Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2014

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, 2014 and December 31, 2013:

	September 30, 2014
	Level I		Level II		Level III		Total
Corporate Bonds, Municipal Bonds and Other Debt Securities (1)	$	—	$	33,121	$	—	$	33,121
Securities Investments (1)	5,883		3,419		—		9,302
Mutual Funds	5,617		—		—		5,617
Financial Instruments Owned and Pledged as Collateral at Fair Value	94,254		—		—		94,254
Total Assets Measured At Fair Value	$	105,754	$	36,540	$	—	$	142,294
	December 31, 2013
	Level I		Level II		Level III		Total
Corporate Bonds, Municipal Bonds and Other Debt Securities (1)	$	—	$	33,882	$	—	$	33,882
Securities Investments (1)	12,001		2,398		—		14,399
Mutual Funds	9,380		—		—		9,380
Financial Instruments Owned and Pledged as Collateral at Fair Value	56,311		—		—		56,311
Total Assets Measured At Fair Value	$	77,692	$	36,280	$	—	$	113,972

(1) Includes $17,289 and $14,254 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, 2014 and December 31, 2013, 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, 2014
	Carrying		Estimated Fair Value
	Amount		Level I		Level II		Level III		Total
Financial Assets:
Cash and Cash Equivalents	$	221,780	$	221,780	$	—	$	—	$	221,780
Securities Purchased Under Agreements to Resell	5,115		—		5,115		—		5,115
Accounts Receivable	103,397		—		103,397		—		103,397
Receivable from Employees and Related Parties	12,207		—		12,207		—		12,207
Assets Segregated for Bank Regulatory Requirements	10,200		10,200		—		—		10,200
Financial Liabilities:
Accounts Payable and Accrued Expenses	$	30,291	$	—	$	30,291	$	—	$	30,291
Securities Sold Under Agreements to Repurchase	99,484		—		99,484		—		99,484
Payable to Employees and Related Parties	14,193		—		14,193		—		14,193
Notes Payable	104,755		—		129,702		—		129,702
			December 31, 2013
	Carrying		Estimated Fair Value
	Amount		Level I		Level II		Level III		Total
Financial Assets:
Cash and Cash Equivalents	$	284,199	$	284,199	$	—	$	—	$	284,199
Securities Purchased Under Agreements to Resell	19,134		—		19,134		—		19,134
Accounts Receivable	83,347		—		83,347		—		83,347
Receivable from Employees and Related Parties	9,233		—		9,233		—		9,233
Assets Segregated for Bank Regulatory Requirements	10,200		10,200		—		—		10,200
Financial Liabilities:
Accounts Payable and Accrued Expenses	$	18,365	$	—	$	18,365	$	—	$	18,365
Securities Sold Under Agreements to Repurchase	75,563		—		75,563		—		75,563
Payable to Employees and Related Parties	19,524		—		19,524		—		19,524
Notes Payable	103,226		—		127,425		—		127,425