Fair Value (Tables)

3 Months Ended

Mar. 31, 2017

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
March 31, 2017	Level 1		Level 2		Level 3		Total
Assets
Financial instruments owned, at fair value:
Equities	$	2,179,211	$	—	$	—	$	2,179,211
Corporate debt	91,314		—		—		91,314
U.S. government and Non-U.S. government obligations	37,618		—		—		37,618
Listed options	12,299		—		—		12,299
Total Financial instruments owned, at fair value	2,320,442		—		—		2,320,442
Investments⁽¹⁾	2,379		2,234		—		4,613
Other ⁽²⁾	—		54,142		2,838		56,980
Total assets held at fair value	$	2,322,821	$	56,376	$	2,838	$	2,382,035
Liabilities
Financial instruments sold, not yet purchased, at fair value:
Equities	$	1,694,374	$	—	$	—	$	1,694,374
Corporate debt	85,926		—		—		85,926
U.S. government and Non-U.S. government obligations	91,242		—		—		91,242
Listed options	35,835		—		—		35,835
Foreign currency forward contracts	—		598		—		598
Total liabilities held at fair value	$	1,907,377	$	598	$	—	$	1,907,975


⁽¹⁾	Investments comprise $2.4 million of Level 1 investments in CME Group and $2.2 million of Level 2 investments primarily related to deferred compensation investments, all of which are included within Investments on the Consolidated Statements of Financial Condition. See Footnote 8 "Investments" for additional information.


⁽²⁾	Other primarily consists of a $54.1 million receivable from Bats related to the sale of KCG Hotspot and a $2.8 million receivable from the sale of an investment, both of which are included within Other Assets on the Consolidated Statements of Financial Condition.



	Assets and Liabilities Measured at Fair Value on a Recurring Basis
December 31, 2016	Level 1		Level 2		Level 3		Total
Assets
Financial instruments owned, at fair value:
Equities	$	2,343,033	$	—	$	—	$	2,343,033
Corporate debt	127,237		—		—		127,237
U.S. government and Non-U.S. government obligations	50,461		—		—		50,461
Listed options	19,100		—		—		19,100
Foreign currency forward contracts	—		30		—		30
Total Financial instruments owned, at fair value	2,539,831		30		—		2,539,861
Investments ⁽¹⁾	9,198		2,286		—		11,484
Other ⁽²⁾	—		60,538		2,846		63,384
Total assets held at fair value	$	2,549,029	$	62,854	$	2,846	$	2,614,729
Liabilities
Financial instruments sold, not yet purchased, at fair value:
Equities	$	1,821,957	$	—	$	—	$	1,821,957
Listed options	12,961		—		—		12,961
U.S. government obligations	87,661		—		—		87,661
Corporate debt	123,561		—		—		123,561
Total liabilities held at fair value	$	2,046,140	$	—	$	—	$	2,046,140


⁽¹⁾	Investments comprise $9.2 million of Level 1 investments in CME Group and Bats and also includes $2.3 million of Level 2 investments primarily related to deferred compensation investments, all of which are included within Investments on the Consolidated Statements of Financial Condition. See Footnote 8 "Investments" for additional information.


⁽²⁾	Other primarily consists of a $60.5 million receivable from Bats related to the sale of KCG Hotspot and a $2.8 million receivable from the sale of an investment, both of which are included in Other assets 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 March 31, 2017 and December 31, 2016 (in thousands):



	Level 3 Financial Assets as of March 31, 2017
	Balance at January 1, 2017		Realized gains(losses) during period		Unrealized gains (losses) during the period			Purchases		Sales		Settlements		Issuances		Transfers in or (out) of Level 3		Balance at March 31, 2017
Receivable from sold investment	$	2,846	$	—	$	(8	)	$	—	$	—	$	—	$	—	$	—	$	2,838



	Level 3 Financial Assets as of December 31, 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 December 31, 2016
Receivable from sold investment	$	5,789	$	—	$	980	$	—	$	—	$	(3,923	)	$	—	$	—	$	2,846