DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2012

Schedule of fair values of derivative contracts on a gross and net basis

	December 31, 2012						December 31, 2011
Derivatives not designated as hedging instruments under ASC 815-10	Derivative Assets (1)			Derivative Liabilities (2)			Derivative Assets (1)			Derivative Liabilities (2)
Foreign exchange derivative contracts	$	182,388		$	182,628		$	185,984		$	184,387
Commodity derivative contracts	23,656			23,680			13,178			12,190
Fixed income derivative contracts	2,990			3,420			4,113			2,904
Equity derivative contracts	42,811			34,460			3,600			866
Total fair value of derivative contracts	$	251,845		$	244,188		$	206,875		$	200,347
Counterparty netting	(227,968		)	(227,925		)	(199,574		)	(199,522		)
Total fair value	$	23,877		$	16,263		$	7,301		$	825

(1) Reflects futures and options on futures contracts within Receivables from brokers, dealers and clearing organizations and options and forwards contracts within Other assets.

(2) Reflects futures and options on futures contracts within Payables to brokers, dealers and clearing organizations and options and forwards contracts within Other liabilities.

Schedule of outstanding long and short notional amounts on a gross basis of derivative financial instruments

	December 31, 2012				December 31, 2011
	Long		Short		Long		Short
Foreign exchange derivative contracts	$	13,131,184	$	13,116,622	$	9,967,442	$	9,976,475
Commodity derivative contracts	592,686		592,923		512,233		513,245
Fixed income derivative contracts	5,949,603		6,057,524		3,119,363		3,195,903
Equity derivative contracts	81,841		430,899		31,959		6,605

Summary of the effect of derivative contracts on the Consolidated Statements of Operations

		Amount of Gain (Loss) Recognized in Income on Derivatives
	Location of Gain (Loss)
Derivatives not designated as hedging	Recognized in Income on	For the Year Ended December 31,
instruments under ASC 815-10	Derivatives	2012			2011
Foreign exchange derivative contracts	(1)	$	6,344		$	4,090
Commodity derivative contracts	Principal transactions	16,182			14,388
Fixed income derivative contracts	Principal transactions	9,048			10,636
Equity derivative contracts	(2)	(1,155		)	4,885

(1) For the year ended December 31, 2012, approximately $2,011 of gains on foreign exchange derivative contracts were included within Other income and approximately $4,333 of gains on foreign currency options were included within Total brokerage revenues. For the year ended December 31, 2011, approximately $415 of losses on foreign exchange derivative contracts were included within Other income and approximately $4,505 of gains on foreign currency options were included within Principal transactions.

(2) For the year ended December 31, 2012, approximately $2,475 of losses on equity derivative contracts were included within Other income and approximately $1,320 of gains on equity derivative contracts were included within Principal transactions. For the year ended December 31, 2011, approximately $4,885 of gains on equity derivative contracts were included within Principal transactions.

- Definition

Tabular disclosure of the location and amount of gains and losses reported in the statement of financial performance, or when applicable, the statement of financial position. For example, (a) gains and losses recognized in the income statement on derivative instruments designated and qualifying as hedging instruments in fair value hedges and related hedged items designated and qualifying in fair value hedges and (b) gains and losses initially recognized in other comprehensive income on derivative instruments designated and qualifying as cash flow hedges.

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- Definition

Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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