Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2013

Fair Value Disclosures [Abstract]

Categorization of Investments and Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table presents the categorization of investments and certain other financial assets measured at fair value on a recurring basis as of September 30, 2013 and December 31, 2012:

	September 30, 2013
	Level I		Level II		Level III		Total
Corporate Bonds, Municipal Bonds and Other Debt Securities (1)	$	—	$	31,150	$	—	$	31,150
Securities Investments (1)	11,398		3,363		—		14,761
Mutual Funds	8,888		—		—		8,888
Financial Instruments Owned and Pledged as Collateral at Fair Value	84,866		—		—		84,866
Total Assets Measured At Fair Value	$	105,152	$	34,513	$	—	$	139,665
	December 31, 2012
	Level I		Level II		Level III		Total
Corporate Bonds, Municipal Bonds and Other Debt Securities (1)	$	—	$	38,482	$	—	$	38,482
Securities Investments	9,138		2,442		—		11,580
Mutual Funds	11,346		—		—		11,346
Financial Instruments Owned and Pledged as Collateral at Fair Value	120,594		—		—		120,594
Total Assets Measured At Fair Value	$	141,078	$	40,924	$	—	$	182,002

(1) Includes $13,756 and $24,863 of treasury bills, municipal bonds and commercial paper classified within Cash and Cash Equivalents on the Unaudited Condensed Consolidated Statements of Financial Condition as of September 30, 2013 and December 31, 2012, respectively.

Carrying Amount and Estimated Fair Value of Financial Instrument Assets and Liabilities which are Not Measured at Fair Value

The carrying amount and estimated fair value of the Company’s financial instrument assets and liabilities which are not measured at fair value on the Unaudited Condensed Consolidated Statements of Financial Condition are listed in the tables below.

			September 30, 2013
	Carrying		Estimated Fair Value
	Amount		Level I		Level II		Level III		Total
Financial Assets:
Cash and Cash Equivalents	$	230,042	$	230,042	$	—	$	—	$	230,042
Securities Purchased Under Agreements to Resell	7,075		—		7,075		—		7,075
Accounts Receivable	57,769		—		57,769		—		57,769
Receivable from Employees and Related Parties	9,210		—		9,210		—		9,210
Assets Segregated for Bank Regulatory Requirements	10,200		10,200		—		—		10,200
Financial Liabilities:
Accounts Payable and Accrued Expenses	$	18,648	$	—	$	18,648	$	—	$	18,648
Securities Sold Under Agreements to Repurchase	92,110		—		92,110		—		92,110
Payable to Employees and Related Parties	14,977		—		14,977		—		14,977
Notes Payable	102,748		—		127,682		—		127,682
			December 31, 2012
	Carrying		Estimated Fair Value
	Amount		Level I		Level II		Level III		Total
Financial Assets:
Cash and Cash Equivalents	$	234,568	$	234,568	$	—	$	—	$	234,568
Accounts Receivable	89,098		—		89,098		—		89,098
Receivable from Employees and Related Parties	5,166		—		5,166		—		5,166
Assets Segregated for Bank Regulatory Requirements	10,200		10,200		—		—		10,200
Financial Liabilities:
Accounts Payable and Accrued Expenses	$	17,909	$	—	$	17,909	$	—	$	17,909
Securities Sold Under Agreements to Repurchase	120,787		—		120,787		—		120,787
Payable to Employees and Related Parties	12,964		—		12,964		—		12,964
Notes Payable	101,375		—		136,860		—		136,860