Goodwill and Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Intangible Assets, Net by Segment and Type

The following tables summarize the Company’s Intangible assets, net of accumulated amortization by segment and type (in thousands):



	September 30, 2016 ⁽¹⁾		December 31, 2015 ⁽¹⁾
Market Making
Technology	$	39,501	$	38,151
Trading rights	7,035		8,530
Total	46,536		46,681
Global Execution Services
Technology	20,646		21,446
Customer relationships	8,306		9,389
Trade names	675		750
Total	29,627		31,585
Corporate and Other
Technology	7,668		5,801
Total	$	83,831	$	84,067


⁽¹⁾	Excluded from the September 30, 2016 and December 31, 2015 balance is $8.2 million and $26.0 million, respectively, of intangibles related to businesses which meet the requirements to be considered held for sale. As noted in Footnote 3 "Assets of Businesses Held for Sale & Sales of Businesses", such amounts are included in Assets of businesses held for sale.



		September 30, 2016			December 31, 2015
Technology ⁽¹⁾	Gross carrying amount	$	147,538		$	120,256
	Accumulated amortization	(79,723		)	(54,858		)
	Net carrying amount	67,815			65,398
Trading rights ⁽²⁾	Gross carrying amount	7,509			9,209
	Accumulated amortization	(474		)	(679		)
	Net carrying amount	7,035			8,530
Customer relationships ⁽³⁾	Gross carrying amount	13,000			13,000
	Accumulated amortization	(4,694		)	(3,611		)
	Net carrying amount	8,306			9,389
Trade names ⁽⁴⁾	Gross carrying amount	1,000			1,000
	Accumulated amortization	(325		)	(250		)
	Net carrying amount	675			750
Total	Gross carrying amount	169,047			143,465
	Accumulated amortization	(85,216		)	(59,398		)
	Net carrying amount	$	83,831		$	84,067

⁽¹⁾

The weighted average remaining life for technology, including capitalized internal use software, was approximately two years as of both September 30, 2016 and December 31, 2015. Excluded from the September 30, 2016 and December 31, 2015 balances are $8.2 million and $8.8 million, respectively, of technology assets related to Assets of businesses held for sale. As noted in Footnote 3 "Assets of Businesses Held for Sale & Sales of Businesses", these assets are included in Assets of businesses held for sale.

⁽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 4 and 5 years as of September 30, 2016 and December 31, 2015, respectively. As of September 30, 2016 and December 31, 2015, $6.9 million of trading rights had indefinite useful lives. Excluded from the December 31, 2015 balance is $17.2 million of trading rights related to Assets of businesses held for sale.


⁽³⁾	Customer relationships relate to KCG BondPoint. The weighted average remaining life was approximately 6 and 7 years as of September 30, 2016 and December 31, 2015, respectively. Lives may be reduced depending upon actual retention rates.


⁽⁴⁾	Trade names relate to KCG BondPoint. The weighted average remaining life was approximately 7 years as of both September 30, 2016 and December 31, 2015.

Summary of Amortization Expense

The following table summarizes the Company’s amortization expense relating to Intangible assets (in thousands):



	For the three months ended September 30,				For the nine months ended September 30,
	2016		2015		2016		2015
Amortization expense	$	8,943	$	8,533	$	24,810	$	26,400

Summary of Estimated Amortization Expense for Future Periods

As of September 30, 2016, the following table summarizes the Company’s estimated amortization expense for future periods (in thousands):



	Amortization expense
For the three months ended December 31, 2016	$	9,199
For the year ended December 31, 2017	35,366
For the year ended December 31, 2018	23,201
For the year ended December 31, 2019	5,179
For the year ended December 31, 2020	1,561