Derivatives (Tables)

9 Months Ended

Sep. 30, 2022

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Fair Values of Derivatives Reported on Condensed Consolidated Statements of Financial Condition

The tables below present the fair value of the Company’s derivative instruments reported within “other assets” and “other liabilities” and the fair value of the Company’s derivative liabilities relating to its obligations pertaining to LFI and other similar deferred compensation arrangements reported within “accrued compensation and benefits” (see Note 12) on the accompanying condensed consolidated statements of financial condition as of September 30, 2022 and December 31, 2021. Notional amounts provide an indication of the volume of the Company's derivative activity.

Derivative assets and liabilities, as well as the related cash collateral from the same counterparty, have been netted on the condensed consolidated statements of financial condition where the Company has obtained an appropriate legal opinion with respect to the master netting agreement. Where such a legal opinion has not been either sought or obtained, amounts are not eligible for netting on the condensed consolidated statements of financial condition, and those derivative assets and liabilities are shown separately in the table below.

In addition to the cash collateral received and transferred that is presented on a net basis with derivative assets and liabilities, the Company receives and transfers additional securities and cash collateral. These amounts mitigate counterparty credit risk associated with the Company’s derivative instruments, but are not eligible for net presentation on the condensed consolidated statements of financial condition.

	September 30, 2022
	Derivative Assets					Derivative Liabilities
	Fair Value			Notional		Fair Value			Notional
Forward foreign currency exchange rate contracts	$	967		$	96,733	$	3,437		$	231,388
Total return swaps and other		24,215			136,576		104			6,311
LGAC Warrants		-			-		575			11,500
LFI and other similar deferred compensation    arrangements		-			-		307,160			342,579
Total gross derivatives		25,182		$	233,309		311,276		$	591,778
Counterparty and cash collateral netting:
Forward foreign currency exchange rate contracts		(27	)				(27	)
Total return swaps and other		(6,653	)				(104	)
Total in "other assets" and "other liabilities"		18,502					311,145
Amounts not netted (a):
Cash collateral		-					(2,363	)
Securities collateral		-					-
	$	18,502				$	308,782

	December 31, 2021
	Derivative Assets					Derivative Liabilities
	Fair Value			Notional		Fair Value			Notional
Forward foreign currency exchange rate contracts	$	1,005		$	253,059	$	761		$	174,550
Total return swaps and other		1,052			20,888		13,709			83,706
LGAC Warrants		-			-		10,005			11,500
LFI and other similar deferred compensation    arrangements		-			-		358,877			301,478
Total gross derivatives		2,057		$	273,947		383,352		$	571,234
Counterparty and cash collateral netting:
Forward foreign currency exchange rate contracts		(83	)				(83	)
Total return swaps and other		(1,052	)				(11,024	)
Total in "other assets" and "other liabilities"		922					372,245
Amounts not netted (a):
Cash collateral		-					(2,476	)
Securities collateral		-					(391	)
	$	922				$	369,378

(a) Amounts are subject to master netting arrangements but do not meet the criteria for netting on the condensed consolidated statements of financial condition under U.S. GAAP. For some counterparties, the collateral amounts of securities and cash collateral pledged may exceed the derivative assets and derivative liabilities balances. Where this is the case, the total amount reported is limited to the net derivative assets and net derivative liabilities balances with that counterparty.

Net Gains and (Losses) With Respect To Derivative Instruments (Including Derivatives Not Designed As Hedging Instruments)

Net gains (losses) with respect to derivative instruments (included in “revenue-other”) and the Company’s derivative liabilities relating to its obligations pertaining to LFI and other similar deferred compensation arrangements (included in “compensation and benefits” expense) as reflected on the accompanying condensed consolidated statements of operations for the three month and nine month periods ended September 30, 2022 and 2021, were as follows:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Forward foreign currency exchange rate contracts	$	2,650	$	2,603	$	8,260	$	7,702
LFI and other similar deferred compensation arrangements		16,180		1,368		65,601		(22,610	)
LGAC Warrants		2,300		3,795		9,430		2,070
Total return swaps and other		7,177		1,492		32,676		(9,482	)
Total	$	28,307	$	9,258	$	115,967	$	(22,320	)