Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2011

Fair Value of Financial Instruments

Fair Value Assets And Liabilities Measured On Recurring Basis

	June 30, 2011
	Total		Level 1		Level 2		Level 3
Assets:
Cash equivalents	$	7,992	$	7,992	$	0	$	0
Trading securities owned:
U.S. government agency securities		141,510		0		141,510		0
U.S. government securities		25,975		25,975		0		0
Corporate securities:
Fixed income securities		290,673		70,694		201,637		18,342
Equity securities		40,789		40,467		322		0
State and municipal securities		105,017		0		105,017		0
Total trading securities owned		603,964		137,136		448,486		18,342
Available-for-sale securities:
State and municipal securities		60,225		0		15,547		44,678
Mortgage-backed securities:
Agency		572,650		0		572,650		0
Commercial		150,147		0		150,147		0
Non-agency		24,308		0		24,308		0
Corporate fixed income securities		238,995		128,812		110,183		0
Asset-backed securities		27,789		0		27,789		0
Total available-for-sale securities		1,074,114		128,812		900,624		44,678
Investments:
Corporate equity securities		5,313		4,896		417		0
Mutual funds		35.195		35.195		0		0
U.S. government securities		5,810		5,810		0		0
Auction rate securities:
Equity securities		66,616		0		0		66,616
Municipal securities		7,117		0		0		7,117
Other		47,444		6,826		1,660		38,958
Total investments		167,495		52,727		2,077		112,691
Total trading securities owned	$	1,853,565	$	326,667	$	1,351,187	$	175,711

	June 30, 2011
	Total		Level 1		Level 2		Level 3
Liabilities:
Trading securities sold, but not yet purchased:
U.S. government securities	$	106,666	$	106,666	$	0	$	0
U.S. government agency securities		6,380		0		6,380		0
Corporate securities:
Fixed income securities		156,969		72,933		81,601		2,435
Equity securities		21,187		21,147		40		0
State and municipal securities		263		0		263		0
Total trading securities sold, but not yet purchased		291,465		200,746		88,284		2,435
Securities sold, but not yet purchased (1)		21,641		21,641		0		0
Derivative contracts (2)		11,857		0		11,857		0
	$	324,963	$	222,387	$	100,141	$	2,435
(1) Included in other liabilities in the consolidated statements of financial condition.
(2) Included in accounts payable and accrued expenses in the consolidated statements of financial condition.

	December 31, 2010
	Total		Level 1		Level 2		Level 3
Assets:
Cash equivalents	$	15,675	$	15,675	$	0	$	0
Trading securities owned:
U.S. government agency securities		86,882		0		86,882		0
U.S. government securities		9,038		9,038		0		0
Corporate securities:
Fixed income securities		221,145		47,001		133,901		40,243
Equity securities		46,877		46,395		482		0
State and municipal securities		80,228		0		80,228		0
Total trading securities owned		444,170		102,434		301,493		40,243
Available-for-sale securities:
U.S. government agency securities		25,030		0		25,030		0
State and municipal securities		26,343		0		14,907		11,436
Mortgage-backed securities:
Agency		697,163		0		697,163		0
Commercial		67,996		0		67,996		0
Non-agency		29,273		0		29,273		0
Corporate fixed income securities		154,901		34,897		120,004		0
Asset-backed securities		12,008		0		12,008		0
Total available-for-sale securities		1,012,714		34,897		966,381		11,436
Investments:
Corporate equity securities		3,335		3,335		0		0
Mutual funds		32,193		32,193		0		0
U.S. government securities		8,751		8,751		0		0
Auction rate securities:
Equity securities		76,826		0		0		76,826
Municipal securities		6,533		0		0		6,533
Other		51,298		10,489		2,307		38,502
Total investments		178,936		54,768		2,307		121,861
	$	1,651,495	$	207,774	$	1,270,181	$	173,540
Liabilities:
Trading securities sold, but not yet purchased:
U.S. government securities	$	131,561	$	131,561	$	0	$	0
U.S. government agency securities		664		0		664		0
Corporate securities:
Fixed income securities		61,026		18,815		37,526		4,685
Equity securities		6,800		6,780		20		0
State and municipal securities		89		0		89		0
Total trading securities sold, but not yet purchased		200,140		157,156		38,299		4,685
Securities sold, but not yet purchased (1)		19,935		19,935		0		0
Derivative contracts (2)		9,259		0		9,259		0
	$	229,334	$	177,091	$	47,558	$	4,685
(1) Included in other liabilities in the consolidated statements of financial condition.
(2) Included in accounts payable and accrued expenses in the consolidated statements of financial condition.

Schedule of Changes in Fair Value Carrying Values Associated With Level 3 Financial Instruments

Three Months Ended June 30, 2011
	Financial Assets															Financial Liabilities
							Investments
	Corporate Fixed Income Securities (1)			State and Municipal Securities (2)			Auction Rate Securities - Equity			Auction Rate Securities - Municipal			Other			Corporate Fixed Income Securities (3)
Balance at March 31, 2011	$	14,555		$	24,297		$	72,204		$	8,471		$	38,606		$	0
Unrealized gains:
Included in changes in net assets (4)		102			2,087			437			71			1,418			0
Included in OCI (5)		0			879			0			0			0			0
Realized gains/(losses) (4)		26			0			0			0			(399	)		0
Purchases		27,061			13,987			1,875			1,675			131			2,435
Sales		(22,709	)		(24,126	)		0			(2,900	)		0			0
Redemptions		(523	)		(300	)		(7,900	)		(200	)		(1,038	)		0
Transfers:
Into Level 3		0			27,854			0			0			240			0
Out of Level 3		(170	)		0			0			0			0			0
Net change		3,787			20,381			(5,588	)		(1,354	)		352			2,435
Balance at June 30, 2011	$	18,342		$	44,678		$	66,616		$	7,117		$	38,958		$	2,435

	Six Months Ended June 30, 2011
	Financial Assets															Financial Liabilities
							Investments
	Corporate Fixed Income Securities (1)			State and Municipal Securities (2)			Auction Rate Securities - Equity			Auction Rate Securities - Municipal			Other			Corporate Fixed Income Securities (3)
Balance at December 31, 2010	$	40,243		$	11,436		$	76,826		$	6,533		$	38,502		$	4,685
Unrealized gains/(losses):
Included in changes in net assets (4)		(320	)		2,087			290			(96	)		3,564			0
Included in OCI (5)		0			815			0			0			0			0
Realized gains/(losses) (4)		736			0			0			0			(587	)		(36	)
Purchases		166,483			26,987			2,075			4,105			824			6,663
Sales		(182,072	)		(24,126	)		0			(2,900	)		0			(8,877	)
Redemptions		(716	)		(375	)		(12,575	)		(525	)		(3,585	)		0
Transfers:
Into Level 3		0			27,854			0			0			240			0
Out of Level 3		(6,012	)		0			0			0			0			0
Net change		(21,901	)		33,242			(10,210	)		584			456			(2,250	)
Balance at June 30, 2011	$	18,342		$	44,678		$	66,616		$	7,117		$	38,958		$	2,435
(1) Included in trading securities owned in the consolidated statements of financial condition.
(2) Included in available-for-sale securities in the consolidated statements of financial condition.
(3) Included in trading securities sold, but not yet purchased in the consolidated statements of financial condition.
(4) Realized and unrealized gains/(losses) related to trading securities and investments are reported in other income in the consolidated statements of operations.
(5) Unrealized gains related to available-for-sale securities are reported in accumulated other comprehensive income in the consolidated statements of financial condition.

Schedule of Fair Value of Financial Instruments

June 30, 2011				December 31, 2010
	Carrying value		Estimated fair value		Carrying value		Estimated fair value
Financial assets:
Cash and cash equivalents	$	150,964	$	150,964	$	253,529	$	253,529
Restricted cash		6,876		6,876		6,868		6,868
Cash segregated for regulatory purposes		25		25		6,023		6,023
Securities purchased under agreements to resell		97,685		97,685		123,617		123,617
Trading securities owned		603,964		603,964		444,170		444,170
Available-for-sale securities		1,074,114		1,074,114		1,012,714		1,012,714
Held-to-maturity securities		103,736		102,632		52,640		52,984
Loans held for sale		55,110		55,110		86,344		86,344
Bank loans		478,006		480,554		389,742		376,176
Investments		167,495		167,495		178,936		178,936
Financial liabilities:
Securities sold under agreements to repurchase	$	42,464	$	42,464	$	109,595	$	109,595
Non-interest-bearing deposits		11,017		10,904		8,197		7,980
Interest-bearing deposits		1,630,062		1,588,314		1,615,371		1,565,199
Trading securities sold, but not yet purchased		291,465		291,465		200,140		200,140
Securities sold, but not yet purchased (1)		21,641		21,641		19,935		19,935
Derivative contracts (2)		11,857		11,857		9,259		9,259
Liabilities subordinated to the claims of general creditors		6,957		6,563		8,241		7,739
(1) Included in other liabilities in the consolidated statements of financial condition.
(2) Included in accounts payable and accrued expenses in the consolidated statements of financial condition.