Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2015

Securities Owned and Securities Sold, But Not Yet Purchased at Fair Value



(Expressed in thousands)
	As of June 30, 2015				As of December 31, 2014
	Owned		Sold		Owned		Sold
U.S. Government, agency and sovereign obligations	$	701,009	$	159,594	$	570,607	$	30,615
Corporate debt and other obligations	23,623		6,045		19,795		2,646
Mortgage and other asset-backed securities	4,718		—		6,689		255
Municipal obligations	66,030		49		60,833		51
Convertible bonds	61,711		8,194		49,813		11,369
Corporate equities	46,933		46,785		42,751		47,574
Money markets	742		—		1,245		—
Auction rate securities	100,384		—		91,422		—
Total	$	1,005,150	$	220,667	$	843,155	$	92,510

Quantitative Information about Level 3 Fair Value Measurements

Additional information regarding the valuation technique and inputs for Level 3 financial instruments used is as follows:



(Expressed in thousands)
Quantitative Information about Level 3 Fair Value Measurements at June 30, 2015
Product	Principal		Valuation Adjustment		Fair Value		Valuation Technique	Unobservable Input	Range	Weighted Average
Auction Rate Securities Owned ⁽¹⁾
Auction Rate Preferred Securities	$	85,175	$	4,546	$	80,629	Discounted Cash Flow	Discount Rate ⁽²⁾	1.44% to 1.96%	1.69%
								Duration	4.0 years	4.0 years
								Current Yield ⁽³⁾	0.14% to 0.47%	0.30%
Municipal Auction Rate Securities	12,350		1,218		11,132		Discounted Cash Flow	Discount Rate ⁽⁴⁾	2.57%	2.57%
								Duration	4.5 years	4.5 years
								Current Yield ⁽³⁾	0.22%	0.22%
	5,975		598		5,377		Secondary Market Trading Activity	Observable trades in inactive market for in portfolio securities	90.00% of par	90.00% of par
Student Loan Auction Rate Securities	450		62		388		Discounted Cash Flow	Discount Rate ⁽⁵⁾	3.26%	3.26%
								Duration	7.0 years	7.0 years
								Current Yield⁽³⁾	1.02%	1.02%
Other ⁽⁷⁾	3,625		767		2,858		Secondary Market Trading Activity	Observable trades in inactive market for in portfolio securities	78.83% of par	78.83% of par
	$	107,575	$	7,191	$	100,384
Auction Rate Securities Commitments to Purchase ⁽⁶⁾
Auction Rate Preferred Securities	$	13,048	$	676	$	12,372	Discounted Cash Flow	Discount Rate ⁽²⁾	1.44% to 1.96%	1.69%
								Duration	4.0 years	4.0 years
								Current Yield ⁽³⁾	0.14% to 0.47%	0.30%
Municipal Auction Rate Securities	3,562		351		3,211		Discounted Cash Flow	Discount Rate ⁽⁴⁾	2.57%	2.57%
								Duration	4.5 years	4.5 years
								Current Yield ⁽³⁾	0.22%	0.22%
Student Loan Auction Rate Securities	50		7		43		Discounted Cash Flow	Discount Rate ⁽⁵⁾	3.26%	3.26%
								Duration	7.0 years	7.0 years
								Current Yield ⁽³⁾	1.02%	1.02%
	$	16,660	$	1,034	$	15,626
Total	$	124,235	$	8,225	$	116,010


(1)	Principal amount represents the par value of the ARS and is included in securities owned in the condensed consolidated balance sheet at June 30, 2015. The valuation adjustment amount is included as a reduction to securities owned in the condensed consolidated balance sheet as well as principal transactions revenue in the statement of operations at June 30, 2015.


(2)	Derived by applying a multiple to the spread between 110% to 150% to the U.S. Treasury rate of 1.31%.


(3)	Based on current auctions in comparable securities that have not failed.


(4)	Derived by applying a multiple to the spread of 175% to the U.S. Treasury rate of 1.47%.


(5)	Derived by applying the sum of the spread of 1.20% to the U.S. Treasury rate of 2.06%.


(6)	Principal amount represents the present value of the ARS par value that the Company is committed to purchase at a future date. This principal amount is presented as an off-balance sheet item. The valuation adjustment amount is included in accounts payable and other liabilities on the condensed consolidated balance sheet at June 30, 2015.


(7)	Represents ARS issued by a credit default obligation structure that the Company has purchased and is committed to purchase as a result of a legal settlement.

Investments in Company-Sponsored Funds

The following table provides information about the Company’s investments in Company-sponsored funds at June 30, 2015:



(Expressed in thousands)
	Fair Value		Unfunded Commitments		Redemption Frequency	Redemption Notice Period
Hedge funds ⁽¹⁾	$	2,300	$	—	Quarterly - Annually	30 - 120 Days
Private equity funds ⁽²⁾	6,105		1,251		N/A	N/A
	$	8,405	$	1,251


(1)	Includes investments in hedge funds and hedge fund of funds that pursue long/short, event-driven, and activist strategies. Each hedge fund has various restrictions regarding redemption; no investment is locked-up for a period greater than one year.


(2)	Includes private equity funds and private equity fund of funds with a focus on diversified portfolios, real estate and global natural resources. Due to the illiquid nature of these funds, investors are not permitted to make withdrawals without consent of the general partner. The lock-up period of the private equity funds can extend to 10 years.

Assets and Liabilities Measured at Fair Value on Recurring Basis

The Company’s assets and liabilities, recorded at fair value on a recurring basis as of June 30, 2015 and December 31, 2014, have been categorized based upon the above fair value hierarchy as follows:

Assets and liabilities measured at fair value on a recurring basis as of June 30, 2015



(Expressed in thousands)
	Fair Value Measurements at June 30, 2015
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	566	$	—	$	—	$	566
Deposits with clearing organizations	28,190		—		—		28,190
Securities owned:
U.S. Treasury securities	677,766		—		—		677,766
U.S. Agency securities	751		21,896		—		22,647
Sovereign obligations	—		596		—		596
Corporate debt and other obligations	—		23,623		—		23,623
Mortgage and other asset-backed securities	—		4,718		—		4,718
Municipal obligations	—		65,968		62		66,030
Convertible bonds	—		61,711		—		61,711
Corporate equities	46,933		—		—		46,933
Money markets	742		—		—		742
Auction rate securities	—		—		100,384		100,384
Securities owned, at fair value	726,192		178,512		100,446		1,005,150
Investments ⁽¹⁾	—		54,810		9,114		63,924
Loans held for sale	—		76,351		—		76,351
Securities purchased under agreements to resell ⁽²⁾	—		104,301		—		104,301
Derivative contracts:
TBAs	—		2,586		—		2,586
Interest rate lock commitments	—		—		5,060		5,060
Derivative contracts, total	—		2,586		5,060		7,646
Total	$	754,948	$	416,560	$	114,620	$	1,286,128
Liabilities
Securities sold, but not yet purchased:
U.S. Treasury securities	$	159,576	$	—	$	—	$	159,576
U.S. Agency securities	—		18		—		18
Corporate debt and other obligations	—		6,045		—		6,045
Municipal obligations	—		49		—		49
Convertible bonds	—		8,194		—		8,194
Corporate equities	46,785		—		—		46,785
Securities sold, but not yet purchased, at fair value	206,361		14,306		—		220,667
Derivative contracts:
Futures	698		—		—		698
Foreign currency forward contracts	28		—		—		28
TBAs	—		171		—		171
Interest rate lock commitments	—		—		683		683
ARS purchase commitments	—		—		1,034		1,034
Derivative contracts, total	726		171		1,717		2,614
Total	$	207,087	$	14,477	$	1,717	$	223,281


(1)	Included in other assets on the condensed consolidated balance sheet.


(2)	Included in securities purchased under agreements to resell where the Company has elected fair value option treatment.

Assets and liabilities measured at fair value on a recurring basis as of December 31, 2014



(Expressed in thousands)
	Fair Value Measurements at December 31, 2014
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	31,175	$	—	$	—	$	31,175
Deposits with clearing organizations	24,188		—		—		24,188
Securities owned:
U.S. Treasury securities	540,223		—		—		540,223
U.S. Agency securities	—		26,261		—		26,261
Sovereign obligations	—		4,123		—		4,123
Corporate debt and other obligations	—		19,795		—		19,795
Mortgage and other asset-backed securities	—		6,689		—		6,689
Municipal obligations	—		60,669		164		60,833
Convertible bonds	—		49,813		—		49,813
Corporate equities	42,751		—		—		42,751
Money markets	1,245		—		—		1,245
Auction rate securities	—		—		91,422		91,422
Securities owned, at fair value	584,219		167,350		91,586		843,155
Investments ⁽¹⁾	—		51,246		9,508		60,754
Loans held for sale	—		19,243		—		19,243
Securities purchased under agreements to resell ⁽²⁾	—		250,000		—		250,000
Derivative contracts:
TBAs	—		4,535		—		4,535
Interest rate lock commitments	—		—		7,576		7,576
Derivative contracts, total	—		4,535		7,576		12,111
Total	$	639,582	$	492,374	$	108,670	$	1,240,626
Liabilities
Securities sold, but not yet purchased:
U.S. Treasury securities	$	30,581	$	—	$	—	$	30,581
U.S. Agency securities	—		34		—		34
Corporate debt and other obligations	—		2,646		—		2,646
Mortgage and other asset-backed securities	—		255		—		255
Municipal obligations	—		51		—		51
Convertible bonds	—		11,369		—		11,369
Corporate equities	47,574		—		—		47,574
Securities sold, but not yet purchased, at fair value	78,155		14,355		—		92,510
Derivative contracts:
Futures	353		—		—		353
Foreign currency forward contracts	10		—		—		10
TBAs	—		1,018		—		1,018
Interest rate lock commitments	—		—		1,222		1,222
ARS purchase commitments	—		—		902		902
Derivative contracts, total	363		1,018		2,124		3,505
Total	$	78,518	$	15,373	$	2,124	$	96,015


(1)	Included in other assets on the condensed consolidated balance sheet.


(2)	Included in securities purchased under agreements to resell where the Company has elected fair value option treatment.

Changes in Level 3 Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables present changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the three months ended June 30, 2015 and 2014:



(Expressed in thousands)
	Level 3 Assets and Liabilities
	For the Three Months Ended June 30, 2015
			Total Realized
			and Unrealized
	Beginning		Gains			Purchases		Sales and			Transfers		Ending
	Balance		(Losses) ⁽⁵⁾⁽⁶⁾			and Issuances		Settlements			In (Out)		Balance
Assets
Municipals	$	104	$	(22	)	$	—	$	(20	)	$	—	$	62
Auction rate securities ^(1)(7)(8)	99,057		(998		)	2,500		(175		)	—		100,384
Interest rate lock commitments ⁽²⁾	11,424		(6,364		)	—					—		5,060
Investments ⁽³⁾	9,149		(155		)	190		(70		)	—		9,114
Liabilities
Interest rate lock commitments ⁽²⁾	544		(139		)	—		—			—		683
ARS purchase commitments ⁽⁴⁾	797		(237		)	—		—			—		1,034


(1)	Represents auction rate preferred securities, municipal auction rate securities and student loan auction rate securities that failed in the auction rate market.

(2)

Interest rate lock commitment assets and liabilities are recorded upon the commitment to originate a loan with a borrower and sell the loan to an investor. The commitment assets and liabilities are recognized at fair value, which reflects the fair value of the contractual loan origination related fees and sale premiums, net of co-broker fees, and the estimated fair value of the expected net future cash flows associated with the servicing of the loan.


(3)	Primarily represents general partner ownership and limited partner interests in hedge funds and private equity funds sponsored by the Company.


(4)	Represents the difference in principal and fair value for auction rate securities purchase commitments outstanding at the end of the period.


(5)	Included in principal transactions on the condensed consolidated statement of operations, except for investments which are included in other income on the condensed consolidated statement of operations.


(6)	Unrealized gains (losses) are attributable to assets or liabilities that are still held at the reporting date.

(7)

Purchases and issuances in connection with ARS purchase commitments represent instances in which the Company purchased ARS securities from clients during the period pursuant to regulatory and legal settlements and awards that satisfy the outstanding commitment to purchase obligation. This also includes instances where the ARS issuer has redeemed ARS where the Company had an outstanding purchase commitment prior to the Company purchasing those ARS.


(8)	Sales and settlements for the ARS purchase commitments represent additional purchase commitments made during the period for regulatory and legal ARS settlements and awards.



(Expressed in thousands)
	Level 3 Assets and Liabilities
	For the Three Months Ended June 30, 2014
			Total Realized
			and Unrealized
	Beginning		Gains			Purchases		Sales and			Transfers		Ending
	Balance		(Losses) ⁽⁵⁾⁽⁶⁾			and Issuances		Settlements			In (Out)		Balance
Assets
Municipals	$	70	$	(18	)	$	—	$	—		$	—	$	52
Auction rate securities^(1)(7)(8)	85,025		(327		)	10,975		(3,125		)	—		92,548
Interest rate lock commitments ⁽²⁾	3,038		7,490			—		—			—		10,528
Investments ⁽³⁾	8,706		82			115		(124		)	—		8,779
Liabilities
Interest rate lock commitments ⁽²⁾	4,402		569			—		—			—		3,833
ARS purchase commitments ⁽⁴⁾	2,205		691			—		—			—		1,514


(1)	Represents auction rate preferred securities, municipal auction rate securities and student loan auction rate securities that failed in the auction rate market.

(2)


(3)	Primarily represents general partner ownership and limited partner interests in hedge funds and private equity funds sponsored by the Company.


(4)	Represents the difference in principal and fair value for auction rate securities purchase commitments outstanding at the end of the period.


(5)	Included in principal transactions on the condensed consolidated statement of operations, except for investments which are included in other income on the condensed consolidated statement of operations.


(6)	Unrealized gains (losses) are attributable to assets or liabilities that are still held at the reporting date.

(7)


(8)	Sales and settlements for the ARS purchase commitments represent additional purchase commitments made during the period for regulatory and legal ARS settlements and awards.

The following tables present changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the six months ended June 30, 2015 and 2014:



(Expressed in thousands)
	Level 3 Assets and Liabilities
	For the Six Months Ended June 30, 2015
			Total Realized
			and Unrealized
	Beginning		Gains			Purchases		Sales and			Transfers			Ending
	Balance		(Losses) ⁽⁵⁾⁽⁶⁾			and Issuances		Settlements			In (Out)			Balance
Assets
Municipals	$	164	$	(82	)	$	—	$	(20	)	$	—		$	62
Auction rate securities ^(1)(7)(8)	91,422		(63		)	10,725		(1,700		)	—			100,384
Interest rate lock commitments ⁽²⁾	7,576		(2,516		)	—		—			—			5,060
Investments ⁽³⁾	9,508		(386		)	388		(285		)	(111		)	9,114
Liabilities
Interest rate lock commitments ⁽²⁾	1,222		539			—		—			—			683
ARS purchase commitments ⁽⁴⁾	902		(132		)	—		—			—			1,034


(1)	Represents auction rate preferred securities, municipal auction rate securities and student loan auction rate securities that failed in the auction rate market.

(2)


(3)	Primarily represents general partner ownership and limited partner interests in hedge funds and private equity funds sponsored by the Company.


(4)	Represents the difference in principal and fair value for auction rate securities purchase commitments outstanding at the end of the period.


(5)	Included in principal transactions on the condensed consolidated statement of operations, except for investments which are included in other income on the condensed consolidated statement of operations.


(6)	Unrealized gains (losses) are attributable to assets or liabilities that are still held at the reporting date.

(7)


(8)	Sales and settlements for the ARS purchase commitments represent additional purchase commitments made during the period for regulatory and legal ARS settlements and awards.gal ARS settlements and awards.



(Expressed in thousands)
	Level 3 Assets and Liabilities
	For the Six Months Ended June 30, 2014
			Total Realized
			and Unrealized
	Beginning		Gains			Purchases		Sales and			Transfers			Ending
	Balance		(Losses) ⁽⁵⁾⁽⁶⁾			and Issuances		Settlements			In (Out)			Balance
Assets
Municipals	$	236	$	(184	)	$	—	$	—		$	—		$	52
Auction rate securities^(1)(7)(8)	85,124		(326		)	14,175		(6,425		)	—			92,548
Interest rate lock commitments ⁽²⁾	2,375		8,153			—		—			—			10,528
Investments ⁽³⁾	5,946		(87		)	4,167		(627		)	(620		)	8,779
Liabilities
Interest rate lock commitments ⁽²⁾	3,653		(180		)	—		—			—			3,833
ARS purchase commitments ⁽⁴⁾	2,600		1,086			—		—			—			1,514


(1)	Represents auction rate preferred securities, municipal auction rate securities and student loan auction rate securities that failed in the auction rate market.

(2)


(3)	Primarily represents general partner ownership and limited partner interests in hedge funds and private equity funds sponsored by the Company.


(4)	Represents the difference in principal and fair value for auction rate securities purchase commitments outstanding at the end of the period.


(5)	Included in principal transactions on the condensed consolidated statement of operations, except for investments which are included in other income on the condensed consolidated statement of operations.


(6)	Unrealized gains (losses) are attributable to assets or liabilities that are still held at the reporting date.

(7)


(8)	Sales and settlements for the ARS purchase commitments represent additional purchase commitments made during the period for regulatory and legal ARS settlements and awards.

Assets and Liabilities Not Measured at Fair Value on Recurring Basis

Assets and liabilities not measured at fair value on a recurring basis as of June 30, 2015



(Expressed in thousands)
					Fair Value Measurement: Assets
	As of June 30, 2015				As of June 30, 2015
	Carrying Value		Fair Value		Level 1		Level 2		Level 3		Total
Cash	$	49,747	$	49,747	$	49,747	$	—	$	—	$	49,747
Cash segregated for regulatory and other purposes	855		855		855		—		—		855
Deposits with clearing organization	23,435		23,435		23,435		—		—		23,435
Receivable from brokers, dealers and clearing organizations:
Securities borrowed	279,695		279,695		—		279,695		—		279,695
Receivables from brokers	19,867		19,867		—		19,867		—		19,867
Securities failed to deliver	16,723		16,723		—		16,723		—		16,723
Clearing organizations	23,265		23,265		—		23,265		—		23,265
Other	17,620		17,620		—		17,620		—		17,620
	357,170		357,170		—		357,170		—		357,170
Receivable from customers	905,387		905,387		—		905,387		—		905,387
Mortgage servicing rights	29,220		41,414		—		—		41,414		41,414



(Expressed in thousands)
					Fair Value Measurement: Liabilities
	As of June 30, 2015				As of June 30, 2015
	Carrying Value		Fair Value		Level 1		Level 2		Level 3		Total
Drafts payable	$	4,054	$	4,054	$	4,054	$	—	$	—	$	4,054
Bank call loans	177,500		177,500		—		177,500		—		177,500
Payables to brokers, dealers and clearing organizations:
Securities loaned	209,226		209,226		—		209,226		—		209,226
Payable to brokers	6,454		6,454		—		6,454		—		6,454
Securities failed to receive	20,491		20,491		—		20,491		—		20,491
Other	1,836		1,836		—		1,836		—		1,836
	238,007		238,007		—		238,007		—		238,007
Payables to customers	654,241		654,241		—		654,241		—		654,241
Securities sold under agreements to repurchase	623,852		623,852		—		623,852		—		623,852
Warehouse payable	70,860		70,860		—		70,860		—		70,860
Senior secured notes	150,000		156,563		—		156,563		—		156,563

Assets and liabilities not measured at fair value on a recurring basis as of December 31, 2014



(Expressed in thousands)
					Fair Value Measurement: Assets
	As of December 31, 2014				As of December 31, 2014
	Carrying Value		Fair Value		Level 1		Level 2		Level 3		Total
Cash	$	32,632	$	32,632	$	32,632	$	—	$	—	$	32,632
Cash segregated for regulatory and other purposes	18,594		18,594		18,594		—		—		18,594
Deposits with clearing organization	12,322		12,322		12,322		—		—		12,322
Receivable from brokers, dealers and clearing organizations:
Securities borrowed	242,172		242,172		—		242,172		—		242,172
Receivables from brokers	38,149		38,149		—		38,149		—		38,149
Securities failed to deliver	11,055		11,055		—		11,055		—		11,055
Clearing organizations	21,106		21,106		—		21,106		—		21,106
Other	1,993		1,993		—		1,993		—		1,993
	314,475		314,475		—		314,475		—		314,475
Receivable from customers	864,189		864,189		—		864,189		—		864,189
Securities purchased under agreements to resell	1,606		1,606		1,606		—		—		1,606
Mortgage servicing rights	30,140		42,279		—		—		42,279		42,279



(Expressed in thousands)
					Fair Value Measurement: Liabilities
	As of December 31, 2014				As of December 31, 2014
	Carrying Value		Fair Value		Level 1		Level 2		Level 3		Total
Drafts payable	$	35,373	$	35,373	$	35,373	$	—	$	—	$	35,373
Bank call loans	59,400		59,400		—		59,400		—		59,400
Payables to brokers, dealers and clearing organizations:
Securities loaned	137,892		137,892		—		137,892		—		137,892
Payable to brokers	4,559		4,559		—		4,559		—		4,559
Securities failed to receive	23,573		23,573		—		23,573		—		23,573
Other	91,137		91,137		—		91,137		—		91,137
	257,161		257,161		—		257,161		—		257,161
Payables to customers	652,256		652,256		—		652,256		—		652,256
Securities sold under agreements to repurchase	687,440		687,440		—		687,440		—		687,440
Warehouse payable	16,683		16,683		—		16,683		—		16,683
Senior secured notes	150,000		157,782		—		157,782		—		157,782

Notional Amounts and Fair Values of Derivatives by Product

The notional amounts and fair values of the Company’s derivatives at June 30, 2015 and December 31, 2014 by product were as follows:



(Expressed in thousands)
	Fair Value of Derivative Instruments at June 30, 2015
	Description	Notional		Fair Value
Assets
Derivatives not designated as hedging instruments ⁽¹⁾
Other contracts	TBAs	$	55,725	$	183
	TBA sale contracts	337,948		2,403
	Interest rate lock commitments	219,603		5,060
		$	613,276	$	7,646
Liabilities
Derivatives not designated as hedging instruments ⁽¹⁾
Commodity contracts ⁽²⁾	Futures	$	3,403,000	$	698
Other contracts	Forward currency forward contracts	400		28
	TBAs	51,275		171
	Interest rate lock commitments	46,598		683
	ARS purchase commitments	16,660		1,034
		$	3,517,933	$	2,614


(1)	See "Derivative Instruments and Hedging Activities" above for description of derivative financial instruments. Such derivative instruments are not subject to master netting agreements, thus the related amounts are not offset.


(2)	Included in payable to brokers, dealers and clearing organizations on the condensed consolidated balance sheet.



(Expressed in thousands)
	Fair Value of Derivative Instruments at December 31, 2014
	Description	Notional		Fair Value
Assets
Derivatives not designated as hedging instruments ⁽¹⁾
Other contracts	TBAs	$	105,185	$	1,026
	TBA sale contracts	188,178		3,509
	Interest rate lock commitments	147,521		7,576
		$	440,884	$	12,111
Liabilities
Derivatives not designated as hedging instruments ⁽¹⁾
Commodity contracts ⁽²⁾	Futures	$	3,835,600	$	353
Other contracts	Foreign currency forward contracts	400,000		10
	TBAs	105,186		1,018
	Interest rate lock commitments	22,269		1,222
	Forward start repurchase agreements	636,000		—
	ARS purchase commitments	12,249		902
		$	5,011,304	$	3,505


(1)	See "Derivative Instruments and Hedging Activities" above for description of derivative financial instruments. Such derivative instruments are not subject to master netting agreements, thus the related amounts are not offset.


(2)	Included in payable to brokers, dealers and clearing organizations on the condensed consolidated balance sheet.

Fair Value Amounts of Derivative Instruments and their Effect on Statement of Operations

The following table presents the location and fair value amounts of the Company’s derivative instruments and their effect on the condensed consolidated statements of operations for the three months ended June 30, 2015 and 2014:



(Expressed in thousands)
	The Effect of Derivative Instruments on the Statement of Operations
	For the Three Months Ended June 30, 2015
		Recognized in Income on Derivatives (pre-tax)
Types	Description	Location	Gain (Loss)
Commodity contracts	Futures	Principal transactions revenue	$	(641	)
Other contracts	Foreign exchange forward contracts	Other revenue	28
	TBAs	Principal transactions revenue	1
	TBA sale contracts	Other revenue	7,531
	Interest rate lock commitments	Other revenue	(6,503		)
	ARS purchase commitments	Principal transactions revenue	(237		)
			$	179



(Expressed in thousands)
	The Effect of Derivative Instruments on the Statement of Operations
	For the Three Months Ended June 30, 2014
		Recognized in Income on Derivatives (pre-tax)
Types	Description	Location	Gain (Loss)
Commodity contracts	Futures	Principal transactions revenue	$	(657	)
Other contracts	TBAs	Principal transactions revenue	(60		)
	TBA sale contracts	Other revenue	4,596
	Interest rate lock commitments	Other revenue	8,059
	ARS purchase commitments	Principal transactions revenue	691
			$	12,629



(Expressed in thousands)
	The Effect of Derivative Instruments on the Statement of Operations
	For the Six Months Ended June 30, 2015
		Recognized in Income on Derivatives (pre-tax)
Types	Description	Location	Gain (Loss)
Commodity contracts	Futures	Principal transactions revenue	$	(2,121	)
Other contracts	Foreign exchange forward contracts	Other revenue	31
	TBAs	Principal transactions revenue	(13		)
	TBA sale contracts	Other revenue	5,912
	Interest rate lock commitments	Other revenue	(1,977		)
	ARS purchase commitments	Principal transactions revenue	(132		)
			$	1,700



(Expressed in thousands)
	The Effect of Derivative Instruments on the Statement of Operations
	For the Six Months Ended June 30, 2014
		Recognized in Income on Derivatives (pre-tax)
Types	Description	Location	Gain (Loss)
Commodity contracts	Futures	Principal transactions revenue	$	(1,329	)
Other contracts	TBAs	Principal transactions revenue	(24		)
	TBA sale contracts	Other revenue	(3,771		)
	Interest rate lock commitments	Other revenue	7,973
	ARS purchase commitments	Principal transactions revenue	1,086
			$	3,935