Collateralized Transactions and Assets and Liabilities Subject to Netting (Tables)

12 Months Ended

Dec. 31, 2014

Collateralized Agreements [Abstract]

Financial Instruments at Fair Value Received as Collateral that were Permitted to be Delivered or Repledged

The table below presents financial instruments at fair value received as collateral and included within Securities borrowed or Receivable from brokers, dealers and clearing organizations on the Consolidated Statements of Financial Condition that were permitted to be delivered or repledged and that were delivered or repledged by the Company as well as the fair value of financial instruments which could be further repledged by the receiving party (in thousands):



	December 31, 2014		December 31, 2013
Collateral permitted to be delivered or repledged	$	1,586,700	$	1,315,803
Collateral that was delivered or repledged	1,485,267		1,231,468
Collateral permitted to be further repledged by the receiving counterparty	147,696		142,938

Financial Instruments Owned and Pledged to Counterparties that Do Not Have Right to Sell or Repledge

In order to finance securities positions, the Company also pledges financial instruments that it owns to counterparties who, in turn, are permitted to deliver or repledge them. Under these transactions, the Company pledges certain financial instruments owned to collateralize repurchase agreements and other secured financings. Repurchase agreements and other secured financings are short-term and mature within one year. Financial instruments owned and pledged to counterparties that do not have the right to sell or repledge such financial instruments consist of equity securities.

The table below presents information about assets pledged by the Company (in thousands):



	December 31, 2014		December 31, 2013
Financial instruments owned, at fair value, pledged to counterparties that had the right to deliver or repledge	$	536,124	$	552,242
Financial instruments owned, at fair value, pledged to counterparties that do not have the right to deliver or repledge	979,652		676,956

Assets and Liabilities Subject to Netting

The gross amounts of assets and liabilities subject to netting and gross amounts offset in the Consolidated Statements of Financial Condition were as follows (in thousands):



December 31, 2014	Gross Amounts Recognized		Gross Amounts Offset in the Statements of Financial Condition		Net Amounts Presented in the Statements of Financial Condition		Gross Amounts Not Offset in the Statement of Financial Condition				Net Amount
							Available Collateral⁽¹⁾		Counterparty Netting⁽²⁾
							Available Collateral⁽¹⁾		Counterparty Netting⁽²⁾
Assets
Listed options	$	144,586	$	—	$	144,586	$	—	$	—	$	144,586
Securities borrowed	1,632,062		—		1,632,062		1,570,194		15,782		46,086
Receivable from brokers, dealers and clearing organizations ⁽³⁾	21,545		—		21,545		21,425		—		120
Foreign currency forward contracts	60		—		60		—		—		60
Swaps	85		—		85		—		—		85
Futures	24,680		24,436		244		—		—		244
Total Assets	$	1,823,018	$	24,436	$	1,798,582	$	1,591,619	$	15,782	$	191,181
Liabilities
Listed options	$	115,362	$	—	$	115,362	$	—	$	17,359	$	98,003
Securities loaned	707,744		—		707,744		682,389		15,782		9,573
Financial instruments sold under agreements to repurchase	933,576		—		933,576		933,560		—		16
Futures	24,436		24,436		—		—		—		—
Total Liabilities	$	1,781,118	$	24,436	$	1,756,682	$	1,615,949	$	33,141	$	107,592

⁽¹⁾Includes securities received or delivered under collateral arrangements with counterparties that could be liquidated in the event of a counterparty default and thus offset against a counterparty's rights and obligations under the respective repurchase agreements or securities borrowing or lending arrangements.

⁽²⁾Under master netting agreements with its counterparties, the Company has the legal right of offset with a counterparty, which incorporates all of the counterparty's outstanding rights and obligations under the arrangement. These balances reflect additional credit risk mitigation that is avalable by counterparty in the event of a counterparty's default, but which are not netted in the Statement of Financial Condition because other netting provisions under U.S. GAAP are not met.

⁽³⁾Represents reverse repurchase agreements at broker dealer.



December 31, 2013	Gross Amounts Recognized		Gross Amounts Offset in the Statements of Financial Condition		Net Amounts Presented in the Statements of Financial Condition		Gross Amounts Not Offset in the Statement of Financial Condition				Net Amount
							Available Collateral⁽¹⁾		Counterparty Netting⁽²⁾
							Available Collateral⁽¹⁾		Counterparty Netting⁽²⁾
Assets
Listed options	$	339,798	$	—	$	339,798	$	—	$	—	$	339,798
Securities borrowed	1,357,387		—		1,357,387		1,316,110		10,110		31,167
Receivable from brokers, dealers and clearing organizations ⁽³⁾	24,366		—		24,366		24,249		—		117
Foreign currency forward contracts	6,913		6,501		412		—		—		412
Futures	8,519		4,369		4,150		—		—		4,150
Total Assets	$	1,736,983	$	10,870	$	1,726,113	$	1,340,359	$	10,110	$	375,644
Liabilities
Listed options	$	252,282	$	—	$	252,282	$	—	$	10,924	$	241,358
Securities loaned	733,230		—		733,230		716,838		10,110		6,282
Financial instruments sold under agreements to repurchase	640,950		—		640,950		640,948		—		2
Foreign currency forward contracts	11,515		6,501		5,014		—		—		5,014
Futures	5,263		5,263		—		—		—		—
Swaps	18		—		18		—		—		18
Total Liabilities	$	1,643,258	$	11,764	$	1,631,494	$	1,357,786	$	21,034	$	252,674

⁽²⁾Under master netting agreements with its counterparties, the company has the legal right of offset with a counterparty, which incorporates all of the counterparty's outstanding rights and obligations under the arrangement. These balances reflect additional credit risk mitigation that is avalable by counterparty in the event of a counterparty's default, but which are not netted in the Statement of Financial Condition because other netting provisions under U.S. GAAP are not met.

⁽³⁾Represents reverse repurchase agreements at broker dealer.