Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Valuation of Company's Assets and Liabilities Measured at Fair Value

The following table summarizes the valuation of the Company’s assets and liabilities measured at fair value as categorized based on the hierarchy described in Note 2.

	Level 1		Level 2			Level 3		Total
	(In thousands)
As of March 31, 2021
Money market funds	$	11,327	$	—		$	—	$	11,327
Trading securities
Corporate debt		—		13,806			—		13,806
Mutual funds held in rabbi trust		—		10,502			—		10,502
Foreign currency forward position		—		(1,349	)		—		(1,349	)
Total	$	11,327	$	22,959		$	—	$	34,286
As of December 31, 2020
Money market funds	$	20,856	$	—		$	—	$	20,856
Trading securities
Corporate debt		—		19,222			—		19,222
Mutual funds held in rabbi trust		—		8,889			—		8,889
Foreign currency forward position		—		(805	)		—		(805	)
Total	$	20,856	$	27,306		$	—	$	48,162

Carrying Value of Financial Asset and Liability Not Measured at Fair Value

The table below presents the carrying value, fair value and fair value hierarchy category of the Company's financial assets and liabilities that are not measured at fair value on the Consolidated Statement of Financial Condition. The carrying values of the Company's financial assets and liabilities not measured at fair value categorized in the fair value hierarchy as Level 1 and Level 2 approximate fair value due to the short-term nature of the underlying assets and liabilities.

	Carrying Value		Fair Value		Level 1		Level 2		Level 3		Total
	(In thousands)
As of March 31, 2021
Financial assets not measured at fair value:
Cash and cash equivalents	$	390,915	$	390,915	$	390,915	$	—	$	—	$	390,915
Cash segregated under federal regulations		50,083		50,083		50,083		—		—		50,083
Accounts receivable, net of allowance		87,452		87,452		87,452		—		—		87,452
Receivables from broker-dealers, clearing organizations and customers		564,957		564,957		111,594		453,363		—		564,957
Total	$	1,093,407	$	1,093,407	$	640,044	$	453,363	$	—	$	1,093,407
Financial liabilities not measured at fair value:
Payables to broker-dealers, clearing organizations and customers	$	308,268	$	308,268	$	—	$	308,268	$	—	$	308,268
As of December 31, 2020
Financial assets not measured at fair value:
Cash and cash equivalents	$	460,858	$	460,858	$	460,858	$	—	$	—	$	460,858
Cash segregated under federal regulations		50,059		50,059		50,059		—		—		50,059
Accounts receivable, net of allowance		79,577		79,577		—		79,577		—		79,577
Receivables from broker-dealers, clearing organizations and customers		279,915		279,915		97,043		182,872		—		279,915
Total	$	870,409	$	870,409	$	607,960	$	262,449	$	—	$	870,409
Financial liabilities not measured at fair value:
Payables to broker-dealers, clearing organizations and customers	$	133,326	$	133,326	$	—	$	133,326	$	—	$	133,326

Summary of Foreign Currency Forward Contracts

The following table summarizes the Company’s foreign currency forward position:

	As of
	March 31, 2021			December 31, 2020
	(In thousands)
Notional value	$	196,085		$	157,057
Fair value of notional		197,434			157,862
Fair value of the (liability)	$	(1,349	)	$	(805	)

Summary of Company's Investments

The following table summarizes the Company’s investments:

	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
	(In thousands)
As of March 31, 2021
Trading securities
Corporate debt	$	13,721	$	85	$	—	$	13,806
Mutual funds held in rabbi trust		10,172		330		—		10,502
Total trading securities		23,893		415		—		24,308
Total investments	$	23,893	$	415	$	—	$	24,308
As of December 31, 2020
Trading securities
Corporate debt	$	19,081	$	141	$	—	$	19,222
Mutual funds held in rabbi trust		7,680		1,209		—		8,889
Total investments	$	26,761	$	1,350	$	—	$	28,111

Summary of Fair Value of Investments Based upon Contractual Maturities

The following table summarizes the fair value of the investments based upon the contractual maturities:

	As of
	March 31, 2021		December 31, 2020
	(In thousands)
Less than one year	$	17,191	$	18,290
Due in 1 - 5 years		7,117		9,821
Total	$	24,308	$	28,111