Related Parties (Tables)

12 Months Ended

Dec. 31, 2014

Summary of Balances and Transactions with Related Parties or Their Affiliates

As of the date and period indicated below, the Company had the following balances and transactions with the related parties or their affiliates (in thousands):



	For the year ended December 31,
Statements of Operations	2014			2013
Revenues
Commissions and fees	$	14,528		$	4,045
Trading revenues, net	3,862			437
Interest, net	651			71
Total revenues from related parties	$	19,041		$	4,553
Expenses
Execution and clearance fees⁽¹⁾	$	(10,261	)	$	(19,491	)
Payment for order flow	585			—
Collateralized financing interest	529			102
Other expense	1,719			651
Total expenses incurred with respect to related parties	$	(7,428	)	$	(18,738	)

⁽¹⁾ Represents net volume based fees received from providing liquidity to related trading venues.



Statements of Financial Condition	December 31, 2014		December 31, 2013
Assets
Securities borrowed	$	26,110	$	57,732
Receivable from brokers, dealers and clearing organizations	20,075		20,826
Other assets	—		277
Liabilities
Securities loaned	$	7,376	$	116,062
Payable to brokers, dealers and clearing organizations	8,509		17,911
Accrued expenses and other liabilities	5,667		179