Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2014

Goodwill and Intangible Assets Disclosure [Abstract]

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



	December 31, 2014		December 31, 2013
Market Making	$	16,404	$	16,404
Global Execution Services	907		907
Total	$	17,311	$	17,311

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):



	December 31, 2014		December 31, 2013
Market Making
Technology	$	50,542	$	53,315
Trading rights	44,358		48,920
Total	94,900		102,235
Global Execution Services ⁽¹⁾
Technology	18,200		38,682
Customer relationships	10,833		33,278
Trade names	850		3,800
Total	29,883		75,760
Corporate and Other
Technology	10,500		13,500
Total	$	135,283	$	191,495


⁽¹⁾	Excluded from the December 31, 2014 balance is $34.7 million of intangibles related to the KCG Hotspot which is held for sale. As noted in Footnote 4 "Discontinued Operations & Assets and Liabilities Held for Sale", such amount is included in Assets of business held for sale at December 31, 2014.



		December 31, 2014			December 31, 2013
Technology ⁽¹⁾	Gross carrying amount	$	115,804		$	120,346
	Accumulated amortization	(36,562		)	(14,849		)
	Net carrying amount	79,242			105,497
Trading rights ⁽²⁾	Gross carrying amount	62,468			62,450
	Accumulated amortization	(18,110		)	(13,530		)
	Net carrying amount	44,358			48,920
Customer relationships ⁽³⁾	Gross carrying amount	13,000			35,000
	Accumulated amortization	(2,167		)	(1,722		)
	Net carrying amount	10,833			33,278
Trade names ⁽⁴⁾	Gross carrying amount	1,000			4,000
	Accumulated amortization	(150		)	(200		)
	Net carrying amount	850			3,800
Total	Gross carrying amount	192,272			221,796
	Accumulated amortization	(56,989		)	(30,301		)
	Net carrying amount	$	135,283		$	191,495

⁽¹⁾

The weighted average remaining life for technology, including capitalized software, was approximately 3 and 4 years as of December 31, 2014 and December 31, 2013, respectively. Excluded from the December 31, 2014 balance is $13.1 million of technology assets related to the KCG Hotspot which as noted in Footnote 4 "Discontinued Operations & Assets and Liabilities Held for Sale", is included in Assets of business held for sale at December 31, 2014.


⁽²⁾	Trading rights provide the Company with the rights to trade on certain exchanges. The weighted average remaining life of trading rights with definite useful lives was approximately 7 and 8 years as of December 31, 2014 and December 31, 2013, respectively. As of December 31, 2014 and December 31, 2013, $6.8 million and $7.6 million, respectively, of trading rights had indefinite useful lives.

⁽³⁾

Customer relationships relate to KCG BondPoint and KCG Hotspot (for December 31, 2013 only). The weighted average remaining life was approximately 8 and 10 years as of December 31, 2014 and December 31, 2013, respectively. Lives may be reduced depending upon actual retention rates. Excluded from the December 31, 2014 balance is $19.0 million of customer relationships related to the KCG Hotspot which as noted in Footnote 4 "Discontinued Operations & Assets and Liabilities Held for Sale", is included in Assets of business held for sale at December 31, 2014.

⁽⁴⁾

Trade names relate to KCG BondPoint and KCG Hotspot (for December 31, 2013 only). The weighted average remaining life was approximately 9 and 10 years as of December 31, 2014 and December 31, 2013, respectively. Excluded from the December 31, 2014 balance is $2.6 million of trade name related to the KCG Hotspot which as noted in Footnote 4 "Discontinued Operations & Assets and Liabilities Held for Sale", is included in Assets of business held for sale at December 31, 2014.

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 year ended December 31,
	2014		2013		2012
Amortization expense	$	35,592	$	19,211	$	5,518

Summary of Estimated Amortization Expense for Future Years

As of December 31, 2014, the following table summarizes the Company’s estimated amortization expense for future periods (in thousands):



	Amortization expense
For the year ended December 31, 2015	$	31,180
For the year ended December 31, 2016	30,049
For the year ended December 31, 2017	27,244
For the year ended December 31, 2018	15,611
For the year ended December 31, 2019	6,211