RESTRICTED CASH AND CASH EQUIVALENTS

12 Months Ended

Dec. 31, 2017

Restricted Cash and Cash Equivalents Items [Line Items]

The Company is required to maintain certain cash in segregated accounts with prime brokers and swap counterparties. The amount of restricted cash held by prime brokers is primarily used to support the liability created from securities sold, not yet purchased and the amount of cash encumbered varies depending on the market value of the securities sold, not yet purchased. Swap counterparties also require cash collateral to support the current value of any amounts that may be due to the counterparty based on the value of the underlying security.

Restricted cash and cash equivalents also include amounts held by the Company to provide collateral required by the cedents in the form of trust accounts and letters of credit (see Notes 4 and 14). As of December 31, 2017 and 2016, the restricted cash and cash equivalents were comprised of the following:



	December 31, 2017		December 31, 2016
	($ in thousands)
Cash held by prime brokers relating to securities sold, not yet purchased	$	912,796	$	859,901
Cash collateral relating to letters of credit issued	173,748		234,348
Cash held as collateral in trust accounts	377,932		86,351
Cash and cash equivalents held by swap counterparties	39,337		22,051
Total restricted cash and cash equivalents	$	1,503,813	$	1,202,651