The following fair value hierarchy table presents information about the Company’s financial assets and liabilities measured at fair value (in thousands):



	Assets and Liabilities Measured at Fair Value on a Recurring Basis
December 31, 2014	Level 1		Level 2		Level 3		Total
Assets
Financial instruments owned, at fair value:
Equities ⁽¹⁾	$	2,479,910	$	—	$	—	$	2,479,910
Listed options	144,586		—		—		144,586
U.S. government and Non-U.S. government obligations	22,983		—		—		22,983
Corporate debt ⁽²⁾	59,832		—		—		59,832
Foreign currency forward contracts	—		60		—		60
Total Financial instruments owned, at fair value	2,707,311		60		—		2,707,371
Investment in CME Group ⁽³⁾	4,435		—		—		4,435
Deferred compensation investments ⁽³⁾	—		868		—		868
Investment in Deephaven Funds ⁽³⁾	—		146		—		146
Total assets held at fair value	$	2,711,746	$	1,074	$	—	$	2,712,820
Liabilities
Financial instruments sold, not yet purchased, at fair value:
Equities ⁽¹⁾	$	2,069,342	$	—	$	—	$	2,069,342
Listed options	115,362		—		—		115,362
U.S. government obligations	18,953		—		—		18,953
Corporate debt ⁽²⁾	82,050		—		—		82,050
Total liabilities held at fair value	$	2,285,707	$	—	$	—	$	2,285,707


⁽¹⁾	Equities of $743.1 million have been netted by their respective long and short positions by CUSIP number.


⁽²⁾	Corporate debt instruments of $0.3 million have been netted by their respective long and short positions by CUSIP number.


⁽³⁾	Investment in CME Group, Deferred compensation investments and Investment in Deephaven Funds are included within Investments on the Consolidated Statements of Financial Condition.



	Assets and Liabilities Measured at Fair Value on a Recurring Basis
December 31, 2013	Level 1		Level 2		Level 3		Total
Assets
Financial instruments owned, at fair value:
Equities ⁽¹⁾	$	2,298,785	$	—	$	—	$	2,298,785
Listed options	339,798		—		—		339,798
U.S. government and Non-U.S. government obligations	40,053		—		—		40,053
Corporate debt	43,203		—		—		43,203
Total Financial instruments owned, at fair value	2,721,839		—		—		2,721,839
Securities on deposit with clearing organizations ⁽²⁾	170,235		—		—		170,235
Investment in CME Group ⁽³⁾	3,925		—		—		3,925
Deferred compensation investments ⁽³⁾	—		117		—		117
Investment in Deephaven Funds ⁽³⁾	—		1,958		—		1,958
Total assets held at fair value	$	2,895,999	$	2,075	$	—	$	2,898,074
Liabilities
Financial instruments sold, not yet purchased, at fair value:
Equities ⁽¹⁾	$	1,851,006	$	—	$	—	$	1,851,006
Listed options	252,282		—		—		252,282
U.S. government obligations	15,076		—		—		15,076
Corporate debt	42,122		—		—		42,122
Foreign currency forward contracts	—		5,014		—		5,014
Total liabilities held at fair value	$	2,160,486	$	5,014	$	—	$	2,165,500

⁽¹⁾ Equities of $697.9 million have been netted by their respective long and short positions by CUSIP number.


⁽²⁾	Securities on deposit with clearing organizations consist of U.S. government obligations and are recorded within Receivable from brokers, dealers and clearing organizations on the Consolidated Statements of Financial Condition.

⁽³⁾ Investment in CME Group, Deferred compensation investments and Investment in Deephaven Funds are included within Investments on the Consolidated Statements of Financial Condition.