Financial Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2016

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, 2016:

	December 31, 2016
	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	$	1,597,049	$	31,988	$	—	$	—	$	1,629,037
Non-U.S. government obligations		—		10,765		—		—		10,765
Exchange traded notes		37,034		—		—		—		37,034
Currency forwards		—		1,147,261		—		(1,140,239)		7,022
Options		—		141		—		—		141
	$	1,634,083	$	1,190,155	$	—	$	(1,140,239)	$	1,683,999
Financial instruments owned, pledged as collateral:
Equity securities	$	128,202	$	—	$	—	$	—	$	128,202
Exchange traded notes		15,681		—		—		—		15,681
	$	143,883	$	—	$	—	$	—	$	143,883
Other Assets
Equity investment	$	—	$	—	$	36,031	$	—	$	36,031
Exchange stock		449		—		—		—		449
	$	449	$	—	$	36,031	$	—	$	36,480
Liabilities
Financial instruments sold, not yet purchased, at fair value:
Equity securities	$	1,323,693	$	6,638	$	—	$	—	$	1,330,331
Exchange traded notes		18,744		—		—		—		18,744
Currency forwards		—		1,009,038		—		(1,009,038)		—
Options		—		80		—		—		80
	$	1,342,437	$	1,015,756	$	—	$	(1,009,038)	$	1,349,155

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

	December 31, 2015
	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	$	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
Currency forwards		—		319		—		—		319
Options		—		746,014		—		(746,014)		—
Interest rate swaps		—		163		—		—		163
	$	976,828	$	748,276	$	—	$	(746,014)	$	979,090

Summary of changes in Level 3 financial instruments measured at fair value on a recurring basis

		Year Ended December 31, 2016
											Change in Net
											Unrealized Gains
											/ (Losses) on
											Investments
	Balance at				Total Realized		Net Transfers		Balance at		still held at
	December 31,				and Unrealized		into (out of)		December 31,		December 31,
(in thousands)	2015		Purchases		Gains / (Losses)		Level 3		2016		2016
Assets
Other assets:
Equity investment	$	-	$	38,754	$	(3,117)	$	394	$	36,031	$	(3,117)
Total	$	-	$	38,754	$	(3,117)	$	394	$	36,031	$	(3,117)

Summary of netting of certain financial assets and financial liabilities

	December 31, 2016
					Net Amounts of
			Gross Amounts		Assets Presented
			Offset in the		in the		Gross Amounts Not Offset In the
	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	$	220,005	$	—	$	220,005	$	(216,778)	$	(248)	$	2,979
Trading assets, at fair value:
Currency forwards		1,147,261		(1,140,239)		7,022		—		—		7,022
Options		141		—		141		(80)		(13)		48
Total	$	1,367,407	$	(1,140,239)	$	227,168	$	(216,858)	$	(261)	$	10,049

					Net Amounts of
			Gross Amounts		Liabilities Presented
			Offset in the		in the		Gross Amounts Not Offset In the
	Gross Amounts		Consolidated		Consolidated		Statement of Financial Condition
	of Recognized		Statement of		Statement of		Financial		Cash Collateral
	Liabilities		Financial Condition		Financial Condition		Instruments		Pledged		Net Amount
Offsetting of Financial Liabilities:
Securities loaned	$	222,203	$	—	$	222,203	$	(221,792)	$	—	$	411
Trading liabilities, at fair value:
Currency forwards		1,009,038		(1,009,038)		—		—		—		—
Options		80		—		80		(80)		—		—
Total	$	1,231,321	$	(1,009,038)	$	222,283	$	(221,872)	$	—	$	411

	December 31, 2015
					Net Amounts of
			Gross Amounts		Assets Presented
			Offset in the		in the		Gross Amounts Not Offset In the
	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
					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	$	524,603	$	—	$	524,603	$	(521,407)	$	—	$	3,196
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

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

		December 31, 2016
		Remaining Contractual Maturity
	Overnight and		Less than		30 - 90		Over 90
(in thousands)	Continuous		30 days		days		Days		Total
Securities lending transactions:
Equity securities	$	222,203	$	—	$	—	$	—	$	222,203
Total	$	222,203	$	—	$	—	$	—	$	222,203