Related Party Transactions

9 Months Ended

Sep. 30, 2017

Related Party Transactions

Related Party Transactions

18. Related Party Transactions

As of September 30, 2017, and December 31, 2016, the Company had a payable of $0.1 million and $0.2 million to its related parties, respectively, which are included in accounts payable and accrued expenses and other liabilities in condensed consolidated statements of financial condition.

In the ordinary course of business, the Company purchases and leases computer equipment and maintenance and support from affiliates of Dell Inc. (“Dell”). Temasek Holdings (Private) Limited and its affiliates have a significant ownership interest in Dell. During the three months ended September 30, 2017 and 2016, the Company paid $0.5 million and $0.6 million, respectively, and during the nine months ended September 30, 2017 and 2016, the Company paid $1.9 million and $2.1 million, respectively, to Dell for these purchases and leases.

In the ordinary course of business, the Company purchases network connections services from affiliates of Level 3 Communications (“Level 3”). Temasek Holdings (Private) Limited and its affiliates have a significant ownership interest in Level 3. During the three months ended September 30, 2017 and 2016, the Company paid $0.5 million and $0.7 million, respectively, and during the nine months ended September 30, 2017 and 2016, the Company paid $1.6 million and $1.9 million, respectively, to Level 3 for these services.

In the ordinary course of business, the Company makes payments to two microwave communication networks JVs (See Note 2).  The Company makes payments to one JV for the funding of the construction of the microwave communication networks and makes payments to the other JV for the use of the microwave communication networks in connection with the Company’s trading activities, which are recorded within Communications and data processing on the condensed consolidated statements of comprehensive income (loss).  The Company made payments of $3.9 million and $4.2 million to these JVs for the three months and nine ended September 30, 2017, respectively.  The Company made no such payments during the three months or nine ended September 30, 2016.