foreign exchange forwards, options and cash, or spot, transactions between clients and external counterparties. A portion of the contracts are arranged on an offsetting basis, limiting the Company’s risk to performance of the two offsetting parties. The offsetting nature of the contracts eliminates the effects of market fluctuations on the Company’s operating results. Due to the Company’s role as a principal participating in both sides of these contracts, the amounts are presented gross on the Consolidated Balance Sheets at their respective fair values, net of offsetting assets and liabilities. The Company holds proprietary positions in its foreign exchange line of business. On a limited basis, the Company’s foreign exchange trade desk will accept a client transaction and will offset that transaction with a similar but not identical position with a counterparty. These unmatched transactions are intended to be short-term in nature and are often conducted to facilitate the most effective transaction for the Company’s client. These spot and forward contracts are accounted for as free-standing derivatives and reported in the Consolidated Balance Sheets at their fair values. The Company may lease commodities to or from clients or counterparties. These commodity leases, which primarily involve precious metals, are recorded at fair value utilizing the fair value option based on guidance in ASC 825-10, Financial Instruments - Fair Value Option. These commodities leases represent hybrid financial instruments which contain both a dollar denominated loan host contract and an embedded forward derivative contract on the underlying commodities, which can be settled in either cash or metals. As permitted by the fair value option election, the entire instrument is recorded at fair value as either an asset or liability in the Consolidated Balance Sheets. The Company elects to value all of its commodities lease agreements at fair value using the fair value option.
Derivative instruments and hedging activities	Derivative instruments and hedging activities The Company executes interest rate swaps and foreign currency hedges to lessen the impacts of changes to interest rates and currency exchange rates, respectively, as well as benefit from favorable conditions. The Company recognizes all derivative instruments as either assets or liabilities at fair value. For all of the Company’s derivative positions that are designated and qualify as part of a cash flow hedging relationship, the effective portion of the gain or loss on the derivatives is reported as a component of other comprehensive income and reclassified into earnings in the same period or periods during which the hedged transactions affect earnings. Gains and losses on derivatives representing any ineffective component of the hedge are recognized in current earnings. All of the Company’s cash flow hedges have been deemed effective as of September 30, 2022 for both accounting and tax purposes. The Company has elected hedge accounting for both U.S. GAAP and tax purposes. The Company maintains formal documentation through a periodic memo and accounting analysis that cover what is being hedged, how it is being hedged, hedge effectiveness, the nature of the risk being hedged, among other required analyses. Company policy further includes a quarterly probability analysis covering hedge effectiveness.
Exchange and Clearing Organization Memberships	Exchange and Clearing Organization Memberships The Company or its affiliates are required to hold certain exchange and clearing organization memberships and pledges them for clearing purposes, in order to provide the right to process trades directly with the respective venues. Exchange memberships include seats on the Chicago Board of Trade (“CBOT”), the Minneapolis Grain Exchange, the New York Mercantile Exchange (“NYMEX”), the Commodity Exchange, Inc. (“COMEX”) Division of the New York Mercantile Exchange, Mercado de Valores de Buenos Aires S.A. (“MERVAL”), the Chicago Mercantile Exchange (“CME”) Growth and Emerging Markets, InterContinental Exchange, Inc. (“ICE”) Futures US, and the London Metal Exchange (“LME”). Exchange firm and clearing organization common stock include shares of CME Group, Inc., ICE, LME Holdings Limited, and the Depository Trust & Clearing Corporation (“DTCC”). Exchange and clearing organization memberships required in order to conduct business through the respective venues are recorded at cost and are included in Other assets on the Consolidated Balance Sheets. Equity investments in exchange firm common stock not required in order to conduct business on the exchanges are classified as trading securities included within Financial instruments owned, at fair value on the Consolidated Balance Sheets and recorded at fair value, with unrealized gains and losses recorded as a component of Principal gains, net on the Consolidated Income Statements. The fair value of exchange firm common stock not required in order to conduct business on the exchanges is determined from quoted market prices. Exchange memberships that represent both (a) an ownership interest and the right to conduct business in the respective venues and are held for operating purposes, or (b) an ownership interest, which must be held by the Company to conduct business in the respective venues are accounted for as an ownership interest at cost with appropriate consideration for other-than-temporary impairment. The cost of exchange and clearing organization memberships that represent an ownership interest and are required in order to conduct business in the respective venues was $5.5 million and $5.5 million as of September 30, 2022 and 2021, respectively, compared to a fair value of $6.2 million and $6.8 million as of September 30, 2022 and 2021, respectively. Fair value was determined using quoted market prices and recent transactions. Alternatively, exchange memberships, or seats, that only represent the right to conduct business on an exchange, but not an ownership interest in the exchange, are accounted for as intangible assets at cost with potential impairment determined under Accounting Standards Codification 350-30- Intangibles - Goodwill and Other. The cost of exchange memberships required in order to conduct business on the exchange, but not representing an ownership interest in the exchange, was $5.8 million and $6.0 million as of September 30, 2022 and 2021, respectively. As of and during the year ended September 30, 2022, there were no indicators of impairment that would suggest that the carrying value of exchange memberships that don’t represent an ownership interest are impaired, primarily based upon projections of future cash flows and earnings attributable to access these respective venues.
Product Financing Arrangements	Product Financing Arrangements In the normal course of operations, the Company executes notes receivable under repurchase agreements with clients whereby the clients sell certain commodity inventory or other investments to the Company and agree to repurchase the commodity inventory or investment at a future date at a fixed price. These transactions are short-term in nature and are treated as secured borrowings rather than commodity inventory and purchases and sales in the Company’s consolidated financial statements. These transactions are reflected as Notes receivable, net in the Consolidated Balance Sheets. Commodities or investments sold under repurchase agreements are reflected at the amount of cash received in connection with the transactions. The Company may be required to provide additional collateral based on the fair value of the underlying asset. The Company also participates in commodity repurchase transactions that are accounted for as commodity inventory and purchases and sales of physical commodities as opposed to secured borrowings. The repurchase price under these arrangements is not fixed at the time of execution and, therefore, does not meet all the criteria to be accounted for as product financing arrangements.
Lenders Under Loans and Senior Secured Borrowings	Lenders Under Loans Lenders under loans are accounted for at amortized cost, which approximates fair value due to variable rates of interest. Senior Secured Borrowings Senior secured borrowings are accounted for at amortized cost, and are stated net of unamortized deferred financing costs and original issue discount.
Revenue Recognition	Revenue Recognition The Company accounts for revenue earned from contracts with clients for services such as the execution, clearing, brokering, and custody of futures and options on futures contracts, OTC derivatives, and securities, investment management, and underwriting services under FASB ASC 606, Revenue from Contracts with Customers (“Topic 606”). Revenues for these services are recognized when the performance obligations related to the underlying transaction are completed. Only when goods or services are transferred to clients, are revenues recognized in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Revenues are analyzed to determine whether the Company is the principal (i.e. reports revenue on a gross basis) or agent (i.e., reports revenues on a net basis) in the contract. Principal or agent designations depend primarily on the control an entity has over the good or service before control is transferred to a client. The indicators of which party exercises control include primary responsibility over performance obligations, inventory risk before the good or service is transferred, and discretion in establishing the price. The revenue recognition model does not apply to revenues associated with dealing, or market-making, activities in financial instruments or contracts in the capacity of a principal, including derivative sales contracts which result in physical settlement and interest income.
Cost of Sales of Physical Commodities	Cost of Sales of Physical Commodities Cost of sales of physical commodities include finished commodity or raw material and processing costs along with operating costs relating to the receipt, storage and delivery of physical commodities. Cost of sales of physical commodities also includes changes in the fair value of agricultural commodity inventories held for sale and adjustments for related forward purchase and sale commitments and exchange-traded futures and options contracts. Cost of sales of physical commodities further includes lower of cost or net realizable value for energies and certain precious metals.
Interest Expense	Interest Expense Interest expense is recognized on an accrual basis. Interest expense is incurred on outstanding balances on the Company’s credit facilities. Interest expense is also incurred on fixed income securities sold, not yet purchased, that the Company holds in its market-marking businesses. Interest expense is also incurred from collateralized transactions, including securities loaned and securities sold under agreements to repurchase.
Transaction-Based Clearing Expenses	Transaction-Based Clearing Expenses Clearing fees and related expenses include primarily variable expenses for clearing and settlement services, including fees the Company pays to executing brokers, exchanges, clearing organizations and banks. These fees are based on transaction volume and recorded as expense on trade date. Clearing fees are passed on to clients and are presented gross in the consolidated statements of income as the Company acts as a principal for these transactions.
Introducing Broker Commissions	Introducing Broker Commissions Introducing broker commissions include commissions paid to non-employee individuals or organizations that maintain relationships with clients and introduce them to the Company. Introducing brokers accept futures and options orders from those clients, while the Company directly provides all account, transaction and margining services, including accepting money, securities and property from the clients. Introducing brokers bring clients to the Company’s OTC business as well. Introducing broker commissions are determined monthly and settled regularly.
Compensation and Benefits	Compensation and Benefits Compensation and benefits consists primarily of salaries, incentive compensation, variable compensation, including commissions, related payroll taxes and employee benefits. The Company classifies employees as either risk management consultants / traders, operational or administrative personnel, which includes executive officers. Variable compensation paid to risk management consultants and traders generally represents a fixed percentage of revenues generated, and in some cases, revenues produced less direct costs and an overhead allocation. The Company accrues commission expense on a trade-date basis.
Share-Based Compensation	Share-Based Compensation The Company accounts for share-based compensation from option and restricted stock unit awards in accordance with the guidance in ASC 718-10, Compensation - Stock Compensation. The cost of employee services received in exchange for a share-based award is generally measured based on the grant-date fair value of the award. Share-based employee awards that require future service are amortized over the relevant service period. Forfeitures are accounted for as they occur in determining share-based employee compensation expense. For awards granted, compensation cost is recognized on a straight-line basis over the vesting period for the entire award.
Selling and Marketing	Selling and Marketing The Company generally expenses Selling and marketing costs as incurred. The Company’s policy includes expensing commercial media development costs as incurred, rather than deferring them until the related commercial airs. The Company expenses air time, such as television air-time, as used.
Income Taxes	Income TaxesIncome tax expense includes U.S. federal, state and local and foreign income taxes. Certain items of income and expense are not reported in tax returns and financial statements in the same year. Accounting for income taxes aims to recognize the amount of taxes payable or refundable for the current year. The Company utilizes the asset and liability method to provide income taxes on all transactions recorded in the consolidated financial statements. This method requires that income taxes reflect the expected future tax consequences of temporary differences between the carrying amounts of assets or liabilities for book and tax purposes. Accordingly, a deferred tax asset or liability for each temporary difference is determined based on the tax rates that the Company expects to be in effect when the underlying items of income and expense are realized. Judgment is required in assessing the future tax consequences of events that have been recognized in the Company’s financial statements or tax returns, including the repatriation of undistributed earnings of foreign subsidiaries. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some or all of the deferred tax assets will not be realized. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authority, based upon the technical merits of the position. The tax benefit recognized in the consolidated financial statements from such a position is measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement.
Additional Paid-In Capital	Additional Paid-In Capital The Company’s additional paid-in capital (“APIC”) consists of stockholder contributions that are in excess of par value of common stock, also including amounts related to stock options exercises and share-based compensation.
Comprehensive Income	Comprehensive Income Comprehensive income consists of net income and other gains and losses affecting stockholders’ equity that, under U.S. GAAP, are excluded from net income. Other comprehensive income (loss) includes net actuarial gains and losses from defined benefit pension plans, the unrealized gains and losses from the Company’s cash flow hedges, as well as and gains and losses on foreign currency translations.
Accounting Standards Adopted	Accounting Standards Adopted In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This ASU removed certain exceptions for recognizing deferred taxes for investments, performing intraperiod allocation and calculating income taxes in interim periods. The ASU also adds guidance to reduce complexity in certain areas, including recognizing deferred taxes for tax goodwill and allocating taxes to members of a consolidated group. The Company adopted this standard as of October 1, 2021 on a prospective basis, as permitted by the standard. There was no cumulative effect adjustment recorded to retained earnings. The effects of this standard on the Company’s consolidated financial position, results of operations and cash flows are not material. In June 2016, the FASB issued ASU No. 2016-13, “Measurement of Credit Losses on Financial Instruments”, which significantly changes the ways entities recognize credit losses on financial instruments. The guidance is effective for public business entities for annual and interim periods in fiscal years beginning after December 15, 2019. In April 2019, the FASB issued ASU No. 2019-04, “Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments”, which among other things, included several amendments to ASU No. 2016-13, changing how a company considers expected recoveries and contractual extensions or renewal options when estimating expected credit losses. The guidance replaces the previous incurred loss impairment guidance and introduces a new credit reserving model known as the Current Expected Credit Loss (“CECL”) model, which is based on expected losses over the life of an asset, and applies to financial assets carried at amortized cost, held-to-maturity debt securities and off-balance sheet credit exposures. The allowance must reflect management’s estimate of credit losses over the life of the assets taking future economic changes into consideration. The Company adopted this guidance on October 1, 2020, using the modified retrospective approach, which resulted in a recognized cumulative-effect adjustment of $6.2 million, net of tax of $2.0 million, to the opening balance of retained earnings - see Note 5 and Note 13. The adoption impact was attributable to an increase in allowance for credit losses related to the OptionSellers.com Inc. clients discussed in further detail within Note 13 of the consolidated financial statements. Results for reporting periods beginning after October 1, 2020 are presented using the CECL model, while prior period amounts continue to be reported in accordance with previously applicable U.S. GAAP. Current Expected Credit Losses Beginning October 1, 2020, the Company estimates its allowance for credit losses on financial assets measured at amortized cost based on expected credit losses over the life of the financial asset. In determining expected credit losses, the Company considers a number of factors including, but not limited to, historical collection experience, current and forecasted economic and business conditions, internal and external credit risk ratings, collateral terms, payment terms and aging of the financial asset. The Company estimates expected credit losses primarily using a probability of default (“PD”)/loss given default (“LGD”) model (“PD/LGD model”), under which the expected credit loss is calculated as the product of PD, LGD and exposure at default. Additionally, for collateralized transactions, the Company elects to measure expected credit losses using the fair value of collateral received where the borrower is required to, and reasonably expected to, replenish the amount of collateral securing the receivable as a result of changes in the fair value of such collateral.
Earnings per Share	The Company presents basic and diluted earnings per share (“EPS”) using the two-class method which requires all outstanding unvested share-based payment awards that contain rights to non-forfeitable dividends and therefore participate in undistributed earnings with common stockholders be included in computing earnings per share. Under the two-class method, net income is reduced by the amount of dividends declared in the period for each class of common stock and participating security. The remaining undistributed earnings are then allocated to common stock and participating securities, based on their respective rights to receive dividends. Restricted stock awards granted to certain employees and directors contain non-forfeitable rights to dividends at the same rate as common stock, and are considered participating securities. Basic EPS has been computed by dividing net income by the weighted-average number of common shares outstanding.

Earnings per Share (Tables)

12 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Schedule of Calculation of Numerator and Denominator in Earnings Per Share

The following is a reconciliation of the numerator and denominator of the diluted net income per share computations for the periods presented below.


	Year Ended September 30,
(in millions, except share amounts)	2022		2021		2020
Numerator:
Net income	$	207.1	$	116.3	$	169.6
Less: Allocation to participating securities	(6.1)		(3.5)		(4.0)
Net income allocated to common stockholders	$	201.0	$	112.8	$	165.6
Denominator:
Weighted average number of:
Common shares outstanding	19,570,403		19,130,643		18,824,328
Dilutive potential common shares outstanding:
Share-based awards	497,137		547,525		356,151
Diluted shares outstanding	20,067,540		19,678,168		19,180,479

Assets and Liabilities, at Fair Value (Tables)

12 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value, Assets Measured on Recurring Basis


	September 30, 2022
(in millions)	Level 1		Level 2		Level 3		Netting (1)		Total
Assets:
Certificates of deposit	$	4.0	$	—	$	—	$	—	$	4.0
Money market mutual funds	39.5		—		—		—		39.5
Cash and cash equivalents	43.5		—		—		—		43.5
Commodities warehouse receipts	19.7		—		—		—		19.7
U.S. Treasury obligations	786.0		—		—		—		786.0
Securities and other assets segregated under federal and other regulations	805.7		—		—		—		805.7
U.S. Treasury obligations	4,258.5		—		—		—		4,258.5
To be announced ("TBA") and forward settling securities	—		207.6		—		(91.4)		116.2
Foreign government obligations	14.4		—		—		—		14.4
Derivatives	7,714.4		461.4		—		(9,747.7)		(1,571.9)
Deposits with and receivables from broker-dealers, clearing organizations and counterparties, net	11,987.3		669.0		—		(9,839.1)		2,817.2
Receivables from clients, net - Derivatives	67.2		511.6				(579.3)		(0.5)
Equity securities	367.9		11.8		—		—		379.7
Corporate and municipal bonds	—		156.8		—		—		156.8
U.S. Treasury obligations	347.6		—		—		—		347.6
U.S. government agency obligations	—		343.0		—		—		343.0
Foreign government obligations	4.8		—		—		—		4.8
Agency mortgage-backed obligations	—		2,588.7		—		—		2,588.7
Asset-backed obligations	—		70.7		—		—		70.7
Derivatives	0.7		694.3		—		(502.4)		192.6
Commodities leases	—		26.4		—		—		26.4
Commodities warehouse receipts	24.9		—		—		—		24.9
Exchange firm common stock	10.6		—		—		—		10.6
Mutual funds and other	17.4		4.1		—		—		21.5
Financial instruments owned	773.9		3,895.8		—		(502.4)		4,167.3
Physical commodities inventory	136.3		223.5		—		—		359.8
Total assets at fair value	$	13,813.9	$	5,299.9	$	—	$	(10,920.8)	$	8,193.0
Liabilities:

Payables to clients - Derivatives	7,722.5		175.4		—		(9,290.3)		(1,392.4)
TBA and forward settling securities	—		154.9		—		(96.9)		58.0
Derivatives	58.7		590.6		—		(651.5)		(2.2)
Payable to broker-dealers, clearing organizations and counterparties	58.7		745.5		—		(748.4)		55.8
Equity securities	299.9		5.7		—		—		305.6
Foreign government obligations	0.5		—		—		—		0.5
Corporate and municipal bonds	—		63.2		—		—		63.2
U.S. Treasury obligations	1,686.5		—		—		—		1,686.5
U.S. government agency obligations	—		24.3		—		—		24.3
Agency mortgage-backed obligations	—		5.4		—		—		5.4
Derivatives	—		779.7		—		(466.3)		313.4
Cash flow hedges	—		70.6		—		—		70.6

Other	—		0.1		—		—		0.1
Financial instruments sold, not yet purchased	1,986.9		949.0		—		(466.3)		2,469.6
Total liabilities at fair value	$	9,768.1	$	1,869.9	$	—	$	(10,505.0)	$	1,133.0

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


	September 30, 2021
(in millions)	Level 1		Level 2		Level 3		Netting (1)		Total
Assets:
Certificates of deposit	$	7.9	$	—	$	—	$	—	$	7.9
Money market mutual funds	12.9		—		—		—		12.9
Cash and cash equivalents	20.8		—		—		—		20.8
Commodities warehouse receipts	13.9		—		—		—		13.9
U.S. Treasury obligations	0.2		—		—		—		0.2
Securities and other assets segregated under federal and other regulations	14.1		—		—		—		14.1
U.S. Treasury obligations	798.5		—		—		—		798.5
TBA and forward settling securities	—		59.1		—		(40.1)		19.0
Foreign government obligations	12.2		—		—		—		12.2
Derivatives	4,475.8		167.4		—		(4,402.3)		240.9
Deposits with and receivables from broker-dealers, clearing organizations and counterparties, net	5,286.5		226.5		—		(4,442.4)		1,070.6
Receivables from clients, net - Derivatives	—		413.7				(411.1)		2.6
Equity securities	512.4		14.6		—		—		527.0
Corporate and municipal bonds	—		150.8		—		—		150.8
U.S. Treasury obligations	433.1		—		—		—		433.1
U.S. government agency obligations	—		327.6		—		—		327.6
Foreign government obligations	—		—		—		—		—
Agency mortgage-backed obligations	—		2,599.8		—		—		2,599.8
Asset-backed obligations	—		110.4		—		—		110.4
Derivatives	0.6		644.1		—		(500.4)		144.3
Commodities leases	—		18.1		—		—		18.1
Commodities warehouse receipts	21.4		—		—		—		21.4
Exchange firm common stock	11.6		—		—		—		11.6
Mutual funds and other	10.5		—		—		—		10.5
Financial instruments owned	989.6		3,865.4		—		(500.4)		4,354.6
Physical commodities inventory	111.2		248.7		—		—		359.9
Total assets at fair value	$	6,422.2	$	4,754.3	$	—	$	(5,353.9)	$	5,822.6
Liabilities:
Accounts payable and other accrued liabilities - contingent liabilities	$	—	$	—	$	2.8	$	—	$	2.8
Payables to clients - Derivatives	4,413.8		156.1		—		(4,278.4)		291.5
TBA and forward settling securities	—		52.2		—		(39.5)		12.7
Derivatives	63.1		239.4		—		(302.5)		—
Payable to broker-dealers, clearing organizations and counterparties	63.1		291.6		—		(342.0)		12.7
Equity securities	429.9		6.2		—		—		436.1
Corporate and municipal bonds	—		51.1		—		—		51.1
U.S. Treasury obligations	851.2		—		—		—		851.2

Agency mortgage-backed obligations	—		63.4		—		—		63.4
Derivatives	3.2		700.3		—		(335.0)		368.5
Commodities leases	—		0.9		—		—		0.9
Financial instruments sold, not yet purchased	1,284.3		821.9		—		(335.0)		1,771.2
Total liabilities at fair value	$	5,761.2	$	1,269.6	$	2.8	$	(4,955.4)	$	2,078.2

(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.

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

12 Months Ended

Sep. 30, 2022

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

Schedule of Derivative Instruments


	September 30, 2022				September 30, 2021
(in millions)	Assets (1)		Liabilities (1)		Assets (1)		Liabilities (1)
Derivative contracts not accounted for as hedges:
Exchange-traded commodity derivatives	$	4,520.4	$	4,519.3	$	3,904.1	$	3,904.7
OTC commodity derivatives	756.9		695.6		803.4		761.3
Exchange-traded foreign exchange derivatives	25.6		25.7		119.9		119.9
OTC foreign exchange derivatives	577.1		549.3		216.9		185.5
Exchange-traded interest rate derivatives	2,626.8		2,626.7		245.9		249.0
OTC interest rate derivatives	168.9		205.1		56.4		54.9
Exchange-traded equity index derivatives	609.5		609.5		206.5		206.5
OTC equity and indices derivatives	164.4		95.7		148.5		94.1
TBA and forward settling securities	207.6		154.9		59.1		52.2
Total derivative contracts not accounted for as hedges	9,657.2		9,481.8		5,760.7		5,628.1
Derivative contracts designated as hedging instruments:
Interest rate swaps	—		48.8		—		—
Foreign currency forwards	—		21.8		—		—
Total derivative contracts designated as hedging instruments	—		70.6		—		—
Gross fair value of derivative contracts	$	9,657.2	$	9,552.4	$	5,760.7	$	5,628.1
Impact of netting and collateral	(10,920.8)		(10,505.0)		(5,353.9)		(4,955.4)
Total fair value included in Deposits with and receivables from broker-dealers, clearing organizations, and counterparties, net	$	(1,455.7)			$	259.9
Total fair value included in Receivables from clients, net	$	(0.5)			$	2.6
Total fair value included in Financial instruments owned, at fair value	$	192.6			$	144.3
Total fair value included in Payables to clients			$	(1,392.4)			$	291.5
Total fair value included in Payables to broker-dealers, clearing organizations and counterparties			$	55.8			$	12.7
Fair value included in Financial instruments sold, not yet purchased, at fair value			$	384.0			$	368.5

(1)As of September 30, 2022 and 2021, the Company’s derivative contract volume for open positions was approximately 13.3 million and 11.1 million contracts, respectively.

Schedule of Fair Value of Derivative Instruments Designated for Hedging

The fair values of derivative instruments designated for hedging held as of September 30, 2022 are as follow:


	September 30, 2022
(in millions)	Balance Sheet Location	Fair Value
Liability Derivatives
Derivatives designated as hedging instruments:
Interest rate contracts	Financial instruments sold, not yet purchased	$	48.8
Foreign currency forward contracts	Financial instruments sold, not yet purchased	21.8
Total derivatives designated as hedging instruments		$	70.6

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance

The Condensed Consolidated Income Statement effects of derivative instruments designated for hedging held for the year ended September 30, 2022 are as follow:


	Year Ended September 30, 2022
(in millions)	Interest Expense
Total amounts in net income related to hedges
Interest rate contracts	$	2.4
Total derivatives designated as hedging instruments	$	2.4

Loss on cash flow hedging relationships:
Amount of loss reclassified from accumulated other comprehensive income into income	$	2.4
Amount reclassified from accumulated other comprehensive income into income as a result of a forecasted transaction that is no longer probable of occurring	$	—


	Year Ended September 30,
(in millions)	2022		2021		2020
Commodities	$	303.7	$	207.8	$	197.3
Foreign exchange	174.4		116.3		38.2
Interest rate, equities, and indices	100.4		80.8		20.4
TBA and forward settling securities	226.8		(6.3)		(49.7)
Net gains from derivative contracts	$	805.3	$	398.6	$	206.2

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income

The accumulated other comprehensive income effects of derivative instruments designated for hedging held for the year ended September 30, 2022 are as follows:


	Year Ended September 30, 2022
(in millions)	Amount of Loss Recognized in Other Comprehensive Income on Derivatives, net of tax		Location of Loss Reclassified from Accumulated Other Comprehensive Income into Income	Amount of Loss Reclassified from Accumulated Other Comprehensive Income into Income
Derivatives in Cash Flow Hedging Relationships:
Interest rate contracts	$	37.0	Interest Income	$	2.4
Foreign currency forward contracts	16.5		N/A	—
Total	$	53.5		$	2.4

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
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-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5579240-113959

+ Details

Allowance for Doubtful Accounts (Tables)

12 Months Ended

Sep. 30, 2022

Receivables [Abstract]

Schedule of Allowance for Doubtful Accounts

Activity in the allowance for doubtful accounts for the years ended September 30, 2022, 2021, and 2020 was as follows:


(in millions)	2022		2021		2020
Balance, beginning of year	$	39.8	$	27.1	$	48.6
ASU 2016-13 cumulative transition adjustment	—		8.2		—
Adjusted balance, beginning of year	39.8		35.3		48.6
Provision for bad debts(2)	12.4		10.4		13.0
Allowance charge-offs	(5.6)		(5.9)		(35.6)

Other(1)	1.2		—		1.1
Balance, end of year	$	47.8	$	39.8	$	27.1
(1) Allowance increase is related to a recoverable amount due from an affiliated party and recorded in Other assets on the Consolidated Balance Sheets.
(2) An additional $3.4 million is included in bad debt expense for the year ended September 30, 2022 on the consolidated income statement, which is not included in the allowance at the year then ended.

Physical Commodities Inventory (Tables)

12 Months Ended

Sep. 30, 2022

Inventory Disclosure [Abstract]

Schedule of Inventory

The Company’s inventories consist of finished physical commodities as shown below.


	September 30,
(in millions)	2022		2021
Physical Ag & Energy(1)	$	223.6	$	248.6
Precious metals - held by broker-dealer subsidiary	136.3		111.2
Precious metals - held by non-broker-dealer subsidiaries	153.6		87.7
Physical commodities inventory	$	513.5	$	447.5

Property and Equipment, net (Tables)

12 Months Ended

Sep. 30, 2022

Property, Plant and Equipment, Net [Abstract]

Property, Plant and Equipment

A summary of property and equipment, at cost less accumulated depreciation and amortization as of September 30, 2022 and 2021 is as follows:


	September 30,
(in millions)	2022		2021
Property and equipment:
Furniture and fixtures	$	16.0	$	15.0
Software	34.4		30.0
Equipment	45.3		44.1
Leasehold improvements	43.3		43.9
Capitalized software development	47.1		22.3
Total property and equipment	186.1		155.3
Less: accumulated depreciation and amortization	(73.2)		(62.0)
Property and equipment, net	$	112.9	$	93.3

Goodwill (Tables)

12 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Goodwill allocated to the Company’s operating segments as of September 30, 2022 and 2021 is as follows:


	September 30,
(in millions)	2022		2021
Commercial	$	32.6	$	32.5
Institutional	9.8		9.8
Retail	5.8		5.8
Global Payments	10.0		10.0
Total Goodwill	$	58.2	$	58.1

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

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Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

+ Details

Intangible Assets (Tables)

12 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite and Indefinite-Lived Intangible Assets

The gross and net carrying values of intangible assets as of the balance sheet dates, by major intangible asset class are as follows (in millions):


	September 30, 2022						September 30, 2021
	Gross Amount		Accumulated Amortization		Net Amount		Gross Amount		Accumulated Amortization		Net Amount
Intangible assets subject to amortization:


Trade/domain names	$	3.7	$	(1.6)	$	2.1	$	3.7	$	(0.9)	$	2.8
Software programs/platforms	28.3		(19.4)		8.9		31.4		(13.3)		18.1
Customer base	29.5		(18.0)		11.5		37.7		(21.7)		16.0
Total intangible assets subject to amortization	61.5		(39.0)		22.5		72.8		(35.9)		36.9

Intangible assets not subject to amortization
Website domains	1.8		—		1.8		2.1		—		2.1
Business licenses	3.7		—		3.7		3.7		—		3.7
Total intangible assets not subject to amortization	5.5		—		5.5		5.8		—		5.8
Total intangible assets	$	67.0	$	(39.0)	$	28.0	$	78.6	$	(35.9)	$	42.7

Schedule of Expected Amortization Expense

As of September 30, 2022, estimated future amortization expense was as follows:


(in millions)

Fiscal 2023	$	12.6
Fiscal 2024	5.0
Fiscal 2025	1.9
Fiscal 2026	1.2
Fiscal 2027 and thereafter	1.8
	$	22.5

Leases (Tables)

12 Months Ended

Sep. 30, 2022

Leases [Abstract]

Lease, Cost

The following table presents operating lease costs and other related information as of and for the fiscal year ended September 30, 2022 and 2021 (in millions, except as stated):


	Year Ended September 30,
	2022			2021
Operating lease costs (1)	$	25.7		$	25.5

Supplemental cash flow information and non-cash activity:
Cash paid for amounts included in the measurement of operating lease liabilities	$	16.4		$	16.8
Right-of-use assets obtained in exchange for operating lease liabilities	$	12.4		$	36.2

Lease term and discount rate information:
Weighted average remaining lease term (years)	10.9			11.5
Weighted average discount rate	4.3		%	4.0		%

(1) Includes short-term leases and variable lease costs, which are immaterial.

Schedule of Operating Lease, Liability, Maturity

The maturities of the lease liabilities are as follows as of September 30, 2022 (in millions):



2023	$	17.2
2024	17.0
2025	15.8
2026	16.1
2027	15.8
After 2027	97.8
Total lease payments	179.7
Less: interest	36.7
Present value of lease liabilities	$	143.0

Credit Facilities (Tables)

12 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Schedule of Debt


(in millions)
							Amounts Outstanding
	Borrower	Security	Renewal/Expiration Date	Total Commitment			September 30, 2022			September 30, 2021
Committed Credit Facilities
	Term Loan	(1)	N/A	$	—		$	—	(4)	$	170.1
	Revolving Line of Credit	(1)	April 21, 2025	475.0		(5)	260.0			—
	Senior StoneX Group Inc. Committed Credit Facility			475.0			260.0			170.1
	StoneX Financial Inc.	None	March 31, 2023	75.0		(5)	—			—
	StoneX Commodity Solutions LLC	Certain commodities assets	July 28, 2024	400.0		(5)	217.0			215.0
	StoneX Financial Ltd.	None	October 14, 2023	50.0		(5)	—			—
				$	1,000.0		$	477.0		$	385.1

Uncommitted Credit Facilities
	StoneX Financial Inc.	Commodities warehouse receipts and certain pledged securities	n/a	n/a		(5)	—			—
	StoneX Financial Ltd.	Commodities warehouse receipts	n/a	n/a		(5)	—			25.0
	Notes payable to bank	Certain equipment				(5)	8.1			8.6
	Senior Secured Notes	(2)				(4)	339.1		(3)	336.9
Total outstanding borrowings							$	824.2		$	755.6

(3) Amounts outstanding under the Senior Secured Notes are reported net of unamortized deferred financing costs and original issue discount of $8.8 million.

(4) Included in Senior secured borrowings, net on the Consolidated Balance Sheets.

(5) Included in Lenders under loans on the Consolidated Balance Sheets.

Securities and Commodity Financing Transactions (Tables)

12 Months Ended

Sep. 30, 2022

Broker-Dealer [Abstract]

Schedule of Underlying Assets of Repurchase Agreements when Amount of Repurchase Agreements Exceeds 10 Percent of Assets

The following tables provide the contractual maturities of gross obligations under repurchase and securities lending agreements as of the periods indicated (in millions):


	September 30, 2022
	Overnight and Open		Less than 30 Days		30-90 Days		Over 90 Days		Total
Securities sold under agreements to repurchase	$	3,664.7	$	2,279.1	$	186.3	3.4		$	6,133.5
Securities loaned	1,189.5		—		—		—		1,189.5
Gross amount of secured financing	$	4,854.2	$	2,279.1	$	186.3	$	3.4	$	7,323.0


	September 30, 2021
	Overnight and Open		Less than 30 Days		30-90 Days		Over 90 Days	Total
Securities sold under agreements to repurchase	$	2,949.8	$	973.4	$	137.5	280.2	$	4,340.9
Securities loaned	2,153.6		—		—		—	2,153.6
Gross amount of secured financing	$	5,103.4	$	973.4	$	137.5	280.2	$	6,494.5

Schedule of Financial Instruments Owned and Pledged as Collateral

The following table provides the underlying collateral types of the gross obligations under repurchase and securities lending agreements as of the periods indicated (in millions):


	September 30,
Securities sold under agreements to repurchase	2022		2021
U.S. Treasury obligations	$	1,311.0	$	106.8
U.S. government agency obligations	604.1		354.6
Asset-backed obligations	178.0		255.9
Agency mortgage-backed obligations	3,762.5		3,536.2
Foreign government obligations	97.2		—
Corporate bonds	180.7		87.4
Total securities sold under agreement to repurchase	$	6,133.5	$	4,340.9

Securities loaned
Equity securities	$	1,189.5	$	2,153.6
Total securities loaned	1,189.5		2,153.6
Gross amount of secured financing	$	7,323.0	$	6,494.5


	September 30, 2022
Offsetting of collateralized transactions:	Gross Amounts Recognized		Amounts Offset in the Consolidated Balance Sheet		Net Amounts Presented in the Consolidated Balance Sheet
Securities purchased under agreements to resell	$	4,609.9	$	(2,937.9)	$	1,672.0
Securities borrowed	$	1,209.8	$	—	$	1,209.8
Securities sold under agreements to repurchase	$	6,133.5	$	(2,937.9)	$	3,195.6
Securities loaned	$	1,189.5	$	—	$	1,189.5


	September 30, 2021
Offsetting of collateralized transactions:	Gross Amounts Recognized		Amounts Offset in the Consolidated Balance Sheet		Net Amounts Presented in the Consolidated Balance Sheet
Securities purchased under agreements to resell	$	2,239.9	$	—	$	2,239.9
Securities borrowed	$	2,163.1	$	—	$	2,163.1
Securities sold under agreements to repurchase	$	4,340.9	$	—	$	4,340.9
Securities loaned	$	2,153.6	$	—	$	2,153.6

Accumulated Other Comprehensive Loss, Net (Tables)

12 Months Ended

Sep. 30, 2022

Equity [Abstract]

Summary of Changes in Accumulated Other Comprehensive Loss

The following table summarizes the changes in accumulated other comprehensive loss for the years ended September 30, 2022, 2021, and 2020.


(in millions)	Foreign Currency Translation Adjustment		Pension Benefits Adjustment		Cash Flow Hedge		Accumulated Other Comprehensive Loss, net
Balances as of September 30, 2019	$	(31.5)	$	(3.3)	$	—	$	(34.8)
ASU 2018-02 cumulative transition adjustment	—		(0.7)		—		(0.7)
Adjusted balances as of September 30, 2019	(31.5)		(4.0)		—		(35.5)
Other comprehensive loss	(4.5)		(0.2)		—		(4.7)
Amounts reclassified from AOCI, net of tax	—		0.1		—		0.1
Other comprehensive loss, net of tax	(4.5)		(0.1)		—		(4.6)
Balances as of September 30, 2020	$	(36.0)	$	(4.1)	$	—	$	(40.1)
Other comprehensive income	13.3		1.5		—		14.8
Amounts reclassified from AOCI, net of tax	—		0.2		—		0.2
Other comprehensive income, net of tax	13.3		1.7		—		15.0
Balances as of September 30, 2021	$	(22.7)	$	(2.4)	$	—	$	(25.1)
Other comprehensive loss	(11.7)		(0.3)		(53.5)		(65.5)

Other comprehensive loss, net of tax	(11.7)		(0.3)		(53.5)		(65.5)
Balances as of September 30, 2022	$	(34.4)	$	(2.7)	$	(53.5)	$	(90.6)

Revenue from Contracts with Clients (Tables)

12 Months Ended

Sep. 30, 2022

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue


	Year Ended September 30,
	2022		2021		2020
Revenues from contracts with clients:
Commission and clearing fees:
Sales-based:
Exchange-traded futures and options	$	210.7	$	190.6	$	143.7
OTC derivative brokerage	16.8		15.9		19.7
Equities and fixed income	62.9		60.5		39.9
Mutual funds	4.1		5.5		5.2
Insurance and annuity products	9.3		9.7		8.4
Other	3.1		2.3		1.4
Total sales-based commission	306.9		284.5		218.3
Trailing:
Mutual funds	14.1		14.5		12.9
Insurance and annuity products	16.0		17.0		15.3
Total trailing commission	30.1		31.5		28.2

Clearing fees	153.2		150.9		139.0
Trade conversion fees	11.5		11.2		8.9
Other	6.2		9.1		9.2
Total commission and clearing fees	507.9		487.2		403.6
Consulting, management, and account fees:
Underwriting fees	0.5		0.6		0.6
Asset management fees	43.9		38.3		31.3
Advisory and consulting fees	30.9		24.9		22.2
Sweep program fees	13.1		3.0		9.5
Client account fees	16.0		15.8		12.3
Other	6.9		8.4		7.8
Total consulting, management, and account fees	111.3		91.0		83.7
Sales of physical commodities:
Precious metals retail sales	2,988.3		1,541.3		—
Total revenues from contracts with clients	$	3,607.5	$	2,119.5	$	487.3

Method of revenue recognition:
Point-in-time	$	3,489.5	$	2,021.8	$	396.1
Time elapsed	118.0		97.7		91.2
Total revenues from contracts with clients	3,607.5		2,119.5		487.3
Other sources of revenues
Physical precious metals trading	57,404.3		37,250.4		51,598.5
Physical agricultural and energy product trading	3,660.0		2,169.9		1,300.7
Principal gains, net	1,145.2		892.0		622.2
Interest income	219.0		102.4		130.9
Total revenues	$	66,036.0	$	42,534.2	$	54,139.6

Schedule of Income and Expense

The following table indicates the relevant income and expense:


	Year Ended September 30,
(in millions)	2022		2021		2020
Dividend income on long equity positions	$	142.3	$	282.7	$	77.0
Dividend expense on short equity positions	134.0		281.3		76.6
Dividend income net of dividend expense reported within Principal Gains, net	$	8.3	$	1.4	$	0.4

Share-Based Compensation (Tables)

12 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Share-based Payment Award, Stock options, Valuation Assumptions

Fair value is estimated at the grant date based on a Black-Scholes-Merton option-pricing model using the following weighted-average assumptions:


	Year Ended September 30,
	2022		2021		2020 (1)
Expected stock price volatility	39	%	38	%	—	%
Expected dividend yield	—	%	—	%	—	%
Risk free interest rate	1.54	%	1.68	%	—	%
Average expected life (in years)	5.21		4.50		0.00

(1) There were no stock options granted under the plan during the year ended September 30, 2020.

Share-based Compensation, Stock Options, Activity

The following is a summary of stock option activity for the year ended September 30, 2022:


	Shares Available for Grant	Number of Options Outstanding	Weighted Average Exercise Price		Weighted Average Grant Date Fair Value		Weighted Average Remaining Term (in years)	Aggregate Intrinsic Value ($ millions)
Balances as of September 30, 2021	1,569,798	1,229,600	$	45.17	$	12.82	4.21	$	25.5
Additional shares authorized by shareholders		—
Granted	(240,500)	240,500	$	62.04	$	22.82
Exercised	—	(212,356)	$	31.31	$	12.72
Forfeited	43,389	(43,389)	$	59.89	$	21.65
Expired	15,010	(15,010)	$	46.39	$	10.69
Balances as of September 30, 2022	1,387,697	1,199,345	$	50.46	$	14.57	4.54	$	39.0
Exercisable at September 30, 2022		233,655	$	46.14	$	11.78	3.33	$	8.6

Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range

The options outstanding as of September 30, 2022 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	—	n/a		n/a
$	5.00	-	$	10.00	—	n/a		n/a
$	10.00	-	$	15.00	—	n/a		n/a
$	15.00	-	$	20.00	—	n/a		n/a
$	20.00	-	$	25.00	—	n/a		n/a
$	25.00	-	$	30.00	—	n/a		n/a
$	30.00	-	$	35.00	—	n/a		n/a
$	35.00	-	$	40.00	53,627	$	39.79	0.37
$	40.00	-	$	45.00	700,000	$	45.00	4.18
$	45.00	-	$	50.00	—	n/a		n/a
$	50.00	-	$	55.00	—	n/a		n/a
$	55.00	-	$	60.00	—	n/a		n/a
$	60.00	-	$	65.00	445,718	$	60.33	5.61
					1,199,345	$	50.46	4.54

Schedule of Share-based Compensation, Restricted Stock Units Award Activity

The following is a summary of restricted stock activity through September 30, 2022:


	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 as of September 30, 2021	558,298	577,041	$	50.57	1.26	$	38.0


Granted	(269,129)	269,129	$	69.41
Vested	—	(265,862)	$	48.60
Forfeited	642	(642)	$	53.44
Balances as of September 30, 2022	289,811	579,666	$	60.22	1.22	$	48.1

Other Expenses (Tables)

12 Months Ended

Sep. 30, 2022

Other Expenses [Abstract]

Schedule of Other Operating Cost and Expense, by Component

Other expenses consisted of the following, for the periods indicated.


	Year Ended September 30,
(in millions)	2022		2021		2020
Non-income taxes	$	13.5	$	14.8	$	6.6
Insurance	10.8		7.1		4.7
Employee related expenses	9.6		7.0		4.7
Other direct business expenses	10.0		6.3		4.6
Membership fees	3.3		2.8		2.4
Director and public company expenses	1.8		1.5		1.4
Office expenses	1.7		1.3		1.8
Other expenses	9.9		5.5		3.4
Total other expenses	$	60.6	$	46.3	$	29.6

Income Taxes (Tables)

12 Months Ended

Sep. 30, 2022

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

Income tax expense/(benefit) for the years ended September 30, 2022, 2021, and 2020 was allocated as follows:


	Year Ended September 30,
(in millions)	2022		2021		2020
Income tax expense attributable to income from operations	$	70.1	$	37.8	$	37.1


Taxes allocated to stockholders’ equity, related to pension liabilities	(0.1)		0.5		—
Taxes allocated to stockholders’ equity, related to hedge accounting	(17.0)		—		—
Total income tax expense	$	53.0	$	38.3	$	37.1

The components of income tax expense/(benefit) attributable to income from operations were as follows:


	Year Ended September 30,
(in millions)	2022		2021		2020
Current taxes:
U.S. federal	$	8.2	$	6.7	$	(0.6)
U.S. state and local	3.6		(0.1)		2.3
Australia	2.8		1.8		0.5
Brazil	12.6		8.0		6.5
Germany	8.9		6.0		3.4
Singapore	2.0		1.9		2.8
United Kingdom	29.2		6.6		13.9
Other international	3.1		3.7		4.2
Total current taxes	70.4		34.6		33.0
Deferred taxes:
U.S. federal	3.4		1.4		4.9
U.S. state and local	(0.1)		2.7		0.6
Australia	(0.2)		0.3		(0.1)
Brazil	(0.8)		(1.3)		(1.3)
Singapore	—		0.4		0.8
United Kingdom	(2.7)		0.1		(0.3)
Other international	0.1		(0.4)		(0.5)
Total deferred taxes	(0.3)		3.2		4.1
Income tax expense	$	70.1	$	37.8	$	37.1

Schedule of Income before Income Tax, Domestic and Foreign

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


	Year Ended September 30,
(in millions)	2022		2021		2020
U.S.	$	50.0	$	37.3	$	88.8
Australia	8.7		7.8		1.4
Brazil	25.3		13.7		7.6
Germany	27.8		17.2		10.4
Singapore	19.4		16.0		20.5
United Kingdom	104.8		41.4		58.5
Other international	41.2		20.7		19.5
Income from operations, before tax	$	277.2	$	154.1	$	206.7

Schedule of Effective Income Tax Rate Reconciliation

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


	Year Ended September 30,
	2022		2021		2020
Federal statutory rate effect of:	21.0	%	21.0	%	21.0	%
U.S. State and local income taxes	1.0	%	1.8	%	1.2	%
Foreign earnings and losses taxed at different rates	1.1	%	1.0	%	0.9	%
Change in valuation allowance	0.9	%	1.9	%	1.0	%
U.K. bank tax	2.6	%	0.4	%	—	%
U.S. permanent items	0.2	%	(1.2)	%	0.6	%
Non-deductible compensation	0.7	%	1.9	%	0.6	%
Foreign permanent items	(2.8)	%	(2.3)	%	0.3	%
U.S. bargain purchase gain	—	%	(0.5)	%	(8.3)	%
GILTI	0.6	%	0.6	%	0.7	%
Effective rate	25.3	%	24.6	%	18.0	%

Schedule of Deferred Tax Assets and Liabilities

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


(in millions)	September 30, 2022		September 30, 2021
Deferred tax assets:
Share-based compensation	$	4.8	$	1.7

Deferred compensation	5.1		4.7
Net operating loss carryforwards	18.7		17.7
Intangible assets	6.4		6.5

Bad debt reserve	7.8		7.3
Hedging	17.0		—
Foreign tax credit carryforwards	1.6		2.0
Other compensation	8.0		7.0
Property and equipment	—		6.3
Pension	2.1		1.2
Right of use assets	23.8		22.9
Other	2.0		1.8
Total gross deferred tax assets	97.3		79.1
Less valuation allowance	(15.8)		(15.0)
Deferred tax assets	81.5		64.1
Deferred income tax liabilities:
Unrealized gain on securities	2.5		2.8
Prepaid expenses	3.8		4.2
Property and equipment	2.0		—
Right of use liabilities	20.8		21.6
Other deferred liabilities	0.4		0.4
Deferred income tax liabilities	29.5		29.0
Deferred income taxes, net	$	52.0	$	35.1

Acquisitions (Tables)

12 Months Ended

Sep. 30, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of Aggregate Merger Consideration

The aggregate merger consideration was (in millions):


Aggregate cash consideration	$	215.0
Accrual for merger cash consideration	21.6
Total merger consideration	$	236.6

Schedule of Preliminary Purchase Price Allocation as of the Acquisition

The following table summarizes the purchase price allocation as of the Gain acquisition date (in millions):


	Purchase Price Allocation
Cash and cash equivalents	$	507.2
Cash, securities and other assets segregated under federal and other regulations	497.4
Deposits with and receivables from broker-dealers, clearing organizations, and counterparties (1)	249.7
Receivables from clients, net (2)	2.0
Income taxes receivable	0.4
Deferred income taxes, net	23.0
Property and equipment, net	6.1

Right of use assets, net	15.0
Other assets	17.9
Total fair value of tangible assets acquired	1,318.7

Accounts payable and other accrued liabilities	49.4
Operating lease liabilities	15.0
Payable to clients	863.4
Payable to broker-dealers, clearing organizations, and counterparties	0.5
Income taxes payable	12.4
Convertible senior notes (3)	92.0
Total fair value of tangible liabilities assumed	1,032.7
Fair value of tangible net assets acquired (4)	286.0

Identifiable intangible assets acquired
Trademarks/domain names(5)	3.7
Software programs/platforms(5)	22.2
Customer base(5)	9.8
Total fair value of intangible assets acquired	35.7
Fair value of identifiable net assets acquired	321.7
Total merger consideration	236.6
Bargain purchase gain	$	85.1

(1) Amount represented the contractual amount of deposits with and receivables from broker-dealers, clearing organizations, and counterparties considered collectible as of the Gain acquisition date.

(2) Amount represented the contractual amount of receivables due from clients for trading activity considered collectible as of the Gain acquisition date.

(5) The trademark/domain names, software programs/platforms, and client base intangible assets were assigned useful lives of 5 years, 3 years, and 4 years, respectively.

Schedule of Business Acquisition Pro Forma Financial Information

The following unaudited pro forma financial information (in millions, except per share amounts) has been adjusted to give effect to the Gain merger as if it were consummated on October 1, 2019.


	Year Ended September 30, 2020
Total revenues	$	54,414.1
Net income	$	138.5
Basic earnings per share	$	7.17
Diluted earnings per share	$	7.02

Regulatory Requirements and Subsidiary Dividend Restrictions (Tables)

12 Months Ended

Sep. 30, 2022

Capital and Other Regulatory Requirements [Abstract]

Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations



Subsidiary	Regulatory Authority	Actual		Minimum Requirement
StoneX Financial Inc.	SEC and CFTC	$	402.4	$	250.1
StoneX Financial Ltd.	Financial Conduct Authority (“FCA”)	$	399.8	$	358.0
Gain Capital Group, LLC	CFTC and NFA	$	49.2	$	28.4
StoneX Financial Pte. Ltd.	Monetary Authority of Singapore ("MAS")	$	58.0	$	13.2
StoneX Markets LLC	CFTC and NFA	$	191.4	$	128.8

Segment and Geographic Information (Tables)

12 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

Information for the reportable segments is shown in accordance with the Segment Reporting Topic of the ASC as follows:


	Year Ended September 30,
(in millions)	2022		2021		2020
Total revenues:
Commercial	$	63,743.2	$	39,884.0	$	52,970.1
Institutional	831.8		668.4		624.1
Retail	1,304.2		1,859.9		432.7
Global Payments	172.0		137.3		117.4
Corporate Unallocated	7.8		1.7		14.6
Eliminations	(23.0)		(17.1)		(19.3)
Total	$	66,036.0	$	42,534.2	$	54,139.6
Operating revenues:
Commercial	$	692.1	$	534.8	$	431.5
Institutional	831.8		668.4		624.1
Retail	426.7		348.0		140.0
Global Payments	172.0		137.3		117.4
Corporate Unallocated	7.8		1.7		14.6
Eliminations	(23.0)		(17.1)		(19.3)
Total	$	2,107.4	$	1,673.1	$	1,308.3
Net operating revenues (loss):
Commercial	$	586.5	$	433.1	$	353.4
Institutional	483.5		419.4		363.8
Retail	302.9		222.4		63.8
Global Payments	162.5		129.9		111.5
Corporate Unallocated	(59.5)		(54.8)		(24.5)
Total	$	1,475.9	$	1,150.0	$	868.0
Net contribution:
(Revenues less cost of sales of physical commodities, transaction-based clearing expenses, variable compensation, introducing broker commissions and interest expense)
Commercial	$	415.3	$	299.7	$	242.2
Institutional	295.1		260.9		248.9
Retail	280.3		204.4		58.8
Global Payments	131.2		103.7		89.6
Total	$	1,121.9	$	868.7	$	639.5
Segment income:
(Net contribution less non-variable direct segment costs)
Commercial (1)	$	288.3	$	192.2	$	141.9
Institutional	174.6		167.7		152.9
Retail	115.4		67.8		31.7
Global Payments	97.4		78.5		68.6
Total	$	675.7	$	506.2	$	395.1
Reconciliation of segment income to income before tax:
Segment income	$	675.7	$	506.2	$	395.1
Net costs not allocated to operating segments	(398.5)		(355.5)		(270.3)
Gain on acquisitions and other gains, net	—		3.4		81.9
Income before tax	$	277.2	$	154.1	$	206.7


(in millions)	As of September 30, 2022		As of September 30, 2021		As of September 30, 2020
Total assets:
Commercial	$	5,931.0	$	3,969.9	$	2,753.6
Institutional	11,687.1		12,403.3		8,740.8
Retail	971.2		1,380.9		1,245.9
Global Payments	524.0		243.8		315.9
Corporate unallocated	746.3		841.7		418.7
Total	$	19,859.6	$	18,839.6	$	13,474.9

Schedule of Revenue Long-Lived Assets, by Geographical Areas


	Year Ended September 30,
(in millions)	2022		2021		2020
Total revenues:
United States	$	5,102.3	$	3,313.1	$	2,223.3
Europe	3,440.2		1,889.6		532.6
South America	87.2		64.5		58.9
Middle East and Asia	57,395.5		37,259.1		51,317.1
Other	10.8		7.9		7.7
Total	$	66,036.0	$	42,534.2	$	54,139.6
Operating revenues:
United States	$	1,448.2	$	1,157.4	$	928.3
Europe	474.6		371.3		237.9
South America	87.2		64.5		58.9
Middle East and Asia	86.6		72.0		75.5
Other	10.8		7.9		7.7
Total	$	2,107.4	$	1,673.1	$	1,308.3

(in millions)	As of September 30, 2022		As of September 30, 2021		As of September 30, 2020
Long-lived assets, as defined:
United States	$	67.9	$	54.1	$	55.4
Europe	41.1		36.0		3.1
South America	2.9		2.1		2.1
Middle East and Asia	1.0		0.9		1.3
Other	—		0.2		0.2
Total	$	112.9	$	93.3	$	62.1

Description of Business and Significant Accounting Policies (Details)		12 Months Ended
	Oct. 01, 2020 USD ($)	Sep. 30, 2022 USD ($) country client $ / shares shares	Sep. 30, 2021 USD ($) $ / shares shares	Sep. 30, 2020 USD ($)	Sep. 30, 2019	Sep. 30, 2018
Number of countries in which entity operates (more than) \| country		180
Number of commercial, institutional and global payment clients (more than) \| client		54,000
Number retail clients (more than) \| client		400,000
Translation gains			$ 800,000	$ 0
Net liabilities denominated in argentine pesos		$ 400,000
Net assets denominated in argentine pesos			400,000
Cash denominated in argentine pesos (less than)		100,000	100,000
Net nonmonetary denominated in Argentine pesos		1,100,000	900,000
Cash held at banks and money market funds - segregated		2,461,600,000	2,260,300,000
US government obligations and other securities		786,000,000	200,000
Commodities warehouse receipts		19,700,000	13,900,000
Cash and cash equivalents - deposits and receivables		2,515,000,000	3,139,600,000
US government securities and other securities - deposits and receivables		$ 4,272,900,000	810,700,000
Acquired finite-lived intangible asset, weighted average useful life		1 year
Goodwill impairment charges		$ 0	0	$ 0
Fair Value of exchange memberships		$ 6,200,000	$ 6,800,000
Preferred stock - authorized (in shares) \| shares		1,000,000	1,000,000
Preferred stock - par value (in dollar per share) \| $ / shares		$ 0.01	$ 0.01
Preferred stock - outstanding (in shares) \| shares		0	0
Accounting Standards Update [Extensible Enumeration]				Accounting Standards Update 2016-13 [Member]	Accounting Standards Update 2018-02 [Member]	Accounting Standards Update 2018-02 [Member]
Retained earnings		$ 889,600,000	$ 682,500,000
Income tax expense		70,100,000	37,800,000	$ 37,100,000
Cumulative transition adjustment
Retained earnings	$ (6,200,000)
Income tax expense	$ 2,000,000
Exchange Memberships Representing an Ownership Interest
Memberships in exchanges owned		5,500,000	5,500,000
Exchange Memberships not Representing an Ownership Interest
Memberships in exchanges owned		$ 5,800,000	$ 6,000,000
Minimum
Property plant and equipment, useful life		3 years
Identifiable intangible assets		5 years
Maximum
Property plant and equipment, useful life		10 years
Identifiable intangible assets		20 years
Capitalized software development
Property plant and equipment, useful life		3 years
Argentina
Translation gains		$ 2,100,000
Argentina \| Revenue Benchmark \| Geographic Concentration Risk
Percentage of operating revenues		1.00%
Retail
Number of countries in which entity operates (more than) \| country		180

Earnings per Share - EPS Reconciliation (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Numerator:
Net income	$ 207.1	$ 116.3	$ 169.6
Less: Allocation to participating securities	(6.1)	(3.5)	(4.0)
Net income allocated to common stockholders	$ 201.0	$ 112.8	$ 165.6
Denominator:
Common shares outstanding (in shares)	19,570,403	19,130,643	18,824,328
Dilutive potential common shares outstanding:
Share-based awards (in shares)	497,137	547,525	356,151
Diluted shares outstanding (in shares)	20,067,540	19,678,168	19,180,479

- Definition

Amount after tax of income (loss) from continuing operations attributable to the parent.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 18
-URI https://asc.fasb.org/extlink&oid=126929396&loc=SL4613673-111683

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126958026&loc=SL5780133-109256

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22595-107794

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.13)
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI https://asc.fasb.org/extlink&oid=126954810&loc=d3e3602-108585

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22583-107794

+ Details

Earnings per Share - Narrative (Details) - shares	12 Months Ended
Earnings per Share - Narrative (Details) - shares	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share [Abstract]
Antidilutive securities (in shares)	451,907	298,786	898,420

Assets and Liabilities, at Fair Value - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Accounts payable and other accrued liabilities	$ 400.6	$ 305.1
Equity investments in exchange stock - cost	3.7	3.7
Financial instruments owned	4,167.3	4,354.6
Additional consideration payable related to acquisitions	3.6	2.6
Remeasurement losses		1.1	$ 0.6
Carrying value	$ 339.1	336.9
Senior Notes Due Twenty Twenty Five
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, interest rate, stated percentage	8.625%
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	$ 352.3
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial instruments owned	4,167.3	4,354.6
Fair Value, Measurements, Recurring \| Exchange firm common stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial instruments owned	10.6	11.6
Fair Value, Measurements, Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial instruments owned	0.0	0.0
Fair Value, Measurements, Recurring \| Level 3 \| Exchange firm common stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial instruments owned	0.0	0.0
Fair Value, Measurements, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial instruments owned	3,895.8	3,865.4
Fair Value, Measurements, Recurring \| Level 2 \| Exchange firm common stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial instruments owned	0.0	0.0
Contingent Consideration \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Accounts payable and other accrued liabilities		2.8
Contingent Consideration \| Fair Value, Measurements, Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Accounts payable and other accrued liabilities	$ 0.0	2.8
Contingent Consideration \| Fair Value, Measurements, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Accounts payable and other accrued liabilities		$ 0.0

Financial Instruments with Off-Balance Sheet Risk and Concentrations of Credit Risk - Narrative (Details)	12 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2022 GBP (£)	Sep. 30, 2021 USD ($)
Derivatives, Fair Value [Line Items]
Financial instruments sold, not yet purchased, at fair value	$ 2,469,600,000		$ 1,771,200,000
Interest rate swaps
Derivatives, Fair Value [Line Items]
Derivative, notional amount	$ 1,500,000,000
Maximum length of time hedged in cash flow hedge	2 years
Derivative instruments, gain (loss) recognized in income, net	$ (9,700,000)
Foreign currency forwards
Derivatives, Fair Value [Line Items]
Derivative, notional amount	207,300,000	£ 168,000,000
Derivative instruments, gain (loss) recognized in income, net	(8,900,000)
Fair Value, Measurements, Recurring \| Derivatives
Derivatives, Fair Value [Line Items]
Financial instruments sold, not yet purchased, at fair value	$ 313,400,000		$ 368,500,000

Financial Instruments with Off-Balance Sheet Risk and Concentrations of Credit Risk - Gross Derivative Assets and Liabilities by Type and Balance Sheet Location (Details) contract in Millions, $ in Millions	Sep. 30, 2022 USD ($) contract	Sep. 30, 2021 USD ($) contract
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset	$ 9,657.2	$ 5,760.7
Derivative liability, fair value, gross liability	9,552.4	5,628.1
Impact of netting and collateral asset	(10,920.8)	(5,353.9)
Impact of netting and collateral liability	$ (10,505.0)	$ (4,955.4)
Derivative, number of instruments held \| contract	13.3	11.1
Not designated as hedging instrument
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset	$ 9,657.2	$ 5,760.7
Derivative liability, fair value, gross liability	9,481.8	5,628.1
Designated as hedging instrument
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset	0.0	0.0
Derivative liability, fair value, gross liability	70.6	0.0
Total fair value included in Deposits with and receivables from broker-dealers, clearing organizations, and counterparties, net
Derivatives, Fair Value [Line Items]
Derivative, fair value, net	(1,455.7)	259.9
Total fair value included in Receivables from clients, net
Derivatives, Fair Value [Line Items]
Derivative, fair value, net	(0.5)	2.6
Total fair value included in Financial instruments owned, at fair value
Derivatives, Fair Value [Line Items]
Derivative, fair value, net	192.6	144.3
Total fair value included in Payables to clients
Derivatives, Fair Value [Line Items]
Derivative, fair value, net	(1,392.4)	291.5
Total fair value included in Payables to broker-dealers, clearing organizations and counterparties
Derivatives, Fair Value [Line Items]
Derivative, fair value, net	55.8	12.7
Fair value included in Financial instruments sold, not yet purchased, at fair value
Derivatives, Fair Value [Line Items]
Derivative, fair value, net	384.0	368.5
Exchange-traded commodity derivatives \| Not designated as hedging instrument
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset	4,520.4	3,904.1
Derivative liability, fair value, gross liability	4,519.3	3,904.7
OTC commodity derivatives \| Not designated as hedging instrument
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset	756.9	803.4
Derivative liability, fair value, gross liability	695.6	761.3
Exchange-traded foreign exchange derivatives \| Not designated as hedging instrument
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset	25.6	119.9
Derivative liability, fair value, gross liability	25.7	119.9
OTC foreign exchange derivatives \| Not designated as hedging instrument
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset	577.1	216.9
Derivative liability, fair value, gross liability	549.3	185.5
Exchange-traded interest rate derivatives \| Not designated as hedging instrument
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset	2,626.8	245.9
Derivative liability, fair value, gross liability	2,626.7	249.0
OTC interest rate derivatives \| Not designated as hedging instrument
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset	168.9	56.4
Derivative liability, fair value, gross liability	205.1	54.9
OTC interest rate derivatives \| Designated as hedging instrument
Derivatives, Fair Value [Line Items]
Derivative liability, fair value, gross liability	48.8
Exchange-traded equity index derivatives \| Not designated as hedging instrument
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset	609.5	206.5
Derivative liability, fair value, gross liability	609.5	206.5
OTC equity and indices derivatives \| Not designated as hedging instrument
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset	164.4	148.5
Derivative liability, fair value, gross liability	95.7	94.1
TBA and forward settling securities \| Not designated as hedging instrument
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset	207.6	59.1
Derivative liability, fair value, gross liability	154.9	52.2
Interest rate swaps \| Designated as hedging instrument
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset	0.0	0.0
Derivative liability, fair value, gross liability	48.8	0.0
Foreign currency forwards \| Designated as hedging instrument
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset	0.0	0.0
Derivative liability, fair value, gross liability	$ 21.8	$ 0.0

Financial Instruments with Off-Balance Sheet Risk and Concentrations of Credit Risk - Fair Values of Derivative Instruments Designated for Hedging Held (Details) - USD ($) $ in Millions	Sep. 30, 2022	Sep. 30, 2021
Derivatives, Fair Value [Line Items]
Liability Derivatives	$ 9,552.4	$ 5,628.1
Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Liability Derivatives	70.6	$ 0.0
Designated as Hedging Instrument \| Interest rate contracts
Derivatives, Fair Value [Line Items]
Liability Derivatives	48.8
Designated as Hedging Instrument \| Foreign currency forwards
Derivatives, Fair Value [Line Items]
Liability Derivatives	$ 21.8

Financial Instruments with Off-Balance Sheet Risk and Concentrations of Credit Risk - Income Statement Effects of Derivative Instruments (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of loss reclassified from accumulated other comprehensive income into income	$ 2.4
Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total derivatives designated as hedging instruments	2.4
Amount reclassified from accumulated other comprehensive income into income as a result of a forecasted transaction that is no longer probable of occurring	0.0
Interest rate contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total derivatives designated as hedging instruments	100.4	$ 80.8	$ 20.4
Amount of loss reclassified from accumulated other comprehensive income into income	2.4
Interest rate contracts \| Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total derivatives designated as hedging instruments	$ 2.4

Financial Instruments with Off-Balance Sheet Risk and Concentrations of Credit Risk - Accumulated Other Comprehensive Income Effects of Derivative Instruments (Details) $ in Millions	12 Months Ended
	Sep. 30, 2022 USD ($)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Loss Recognized in Other Comprehensive Income on Derivatives, net of tax	$ 53.5
Amount of Loss Reclassified from Accumulated Other Comprehensive Income into Income	2.4
Interest rate contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Loss Recognized in Other Comprehensive Income on Derivatives, net of tax	37.0
Amount of Loss Reclassified from Accumulated Other Comprehensive Income into Income	2.4
Foreign currency forwards
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Loss Recognized in Other Comprehensive Income on Derivatives, net of tax	16.5
Amount of Loss Reclassified from Accumulated Other Comprehensive Income into Income	$ 0.0

Financial Instruments with Off-Balance Sheet Risk and Concentrations of Credit Risk - Realized Gains/Losses on Derivative Contracts (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Cost of sales of physical commodities, Principal gains, net	Cost of sales of physical commodities, Principal gains, net	Cost of sales of physical commodities, Principal gains, net
Commodities
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments, gain (loss) recognized in income, net	$ 303.7	$ 207.8	$ 197.3
Foreign exchange
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments, gain (loss) recognized in income, net	174.4	116.3	38.2
Interest rate contracts
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments, gain (loss) recognized in income, net	100.4	80.8	20.4
TBA and forward settling securities
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments, gain (loss) recognized in income, net	226.8	(6.3)	(49.7)
Derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instruments, gain (loss) recognized in income, net	$ 805.3	$ 398.6	$ 206.2

Allowance for Doubtful Accounts - Narrative (Details) - USD ($)	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for doubtful accounts - deposits with and receivables from broker-dealers, clearings organizations, and counterparties	$ 1,400,000	$ 1,300,000
Allowance for doubtful accounts receivable	46,400,000	38,500,000
Allowance for doubtful accounts	0	0
Accounts receivable, allowance for doubtful accounts write-off	5,600,000	5,900,000
Accounts receivable, allowance for doubtful accounts related to physical coal business	5,600,000	5,900,000	$ 35,600,000
Provision for bad debts, net of recoveries and impairment	12,400,000	10,400,000	13,000,000
Commerical Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for bad debts, net of recoveries and impairment	11,600,000	8,500,000
Bad debt expense (recovery)		4,600,000	3,200,000
Net increase in provision for bad debts			3,500,000
Retail Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for bad debts, net of recoveries and impairment	2,300,000	1,100,000	600,000
Retail Segment, Physical Commodity Accounts
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for bad debts, net of recoveries and impairment	$ 2,500,000
Institutional Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for bad debts, net of recoveries and impairment		600,000
Net increase in provision for bad debts			$ 5,400,000
Global Payments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for bad debts, net of recoveries and impairment		$ 200,000

Allowance for Doubtful Accounts - Allowance for Bad Debts (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance, beginning of year	$ 39.8	$ 27.1	$ 48.6
Provision for bad debts	12.4	10.4	13.0
Allowance charge-offs	(5.6)	(5.9)	(35.6)
Other	1.2	0.0	1.1
Balance, end of year	47.8	39.8	$ 27.1	$ 48.6
Bad debt expense not included in allowance	3.4
Accounting Standards Update [Extensible Enumeration]			Accounting Standards Update 2016-13 [Member]	Accounting Standards Update 2018-02 [Member]	Accounting Standards Update 2018-02 [Member]
Cumulative transition adjustment
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance, beginning of year	0.0	8.2	$ 0.0
Balance, end of year		0.0	8.2	$ 0.0
Adjusted balance
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance, beginning of year	$ 39.8	35.3	48.6
Balance, end of year		$ 39.8	$ 35.3	$ 48.6

- Definition

Indicates amendment to accounting standards.

+ References

+ Details

Physical Commodities Inventory - Physical Commodities Inventory (Details) - USD ($) $ in Millions	Sep. 30, 2022	Sep. 30, 2021
Inventory [Line Items]
Physical Ag & Energy	$ 223.6	$ 248.6
Precious metals - held by broker-dealer subsidiary	359.8	359.9
Physical commodities inventory	513.5	447.5
Physical Commodities Inventory - Precious Metals
Inventory [Line Items]
Precious metals - held by broker-dealer subsidiary	136.3	111.2
Precious metals - held by non-broker-dealer subsidiaries	$ 153.6	$ 87.7

Property and Equipment, net - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 30.0	$ 21.3	$ 13.3
Capitalized computer software, additions	$ 24.8	$ 22.3
Impairment charges			$ 5.7
Capitalized software development
Property, Plant and Equipment [Line Items]
Property plant and equipment, useful life	3 years
Minimum
Property, Plant and Equipment [Line Items]
Property plant and equipment, useful life	3 years
Maximum
Property, Plant and Equipment [Line Items]
Property plant and equipment, useful life	10 years

Property and Equipment, net - Accumulated Depreciation and Amortization (Details) - USD ($) $ in Millions	Sep. 30, 2022	Sep. 30, 2021
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 186.1	$ 155.3
Less: accumulated depreciation and amortization	(73.2)	(62.0)
Property and equipment, net	112.9	93.3
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment	16.0	15.0
Software
Property, Plant and Equipment [Line Items]
Total property and equipment	34.4	30.0
Equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	45.3	44.1
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	43.3	43.9
Capitalized software development
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 47.1	$ 22.3

Goodwill - Goodwill by Segment (Details) - USD ($) $ in Millions	Sep. 30, 2022	Sep. 30, 2021
Goodwill [Line Items]
Goodwill	$ 58.2	$ 58.1
Commercial
Goodwill [Line Items]
Goodwill	32.6	32.5
Institutional
Goodwill [Line Items]
Goodwill	9.8	9.8
Retail
Goodwill [Line Items]
Goodwill	5.8	5.8
Global Payments
Goodwill [Line Items]
Goodwill	$ 10.0	$ 10.0

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Goodwill - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Goodwill - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2022	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, foreign currency translation gain (loss)	$ 0.1	$ 0.2

Intangible Assets - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 14.4	$ 15.1	$ 5.8
Customer base
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets acquired	0.2
Finite-lived intangible assets write-off	$ 11.1
Finite-lived intangible assets write-off [Extensible Enumeration]	Provision for bad debts, net of recoveries and impairment

Intangible Assets - Gross and Net Intangible Assets by Major Class (Details) - USD ($) $ in Millions	Sep. 30, 2022	Sep. 30, 2021
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross amount	$ 61.5	$ 72.8
Finite-lived intangible assets, accumulated amortization	(39.0)	(35.9)
Finite-lived intangible assets, net amount	22.5	36.9
Indefinite-lived intangible assets	5.5	5.8
Intangible assets, gross amount	67.0	78.6
Total intangible assets, net amount	28.0	42.7
Website domains
Acquired Finite-Lived Intangible Assets [Line Items]
Indefinite-lived license agreements	1.8	2.1
Business licenses
Acquired Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	3.7	3.7
Trade/domain names
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived trade/domain names, gross amount	3.7	3.7
Finite-lived intangible assets, accumulated amortization	(1.6)	(0.9)
Finite-lived intangible assets, net amount	2.1	2.8
Software programs/platforms
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived software programs/platforms, gross amount	28.3	31.4
Finite-lived intangible assets, accumulated amortization	(19.4)	(13.3)
Finite-lived intangible assets, net amount	8.9	18.1
Customer base
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived customer base, gross amount	29.5	37.7
Finite-lived intangible assets, accumulated amortization	(18.0)	(21.7)
Finite-lived intangible assets, net amount	$ 11.5	$ 16.0

Intangible Assets - Finite-Lived Intangible Assets Future Amortization Expense (Details) - USD ($) $ in Millions	Sep. 30, 2022	Sep. 30, 2021
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Fiscal 2023	$ 12.6
Fiscal 2024	5.0
Fiscal 2025	1.9
Fiscal 2026	1.2
Fiscal 2027 and thereafter	1.8
Finite-lived intangible assets, net amount	$ 22.5	$ 36.9

Leases - Narrative (Details) $ in Millions	12 Months Ended
Leases - Narrative (Details) $ in Millions	Sep. 30, 2022 USD ($) renewal_option	Sep. 30, 2021 USD ($)
Lessee, Lease, Description [Line Items]
Number of options to renew (or more) \| renewal_option	1
Termination period	2 years
Operating right of use assets	$ 121.8	$ 125.3
Operating lease liabilities	$ 143.0	$ 146.6
Building \| Minimum
Lessee, Lease, Description [Line Items]
Renewal term	3 years
Building \| Maximum
Lessee, Lease, Description [Line Items]
Renewal term	10 years

Leases - Operating Lease Costs and Other Related Information (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Leases [Abstract]
Operating lease costs	$ 25.7	$ 25.5
Cash paid for amounts included in the measurement of operating lease liabilities	16.4	16.8
Right-of-use assets obtained in exchange for operating lease liabilities	$ 12.4	$ 36.2
Weighted average remaining lease term (years)	10 years 10 months 24 days	11 years 6 months
Weighted average discount rate	4.30%	4.00%

Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2022	Sep. 30, 2021
Leases [Abstract]
2023	$ 17.2
2024	17.0
2025	15.8
2026	16.1
2027	15.8
After 2027	97.8
Total lease payments	179.7
Less: interest	36.7
Present value of lease liabilities	$ 143.0	$ 146.6

Credit Facilities - Credit Facilities (Details)	12 Months Ended
Credit Facilities - Credit Facilities (Details)	Sep. 30, 2022 USD ($) facility	Jul. 28, 2022 USD ($)	Jul. 27, 2022 USD ($)	Mar. 31, 2022 USD ($)	Sep. 30, 2021 USD ($)	Dec. 31, 2020 USD ($)
Line of Credit Facility [Line Items]
Payable to lenders under loans	$ 485,100,000				$ 248,600,000
Notes payable to bank	$ 8,100,000				8,600,000	$ 9,000,000
Debt, weighted average interest rate						2.35%
Revolving Credit Facility
Line of Credit Facility [Line Items]
Number of credit facilities \| facility	4
Maximum borrowing capacity under credit facilities	$ 1,000,000,000
Number of credit facilities scheduled to expire within one year \| facility	1
Revolving Credit Facility \| StoneX Inc. Bank of America Syndicated Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity under credit facilities	$ 475,000,000.0
Term of syndicated loan facility	3 years
Line of credit facility borrowing	$ 475,000,000			$ 236,100,000
Line of credit facility, unused capacity, commitment fee percentage	0.625%
Revolving Credit Facility \| StoneX Inc. Bank of America Syndicated Credit Facility \| Secured Overnight Financing Rate (SOFR) Rate
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	3.00%
Line of credit facility, interest rate at period end	6.15%
Revolving Credit Facility \| StoneX Inc. Bank of America Syndicated Credit Facility \| Base Rate
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	2.00%
Line of credit facility, interest rate at period end	8.25%
Revolving Credit Facility \| StoneX Inc. Bank of America Syndicated Credit Facility, Extended Maturity
Line of Credit Facility [Line Items]
Line of credit facility borrowing				475,000,000
Revolving Credit Facility \| StoneX Financial Margin line of credit facility
Line of Credit Facility [Line Items]
Line of credit facility borrowing	$ 75,000,000
Line of credit facility, unused capacity, commitment fee percentage	0.50%
Line of credit facility, interest rate at period end	5.75%
Payable to lenders under loans	$ 0				0
Revolving Credit Facility \| StoneX Financial Margin line of credit facility \| Base Rate
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	2.00%
Revolving Credit Facility \| FMS Sub-note commodity line of credit facility
Line of Credit Facility [Line Items]
Line of credit facility borrowing	$ 400,000,000.0	$ 400,000,000	$ 325,000,000
Line of credit facility, unused capacity, commitment fee percentage	0.35%
Revolving Credit Facility \| FMS Sub-note commodity line of credit facility \| Secured Overnight Financing Rate (SOFR) Rate
Line of Credit Facility [Line Items]
Line of credit facility, interest rate at period end	5.41%
Revolving Credit Facility \| FMS Sub-note commodity line of credit facility \| Base Rate
Line of Credit Facility [Line Items]
Line of credit facility, interest rate at period end	6.25%
Revolving Credit Facility \| StoneX Financial Ltd.
Line of Credit Facility [Line Items]
Line of credit facility borrowing	$ 50,000,000
Revolving Credit Facility \| StoneX Financial Ltd. \| Base Rate
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	2.50%
Revolving Credit Facility \| StoneX Financial Inc. Uncommitted Commodities Delivery Line
Line of Credit Facility [Line Items]
Line of credit facility borrowing	$ 45,000,000
Payable to lenders under loans	0				25,000,000
Revolving Credit Facility \| IFFI Uncommitted Lines of Credit
Line of Credit Facility [Line Items]
Line of credit facility borrowing	100,000,000
Payable to lenders under loans	$ 0				$ 0
Revolving Credit Facility \| Term Loan A Facility \| StoneX Inc. Bank of America Syndicated Credit Facility
Line of Credit Facility [Line Items]
Line of credit facility borrowing				$ 165,400,000
Term loan periodic payment, percent	1.25%
Term loan periodic payment	$ 4,900,000

Credit Facilities - Senior Secured Notes due 2025 (Details) - USD ($)	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2020
Debt Instrument [Line Items]
Repayments of senior secured notes	$ 500,000	$ 1,600,000	$ 92,100,000
Senior Notes Due Twenty Twenty Five
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	8.625%
Senior Notes Due Twenty Twenty Five \| Senior Notes
Debt Instrument [Line Items]
Debt instrument, face amount				$ 350,000,000
Debt instrument, interest rate, stated percentage	8.625%			8.625%
Debt instrument offering price, percentage				98.50%
Debt issuance costs, gross	$ 9,500,000
Debt instrument, redemption price, percentage		103.00%
Repayments of senior secured notes		$ 1,600,000
Senior Notes Due Twenty Twenty Five \| Senior Notes \| Gain Capital Holdings Inc
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage				5.00%
Debt instrument remaining outstanding	$ 500,000

Credit Facilities - Credit Facilities and Financing Bridge Commitment (Details) - USD ($)	Sep. 30, 2022	Jul. 28, 2022	Jul. 27, 2022	Mar. 31, 2022	Sep. 30, 2021	Dec. 31, 2020
Line of Credit Facility [Line Items]
Payable to lenders under loans	$ 485,100,000				$ 248,600,000
Notes payable to bank	8,100,000				8,600,000	$ 9,000,000
Senior Secured Notes	339,100,000				336,900,000
Lenders under loans	824,200,000				755,600,000
Debt instrument, unamortized discount (premium) and debt issuance costs, net	8,800,000
Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity under credit facilities	1,000,000,000
Amount outstanding	477,000,000.0				385,100,000
Revolving Credit Facility \| StoneX Inc. Bank of America Syndicated Credit Facility
Line of Credit Facility [Line Items]
Long-term debt, gross	0
Line of credit facility borrowing	475,000,000			$ 236,100,000
Maximum borrowing capacity under credit facilities	475,000,000.0
Senior secured borrowings, net	0				170,100,000
Long-term line of credit, noncurrent	260,000,000.0				0
Long-term debt	260,000,000.0				170,100,000
Revolving Credit Facility \| StoneX Financial Margin line of credit facility
Line of Credit Facility [Line Items]
Line of credit facility borrowing	75,000,000
Line of credit facility	0				0
Payable to lenders under loans	0				0
Revolving Credit Facility \| FMS Sub-note commodity line of credit facility
Line of Credit Facility [Line Items]
Line of credit facility borrowing	400,000,000.0	$ 400,000,000	$ 325,000,000
Line of credit facility	217,000,000.0				215,000,000.0
Revolving Credit Facility \| StoneX Financial Ltd.
Line of Credit Facility [Line Items]
Line of credit facility borrowing	50,000,000
Line of credit facility	0				0
Revolving Credit Facility \| IFFI Uncommitted Lines of Credit
Line of Credit Facility [Line Items]
Line of credit facility borrowing	100,000,000
Payable to lenders under loans	0				0
Revolving Credit Facility \| Rabobank Uncommited Line of Credit
Line of Credit Facility [Line Items]
Short-term debt	$ 0				$ 25,000,000.0

Securities and Commodity Financing Transactions - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Assets Sold under Agreements to Repurchase [Line Items]
Fair value of financial instruments owned	$ 4,167.3	$ 4,354.6
Fair value of repledged securities	2,372.3	843.3
Securities loaned, fair value of collateral	1,146.0	2,097.6
Fair value of securities received as collateral that can be resold or repledged	5,836.1	4,399.8
Fair value of securities received as collateral that have been resold or repledged	1,615.3	1,031.1
Asset Pledged as Collateral with Right
Assets Sold under Agreements to Repurchase [Line Items]
Fair value of financial instruments owned	2,372.3	843.3
Asset Pledged as Collateral without Right \| Tri-party Repurchase Agreements
Assets Sold under Agreements to Repurchase [Line Items]
Fair value of financial instruments owned	822.5	2,359.6
Fair value of repledged securities	$ 2,965.3	$ 1,157.9
Repurchase agreement term	2 years

Securities and Commodity Financing Transactions - Collateral Maturities of Gross Obligations (Details) - USD ($) $ in Millions	Sep. 30, 2022	Sep. 30, 2021
Assets Sold under Agreements to Repurchase [Line Items]
Securities sold under agreements to repurchase	$ 6,133.5	$ 4,340.9
Securities loaned	1,189.5	2,153.6
Gross amount of secured financing	7,323.0	6,494.5
Overnight and Open
Assets Sold under Agreements to Repurchase [Line Items]
Securities sold under agreements to repurchase	3,664.7	2,949.8
Securities loaned	1,189.5	2,153.6
Gross amount of secured financing	4,854.2	5,103.4
Less than 30 Days
Assets Sold under Agreements to Repurchase [Line Items]
Securities sold under agreements to repurchase	2,279.1	973.4
Securities loaned	0.0	0.0
Gross amount of secured financing	2,279.1	973.4
30-90 Days
Assets Sold under Agreements to Repurchase [Line Items]
Securities sold under agreements to repurchase	186.3	137.5
Securities loaned	0.0	0.0
Gross amount of secured financing	186.3	137.5
Over 90 Days
Assets Sold under Agreements to Repurchase [Line Items]
Securities sold under agreements to repurchase	3.4	280.2
Securities loaned	0.0	0.0
Gross amount of secured financing	$ 3.4	$ 280.2

Securities and Commodity Financing Transactions - Underlying Collateral Types of Gross Obligations (Details) - USD ($) $ in Millions	Sep. 30, 2022	Sep. 30, 2021
Assets Sold under Agreements to Repurchase [Line Items]
Securities sold under agreements to repurchase	$ 6,133.5	$ 4,340.9
Securities loaned	1,189.5	2,153.6
Gross amount of secured financing	7,323.0	6,494.5
U.S. Treasury obligations
Assets Sold under Agreements to Repurchase [Line Items]
Securities sold under agreements to repurchase	1,311.0	106.8
U.S. government agency obligations
Assets Sold under Agreements to Repurchase [Line Items]
Securities sold under agreements to repurchase	604.1	354.6
Asset-backed obligations
Assets Sold under Agreements to Repurchase [Line Items]
Securities sold under agreements to repurchase	178.0	255.9
Agency mortgage-backed obligations
Assets Sold under Agreements to Repurchase [Line Items]
Securities sold under agreements to repurchase	3,762.5	3,536.2
Foreign government obligations
Assets Sold under Agreements to Repurchase [Line Items]
Securities sold under agreements to repurchase	97.2	0.0
Corporate bonds
Assets Sold under Agreements to Repurchase [Line Items]
Securities sold under agreements to repurchase	180.7	87.4
Equity securities
Assets Sold under Agreements to Repurchase [Line Items]
Securities loaned	$ 1,189.5	$ 2,153.6

Securities and Commodity Financing Transactions - Netting of Securities Purchased Under Agreements (Details) - USD ($) $ in Millions	Sep. 30, 2022	Sep. 30, 2021
Broker-Dealer [Abstract]
Securities purchased under agreements to resell, gross	$ 4,609.9	$ 2,239.9
Securities Purchased under Agreements to Resell, Offset	(2,937.9)	0.0
Securities purchased under agreements to resell	1,672.0	2,239.9
Securities borrowed, gross	1,209.8	2,163.1
Securities borrowed	1,209.8	2,163.1
Securities sold under agreements to repurchase	6,133.5	4,340.9
Securities sold under agreements to repurchase, Offset	(2,937.9)	0.0
Securities sold under agreements to repurchase	3,195.6	4,340.9
Securities loaned, gross	1,189.5	2,153.6
Securities loaned	$ 1,189.5	$ 2,153.6

Commitments and Contingencies (Details) $ in Millions	1 Months Ended	12 Months Ended
Commitments and Contingencies (Details) $ in Millions	Nov. 30, 2018 account	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)
Loss Contingencies [Line Items]
Loss contingency, range of possible loss, portion not accrued		$ 25.9
Maximum amount of individual accounts receivable account		1.4
Accrual		7.6
Purchase obligation, due in next twelve months		7,595.3
Purchase obligation, due in second and third year		882.4
Purchase obligation, due in fourth and fifth year		52.6
Purchase obligation, due after fifth year		108.4
Purchase obligation, due in next twelve months		$ 8,253.9
Percentage of stop loss actual estimated claims		120.00%
Self insurance reserve and dental claims		$ 1.3	$ 1.2
StoneX Financial
Loss Contingencies [Line Items]
Number of accounts \| account	300

Accumulated Other Comprehensive Loss, Net (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 904.0	$ 767.5	$ 594.2
Other comprehensive income (loss)	(65.5)	14.8	(4.7)
Amounts reclassified from AOCI, net of tax	0.0	0.2	0.1
Other comprehensive (loss)/income	(65.5)	15.0	(4.6)
Ending balance	1,070.1	904.0	$ 767.5	$ 594.2
Accounting Standards Update [Extensible Enumeration]			Accounting Standards Update 2016-13 [Member]	Accounting Standards Update 2018-02 [Member]	Accounting Standards Update 2018-02 [Member]
Cumulative transition adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance		(6.2)	$ 0.0
Ending balance			(6.2)	$ 0.0
Adjusted balance
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance		761.3	594.2
Ending balance			761.3	594.2
Foreign Currency Translation Adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(22.7)	(36.0)	(31.5)
Other comprehensive income (loss)	(11.7)	13.3	(4.5)
Amounts reclassified from AOCI, net of tax		0.0	0.0
Other comprehensive (loss)/income	(11.7)	13.3	(4.5)
Ending balance	(34.4)	(22.7)	(36.0)	(31.5)
Foreign Currency Translation Adjustment \| Cumulative transition adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			0.0
Ending balance				0.0
Foreign Currency Translation Adjustment \| Adjusted balance
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(31.5)
Ending balance				(31.5)
Pension Benefits Adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(2.4)	(4.1)	(3.3)
Other comprehensive income (loss)	(0.3)	1.5	(0.2)
Amounts reclassified from AOCI, net of tax		0.2	0.1
Other comprehensive (loss)/income	(0.3)	1.7	(0.1)
Ending balance	(2.7)	(2.4)	(4.1)	(3.3)
Pension Benefits Adjustment \| Cumulative transition adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(0.7)
Ending balance				(0.7)
Pension Benefits Adjustment \| Adjusted balance
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(4.0)
Ending balance				(4.0)
Cash Flow Hedge
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	0.0	0.0	0.0
Other comprehensive income (loss)	(53.5)	0.0	0.0
Amounts reclassified from AOCI, net of tax		0.0	0.0
Other comprehensive (loss)/income	(53.5)	0.0	0.0
Ending balance	(53.5)	0.0	0.0	0.0
Cash Flow Hedge \| Cumulative transition adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			0.0
Ending balance				0.0
Cash Flow Hedge \| Adjusted balance
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			0.0
Ending balance				0.0
Accumulated Other Comprehensive Loss, net
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(25.1)	(40.1)	(34.8)
Other comprehensive (loss)/income	(65.5)	15.0	(4.6)
Ending balance	$ (90.6)	(25.1)	(40.1)	(34.8)
Accumulated Other Comprehensive Loss, net \| Cumulative transition adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(0.7)
Ending balance				(0.7)
Accumulated Other Comprehensive Loss, net \| Adjusted balance
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance		$ (40.1)	(35.5)
Ending balance			$ (40.1)	$ (35.5)

Revenue from Contracts with Clients - Narrative (Details)	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Revenue from Contract with Customer [Abstract]
Total revenues (percentage)	5.50%	5.00%	0.90%
Term of risk management consulting contracts	6 months

Revenue from Contracts with Clients - Revenue from Contracts with Clients (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	$ 3,607.5	$ 2,119.5	$ 487.3
Principal gains, net	1,145.2	892.0	622.2
Interest income	219.0	102.4	130.9
Total revenues	66,036.0	42,534.2	54,139.6
Point-in-time
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	3,489.5	2,021.8	396.1
Time elapsed
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	118.0	97.7	91.2
Exchange-traded futures and options
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	210.7	190.6	143.7
OTC derivative brokerage
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	16.8	15.9	19.7
Equities and fixed income
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	62.9	60.5	39.9
Mutual funds
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	4.1	5.5	5.2
Insurance and annuity products
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	9.3	9.7	8.4
Other
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	3.1	2.3	1.4
Total sales-based commission
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	306.9	284.5	218.3
Mutual funds
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	14.1	14.5	12.9
Insurance and annuity products
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	16.0	17.0	15.3
Total trailing commission
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	30.1	31.5	28.2
Clearing fees
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	153.2	150.9	139.0
Trade conversion fees
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	11.5	11.2	8.9
Other
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	6.2	9.1	9.2
Total commission and clearing fees
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	507.9	487.2	403.6
Underwriting fees
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	0.5	0.6	0.6
Asset management fees
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	43.9	38.3	31.3
Advisory and consulting fees
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	30.9	24.9	22.2
Sweep program fees
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	13.1	3.0	9.5
Client account fees
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	16.0	15.8	12.3
Other
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	6.9	8.4	7.8
Total consulting, management, and account fees
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	111.3	91.0	83.7
Precious metals retail sales
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	2,988.3	1,541.3	0.0
Physical precious metals trading
Disaggregation of Revenue [Line Items]
Sales of physical commodities	57,404.3	37,250.4	51,598.5
Physical agricultural and energy product trading
Disaggregation of Revenue [Line Items]
Sales of physical commodities	$ 3,660.0	$ 2,169.9	$ 1,300.7

Revenue from Contracts with Clients - Schedule of Principal Gains, Net Related To Income and Expense of Dividends (Details) - Equity position - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of Revenue [Line Items]
Dividend income net of dividend expense reported within Principal Gains, net	$ 8.3	$ 1.4	$ 0.4
Long
Disaggregation of Revenue [Line Items]
Dividend income net of dividend expense reported within Principal Gains, net	142.3	282.7	77.0
Short
Disaggregation of Revenue [Line Items]
Dividend income net of dividend expense reported within Principal Gains, net	$ (134.0)	$ (281.3)	$ (76.6)

Share-Based Compensation - Share-based Compensation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Share-Based Payment Arrangement [Abstract]
Allocated share-based compensation expense	$ 17.8	$ 13.9	$ 10.3

Share-Based Compensation - Stock Option Plan (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Share-Based Payment Arrangement [Abstract]
Share-based compensation arrangement by share-based payment award, number of shares authorized (in shares)	3,000,000
Stock options authorized (in shares)	1,387,697	1,569,798
Weighted average grant date fair value, granted (in dollar per share)	$ 22.82	$ 19.83	$ 0.00
Employee service share-based compensation, non vested awards, total compensation cost not yet recognized, stock options	$ 10.6
Employee service share-based compensation, non vested awards, total compensation cost not yet recognized, period for recognition	4 years 10 months 2 days
Share-based compensation arrangement by share-based payment award, options, exercises in period, total intrinsic value	$ 39.0	$ 11.7	$ 4.2

Share-Based Compensation - Stock Option Plan Fair Value Weighted-Average Assumptions (Details) - shares	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Share-Based Payment Arrangement [Abstract]
Expected stock price volatility	39.00%	38.00%	0.00%
Expected dividend yield	0.00%	0.00%	0.00%
Risk free interest rate	1.54%	1.68%	0.00%
Average expected life (in years)	5 years 2 months 15 days	4 years 6 months	0 years
Stock options granted (in shares)	240,500		0

Share-Based Compensation - Stock Options Activity (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Shares Available for Grant
Shares available for grant, beginning (in shares)	1,569,798
Shares available for grant, Additional shares authorized by shareholders (in shares)
Shares available for grant, Stock options granted (in shares)	(240,500)		0
Shares available for grant, stock options forfeited in period (in shares)	43,389
Shares available for grant, stock options expired in period (in shares)	15,010
Shares available for grant, ending (in shares)	1,387,697	1,569,798
Number of Options Outstanding
Number of options outstanding, beginning (in shares)	1,229,600
Number of options outstanding, granted (in shares)	240,500		0
Number of options outstanding, exercised (in shares)	(212,356)
Number of options outstanding, forfeited (in shares)	(43,389)
Number of options outstanding, expired (in shares)	(15,010)
Number of options outstanding, ending (in shares)	1,199,345	1,229,600
Number of options outstanding, exercisable (in shares)	233,655
Weighted Average Exercise Price
Weighted average exercise price, beginning (in dollar per share)	$ 45.17
Weighted average exercise price, granted (in dollar per share)	62.04
Weighted average exercise price, exercised (in dollar per share)	31.31
Weighted average exercise price, forfeited (in dollar per share)	59.89
Weighted average exercise price, expired (in dollar per share)	46.39
Weighted average exercise price, ending (in dollar per share)	50.46	$ 45.17
Weighted average exercise price, exercisable (in dollar per share)	46.14
Weighted Average Grant Date Fair Value
Weighted average grant date fair value, beginning (in dollar per share)	12.82
Weighted average grant date fair value, granted (in dollar per share)	22.82	19.83	$ 0.00
Weighted average grant date fair value, exercised (in dollar per share)	12.72
Weighted average grant date fair value, forfeited (in dollar per share)	21.65
Weighted average grant date fair value, expired (in dollar per share)	10.69
Weighted average grant date fair value, ending (in dollar per share)	14.57	$ 12.82
Weighted average grant date fair value, exercisable (in dollar per share)	$ 11.78
Stock Option Activity, Additional Disclosures
Weighted average remaining term (in years)	4 years 6 months 14 days	4 years 2 months 15 days
Weighted average remaining term (in years), exercisable	3 years 3 months 29 days
Aggregate intrinsic value	$ 39.0	$ 25.5
Aggregate intrinsic value, exercisable	$ 8.6

Share-Based Compensation - Options by Exercise Price (Details)	12 Months Ended
	Sep. 30, 2022 $ / shares shares
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of outstanding options (in shares) \| shares	1,199,345
Weighted average exercise price (in dollars per share)	$ 50.46
Weighted average remaining term (in years)	4 years 6 months 14 days
$0 - $5.00
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise price range, lower range limit (in dollars per share)	$ 0
Exercise price range, upper range limit (in dollars per share)	$ 5.00
Number of outstanding options (in shares) \| shares	0
$5.00 - $10.00
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise price range, lower range limit (in dollars per share)	$ 5.00
Exercise price range, upper range limit (in dollars per share)	$ 10.00
Number of outstanding options (in shares) \| shares	0
$10.00 - $15.00
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise price range, lower range limit (in dollars per share)	$ 10.00
Exercise price range, upper range limit (in dollars per share)	$ 15.00
Number of outstanding options (in shares) \| shares	0
$15.00 - $20.00
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise price range, lower range limit (in dollars per share)	$ 15.00
Exercise price range, upper range limit (in dollars per share)	$ 20.00
Number of outstanding options (in shares) \| shares	0
$20.00 - $25.00
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise price range, lower range limit (in dollars per share)	$ 20.00
Exercise price range, upper range limit (in dollars per share)	$ 25.00
Number of outstanding options (in shares) \| shares	0
$25.00 - $30.00
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise price range, lower range limit (in dollars per share)	$ 25.00
Exercise price range, upper range limit (in dollars per share)	$ 30.00
Number of outstanding options (in shares) \| shares	0
$30.00 - $35.00
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise price range, lower range limit (in dollars per share)	$ 30.00
Exercise price range, upper range limit (in dollars per share)	$ 35.00
Number of outstanding options (in shares) \| shares	0
$35.00 - $40.00
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise price range, lower range limit (in dollars per share)	$ 35.00
Exercise price range, upper range limit (in dollars per share)	$ 40.00
Number of outstanding options (in shares) \| shares	53,627
Weighted average exercise price (in dollars per share)	$ 39.79
Weighted average remaining term (in years)	4 months 13 days
$40.00 - $45.00
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise price range, lower range limit (in dollars per share)	$ 40.00
Exercise price range, upper range limit (in dollars per share)	$ 45.00
Number of outstanding options (in shares) \| shares	700,000
Weighted average exercise price (in dollars per share)	$ 45.00
Weighted average remaining term (in years)	4 years 2 months 4 days
$45.00 - $50.00
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise price range, lower range limit (in dollars per share)	$ 45.00
Exercise price range, upper range limit (in dollars per share)	$ 50.00
Number of outstanding options (in shares) \| shares	0
$50.00 - $55.00
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise price range, lower range limit (in dollars per share)	$ 50.00
Exercise price range, upper range limit (in dollars per share)	$ 55.00
Number of outstanding options (in shares) \| shares	0
$55.00 - $60.00
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise price range, lower range limit (in dollars per share)	$ 55.00
Exercise price range, upper range limit (in dollars per share)	$ 60.00
Number of outstanding options (in shares) \| shares	0
$60.00 - $65.00
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise price range, lower range limit (in dollars per share)	$ 60.00
Exercise price range, upper range limit (in dollars per share)	$ 65.00
Number of outstanding options (in shares) \| shares	445,718
Weighted average exercise price (in dollars per share)	$ 60.33
Weighted average remaining term (in years)	5 years 7 months 9 days

Share-Based Compensation - Restricted Stock Plan (Details) $ in Millions	12 Months Ended
	Sep. 30, 2022 USD ($) shares
Share-Based Payment Arrangement [Abstract]
Share-based compensation arrangement by share-based payment award, shares issued in period (in shares)	1,500,000
Share-based compensation arrangement by share-based payment award, non-option equity instruments, granted (in shares)	300,000
Employee service share-based compensation, nonvested awards, total compensation cost not yet recognized \| $	$ 25.2
Employee service share-based compensation, nonvested awards, total compensation cost not yet recognized, period for recognition - restricted stock	1 year 2 months 19 days

Share-Based Compensation - Restricted Stock Plan Table (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Shares Available for Grant
Shares available for grant, beginning (in shares)	558,298
Shares available for grant, granted (in shares)	(269,129)
Shares available for grant, forfeited (in shares)	642
Shares available for grant, ending (in shares)	289,811	558,298
Number of Shares Outstanding
Number of shares outstanding, beginning (in shares)	577,041
Number of shares outstanding, granted (in shares)	269,129
Number of shares outstanding, vested (in shares)	(265,862)
Number of shares outstanding, forfeited (in shares)	(642)
Number of shares outstanding, ending (in shares)	579,666	577,041
Weighted Average Grant Date Fair Value
Weighted average grant date fair value, beginning (in dollar per share)	$ 50.57
Weighted average grant date fair value, granted (in dollar per share)	69.41
Weighted average grant date fair value, vested (in dollar per share)	48.60
Weighted average grant date fair value, forfeited (in dollar per share)	53.44
Weighted average grant date fair value, ending (in dollars per share)	$ 60.22	$ 50.57
Stock Option Activity, Additional Disclosures
Weighted average remaining term (in years)	1 year 2 months 19 days	1 year 3 months 3 days
Aggregate intrinsic value	$ 48.1	$ 38.0

Retirement Plans - Defined Benefit Retirement Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Defined Benefit Plan Disclosure [Line Items]
Net periodic benefit	$ 0.1	$ 0.3	$ 0.4
Expected long-term return	2.80%
Defined benefit plan contributions	$ 0.1	0.1
Defined benefit plan, expected future benefit payment, year one	2.1
Defined benefit plan, expected future benefit payment, year two	2.1
Defined benefit plan, expected future benefit payment, year three	2.1
Defined benefit plan, expected future benefit payment, year four	2.1
Defined benefit plan, expected future benefit payment, year five	2.1
Defined benefit plan, expected future benefit payment, five fiscal years thereafter	10.2
Qualified Plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	30.9	41.5
Defined benefit plan, benefit obligation	$ 26.3	$ 36.3
Defined benefit plan, assumptions used calculating benefit obligation, discount rate	5.40%	2.70%
Defined benefit plan, funded (unfunded) status of plan	$ 4.6	$ 5.2
Nonqualified Plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, benefit obligation	1.2	1.5
Defined benefit plan, funded (unfunded) status of plan	(1.2)	(1.5)
Nonqualified Plan \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	$ 0.1	$ 0.1
Debt Securities
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, actual allocation, percentage	90.00%
Equity Securities
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, actual allocation, percentage	10.00%

Retirement Plans - Defined Contribution Retirement Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Defined Contribution Plan Disclosure [Line Items]
Defined contribution plan, employer discretionary contribution amount	$ 16.9	$ 15.2	$ 10.1
United States \| 401k Plan
Defined Contribution Plan Disclosure [Line Items]
Defined contribution plan, employer matching contribution, percent of employees' gross pay	62.50%
Defined contribution plan, employers matching contribution, annual vesting percentage	8.00%
Defined contribution plan, employers matching contribution, annual vesting percentage, two to three years	33.00%
Defined contribution plan, employers matching contribution, annual vesting percentage, three to four years	66.00%
Defined contribution plan, employers matching contribution, annual vesting percentage, all years	100.00%
United Kingdom
Defined Contribution Plan Disclosure [Line Items]
Defined contribution plan, employers matching contribution, annual vesting percentage	100.00%
Minimum \| United States \| 401k Plan
Defined Contribution Plan Disclosure [Line Items]
Defined contribution plan, annual contributions per employee, percent	1.00%
Maximum \| United States \| 401k Plan
Defined Contribution Plan Disclosure [Line Items]
Defined contribution plan, annual contributions per employee, percent	80.00%
Maximum \| United Kingdom
Defined Contribution Plan Disclosure [Line Items]
Defined contribution plan, employer matching contribution, percent of employees' gross pay	10.00%

Other Expenses - Other Expenses Breakout (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Other Expenses [Abstract]
Non-income taxes	$ 13.5	$ 14.8	$ 6.6
Insurance	10.8	7.1	4.7
Employee related expenses	9.6	7.0	4.7
Other direct business expenses	10.0	6.3	4.6
Membership fees	3.3	2.8	2.4
Director and public company expenses	1.8	1.5	1.4
Office expenses	1.7	1.3	1.8
Other expenses	9.9	5.5	3.4
Total other expenses	$ 60.6	$ 46.3	$ 29.6

Income Taxes - Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income tax expense attributable to income from operations	$ 70.1	$ 37.8	$ 37.1
Taxes allocated to stockholders’ equity, related to pension liabilities	(0.1)	0.5	0.0
Taxes allocated to stockholders’ equity, related to hedge accounting	(17.0)	0.0	0.0
Total income tax expense	$ 53.0	$ 38.3	$ 37.1

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes - Current and Deferred Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Current taxes:
U.S. federal	$ 8.2	$ 6.7	$ (0.6)
U.S. state and local	3.6	(0.1)	2.3
Total current taxes	70.4	34.6	33.0
Deferred taxes:
U.S. federal	3.4	1.4	4.9
U.S. state and local	(0.1)	2.7	0.6
Total deferred taxes	(0.3)	3.2	4.1
Income tax expense	70.1	37.8	37.1
Australia
Current taxes:
Foreign tax expense	2.8	1.8	0.5
Deferred taxes:
Other international	(0.2)	0.3	(0.1)
Brazil
Current taxes:
Foreign tax expense	12.6	8.0	6.5
Deferred taxes:
Other international	(0.8)	(1.3)	(1.3)
Germany
Current taxes:
Foreign tax expense	8.9	6.0	3.4
Singapore
Current taxes:
Foreign tax expense	2.0	1.9	2.8
Deferred taxes:
Other international	0.0	0.4	0.8
United Kingdom
Current taxes:
Foreign tax expense	29.2	6.6	13.9
Deferred taxes:
Other international	(2.7)	0.1	(0.3)
Other international
Current taxes:
Foreign tax expense	3.1	3.7	4.2
Deferred taxes:
Other international	$ 0.1	$ (0.4)	$ (0.5)

Income Taxes - U.S. and International Components of Income from Operations (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Operating Loss Carryforwards [Line Items]
U.S.	$ 50.0	$ 37.3	$ 88.8
Income from operations, before tax	277.2	154.1	206.7
Australia
Operating Loss Carryforwards [Line Items]
Non-U.S.	8.7	7.8	1.4
Brazil
Operating Loss Carryforwards [Line Items]
Non-U.S.	25.3	13.7	7.6
Germany
Operating Loss Carryforwards [Line Items]
Non-U.S.	27.8	17.2	10.4
Singapore
Operating Loss Carryforwards [Line Items]
Non-U.S.	19.4	16.0	20.5
United Kingdom
Operating Loss Carryforwards [Line Items]
Non-U.S.	104.8	41.4	58.5
Other international
Operating Loss Carryforwards [Line Items]
Non-U.S.	$ 41.2	$ 20.7	$ 19.5

Income Taxes - Effective Rate Reconciliation (Details)	12 Months Ended
Income Taxes - Effective Rate Reconciliation (Details)	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Federal statutory rate effect of:	21.00%	21.00%	21.00%
U.S. State and local income taxes	1.00%	1.80%	1.20%
Foreign earnings and losses taxed at different rates	1.10%	1.00%	0.90%
Change in valuation allowance	0.90%	1.90%	1.00%
U.K. bank tax	0.026	0.004	0
U.S. permanent items	0.002	(0.012)	0.006
Non-deductible compensation	0.70%	1.90%	0.60%
Foreign permanent items	(2.80%)	(2.30%)	0.30%
U.S. bargain purchase gain	0.00%	(0.50%)	(8.30%)
GILTI	0.60%	0.60%	0.70%
Effective rate	25.30%	24.60%	18.00%

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2022	Sep. 30, 2021
Deferred tax assets:
Share-based compensation	$ 4.8	$ 1.7
Deferred compensation	5.1	4.7
Net operating loss carryforwards	18.7	17.7
Intangible assets	6.4	6.5
Bad debt reserve	7.8	7.3
Hedging	17.0	0.0
Foreign tax credit carryforwards	1.6	2.0
Other compensation	8.0	7.0
Property and equipment	0.0	6.3
Pension	2.1	1.2
Right of use assets	23.8	22.9
Other	2.0	1.8
Total gross deferred tax assets	97.3	79.1
Less valuation allowance	(15.8)	(15.0)
Deferred tax assets	81.5	64.1
Deferred income tax liabilities:
Unrealized gain on securities	2.5	2.8
Prepaid expenses	3.8	4.2
Property and equipment	2.0	0.0
Right of use liabilities	20.8	21.6
Other deferred liabilities	0.4	0.4
Deferred income tax liabilities	29.5	29.0
Deferred income taxes, net	$ 52.0	$ 35.1

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Operating loss carryforwards	$ 5,200,000	$ 6,200,000
State and local net operating loss carryforwards of net of valuation allowance	4,500,000
Federal operating loss carryforwards, net of valuation allowances	600,000
Foreign operating loss carryforwards, net of valuation allowances	100,000
Foreign tax credits, net	0
Valuation allowance	15,800,000	15,000,000.0
Net change in total valuation allowance	800,000
Foreign tax credit carryforwards	1,600,000	2,000,000.0
Foreign earnings repatriated	$ 29,700,000	$ 300,600,000

Acquisitions - Cotton Distributors Inc. (Details) $ in Millions	Oct. 31, 2022 USD ($)
Cotton Distributors Inc. \| Subsequent Event
Business Acquisition [Line Items]
Total merger consideration	$ 40.0

Acquisitions - Chasing Returns Ltd (Details) - USD ($) $ in Millions	Aug. 03, 2021	Sep. 30, 2022	Sep. 30, 2021
Business Acquisition [Line Items]
Goodwill		$ 58.2	$ 58.1
Chasing Returns Limited
Business Acquisition [Line Items]
Total merger consideration	$ 6.0
Goodwill	3.6
Chasing Returns Limited \| Software programs/platforms
Business Acquisition [Line Items]
Finite-lived intangible assets acquired	$ 2.4

- Definition

+ References + Details

Acquisitions - EncoreFx Ltd (Details) - EncoreFx Ltd $ in Millions	Dec. 22, 2020 USD ($) state_money_transmitter_license
Business Acquisition [Line Items]
Number of money transmitter licenses \| state_money_transmitter_license	33
Total merger consideration	$ 0.9
Licensing agreements
Business Acquisition [Line Items]
Indefinite-lived intangible assets acquired	$ 0.5

Acquisitions - Gain Capital Holdings Inc (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	12 Months Ended
	Feb. 29, 2020	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Aggregated Merger Consideration
Common stock outstanding (in shares)		20,303,904	19,823,910
Total revenues		$ 66,036.0	$ 42,534.2	$ 54,139.6
Gain Capital Holdings Inc
Aggregated Merger Consideration
Common stock outstanding (in shares)	3,600,000
Gain Capital Holdings Inc
Business Acquisition [Line Items]
Business acquisition, share price (in dollars per share)	$ 6.00
Aggregated Merger Consideration
Aggregate cash consideration	$ 215.0
Accrual for merger cash consideration	21.6
Total merger consideration	$ 236.6		$ 236.6
Total revenues				49.0
Net income				1.8
Business acquisition, cost incurred related to merger				$ 5.2

Acquisitions - Gain Capital Holdings Inc Preliminary Purchase Price Allocation (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Feb. 29, 2020	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020	Sep. 01, 2020
Purchase Price Allocation
Bargain purchase gain		$ 0.0	$ 3.3	$ 81.9
Acquired finite-lived intangible asset, weighted average useful life		1 year
Gain Capital Holdings Inc
Purchase Price Allocation
Cash and cash equivalents			507.2
Cash, securities and other assets segregated under federal and other regulations			497.4
Deposits with and receivables from broker-dealers, clearing organizations, and counterparties			249.7
Receivables from clients, net			2.0
Income taxes receivable			0.4
Deferred income taxes, net			23.0
Property and equipment, net			6.1
Right of use assets, net			15.0
Other assets			17.9
Total fair value of tangible assets acquired			1,318.7
Accounts payable and other accrued liabilities			49.4
Operating lease liabilities			15.0
Payable to clients			863.4
Payable to broker-dealers, clearing organizations, and counterparties			0.5
Income taxes payable			12.4
Convertible senior notes	$ 92.0		92.0
Total fair value of tangible liabilities assumed			1,032.7
Fair value of tangible net assets acquired			286.0
Identifiable intangible assets acquired			35.7
Fair value of identifiable net assets acquired			321.7
Total merger consideration	$ 236.6		236.6
Bargain purchase gain			85.1
Business combination, convertible senior notes redeemed amount					$ 91.5
Gain Capital Holdings Inc \| Trademarks/domain names
Purchase Price Allocation
Identifiable intangible assets acquired			3.7
Acquired finite-lived intangible asset, weighted average useful life	5 years
Gain Capital Holdings Inc \| Software programs/platforms
Purchase Price Allocation
Identifiable intangible assets acquired			22.2
Acquired finite-lived intangible asset, weighted average useful life	3 years
Gain Capital Holdings Inc \| Customer base
Purchase Price Allocation
Identifiable intangible assets acquired			$ 9.8
Acquired finite-lived intangible asset, weighted average useful life	4 years

Acquisitions - Gain Capital Holdings Inc Post Acquisition Results and Unaudited Pro Forma Information (Details) - Gain Capital Holdings Inc $ / shares in Units, $ in Millions	12 Months Ended
	Sep. 30, 2020 USD ($) $ / shares
Business Acquisition, Pro Forma Information [Abstract]
Total revenues \| $	$ 54,414.1
Net income \| $	$ 138.5
Basic earnings per share (in dollars per share) \| $ / shares	$ 7.17
Diluted earnings per share (in dollars per share) \| $ / shares	$ 7.02

Acquisitions - UOB Bullion and Futures Limited (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Oct. 31, 2019	Sep. 30, 2022	Sep. 30, 2020	Sep. 30, 2021
Business Acquisition [Line Items]
Purchase price allocated to goodwill		$ 58.2		$ 58.1
Acquired finite-lived intangible asset, weighted average useful life		1 year
UOB Bullion and Futures Limited
Business Acquisition [Line Items]
Purchase price	$ 5.0
Payable to clients	351.8
Purchase price allocated to property and equipment acquired	0.8
Purchase price allocated to client base intangible assets acquired	3.1
Purchase price allocated to goodwill	$ 1.1
Operating revenues post-acquisition results of the acquired business			$ 10.3
Net income (loss) post-acquisition results of the acquired business			$ (1.4)
UOB Bullion and Futures Limited \| Client Base Intangible Assets
Business Acquisition [Line Items]
Acquired finite-lived intangible asset, weighted average useful life	5 years

Acquisitions - Tellimer (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
Acquisitions - Tellimer (Details) - USD ($) $ in Millions	Dec. 31, 2019	Sep. 30, 2020
Exotix Partners, LLP
Business Acquisition [Line Items]
Percentage of stock purchased	100.00%
Tellimer
Business Acquisition [Line Items]
Percentage of stock purchased	100.00%
Purchase price	$ 4.7
Cash and cash equivalents	1.0
Receivables from clients	1.0
Property and equipment, net	0.3
Other assets	3.4
Liabilities assumed	$ 1.0
Operating revenues post-acquisition results of the acquired business		$ 5.9
Net income (loss) post-acquisition results of the acquired business		$ (0.1)

Acquisitions - IFCM Commodities (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Jan. 31, 2020	Sep. 30, 2022	Sep. 30, 2020
Business Acquisition [Line Items]
Acquired finite-lived intangible asset, weighted average useful life		1 year
IFCM Commodities Acquisition
Business Acquisition [Line Items]
Percentage of stock purchased	100.00%
Purchase price	$ 1.9
Business acquisition, premium amount	$ 1.0
Operating revenues post-acquisition results of the acquired business			$ 1.8
Net income (loss) post-acquisition results of the acquired business			$ 0.5
IFCM Commodities Acquisition \| Customer base
Business Acquisition [Line Items]
Acquired finite-lived intangible asset, weighted average useful life	5 years

Acquisitions - GIROXX (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
Acquisitions - GIROXX (Details) - USD ($) $ in Millions	May 31, 2020	Sep. 30, 2022	Sep. 30, 2020	Sep. 30, 2021
Business Acquisition [Line Items]
Goodwill		$ 58.2		$ 58.1
Acquired finite-lived intangible asset, weighted average useful life		1 year
GIROXX
Business Acquisition [Line Items]
Percentage of stock purchased	100.00%
Purchase price	$ 4.4
Cash and cash equivalents	6.5
Property and equipment, net	0.1
Accounts payable and other accrued liabilities	0.6
Payable to clients	5.8
Goodwill	2.3
Operating revenues post-acquisition results of the acquired business			$ 0.5
Net income (loss) post-acquisition results of the acquired business			$ (0.6)
GIROXX \| Licensing agreements
Business Acquisition [Line Items]
Purchase price allocated to client base intangible assets acquired	0.4
GIROXX \| Capitalized software development
Business Acquisition [Line Items]
Purchase price allocated to client base intangible assets acquired	$ 1.5
Acquired finite-lived intangible asset, weighted average useful life	3 years

Acquisitions - Quest Capital (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Aug. 31, 2019	Sep. 30, 2022
Business Acquisition [Line Items]
Acquired finite-lived intangible asset, weighted average useful life		1 year
Quest Capital Strategies Inc
Business Acquisition [Line Items]
Total merger consideration	$ 1.7
Quest Capital Strategies Inc \| Customer lists And relationships
Business Acquisition [Line Items]
Acquired finite-lived intangible asset, weighted average useful life	7 years

Regulatory Requirements and Subsidiary Dividend Restrictions - Narrative (Details)	12 Months Ended
	Sep. 30, 2022 USD ($)
Capital and Other Regulatory Requirements [Line Items]
Adjusted net capital	$ 10,000,000
Net capital under commodity exchange act computation	20,000,000
Required net capital under commodity exchange act	10,000,000
StoneX Financial Inc.
Capital and Other Regulatory Requirements [Line Items]
Adjusted net capital	$ 1,500,000
Adjusted net capital of percentage	8.00%
Broker-dealer, minimum net capital required, dividend withdrawal threshold, percent	120.00%
Net capital under commodity exchange act computation	$ 402,400,000
Required net capital under commodity exchange act	250,100,000
Gain Capital Group, LLC
Capital and Other Regulatory Requirements [Line Items]
Adjusted net capital	$ 1,000,000
Adjusted net capital of percentage	8.00%
Net capital under commodity exchange act computation	$ 49,200,000
Percentage of net capital under commodity exchange act computation	5.00%
Required net capital under commodity exchange act	$ 28,400,000
Percentage of required net capital under commodity exchange act	10.00%

Regulatory Requirements and Subsidiary Dividend Restrictions - Customer Reserve Requirements (Details) - USD ($) $ in Millions	Oct. 04, 2022	Sep. 30, 2022
Capital and Other Regulatory Requirements [Line Items]
Cash reserve deposit required		$ 1.6
Customer SRBA
Capital and Other Regulatory Requirements [Line Items]
Cash reserve deposit required		3.5
Customer SRBA \| Subsequent Event
Capital and Other Regulatory Requirements [Line Items]
Cash reserve deposit made	$ 3.9
PAB
Capital and Other Regulatory Requirements [Line Items]
Cash reserve deposit required		10.3
PAB Reserve Requirement
Capital and Other Regulatory Requirements [Line Items]
Cash reserve deposit required		10.3
PAB SRBA
Capital and Other Regulatory Requirements [Line Items]
Cash reserve deposit required		$ 12.9
PAB SRBA \| Subsequent Event
Capital and Other Regulatory Requirements [Line Items]
Cash reserve withdrawal	$ 1.1

Regulatory Requirements and Subsidiary Dividend Restrictions - Regulatory Capital Requirements (Details)	Sep. 30, 2022 USD ($)
StoneX Financial Inc.
Capital and Other Regulatory Requirements [Line Items]
Cash and securities segregated under commodity exchange act regulation	$ 6,278,600,000
Secured funds	212,400,000
Minimum regulatory requirement	6,206,700,000
Secured funds required under commodity exchange act	199,400,000
StoneX Financial Ltd.
Capital and Other Regulatory Requirements [Line Items]
Cash and securities segregated under commodity exchange act regulation	1,242,400,000
Minimum regulatory requirement	1,244,100,000
StoneX Financial Pte. Ltd.
Capital and Other Regulatory Requirements [Line Items]
Cash and securities segregated under commodity exchange act regulation	556,800,000
Minimum regulatory requirement	538,900,000
StoneX Markets LLC
Capital and Other Regulatory Requirements [Line Items]
Minimum regulatory capital requirement	$ 20,000,000

Regulatory Requirements and Subsidiary Dividend Restrictions - Minimum Regulatory Net Capital (Details)	Sep. 30, 2022 USD ($)
Capital and Other Regulatory Requirements [Abstract]
Adjusted net capital	$ 10,000,000
Capital and Other Regulatory Requirements [Line Items]
Actual	20,000,000
Minimum Requirement	10,000,000
StoneX Financial Inc.
Capital and Other Regulatory Requirements [Abstract]
Adjusted net capital	1,500,000
Capital and Other Regulatory Requirements [Line Items]
Actual	402,400,000
Minimum Requirement	250,100,000
StoneX Financial Ltd.
Capital and Other Regulatory Requirements [Line Items]
Actual	399,800,000
Minimum Requirement	358,000,000.0
Gain Capital Group, LLC
Capital and Other Regulatory Requirements [Abstract]
Adjusted net capital	1,000,000
Capital and Other Regulatory Requirements [Line Items]
Actual	49,200,000
Minimum Requirement	28,400,000
StoneX Financial Pte. Ltd.
Capital and Other Regulatory Requirements [Line Items]
Actual	58,000,000.0
Minimum Requirement	13,200,000
StoneX Markets LLC
Capital and Other Regulatory Requirements [Line Items]
Actual	191,400,000
Minimum Requirement	$ 128,800,000

Segment and Geographic Information - Narrative (Details)	12 Months Ended
	Sep. 30, 2022 employee country market currency
Segment Reporting Information [Line Items]
Number of employees \| employee	3,600
Number of countries in which entity operates (more than)	180
Retail
Segment Reporting Information [Line Items]
Number of countries in which entity operates (more than)	180
Number of global financial markets \| market	18,000
Global Payments
Segment Reporting Information [Line Items]
Number of countries in which entity operates (more than)	185
Number of different types of foreign currencies (more than) \| currency	140

Segment and Geographic Information - Reportable Segments (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting Information [Line Items]
Total revenues	$ 66,036.0	$ 42,534.2	$ 54,139.6
Operating revenues:	2,107.4	1,673.1	1,308.3
Net operating revenues (loss):	1,475.9	1,150.0	868.0
Net contribution:	1,121.9	868.7	639.5
Segment income:	675.7	506.2	395.1
Net costs not allocated to operating segments	(398.5)	(355.5)	(270.3)
Gain on acquisitions and other gains, net	0.0	3.4	81.9
Income from operations, before tax	277.2	154.1	206.7
Total assets:	19,859.6	18,839.6	13,474.9
Corporate Unallocated
Segment Reporting Information [Line Items]
Total revenues	7.8	1.7	14.6
Operating revenues:	7.8	1.7	14.6
Net operating revenues (loss):	(59.5)	(54.8)	(24.5)
Total assets:	746.3	841.7	418.7
Eliminations
Segment Reporting Information [Line Items]
Total revenues	(23.0)	(17.1)	(19.3)
Operating revenues:	(23.0)	(17.1)	(19.3)
Commercial
Segment Reporting Information [Line Items]
Net contribution:	415.3	299.7	242.2
Segment income:	288.3	192.2	141.9
Commercial \| Operating Segments
Segment Reporting Information [Line Items]
Total revenues	63,743.2	39,884.0	52,970.1
Operating revenues:	692.1	534.8	431.5
Net operating revenues (loss):	586.5	433.1	353.4
Total assets:	5,931.0	3,969.9	2,753.6
Institutional
Segment Reporting Information [Line Items]
Net contribution:	295.1	260.9	248.9
Segment income:	174.6	167.7	152.9
Institutional \| Operating Segments
Segment Reporting Information [Line Items]
Total revenues	831.8	668.4	624.1
Operating revenues:	831.8	668.4	624.1
Net operating revenues (loss):	483.5	419.4	363.8
Total assets:	11,687.1	12,403.3	8,740.8
Retail
Segment Reporting Information [Line Items]
Net contribution:	280.3	204.4	58.8
Segment income:	115.4	67.8	31.7
Retail \| Operating Segments
Segment Reporting Information [Line Items]
Total revenues	1,304.2	1,859.9	432.7
Operating revenues:	426.7	348.0	140.0
Net operating revenues (loss):	302.9	222.4	63.8
Total assets:	971.2	1,380.9	1,245.9
Global Payments
Segment Reporting Information [Line Items]
Net contribution:	131.2	103.7	89.6
Segment income:	97.4	78.5	68.6
Global Payments \| Operating Segments
Segment Reporting Information [Line Items]
Total revenues	172.0	137.3	117.4
Operating revenues:	172.0	137.3	117.4
Net operating revenues (loss):	162.5	129.9	111.5
Total assets:	$ 524.0	$ 243.8	$ 315.9

Segment and Geographic Information - Total Revenues by Geographic Location (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Total revenues:	$ 66,036.0	$ 42,534.2	$ 54,139.6
Operating revenues:	2,107.4	1,673.1	1,308.3
Long-lived assets, as defined:	112.9	93.3	62.1
United States
Total revenues:	5,102.3	3,313.1	2,223.3
Operating revenues:	1,448.2	1,157.4	928.3
Long-lived assets, as defined:	67.9	54.1	55.4
Europe
Total revenues:	3,440.2	1,889.6	532.6
Operating revenues:	474.6	371.3	237.9
Long-lived assets, as defined:	41.1	36.0	3.1
South America
Total revenues:	87.2	64.5	58.9
Operating revenues:	87.2	64.5	58.9
Long-lived assets, as defined:	2.9	2.1	2.1
Middle East and Asia
Total revenues:	57,395.5	37,259.1	51,317.1
Operating revenues:	86.6	72.0	75.5
Long-lived assets, as defined:	1.0	0.9	1.3
Other
Total revenues:	10.8	7.9	7.7
Operating revenues:	10.8	7.9	7.7
Long-lived assets, as defined:	$ 0.0	$ 0.2	$ 0.2

- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

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Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

Condensed Financial Information of Parent Company Only Disclosure - Condensed Balance Sheets (Details) - USD ($) $ in Millions	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
ASSETS
Cash and cash equivalents	$ 1,108.5	$ 1,109.6	$ 952.6
Deposits with and receivables from subsidiary broker-dealer, net	6,842.6	5,292.9
Notes receivable, net	5.1	6.1
Income taxes receivable	16.8	26.6
Financial instruments owned	4,167.3	4,354.6
Deferred income taxes, net	52.0	35.1
Property and equipment, net	112.9	93.3
Operating right of use assets	121.8	125.3
Other assets	117.7	109.3
Total assets	19,859.6	18,839.6	13,474.9
Liabilities:
Accounts payable and other accrued liabilities	400.6	305.1
Operating lease liabilities	143.0	146.6
Lenders under loans	485.1	248.6
Senior secured borrowings, net	339.1	507.0
Financial instruments sold, not yet purchased, at fair value	2,469.6	1,771.2
Total liabilities	18,789.5	17,935.6
StoneX Group Inc. (Parent Company Only) stockholders’ equity:
Preferred stock, $0.01 par value. Authorized 1,000,000 shares; no shares issued or outstanding	0.0	0.0
Common stock, $0.01 par value. Authorized 30,000,000 shares; 22,911,227 issued and 20,303,904 outstanding at September 30, 2022 and 22,431,233 issued and 19,823,910 outstanding at September 30, 2021	0.2	0.2
Common stock in treasury, at cost - 2,607,323 shares at September 30, 2022 and 2021	(69.3)	(69.3)
Additional paid-in capital	340.2	315.7
Retained earnings	889.6	682.5
Accumulated other comprehensive loss, net	(90.6)	(25.1)
Total equity	1,070.1	904.0	$ 767.5	$ 594.2
Total liabilities and stockholders' equity	19,859.6	18,839.6
StoneX Group
ASSETS
Cash and cash equivalents	6.1	34.7
Receivable from clients, net	0.2	0.4
Deposits with and receivables from subsidiary broker-dealer, net	89.1	0.0
Notes receivable, net	5.0	6.1
Income taxes receivable	55.5	63.7
Investment in subsidiaries	1,286.8	1,100.4
Financial instruments owned	5.1	0.0
Deferred income taxes, net	14.7	2.4
Property and equipment, net	62.1	55.4
Operating right of use assets	69.0	66.3
Other assets	30.8	23.7
Total assets	1,624.4	1,353.1
Liabilities:
Accounts payable and other accrued liabilities	90.7	80.6
Operating lease liabilities	93.3	86.2
Payable to subsidiaries, net	293.3	185.0
Lenders under loans	268.1	8.6
Senior secured borrowings, net	339.1	506.5
Financial instruments sold, not yet purchased, at fair value	73.6	0.9
Total liabilities	1,158.1	867.8
StoneX Group Inc. (Parent Company Only) stockholders’ equity:
Preferred stock, $0.01 par value. Authorized 1,000,000 shares; no shares issued or outstanding	0.0	0.0
Common stock, $0.01 par value. Authorized 30,000,000 shares; 22,911,227 issued and 20,303,904 outstanding at September 30, 2022 and 22,431,233 issued and 19,823,910 outstanding at September 30, 2021	0.2	0.2
Common stock in treasury, at cost - 2,607,323 shares at September 30, 2022 and 2021	(69.3)	(69.3)
Additional paid-in capital	340.2	315.7
Retained earnings	248.8	238.7
Accumulated other comprehensive loss, net	(53.6)	0.0
Total equity	466.3	485.3
Total liabilities and stockholders' equity	1,624.4	1,353.1
Adjustment to investment in subsidiaries for equity method accounting	$ 640.8	$ 443.8

Condensed Financial Information of Parent Company Only Disclosure - Condensed Balance Sheets (Share Information) (Details) - $ / shares	Sep. 30, 2022	Sep. 30, 2021
Condensed Balance Sheet Statements, Captions [Line Items]
Preferred stock - par value (in dollar per share)	$ 0.01	$ 0.01
Preferred stock - authorized (in shares)	1,000,000	1,000,000
Preferred stock - issued (in shares)	0	0
Preferred stock - outstanding (in shares)	0	0
Common stock - par value (in dollar per share)	$ 0.01	$ 0.01
Common stock - authorized (in shares)	30,000,000	30,000,000
Common stock - issued (in shares)	22,911,227	22,431,233
Common stock - outstanding (in shares)	20,303,904	19,823,910
Treasury stock - shares (in shares)	2,607,323	2,607,323
StoneX Group
Condensed Balance Sheet Statements, Captions [Line Items]
Preferred stock - par value (in dollar per share)	$ 0.01	$ 0.01
Preferred stock - authorized (in shares)	1,000,000	1,000,000
Preferred stock - issued (in shares)	0	0
Preferred stock - outstanding (in shares)	0	0
Common stock - par value (in dollar per share)	$ 0.01	$ 0.01
Common stock - authorized (in shares)	30,000,000	30,000,000
Common stock - issued (in shares)	22,911,227	22,431,233
Common stock - outstanding (in shares)	20,303,904	19,823,910
Treasury stock - shares (in shares)	2,607,323	2,607,323

Condensed Financial Information of Parent Company Only Disclosure - Condensed Statements of Operations (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Condensed Income Statements, Captions [Line Items]
Revenue from contract with customer	$ 3,607.5	$ 2,119.5	$ 487.3
Interest income	219.0	102.4	130.9
Total revenues	66,036.0	42,534.2	54,139.6
Interest expense	135.5	49.6	80.4
Net operating revenues	1,475.9	1,150.0	868.0
Non-interest expenses:
Compensation and benefits	794.8	679.1	518.7
Trade systems and market information	66.2	58.8	46.3
Occupancy and equipment rental	36.1	34.2	23.5
Selling and marketing	55.3	33.3	12.2
Professional fees	54.3	40.9	30.2
Travel and business development	16.9	4.5	8.9
Non-trading technology and support	52.4	46.0	28.4
Depreciation and amortization	44.4	36.5	19.7
Communications	8.3	9.3	7.0
Other	60.6	46.3	29.6
Total compensation and other expenses	1,205.1	999.3	743.2
Gain on acquisitions	6.4	3.4	81.9
Income from operations, before tax	277.2	154.1	206.7
Income tax benefit	(70.1)	(37.8)	(37.1)
Net income	207.1	116.3	169.6
StoneX Group
Condensed Income Statements, Captions [Line Items]
Trading (losses) gains, net	(2.8)	(0.1)	0.6
Interest income	2.2	1.5	2.4
Dividend income from subsidiaries	124.4	372.7	111.8
Total revenues	233.8	426.9	160.2
Interest expense	60.9	49.6	30.0
Net operating revenues	172.9	377.3	130.2
Non-interest expenses:
Compensation and benefits	113.7	99.9	88.0
Trade systems and market information	6.5	6.0	3.9
Occupancy and equipment rental	8.4	8.7	3.8
Selling and marketing	4.9	1.0	3.8
Professional fees	11.9	6.9	12.9
Travel and business development	2.3	0.8	1.7
Non-trading technology and support	30.6	24.9	19.8
Depreciation and amortization	11.0	8.7	6.7
Communications	1.8	1.7	0.7
Impairment	0.0	0.1	2.5
Management services fees to affiliates	4.3	3.6	2.3
Other	12.4	8.7	7.3
Total compensation and other expenses	207.8	171.0	153.4
Gain on acquisitions	0.0	3.4	81.9
Income from operations, before tax	(34.9)	209.7	58.7
Income tax benefit	45.0	33.8	29.5
Net income	10.1	243.5	88.2
Investment in subsidiaries for equity method accounting	197.0	(127.2)	81.4
StoneX Group \| Management fees from affiliates
Condensed Income Statements, Captions [Line Items]
Revenue from contract with customer	109.9	52.5	45.1
StoneX Group \| Consulting fees
Condensed Income Statements, Captions [Line Items]
Revenue from contract with customer	$ 0.1	$ 0.3	$ 0.3

Condensed Financial Information of Parent Company Only Disclosure - Condensed Statements of Cash Flows (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities:
Net income	$ 207.1	$ 116.3	$ 169.6
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	44.4	36.5	19.7
Amortization of operating right of use assets	15.9	12.2	9.9
Deferred income taxes	(0.3)	3.2	4.1
Amortization and extinguishment of debt issuance costs	4.5	3.9	6.5
Loss on extinguishment of debt		0.1
Amortization of share-based compensation expense	17.8	13.9	10.3
Gain on acquisition	0.0	(3.3)	(81.9)
Changes in operating assets and liabilities:
Receivable from clients, net	(119.7)	(68.3)	0.9
Deposits with and receivables from broker-dealers, clearing organizations, and counterparties	(2,174.3)	(132.0)	(326.0)
Notes receivable, net	1.0	(4.4)	1.2
Income taxes receivable	10.4	(9.6)	(11.1)
Financial instruments owned, at fair value	187.3	(1,626.9)	(552.5)
Other assets	(9.8)	(16.7)	(3.7)
Accounts payable and other accrued liabilities	101.4	35.7	42.7
Operating lease liabilities	(16.0)	(8.6)	(9.5)
Payable to clients	2,055.1	2,146.7	2,093.7
Financial instruments sold, not yet purchased, at fair value	627.8	1,085.2	(28.8)
Net cash (used in)/provided by operating activities	(229.5)	2,122.7	1,950.6
Cash flows from investing activities:
Purchase of property and equipment and internally developed software	(49.5)	(62.1)	(16.6)
Net cash used in investing activities	(49.5)	(59.8)	(241.6)
Cash flows from financing activities:
Repayments of note payable	0.0	0.0	(0.4)
Proceeds from issuance of senior secured term loan	0.0	0.0	21.5
Repayments of senior secured term loan	(170.3)	(9.8)	(9.8)
Proceeds from issuance of senior secured notes	0.0	0.0	344.8
Repayment of senior secured notes	(0.5)	(1.6)	(92.1)
Issuance of note payable	0.0	9.0	0.0
Share repurchase	0.0	(11.7)	(7.5)
Debt issuance costs	0.0	0.0	(15.0)
Exercise of stock options	6.7	9.2	5.5
Net cash provided by/(used in) financing activities	65.8	(35.6)	312.3
Net (decrease) increase in cash, segregated cash, cash equivalents, and segregated cash equivalents	(224.4)	2,041.1	2,017.1
Cash, segregated cash, cash equivalents, and segregated cash equivalents at beginning of period	6,509.5	4,468.4	2,451.3
Cash, segregated cash, cash equivalents, and segregated cash equivalents at end of period	6,285.1	6,509.5	4,468.4
Cash paid for interest	149.2	87.0	90.4
Income taxes paid/(received), net of cash refunds	56.3	52.0	44.0
Supplemental disclosure of non-cash investing and financing activities:
Additional consideration payable related to acquisitions	3.6	2.6
StoneX Group
Cash flows from operating activities:
Net income	10.1	243.5	88.2
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	11.0	8.7	6.7
Amortization of operating right of use assets	6.1	6.1	4.4
Deferred income taxes	4.7	1.8	0.0
Amortization and extinguishment of debt issuance costs	3.2	3.3	6.1
Loss on extinguishment of debt	0.0		0.0
Amortization of share-based compensation expense	16.5	12.9	9.2
Dividends	(9.6)	(125.0)	0.0
Impairment	0.0	0.0	2.5
Gain on acquisition	0.0	(3.3)	(81.9)
Changes in operating assets and liabilities:
Payable to subsidiaries, net	113.6	118.3	149.3
Receivable from clients, net	0.2	0.0	0.1
Deposits with and receivables from broker-dealers, clearing organizations, and counterparties	(89.1)	0.0	0.0
Notes receivable, net	1.1	(4.4)	1.1
Income taxes receivable	8.2	(17.4)	(48.4)
Financial instruments owned, at fair value	(5.1)	0.0	0.0
Other assets	(7.3)	(4.2)	(7.7)
Accounts payable and other accrued liabilities	12.0	12.7	24.0
Operating lease liabilities	(1.7)	(2.6)	(2.8)
Payable to clients	0.0	(0.3)	0.0
Financial instruments sold, not yet purchased, at fair value	2.1	(0.2)	(83.4)
Net cash (used in)/provided by operating activities	76.0	250.0	67.4
Cash flows from investing activities:
Capital contribution to affiliates	(180.8)	(170.2)	(251.9)
Purchase of property and equipment and internally developed software	(17.8)	(22.0)	(10.2)
Net cash used in investing activities	(198.6)	(192.2)	(262.1)
Cash flows from financing activities:
Net change in lenders under loans	259.5	(23.4)	(47.0)
Repayments of note payable	0.0	0.0	(0.4)
Proceeds from issuance of senior secured term loan	0.0	0.0	21.5
Repayments of senior secured term loan	(170.3)	(9.8)	(9.8)
Proceeds from issuance of senior secured notes	0.0	0.0	344.8
Repayment of senior secured notes	0.0	(1.6)	(92.1)
Issuance of note payable	0.0	9.0	0.0
Deferred payments on acquisitions	(1.9)	(2.2)	(0.9)
Share repurchase	0.0	(11.7)	(7.5)
Debt issuance costs	0.0	0.0	(14.0)
Exercise of stock options	6.7	9.2	5.5
Net cash provided by/(used in) financing activities	94.0	(30.5)	200.1
Net (decrease) increase in cash, segregated cash, cash equivalents, and segregated cash equivalents	(28.6)	27.3	5.4
Cash, segregated cash, cash equivalents, and segregated cash equivalents at beginning of period	34.7	7.4	2.0
Cash, segregated cash, cash equivalents, and segregated cash equivalents at end of period	6.1	34.7	7.4
Cash paid for interest	34.9	28.5	15.3
Income taxes paid/(received), net of cash refunds	2.6	9.8	(4.3)
Supplemental disclosure of non-cash investing and financing activities:
Additional consideration payable related to acquisitions	$ 0.0	$ 0.0	$ 21.6