Fair Value (Tables)

9 Months Ended

Sep. 30, 2016

Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

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
September 30, 2016	Level 1		Level 2		Level 3		Total
Assets
Financial instruments owned, at fair value:
Equities	$	2,641,499	$	—	$	—	$	2,641,499
Corporate debt	179,152		—		—		179,152
U.S. government obligations	72,112		—		—		72,112
Listed options	12,190		—		—		12,190
Total Financial instruments owned, at fair value	2,904,953		—		—		2,904,953
Investment in CME Group ⁽¹⁾	2,093		—		—		2,093
Other ⁽²⁾	—		62,151		6,650		68,801
Total assets held at fair value	$	2,907,046	$	62,151	$	6,650	$	2,975,847
Liabilities
Financial instruments sold, not yet purchased, at fair value:
Equities	$	1,927,864	$	—	$	—	$	1,927,864
Corporate debt	173,678		—		—		173,678
U.S. government obligations	104,625		—		—		104,625
Listed options	16,319		—		—		16,319
Foreign currency forward contracts	—		302		—		302
Total liabilities held at fair value	$	2,222,486	$	302	$	—	$	2,222,788


⁽¹⁾	Investment in CME Group is included within Investments on the Consolidated Statements of Financial Condition. See Footnote 8 "Investments" for additional information.


⁽²⁾	Other primarily consists of a $59.9 million receivable from Bats related to the sale of KCG Hotspot and a $6.7 million receivable from the sale of an investment, both of which are included within Other Assets, and $2.3 million of deferred compensation investments which is included within Investments on the Consolidated Statements of Financial Condition.



	Assets and Liabilities Measured at Fair Value on a Recurring Basis
December 31, 2015	Level 1		Level 2		Level 3		Total
Assets
Financial instruments owned, at fair value:
Equities	$	2,129,208	$	—	$	—	$	2,129,208
Listed options	178,360		—		—		178,360
U.S. government and Non-U.S. government obligations	41,706		—		—		41,706
Corporate debt	94,681		—		—		94,681
Foreign currency forward contracts	—		445		—		445
Total Financial instruments owned, at fair value	2,443,955		445		—		2,444,400
Investment in CME Group ⁽¹⁾	1,814		—		—		1,814
Other ⁽²⁾	—		65,732		5,789		71,521
Total assets held at fair value	$	2,445,769	$	66,177	$	5,789	$	2,517,735
Liabilities
Financial instruments sold, not yet purchased, at fair value:
Equities	$	1,856,171	$	—	$	—	$	1,856,171
Listed options	151,893		—		—		151,893
U.S. government obligations	21,056		—		—		21,056
Corporate debt	84,284		—		—		84,284
Total liabilities held at fair value	$	2,113,404	$	—	$	—	$	2,113,404


⁽¹⁾	Investment in CME Group is included within Investments on the Consolidated Statements of Financial Condition. See Footnote 8 "Investments" for additional information.


⁽²⁾	Other primarily consists of a $64.2 million receivable from Bats related to the sale of KCG Hotspot and a $5.8 million receivable from the sale of an investment, both of which are included in Other assets, and $1.5 million of deferred compensation investments which is included within Investments on the Consolidated Statements of Financial Condition.

Changes in Fair Value of Financial Assets Categorized within Level 3

The following is a summary of changes in fair value of the Company's financial assets that have been categorized within Level 3 of the fair value hierarchy at September 30, 2016 (in thousands):



	Level 3 Financial Assets for the three months ended September 30, 2016
	Balance at July 1, 2016		Realized gains(losses) during period		Unrealized gains (losses) during the period		Purchases		Sales		Settlements		Issuances		Transfers in or (out) of Level 3		Balance at September 30, 2016
Receivable from sold investment	$	6,347	$	—	$	303	$	—	$	—	$	—	$	—	$	—	$	6,650



	Level 3 Financial Assets for the nine months ended September 30, 2016
	Balance at January 1, 2016		Realized gains(losses) during period		Unrealized gains (losses) during the period		Purchases		Sales		Settlements		Issuances		Transfers in or (out) of Level 3		Balance at September 30, 2016
Receivable from sold investment	$	5,789	$	—	$	861	$	—	$	—	$	—	$	—	$	—	$	6,650