Fair Value of Financial Assets and Liabilities

12 Months Ended

Dec. 31, 2013

Fair Value Disclosures [Abstract]

Fair Value of Financial Assets and Liabilities

12. Fair Value of Financial Assets and Liabilities

As required by FASB guidance, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The following tables set forth by level within the fair value hierarchy financial assets and liabilities accounted for at fair value under FASB guidance at December 31, 2013 and 2012 (in thousands):

	Assets at Fair Value at December 31, 2013
	Level 1		Level 2		Level 3		Netting and Collateral		Total
Government debt	$	32,027	$	—	$	—	$	—	$	32,027
Marketable securities		45,002		—		—		—		45,002
Interest rate swaps		—		445		—		—		445
Foreign exchange swaps		—		501		—		—		501
Equity options		688		—		—		—		688
Securities owned—Equities		1,092		—		—		—		1,092
Total	$	78,809	$	946	$	—	$	—	$	79,755

	Liabilities at Fair Value at December 31, 2013
	Level 1		Level 2		Level 3		Netting and Collateral		Total
Foreign exchange swaps	$	—	$	926	$	—	$	—	$	926
Equity options		925		—		—		—		925
Securities sold, not yet purchased—Equities		2,031		—		—		—		2,031
Total	$	2,956	$	926	$	—	$	—	$	3,882

	Assets at Fair Value at December 31, 2012
	Level 1		Level 2		Level 3		Netting and Collateral		Total
Government debt	$	32,003	$	—	$	—	$	—	$	32,003
Interest rate swaps		—		782		—		—		782
Total	$	32,003	$	782	$	—	$	—	$	32,785

	Liabilities at Fair Value at December 31, 2012
	Level 1		Level 2		Level 3		Netting and Collateral		Total
Foreign exchange swaps	$	—	$	338	$	—	$	—	$	338
Total	$	—	$	338	$	—	$	—	$	338

The following tables present information about the offsetting of derivative instruments and collateralized transactions as of December 31, 2013 and 2012 (in thousands):

	December 31, 2013
Assets	Gross Amounts		Gross  Amounts Offset		Net Amounts Presented in the Statements of Financial Condition		Gross Amounts Not Offset				Net Amount
							Financial Instruments		Cash Collateral Received
Interest rate swaps	$	639	$	194	$	445	$	—	$	—	$	445
Foreign exchange swaps		568		67		501		—		—		501
Equity options		688		—		688		—		—		688
Total	$	1,895	$	261	$	1,634	$	—	$	—	$	1,634
Liabilities
Interest rate swaps	$	194	$	194	$	—	$	—	$	—	$	—
Foreign exchange swaps		993		67		926		—		—		926
Equity options		925		—		925		—		—		925
Total	$	2,112	$	261	$	1,851	$	—	$	—	$	1,851

	December 31, 2012
Assets	Gross Amounts		Gross Amounts Offset		Net Amounts Presented in the Statements of Financial Condition		Gross Amounts Not Offset				Net Amount
							Financial Instruments		Cash Collateral Received
Interest rate swaps	$	990	$	208	$	782	$	—	$	—	$	782
Foreign exchange swaps		791		791		—		—		—		—
Total	$	1,781	$	999	$	782	$	—	$	—	$	782
Liabilities
Interest rate swaps	$	208	$	208	$	—	$	—	$	—	$	—
Foreign exchange swaps		1,129		791		338		—		—		338
Total	$	1,337	$	999	$	338	$	—	$	—	$	338

All of the Company’s foreign exchange swaps are with Cantor. See Note 13—“Related Party Transactions,” for additional information related to these transactions.