Fair Value of Financial Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Fair Value Hierarchy of Financial Assets and Liabilities under U.S. GAAP Guidance

The following tables set forth by level within the fair value hierarchy financial assets and liabilities accounted for at fair value under U.S. GAAP guidance (in thousands):

	Assets at Fair Value at December 31, 2019
	Level 1		Level 21		Level 3		Netting and Collateral			Total
Marketable securities	$	14,228	$	—	$	—	$	—		$	14,228
Government debt		56,761		—		—		—			56,761
Securities owned—Equities		36		—		—		—			36
FX/commodities options		26		—		—		—			26
Forwards		—		706		—		(142	)		564
FX swaps		—		1,672		—		(394	)		1,278
Futures		—		2,044		—		(2,044	)		—
Corporate Bonds		—		728		—		—			728
Total	$	71,051	$	5,150	$	—	$	(2,580	)	$	73,621

¹ In addition, the Company has equity securities with a fair value of approximately $82.5 million, which are presented in “Other Assets” in the Company’s consolidated statements of financial condition as of December 31, 2019. These investments are remeasured to fair value on a non-recurring basis and are classified within Level 2 in the fair value hierarchy. See section below titled “Fair Value Measurements on a Non-Recurring Basis” for additional information.

	Liabilities at Fair Value at December 31, 2019
	Level 1		Level 2		Level 3		Netting and Collateral			Total
FX/commodities options	$	—	$	—	$	—	$	—		$	—
FX swaps		—		2,638		—		(394	)		2,244
Forwards		—		1,427		—		(142	)		1,285
Futures		—		2,668		—		(2,044	)		624
Contingent consideration		—		—		42,159		—			42,159
Total	$	—	$	6,733	$	42,159	$	(2,580	)	$	46,312

	Assets at Fair Value at December 31, 2018
	Level 1		Level 2		Level 3		Netting and Collateral			Total
Marketable securities	$	32,064	$	—	$	—	$	—		$	32,064
Government debt		57,788		—		—		—			57,788
Securities owned—Equities		620		—		—		—			620
FX/commodities options		482,751		—		—		(482,712	)		39
Forwards		—		253		—		(17	)		236
FX swaps		—		1,938		—		(327	)		1,611
Futures		—		57,479		—		(57,386	)		93
Total	$	573,223	$	59,670	$	—	$	(540,442	)	$	92,451

	Liabilities at Fair Value at December 31, 2018
	Level 1		Level 2		Level 3		Netting and Collateral			Total
FX/commodities options	$	570,728	$	—	$	—	$	(482,712	)	$	88,016
FX swaps		—		2,399		—		(327	)		2,072
Forwards		—		656		—		(17	)		639
Futures		—		57,788		—		(57,386	)		402
Contingent consideration		—		—		45,984		—			45,984
Total	$	570,728	$	60,843	$	45,984	$	(540,442	)	$	137,113

Changes in Level 3 Financial Liabilities Measured at Fair Value on Recurring Basis

Level 3 Financial Liabilities

Changes in Level 3 liabilities measured at fair value on a recurring basis for the year ended December 31, 2019 were as follows (in thousands):

	Opening Balance		Total realized and unrealized (gains) losses included in Net income (loss)		Unrealized (gains) losses included in Other Comprehensive Income (loss)			Purchases/ Issuances		Sales/ Settlements			Closing Balance at December 31, 2019		Unrealized (gains) losses for the period on Level 3 Assets / Liabilities Outstanding at December 31, 2019
Liabilities
Accounts payable, accrued and    other liabilities:
Contingent consideration1	$	45,984	$	5,622	$	(3	)	$	—	$	(9,444	)	$	42,159	$	5,622

¹ Realized and unrealized gains (losses) are reported in “Other expenses” and “Other income (loss),” as applicable, in the Company’s consolidated statements of operations.

Changes in Level 3 liabilities measured at fair value on a recurring basis for the year ended December 31, 2018 were as follows (in thousands):

	Opening Balance		Total realized and unrealized (gains) losses included in Net income (loss)			Unrealized (gains) losses included in Other Comprehensive Income (loss)		Purchases/ Issuances		Sales/ Settlements			Closing Balance at December 31, 2018		Unrealized (gains) losses for the period on Level 3 Assets / Liabilities Outstanding at December 31, 2018
Liabilities
Accounts payable, accrued and    other liabilities:
Contingent consideration1	$	41,385	$	(1,586	)	$	1,401	$	17,995	$	(13,581	)	$	45,984	$	(776	)

¹ Realized and unrealized gains (losses) are reported in “Other expenses” and “Other income (loss),” as applicable, in the Company’s consolidated statements of operations.

Quantitative Information about Level 3 Fair Value Measurements on Recurring Basis

The following tables present quantitative information about the significant unobservable inputs utilized by the Company in the fair value measurement of Level 3 liabilities measured at fair value on a recurring basis (in thousands):

	Fair Value as of December 31, 2019
	Assets		Liabilities		Valuation Technique	Unobservable Inputs	Range	Weighted Average
Contingent consideration	$	—	$	42,159	Present value of expected payments	Discount rate, probability of meeting earnout and contingencies	9.2%-10.3% 70%-100%	9.8% 90.2% (1)

	Fair Value as of December 31, 2018
	Assets		Liabilities		Valuation Technique	Unobservable Inputs	Range	Weighted Average
Contingent consideration	$	—	$	45,984	Present value of expected payments	Discount rate, probability of meeting earnout and contingencies	9.2%-10.3% 75%-100%	9.6% 95.1% (1)

¹ The probability of meeting the earnout targets as of December 31, 2019 and 2018 was based on the acquired businesses’ projected future financial performance, including revenues.