Collateralized Transactions (Tables)

9 Months Ended

Sep. 30, 2016

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 related to 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):



	September 30, 2016		December 31, 2015
Collateral permitted to be delivered or repledged	$	1,969,324	$	1,640,145
Collateral that was delivered or repledged	1,842,751		1,570,921
Collateral permitted to be further repledged by the receiving counterparty	152,717		188,345

Summary of Assets Pledged

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



	September 30, 2016		December 31, 2015
Financial instruments owned, at fair value, pledged to counterparties that have the right to deliver or repledge	$	470,568	$	324,146
Financial instruments owned, at fair value, pledged to counterparties that do not have the right to deliver or repledge	1,189,985		1,027,847

Gross Carrying Value of Assets Sold Under Agreements to Repurchase

The table below presents the gross carrying value of Securities loaned and Financial instruments sold under agreements to repurchase by class of collateral pledged (in thousands):



September 30, 2016			Financial instruments sold under agreements to repurchase		Other collateralized financings
Asset Class	Securities Loaned		Financial instruments sold under agreements to repurchase		Other collateralized financings
Equities	$	639,452	$	912,099	$	49,256
U.S. government obligations	—		69,700		—
Corporate debt	8,150		52,901		744
Total	$	647,602	$	1,034,700	$	50,000



December 31, 2015			Financial instruments sold under agreements to repurchase		Other collateralized financings
Asset Class	Securities Loaned		Financial instruments sold under agreements to repurchase		Other collateralized financings
Equities	$	451,085	$	855,632	$	—
U.S. government obligations	—		54,902		—
Corporate debt	12,292		44,368		—
Total	$	463,377	$	954,902	$	—

Assets 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):



September 30, 2016	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
Securities borrowed	$	1,958,095	$	—	$	1,958,095	$	1,909,346	$	7,002	$	41,747
Receivable from brokers, dealers and clearing organizations ⁽³⁾	59,980		—		59,980		59,881		22		77
Total assets	$	2,018,075	$	—	$	2,018,075	$	1,969,227	$	7,024	$	41,824
Liabilities
Securities loaned	$	647,602	$	—	$	647,602	$	627,544	$	7,002	$	13,056
Financial instruments sold under agreements to repurchase	1,034,700		—		1,034,700		1,034,678		22		—
Other collateralized financings	50,000		—		50,000		50,000		—		—
Total liabilities	$	1,732,302	$	—	$	1,732,302	$	1,712,222	$	7,024	$	13,056


⁽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 available by counterparty in the event of a counterparty's default, but which are not netted in the Consolidated Statement of Financial Condition because other netting provisions under U.S. GAAP are not met.


⁽³⁾	Represents financial instruments purchased under agreement to resell.



December 31, 2015	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
Securities borrowed	$	1,636,284	$	—	$	1,636,284	$	1,575,568	$	8,277	$	52,439
Receivable from brokers, dealers and clearing organizations ⁽³⁾	65,433		—		65,433		62,580		—		2,853
Total assets	$	1,701,717	$	—	$	1,701,717	$	1,638,148	$	8,277	$	55,292
Liabilities
Securities loaned	$	463,377	$	—	$	463,377	$	440,486	$	8,277	$	14,614
Financial instruments sold under agreements to repurchase	954,902		—		954,902		954,902		—		—
Total liabilities	$	1,418,279	$	—	$	1,418,279	$	1,395,388	$	8,277	$	14,614


⁽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 available by a counterparty in the event of a counterparty's default, but which are not netted in the Consolidated Statement of Financial Condition because other netting provisions under U.S. GAAP are not met.


⁽³⁾	Represents financial instruments purchased under agreement to resell.

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):



September 30, 2016	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
Securities borrowed	$	1,958,095	$	—	$	1,958,095	$	1,909,346	$	7,002	$	41,747
Receivable from brokers, dealers and clearing organizations ⁽³⁾	59,980		—		59,980		59,881		22		77
Total assets	$	2,018,075	$	—	$	2,018,075	$	1,969,227	$	7,024	$	41,824
Liabilities
Securities loaned	$	647,602	$	—	$	647,602	$	627,544	$	7,002	$	13,056
Financial instruments sold under agreements to repurchase	1,034,700		—		1,034,700		1,034,678		22		—
Other collateralized financings	50,000		—		50,000		50,000		—		—
Total liabilities	$	1,732,302	$	—	$	1,732,302	$	1,712,222	$	7,024	$	13,056


⁽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⁾


⁽³⁾	Represents financial instruments purchased under agreement to resell.



December 31, 2015	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
Securities borrowed	$	1,636,284	$	—	$	1,636,284	$	1,575,568	$	8,277	$	52,439
Receivable from brokers, dealers and clearing organizations ⁽³⁾	65,433		—		65,433		62,580		—		2,853
Total assets	$	1,701,717	$	—	$	1,701,717	$	1,638,148	$	8,277	$	55,292
Liabilities
Securities loaned	$	463,377	$	—	$	463,377	$	440,486	$	8,277	$	14,614
Financial instruments sold under agreements to repurchase	954,902		—		954,902		954,902		—		—
Total liabilities	$	1,418,279	$	—	$	1,418,279	$	1,395,388	$	8,277	$	14,614


⁽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 available by a counterparty in the event of a counterparty's default, but which are not netted in the Consolidated Statement of Financial Condition because other netting provisions under U.S. GAAP are not met.


⁽³⁾	Represents financial instruments purchased under agreement to resell.

Maturities of Assets Sold Under Repurchase Agreements

Maturities of Securities loaned and Financial instruments sold under agreements to repurchase are provided in the table below (in thousands):



As of September 30, 2016	Overnight		0 - 30 days		31 - 60 days		61 - 90 days		Total
Securities loaned	$	647,602	$	—	$	—	$	—	$	647,602
Other collateralized financings	—		50,000		—		—		50,000
Financial instruments sold under agreements to repurchase	69,700		310,000		415,000		240,000		1,034,700
Total	$	717,302	$	360,000	$	415,000	$	240,000	$	1,732,302



As of December 31, 2015	Overnight		0 - 30 days		31 - 60 days		61 - 90 days		Total
Securities loaned	$	463,377	$	—	$	—	$	—	$	463,377
Financial instruments sold under agreements to repurchase	54,902		635,000		150,000		115,000		954,902
Total	$	518,279	$	635,000	$	150,000	$	115,000	$	1,418,279