9.	Marketable Securities

Marketable securities consist of the Company’s ownership of various investments. The investments had a fair value of $259.4 million and $164.8 million as of September 30, 2017 and December 31, 2016, respectively.

As of September 30, 2017 and December 31, 2016, the Company held marketable securities classified as trading securities with a market value of $248.2 million and $154.8 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 September 30, 2017 and 2016, the Company recognized realized and unrealized net gains of $12.8 million and $6.1 million, respectively, related to the mark-to-market on these shares and any related hedging transactions when applicable. During the nine months ended September 30, 2017 and 2016, the Company recognized a realized and unrealized net gain of $24.3 million and $12.8 million, respectively, related to the mark-to-market on these shares and any related hedging transaction when applicable.

In connection with the Company’s sale of its on-the-run, electronic benchmark U.S. Treasury platform (“eSpeed”) to Nasdaq, on June 28, 2013, the Company will receive a remaining earn-out of up to 9,922,470 shares of Nasdaq common stock ratably over the next approximately 10 years, provided that Nasdaq, as a whole, produces at least $25.0 million in gross revenues for each fiscal year beginning July 1. During the three months ended September 30, 2017 and 2016, in connection with the Nasdaq earn-out, the Company recognized gains of $77.0 million and $67.0 million, respectively, in “Other income (loss)” in the Company’s unaudited condensed consolidated statements of operations.

As of September 30, 2017 and December 31, 2016, the Company held marketable securities classified as available-for-sale with a market value of $11.3 million and $10.0 million, respectively. These securities are measured at fair value, with unrealized gains or losses included as part of “Other comprehensive income (loss)” in the Company’s unaudited condensed consolidated statements of comprehensive income (loss). During the three months ended September 30, 2017 and 2016, the Company recognized a gain of $0.5 million related to these marketable securities classified as available-for-sale. During the nine months ended September 30, 2017 and 2016, the Company recognized a gain of $1.2 million and a loss of $0.7 million, respectively, related to these marketable securities classified as available-for-sale.

During the nine months ended September 30, 2017, the Company sold marketable securities with a market value of $7.8 million at the time of sale. The Company did not purchase any marketable securities during the nine months ended September 30, 2017. During the nine months ended September 30, 2016, the Company sold marketable securities with a market value of $618.1 million at the time of sale and purchased marketable securities with a market value of $68.4 million.