Financial Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2015

Financial Assets and Liabilities

Summary of fair value measurements measured on a recurring basis

Fair value measurements for those items measured on a recurring basis are summarized below as of December 31, 2015:

	December 31, 2015
	Quoted Prices		Significant
	in Active		Other		Significant		Counterparty
	Markets for		Observable		Unobservable		and Cash
	Identical Assets		Inputs		Inputs		Collateral		Total Fair
(in thousands)	(Level 1)		(Level 2)		(Level 3)		Netting		Value
Assets
Financial instruments owned, at fair value:
Equity securities	$	915,848	$	32,243	$	—	$	—	$	948,091
U.S. and Non-U.S. government obligations		—		10,513		—		—		10,513
Exchange traded notes		69,376		—		—		—		69,376
Interest rate swaps		—		311		—		—		311
Currency forwards		—		795,435		—		(785,855)		9,580
Options		—		168		—		—		168
	$	985,224	$	838,670	$	—	$	(785,855)	$	1,038,039
Financial instruments owned, pledged as collateral:
Equity securities	$	232,731	$	—	$	—	$	—	$	232,731
Exchange traded notes		26,444		—		—		—		26,444
	$	259,175	$	—	$	—	$	—	$	259,175
Other Assets
Exchange stock	$	5,984	$	—	$	—	$	—	$	5,984
	$	5,984	$	—	$	—	$	—	$	5,984
Liabilities
Financial instruments sold, not yet purchased, at fair value:
Equity securities	$	935,071	$	1,780	$	—	$	—	$	936,851
U.S. and Non-U.S. government obligations		3,996		—		—		—		3,996
Exchange traded notes		37,761		—		—		—		37,761
Interest rate swaps		—		319		—		—		319
Currency forwards		—		746,014		—		(746,014)		—
Options		—		163		—		—		163
	$	976,828	$	748,276	$	—	$	(746,014)	$	979,090

Fair value measurements for those items measured on a recurring basis are summarized below as of December 31, 2014:

	December 31, 2014
	Quoted
	Prices in
	Active		Significant
	Markets for		Other		Significant		Counterparty
	Identical		Observable		Unobservable		and Cash
	Assets		Inputs		Inputs		Collateral		Total Fair
(in thousands)	(Level 1)		(Level 2)		(Level 3)		Netting		Value
Assets
Financial instruments owned, at fair value:
Equity securities	$	1,216,532	$	17,166	$	—	$	—	$	1,233,698
U.S. and non-U.S. government obligations		—		8,222		—		—		8,222
Exchange traded notes		65,684		—		—		—		65,684
Currency forwards		—		1,629,637		—		(1,629,629)		8
Options		—		321		—		—		321
	$	1,282,216	$	1,655,346	$	—	$	(1,629,629)	$	1,307,933
Financial instruments owned, pledged as collateral:
Equity securities	$	219,159	$	—	$	—	$	—	$	219,159
Exchange traded notes		17,216		—		—		—		17,216
	$	236,375	$	—	$	—	$	—	$	236,375
Other Assets
Exchange stock	$	8,205	$	—	$	—	$	—	$	8,205
	$	8,205	$	—	$	—	$	—	$	8,205
Liabilities
Financial instruments sold, not yet purchased, at fair value:
Equity securities	$	859,836	$	47,896	$	—	$	—	$	907,732
U.S. and non-U.S. government obligations		21,107		—		—		—		21,107
Exchange traded notes		92,513		—		—		—		92,513
Currency forwards		—		1,645,820		—		(1,629,629)		16,191
Options		—		79		—		—		79
Interest rate swaps		—		12		—		—		12
	$	973,456	$	1,693,807	$	—	$	(1,629,629)	$	1,037,634

Summary of netting of certain financial assets and financial liabilities

	December 31, 2015
					Net Amounts of
			Gross Amounts		Assets Presented		Gross Amounts Not Offset In the
			Offset in the		in the		Consolidated
	Gross Amounts		Consolidated		Consolidated		Statement of Financial Condition
	of Recognized		Statement of		Statement of		Financial		Cash Collateral
(in thousands)	Assets		Financial Condition		Financial Condition		Instruments		Received		Net Amount
Offsetting of Financial Assets:
Securities borrowed	$	453,296	$	—	$	453,296	$	(443,659)	$	(281)	$	9,356
Securities purchased under agreements to resell		14,981		—		14,981		(14,981)		—		—
Trading assets, at fair value:
Currency forwards		795,435		(785,855)		9,580		—		—		9,580
Options		168		—		168		(139)		—		29
Interest rate swaps		311		—		311		(311)		—		—
Total	$	1,264,191	$	(785,855)	$	478,336	$	(459,090)	$	(281)	$	18,965

					Net Amounts of
			Gross Amounts		Assets Presented		Gross Amounts Not Offset In the
			Offset in the		in the		Consolidated
	Gross Amounts		Consolidated		Consolidated		Statement of Financial Condition
	of Recognized		Statement of		Statement of		Financial		Cash Collateral
	Assets		Financial Condition		Financial Condition		Instruments		Received		Net Amount
Offsetting of Financial Liabilities:
Securities loaned	$	524,603	$	—	$	524,603	$	(521,407)	$	—	$	3,196
Securities sold under agreements to repurchase		—		—		—		—		—		—
Trading liabilities, at fair value:
Currency forwards		746,014		(746,014)		—		—		—		—
Options		163		—		163		(139)		(24)		—
Interest rate swaps		319		—		319		(311)		(8)		—
Total	$	1,271,099	$	(746,014)	$	525,085	$	(521,857)	$	(32)	$	3,196

	December 31, 2014
					Net Amounts of
			Gross Amounts		Assets Presented		Gross Amounts Not Offset In the
			Offset in the		in the		Consolidated
	Gross Amounts		Consolidated		Consolidated		Statement of Financial Condition
	of Recognized		Statement of		Statement of		Financial		Cash Collateral
(in thousands)	Assets		Financial Condition		Financial Condition		Instruments		Received		Net Amount
Offsetting of Financial Assets:
Securities borrowed	$	484,934	$	—	$	484,934	$	(477,559)	$	—	$	7,375
Securities purchased under agreements to resell		31,463		—		31,463		(31,463)		—		—
Trading assets, at fair value:
Currency forwards		1,629,637		(1,629,629)		8		—		—		8
Options		321		—		321		(76)		—		245
Total	$	2,146,355	$	(1,629,629)	$	516,726	$	(509,098)	$	—	$	7,628

					Net Amounts of
					Liabilities
			Gross Amounts		Presented		Gross Amounts Not Offset In the
			Offset in the		in the		Consolidated
	Gross Amounts		Consolidated		Consolidated		Statement of Financial Condition
	of Recognized		Statement of		Statement of		Financial		Cash Collateral
(in thousands)	Liabilities		Financial Condition		Financial Condition		Instruments		Pledged		Net Amount
Offsetting of Financial Liabilities:
Securities loaned	$	497,862		—	$	497,862	$	(490,768)	$	(2,812)	$	4,282
Securities sold under agreements to repurchase		2,006		—		2,006		(2,006)		—		—
Trading liabilities, at fair value:
Currency forwards		1,645,820		(1,629,629)		16,191		—		(16,191)		—
Options		79		—		79		(79)		—		—
Interest rate swaps		12		—		12		—		(12)		—
Total	$	2,145,779	$	(1,629,629)	$	516,150	$	(492,853)	$	(19,015)	$	4,282

Summary of gross obligations for repurchase agreement and securities borrowed transactions by remaining contractual maturity and class of collateral pledged

		December 31, 2015
		Remaining Contractual Maturity
		Overnight and		Less than		30 - 90		Over 90
(in thousands)		Continuous		30 days		days		Days		Total
Securities lending transactions:
Equity securities	$	524,603	$	—	$	—	$	—	$	524,603
Total	$	524,603	$	—	$	—	$	—	$	524,603