9.	Marketable Securities

Marketable securities consist of the Company’s ownership of various investments. The investments had a fair value of $191.7 million and $650.4 million as of March 31, 2016 and December 31, 2015, respectively.

As of March 31, 2016 and December 31, 2015, the Company held marketable securities classified as trading securities with a market value of $183.5 million and $644.9 million, respectively. These securities are measured at fair value, with any changes in fair value recognized currently in earnings and included in “Other income (loss)” in the Company’s unaudited condensed consolidated statements of operations. During the three months ended March 31, 2016 and 2015, the Company recognized a net loss (realized and unrealized) of $0.3 million and a gain of $2.9 million, respectively, related to the mark-to-market on these shares and any related hedging transactions when applicable.

In connection with the Company’s sale of its on-the-run, electronic benchmark U.S. Treasury platform (“eSpeed”) to Nasdaq, Inc. (“Nasdaq,” formerly known as “NASDAQ OMX Group, Inc.”) on June 28, 2013, the Company will receive a remaining earn-out of up to 11,906,964 shares of Nasdaq common stock ratably over the next approximately 12 years, provided that Nasdaq, as a whole, produces at least $25 million in gross revenues each year.

As of March 31, 2016 and December 31, 2015, the Company held marketable securities classified as available-for-sale with a market value of $8.2 million and $5.5 million, respectively. These securities are measured at fair value, with unrealized gains or losses included as part of “Other comprehensive loss” in the Company’s unaudited condensed consolidated statements of comprehensive income. During the three months ended March 31, 2016, the Company recognized gains of $0.8 million related to these marketable securities classified as available-for-sale.

During the three months ended March 31, 2016, the Company purchased marketable securities with a market value of $52.6 million at the time of purchase and sold marketable securities with a market value of $511.2 million at the time of sale.