Collateralized Transactions (Tables)

3 Months Ended

Mar. 31, 2017

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):



	March 31, 2017		December 31, 2016
Collateral permitted to be delivered or repledged	$	1,623,886	$	1,634,979
Collateral that was delivered or repledged	1,577,554		1,550,755
Collateral permitted to be further repledged by the receiving counterparty	151,534		41,730

Summary of Assets Pledged

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



	March 31, 2017		December 31, 2016
Financial instruments owned, at fair value, pledged to counterparties that have the right to deliver or repledge	$	368,736	$	314,720
Financial instruments owned, at fair value, pledged to counterparties that do not have the right to deliver or repledge	1,204,165		1,291,979

Gross Carrying Value of Assets Sold Under Agreements to Repurchase

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



March 31, 2017			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	$	459,533	$	940,000	$	50,000
U.S. government obligations	—		12,584		—
Total	$	459,533	$	952,584	$	50,000



December 31, 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	$	369,168	$	989,812	$	76,176
U.S. government obligations	—		12,775		—
Corporate debt	3,463		25,188		23,824
Total	$	372,631	$	1,027,775	$	100,000

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):



March 31, 2017	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	$	1,594,442	$	—	$	1,594,442	$	1,537,957	$	6,225	$	50,260
Receivable from brokers, dealers and clearing organizations ⁽³⁾	13,735		—		13,735		13,717		2		16
Total assets	$	1,608,177	$	—	$	1,608,177	$	1,551,674	$	6,227	$	50,276
Liabilities
Securities loaned	$	459,533	$	—	$	459,533	$	446,050	$	6,225	$	7,258
Financial instruments sold under agreements to repurchase	952,584		—		952,584		952,582		2		—
Other collateralized financings	50,000		—		50,000		50,000		—		—
Total liabilities	$	1,462,117	$	—	$	1,462,117	$	1,448,632	$	6,227	$	7,258


⁽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, 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	$	1,688,222	$	—	$	1,688,222	$	1,623,281	$	4,581	$	60,360
Receivable from brokers, dealers and clearing organizations ⁽³⁾	21,832		—		21,832		21,797		—		35
Total assets	$	1,710,054	$	—	$	1,710,054	$	1,645,078	$	4,581	$	60,395
Liabilities
Securities loaned	$	372,631	$	—	$	372,631	$	358,023	$	4,581	$	10,027
Financial instruments sold under agreements to repurchase	1,027,775		—		1,027,775		1,027,775		—		—
Other collateralized financings	100,000		—		100,000		100,000		—		—
Total liabilities	$	1,500,406	$	—	$	1,500,406	$	1,485,798	$	4,581	$	10,027


⁽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):



March 31, 2017	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	$	1,594,442	$	—	$	1,594,442	$	1,537,957	$	6,225	$	50,260
Receivable from brokers, dealers and clearing organizations ⁽³⁾	13,735		—		13,735		13,717		2		16
Total assets	$	1,608,177	$	—	$	1,608,177	$	1,551,674	$	6,227	$	50,276
Liabilities
Securities loaned	$	459,533	$	—	$	459,533	$	446,050	$	6,225	$	7,258
Financial instruments sold under agreements to repurchase	952,584		—		952,584		952,582		2		—
Other collateralized financings	50,000		—		50,000		50,000		—		—
Total liabilities	$	1,462,117	$	—	$	1,462,117	$	1,448,632	$	6,227	$	7,258


⁽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, 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	$	1,688,222	$	—	$	1,688,222	$	1,623,281	$	4,581	$	60,360
Receivable from brokers, dealers and clearing organizations ⁽³⁾	21,832		—		21,832		21,797		—		35
Total assets	$	1,710,054	$	—	$	1,710,054	$	1,645,078	$	4,581	$	60,395
Liabilities
Securities loaned	$	372,631	$	—	$	372,631	$	358,023	$	4,581	$	10,027
Financial instruments sold under agreements to repurchase	1,027,775		—		1,027,775		1,027,775		—		—
Other collateralized financings	100,000		—		100,000		100,000		—		—
Total liabilities	$	1,500,406	$	—	$	1,500,406	$	1,485,798	$	4,581	$	10,027


⁽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, Financial instruments sold under agreements to repurchase and other collateralized financings are provided in the table below (in thousands):



As of March 31, 2017	Overnight		0 - 30 days		31 - 60 days		61 - 90 days		Total
Securities loaned	$	459,533	$	—	$	—	$	—	$	459,533
Financial instruments sold under agreements to repurchase	12,584		335,000		365,000		240,000		952,584
Other collateralized financings	—		50,000		—		—		50,000
Total	$	472,117	$	385,000	$	365,000	$	240,000	$	1,462,117



As of December 31, 2016	Overnight		0 - 30 days		31 - 60 days		61 - 90 days		Total
Securities loaned	$	372,631	$	—	$	—	$	—	$	372,631
Other	—		100,000		—		—		100,000
Financial instruments sold under agreements to repurchase	12,775		410,000		465,000		140,000		1,027,775
Total	$	385,406	$	510,000	$	465,000	$	140,000	$	1,500,406