Fair Value of Financial Instruments (Tables)

6 Months Ended

9 Months Ended

Jun. 30, 2011

Sep. 30, 2011

Fair Value Assets And Liabilities Measured On Recurring Basis

September 30, 2011
	Total		Level 1		Level 2		Level 3
Assets:
Cash equivalents	$	16,152	$	16,152	$	—	$	—
Trading securities owned:
U.S. government agency securities		71,333		—		71,333		—
U.S. government securities		12,202		12,202		—		—
Corporate securities:
Fixed income securities		264,623		61,151		202,271		1,201
Equity securities		40,886		40,515		371		—
State and municipal securities		137,400		—		137,400		—
Total trading securities owned		526,444		113,868		411,375		1,201
Available-for-sale securities:
U.S. government securities		904		100		804		—
State and municipal securities		84,012		—		17,388		66,624
Mortgage-backed securities:
Agency		506,767		—		506,767		—
Commercial		265,925		—		265,925		—
Non-agency		18,257		—		18,257		—
Corporate fixed income securities		409,817		301,871		95,946		12,000
Asset-backed securities		27,102		—		27,102		—
Total available-for-sale securities		1,312,784		301,971		932,189		78,624
Investments:
Corporate equity securities		4,676		4,283		393		—
Mutual funds		33,811		33,811		—		—
Auction rate securities:
Equity securities		64,203		—		—		64,203
Municipal securities		7,044		—		—		7,044
Other		38,816		436		777		37,603
Total investments		148,550		38,530		1,170		108,850
	$	2,003,930	$	470,521	$	1,344,734	$	188,675

The Company's investment in a senior preferred interest in Miller Buckfire & Co. LLC, which is included in investments in the consolidated statements of financial condition, is carried at cost and therefore not included in the above analysis of fair value at September 30, 2011.

	September 30, 2011
	Total			Level 1		Level 2		Level 3
Liabilities:
Trading securities sold, but not yet purchased:
U.S. government securities		$	109,568	$	109,568	$	—	$	—
Corporate securities:
Fixed income securities			129,226		55,375		73,851		—
Equity securities			33,071		33,032		39		—
State and municipal securities			325		—		325		—
Total trading securities sold, but not yet purchased			272,190		197,975		74,215		—
Securities sold, but not yet purchased (1)			16,815		16,815		—		—
Derivative contracts (2)			25,672		—		25,672		—
		$	314,677	$	214,790	$	99,887	$	—

(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	$	—	$	—
Trading securities owned:
U.S. government agency securities		86,882		—		86,882		—
U.S. government securities		9,038		9,038		—		—
Corporate securities:
Fixed income securities		221,145		47,001		133,901		40,243
Equity securities		46,877		46,395		482		—
State and municipal securities		80,228		—		80,228		—
Total trading securities owned		444,170		102,434		301,493		40,243
Available-for-sale securities:
U.S. government agency securities		25,030		—		25,030		—
State and municipal securities		26,343		—		14,907		11,436
Mortgage-backed securities:
Agency		697,163		—		697,163		—
Commercial		67,996		—		67,996		—
Non-agency		29,273		—		29,273		—
Corporate fixed income securities		154,901		34,897		120,004		—
Asset-backed securities		12,008		—		12,008		—
Total available-for-sale securities		1,012,714		34,897		966,381		11,436
Investments:
Corporate equity securities		3,335		3,335		—		—
Mutual funds		32,193		32,193		—		—
U.S. government securities		8,751		8,751		—		—
Auction rate securities:
Equity securities		76,826		—		—		76,826
Municipal securities		6,533		—		—		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	$	—	$	—
U.S. government agency securities		664		—		664		—
Corporate securities:
Fixed income securities		61,026		18,815		37,526		4,685
Equity securities		6,800		6,780		20		—
State and municipal securities		89		—		89		—
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		—		—
Derivative contracts (2)		9,259		—		9,259		—
	$	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.

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income, and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issuances, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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- Definition

Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

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Reference 4: http://www.xbrl.org/2003/role/presentationRef

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-Name Accounting Standards Codification

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-Name Statement of Financial Accounting Standard (FAS)

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