9.	Marketable Securities

Marketable securities consist of the Company’s ownership of various investments. The investments had a fair value of $45 million as of December 31, 2013, of which $5.5 million relates to securities classified as available-for-sale and accordingly recorded at fair value. Unrealized gains or losses on marketable securities classified as available-for-sale are included as part of “Accumulated other comprehensive loss” in the Company’s consolidated statements of financial condition.

Marketable securities also include $39.5 million of NASDAQ OMX common stock received in connection with the earn-out from the sale of eSpeed (see Note 1—“Organization and Basis of Presentation”). These shares of NASDAQ OMX common stock are classified as trading securities and accordingly measured at fair value, with any changes in fair value recognized currently in earnings. The Company has entered into hedging transactions using derivative contracts to minimize the effect of price changes of the Company’s NASDAQ OMX shares (see Note 11—“Derivatives”).

The Company had no marketable securities as of December 31, 2012.