Goodwill and Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2013

Goodwill and Intangible Assets Disclosure [Abstract]

The following table summarizes the Company’s Goodwill by segment (in thousands):



	June 30, 2013		December 31, 2012
Market Making	$	24,727	$	24,727
Global Execution Services	171,386		189,173
Total	$	196,113	$	213,900

Finite-Lived Intangible Assets, Net of Accumulated Amortization

The following tables summarize the Company’s Intangible assets, net of accumulated amortization by segment and type (in thousands):



	June 30, 2013		December 31, 2012
Market Making
Trading rights	$	10,605	$	11,381
Other	36		41
Total	10,641		11,422
Global Execution Services
Customer and broker relationships	28,967		33,245
Trade names	6,727		7,004
Other	3,310		3,983
Total	39,004		44,232
Consolidated Total	$	49,645	$	55,654



		June 30, 2013			December 31, 2012
Customer and broker relationships ⁽¹⁾	Gross carrying amount	$	66,100		$	68,500
	Accumulated amortization	(37,133		)	(35,255		)
	Net carrying amount	28,967			33,245
Trading rights ⁽²⁾	Gross carrying amount	15,520			15,520
	Accumulated amortization	(4,915		)	(4,139		)
	Net carrying amount	10,605			11,381
Trade names ⁽³⁾	Gross carrying amount	9,800			9,800
	Accumulated amortization	(3,073		)	(2,796		)
	Net carrying amount	6,727			7,004
Other ⁽⁴⁾	Gross carrying amount	13,860			13,960
	Accumulated amortization	(10,514		)	(9,936		)
	Net carrying amount	3,346			4,024
Total	Gross carrying amount	105,280			107,780
	Accumulated amortization	(55,635		)	(52,126		)
	Net carrying amount	$	49,645		$	55,654

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(1)

Customer and broker relationships primarily relate to the Donaldson, Direct Trading, Hotspot, EdgeTrade, Urban and Penson Futures acquisitions. Excluded from December 31, 2012 is $9.2 million related to the Company's institutional fixed income sales and trading business which is recorded within Assets of business held for sale on the Consolidated Statements of Financial Condition. The weighted average remaining life is approximately 14 years as of June 30, 2013 and 13 years as of December 31, 2012. Lives may be reduced depending upon actual retention rates.


(2)	Trading rights provide the Company with the rights to trade on certain exchanges. The weighted average remaining life is approximately 7 years as of June 30, 2013 and December 31, 2012.


(3)	Trade names relate to the acquisitions of Hotspot, EdgeTrade and Urban. The weighted average remaining life is approximately 13 years as of June 30, 2013 and December 31, 2012.


(4)	Other primarily includes technology and non-compete agreements acquired by the Company. The weighted average remaining life is approximately two and three years as of June 30, 2013 and December 31, 2012, respectively.

Summary of Amortization Expense Relating to Intangible Assets

The following table summarizes the Company’s amortization expense from continuing operations relating to Intangible assets (in thousands):



	For the three months ended June 30,				For the six months ended June 30,
	2013		2012		2013		2012
Amortization expense	$	2,326	$	2,920	$	4,652	$	5,837

Summary of Estimated Amortization Expense for Future Years

As of June 30, 2013, the following table summarizes the Company’s estimated amortization expense for future years (in thousands):



	Amortization expense
For the six months ended December 31, 2013	$	2,840
For the year ended December 31, 2014	5,680
For the year ended December 31, 2015	5,380
For the year ended December 31, 2016	4,456
For the year ended December 31, 2017	4,412

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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