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Investments (Tables)

12 Months Ended

Dec. 31, 2013

Equity Method Investments And Joint Ventures [Abstract]

Equity Method Investments


(in thousands)	Percent Ownership (1)			December 31, 2013		December 31, 2012
ELX		49	%	$	6,469	$	14,337
Freedom International Brokerage		45	%		8,370		8,976
China Credit BGC Money Broking Company Limited		33	%		2,004		1,485
Aqua and other investments					860		758

Equity method investments				$	17,703	$	25,556

(1)	Represents the Company’s voting interest in the equity method investment as of December 31, 2013.

Summary of Condensed Financial Information for Company's Equity Method Investments

Summarized condensed financial information for the Company’s equity method investments is as follows (in thousands):


	Year Ended December 31,
	2013			2012			2011
Statements of operations:
Total revenues	$	49,033		$	41,104		$	44,078
Total expenses		64,987			63,826			67,972

Net loss	$	(15,954	)	$	(22,722	)	$	(23,894	)


	December 31,
	2013		2012
Statements of financial condition:
Cash and cash equivalents	$	18,568	$	24,719
Fixed assets, net		2,440		12,064
Other assets		6,350		6,868

Total assets	$	27,358	$	43,651

Payables to related parties		6,454		15,006
Other liabilities		9,134		5,897
Total equity and partners’ capital		11,770		22,748

Total liabilities, equity and partners’ capital	$	27,358	$	43,651

Investments in Variable Interest Entities

The following table sets forth the Company’s investment in its unconsolidated VIEs and the maximum exposure to loss with respect to such entities as of December 31, 2013 and 2012. The amounts presented in the “Investment” column below are included in, and not in addition to, the equity method investment table above (in thousands):


	December 31, 2013				December 31, 2012
	Investment		Maximum Exposure to Loss		Investment		Maximum Exposure to Loss
Variable interest entities (1)	$	7,329	$	24,309	$	15,199	$	44,441

(1)

In addition to its equity investments, the Company has entered into a credit agreement to lend one of its VIEs (ELX) up to $16.0 million. The commitment period for such credit facility extends through March 28, 2015. Additionally, the Company has entered into a subordinated loan agreement with another of its VIEs (Aqua), whereby the Company agreed to lend the principal sum of $980 thousand. As of December 31, 2013, the Company’s maximum exposure to loss with respect to its VIEs is the sum of its equity investment in such VIEs plus the $16.0 million credit facility and the $980 thousand subordinated loan. Additionally, in connection with the sale of eSpeed (see Note 1—“Organization and Basis of Presentation”), the Company has guaranteed all payment obligations of ELX through December 31, 2014 under the Amended and Restated Technology Services Agreement, dated as of March 28, 2012, by and between eSpeed Technology Services L.P. and ELX Futures L.P.

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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