INTL FCStone 2013 Annual Report Download - page 114

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INTLFCSTONEINC.Form10K 93
PART II
ITEM 8Financial Statements and Supplementary Data
Funds deposited by customers and other assets, which have been segregated as belonging to the commodity customers as of
September30, 2013 and 2012, are as follows:
(in millions)
September 30, 2013 September 30, 2012
Cash, at banks - segregated $ 247.6 $ 225.6
Securities - customer segregated — —
Securities held for customers in lieu of cash, at banks 19.5 47.2
Deposits with and receivables from:
Exchange-clearing organizations, including securities, net of omnibus eliminations 1,413.3 1,370.4
Securities held for customers in lieu of cash 13.1 22.3
Total customer-segregated funds 1,693.5 1,665.5
Amount required to be segregated 1,669.6 1,620.5
Excess funds in segregation $ 23.9 $ 45.0
Funds deposited by customers and other assets, which are held in separate accounts for customers trading foreign futures and foreign
options customers, as of September 30, 2013 and 2012 are as follows:
(in millions)
September 30, 2013 September 30, 2012
Cash - secured $ 34.2 $ 25.2
Securities — 3.3
Equities with futures commission merchants 27.0 9.9
Amounts held by clearing organizations of foreign boards of trade — 20.8
Amounts held by members of foreign boards of trade 21.3 30.1
Total customer-secured funds 82.5 89.3
Amount required to be secured 59.8 77.6
Excess secured funds $ 22.7 $ 11.7
NOTE 14 Commodity and Other Repurchase Agreements
e Company’s outstanding notes receivable in connection
with the sale/repurchase agreements, whereby the customers
sell certain commodity inventory and agree to repurchase the
commodity inventory at a future date at either a xed or oating
rate, as of September 30, 2013 and 2012 was $9.2 million and
$92.5 million, respectively.
e obligations outstanding related to commodities sold under
repurchase agreements that are recorded in ‘broker-dealers,
clearing organizations and counterparties’ as of September 30,
2013 and 2012 were $0.0 million and $37.0 million, respectively.
e obligations outstanding related to commodities sold under
repurchase agreements that are recorded in ‘lenders under loans’
as of September 30, 2013 and 2012 were $6.0 million and
$43.2 million, respectively.
NOTE 15 Share-Based Compensation
Share-based compensation expense is included in ‘compensation
and benets’ in the consolidated income statements and totaled
$9.3 million, $5.9 million and $2.3 million for the scal years
ended 2013, 2012 and 2011, respectively.
Stock Option Plans
e Company sponsors a stock option plan for its directors,
ocers, employees and consultants. e Company’s Board
of Directors approved a new stock option plan (“the 2013
Stock Option Plan”), which was approved by the Company’s
shareholders at the 2013 annual meeting, and authorized the
Company to issue stock options covering up to 1.0 million shares
of the Company’s common stock. As of September 30, 2013,
there were 1.0 million shares authorized for future grant under
this plan. Awards that expire or are canceled generally become
available for issuance again under the plan. e 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: