ADDITIONAL FINANCIAL INFORMATION (Tables)

9 Months Ended

Sep. 30, 2012

Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis during the period and the related hierarchy levels (amounts in thousands):

	Fair Value Measurements on a Recurring Basis as of September 30, 2012
	Level 1		Level 2		Level 3		Total
Assets:
Money market accounts	$	11,912	$	—	$	—	$	11,912
U.S. Treasury Bills	$	59,952	$	—	$	—	$	59,952
Certificates of deposit	$	82	$	—	$	—	$	82
Futures contracts	$	40	$	—	$	—	$	40
Investment in gold	$	177	$	—	$	—	$	177

	Fair Value Measurements on a Recurring Basis as of December 31, 2011
	Level 1		Level 2		Level 3		Total
Assets:
Money market accounts	$	14,201	$	—	$	—	$	14,201
Certificates of deposit	$	82	$	—	$	—	$	82
Futures contracts	$	42	$	—	$	—	$	42
Investment in gold	$	156	$	—	$	—	$	156

Carrying Value and Fair Value and Fair Value Hierarchy Category of Financial Instruments Not Measured at Fair Value in Condensed Consolidated Statements of Financial Condition

The carrying value of Payables to customers includes amounts due on cash and margin transactions. The carrying values of Payables to brokers, dealers, FCMs, and other regulated entities and Payables to customers are based on observable market prices and approximate fair value. The Company’s investment in Kapitall, Inc. is carried at cost.

					Fair Value Measurements using:
					Quoted Prices in Active Markets for Identical  Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	At September 30, 2012
	Carrying Value		Fair Value
Financial Assets:
Cash and cash equivalents	$	407,306	$	407,306	$	407,306	$	—	$	—
Receivables from banks and brokers		83,700		83,700		—		83,700		—
Investment in Kapitall, Inc.		500		500		—		—		500
Financial Liabilities:
Payables to brokers, dealers, FCMs and other regulated entities	$	12,554	$	12,554	$	—	$	12,554	$	—
Payables to customers		414,011		414,011		—		414,011		—
Note payable to dbFX		2,730		2,730		—		—		2,730

Receivable From Brokers

Amounts receivable from banks and brokers consisted of the following as of the dates indicated (amounts in thousands):

	September 30, 2012		December 31, 2011
Required collateral	$	29,900	$	26,411
Cash in excess of required collateral		52,437		58,791
Open spot foreign exchange positions		1,580		199
	$	83,917	$	85,401

Components of allowance for doubtful accounts

The allowance for doubtful accounts consisted of the following as of the dates indicated (amounts in thousands):

Balance as of January 1, 2012	$	(55	)
Addition to provision		(248	)
Amounts written off		32
Balance as of September 30, 2012	$	(271	)

Property and Equipment Including Leasehold Improvements and Capitalized Software Development Costs

Property and equipment, including leasehold improvements and capitalized software development costs, consisted of the following as of the dates indicated (amounts in thousands):

	September 30, 2012			December 31, 2011
Software	$	17,334		$	12,998
Computer equipment		5,208			4,897
Leasehold improvements		1,863			1,760
Telephone equipment		728			707
Office equipment		1,432			625
Furniture and fixtures		241			224
Web site development costs		626			655
		27,432			21,866
Less: Accumulated depreciation and amortization		(17,525	)		(14,335	)
Property and equipment, net	$	9,907		$	7,531

Intangible Assets

The Company’s intangible assets consisted of the following as of the dates indicated (amounts in thousands):

	September 30, 2012					December 31, 2011
	Cost		Accumulated Amortization			Cost		Accumulated Amortization
Customer list	$	20,195	$	(11,731	)	$	17,776	$	(8,646	)
Non-compete agreement		1,859		(1,278	)		1,859		(581	)
URLs purchased		333		—			333		—
Other intangibles		1,350		—			30		—
	$	23,737	$	(13,009	)	$	19,998	$	(9,227	)

Estimated Amortization Expense

The Company’s remaining estimated amortization expense for each of the five fiscal years ending subsequent to September 30, 2012 is as follows (amounts in thousands):

Years ended December 31:
2012	$	690
2013		2,049
2014		1,701
2015		1,701
2016		1,701

Other Assets

Other assets consisted of the following as of the dates indicated (amounts in thousands):

	September 30, 2012		December 31, 2011
Vendor and security deposits	$	3,682	$	3,774
Current tax receivable		6,762		6,762
Deferred tax assets		3,449		4,471
Investment in Kapitall, Inc.(1)		500		500
Miscellaneous receivables		2,846		2,630
	$	17,239	$	18,137

(1) The cost method of accounting is used to account for the Company’s investment in Kapitall, Inc., because the Company does not have the ability to exercise significant influence over Kapitall, Inc.’s operating and financial policies.