Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2016

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



(Expressed in thousands)
	As of September 30, 2016				As of December 31, 2015
	Owned ⁽¹⁾		Sold		Owned ⁽¹⁾		Sold
U.S. treasury, agency and sovereign obligations	$	724,209	$	223,037	$	509,614	$	77,485
Corporate debt and other obligations	32,262		8,708		16,138		1,652
Mortgage and other asset-backed securities	4,551		46		3,504		27
Municipal obligations	85,892		—		30,132		—
Convertible bonds	53,374		10,454		54,693		5,951
Corporate equities	37,057		53,262		34,475		41,378
Money markets	1,142		—		35		—
Auction rate securities	90,009		—		86,802		—
Total	$	1,028,496	$	295,507	$	735,393	$	126,493

Quantitative Information about Level 3 Fair Value Measurements

Additional information regarding the valuation technique and inputs for ARS used is as follows:



(Expressed in thousands)
Quantitative Information about Level 3 Fair Value Measurements at September 30, 2016
Product	Principal		Valuation Adjustment			Fair Value		Valuation Technique	Unobservable Input	Range	Weighted Average
Auction Rate Securities ("ARS") Owned ⁽¹⁾
Auction Rate Preferred Securities	$	88,100	$	1,665		$	86,435	Discounted Cash Flow	Discount Rate ⁽²⁾	1.52% to 1.56%	1.54%
									Duration	4.0 years	4.0 years
									Current Yield ⁽³⁾	0.80% to 1.40%	1.11%
Municipal Auction Rate Securities	25		1			24		Discounted Cash Flow	Discount Rate ⁽⁴⁾	1.89%	1.89%
									Duration	4.5 years	4.5 years
									Current Yield ⁽³⁾	1.41%	1.41%
Student Loan Auction Rate Securities	300		17			283		Discounted Cash Flow	Discount Rate ⁽⁵⁾	2.62%	2.62%
									Duration	7.0 years	7.0 years
									Current Yield⁽³⁾	1.73%	1.73%
Other ⁽⁷⁾	3,600		333			3,267		Secondary Market Trading Activity	Observable trades in inactive market for in portfolio securities	90.76% of par	90.76% of par
	$	92,025	$	2,016		$	90,009
Auction Rate Securities Commitments to Purchase ⁽⁶⁾
Auction Rate Preferred Securities	$	6,512	$	(905	)	$	7,417	Discounted Cash Flow	Discount Rate ⁽²⁾	1.52% to 1.56%	1.54%
									Duration	4.0 years	4.0 years
									Current Yield ⁽³⁾	0.80% to 1.40%	1.11%
Auction Rate Preferred Securities	21,920		275			21,645		Discounted Cash Flow	Discount Rate ⁽²⁾	1.52% to 1.56%	1.54%
									Duration	4.0 years	4.0 years
									Current Yield ⁽³⁾	0.80% to 1.40%	1.11%
Municipal Auction Rate Securities	1		—			1		Discounted Cash Flow	Discount Rate ⁽⁴⁾	1.89%	1.89%
									Duration	4.5 years	4.5 years
									Current Yield ⁽³⁾	1.41%	1.41%
Student Loan Auction Rate Securities	21		1			20		Discounted Cash Flow	Discount Rate ⁽⁵⁾	2.62%	2.62%
									Duration	7.0 years	7.0 years
									Current Yield ⁽³⁾	1.73%	1.73%
	$	28,454	$	(629	)	$	29,083
Total	$	120,479	$	1,387		$	119,092


(1)	Principal amount represents the par value of the ARS and is included in securities owned in the condensed consolidated balance sheet at September 30, 2016. The valuation adjustment amount is included as a reduction to securities owned in the condensed consolidated balance sheet at September 30, 2016.


(2)	Derived by applying a multiple to the spread between 110% to 150% to the U.S. Treasury rate of 1.01% to 1.42%.


(3)	Based on current yields for ARS positions owned.


(4)	Derived by applying a multiple to the spread of 175% to the U.S. Treasury rate of 1.08%.


(5)	Derived by applying the sum of the spread of 1.20% to the U.S. Treasury rate of 1.42%.

(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 amounts, unrealized gains and losses, are included in other assets and accounts payable and other liabilities, respectively, on the condensed consolidated balance sheet at September 30, 2016.


(7)	Represents ARS issued by a credit default obligation structure that the Company has purchased.

Investments in Company-Sponsored Funds

The following table provides information about the Company's investments in Company-sponsored funds at September 30, 2016:



(Expressed in thousands)
	Fair Value		Unfunded Commitments		Redemption Frequency	Redemption Notice Period
Hedge funds ⁽¹⁾	$	2,466	$	—	Quarterly - Annually	30 - 120 Days
Private equity funds ⁽²⁾	4,570		1,251		N/A	N/A
	$	7,036	$	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 the 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 September 30, 2016 and December 31, 2015, 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 September 30, 2016



(Expressed in thousands)
	Fair Value Measurements at September 30, 2016
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	47,897	$	—	$	—	$	47,897
Deposits with clearing organizations	23,989		—		—		23,989
Securities owned:
U.S. Treasury securities ⁽¹⁾	673,925		—		—		673,925
U.S. Agency securities	7,708		39,225		—		46,933
Sovereign obligations	—		3,351		—		3,351
Corporate debt and other obligations	—		32,262		—		32,262
Mortgage and other asset-backed securities	—		4,551		—		4,551
Municipal obligations	—		85,867		25		85,892
Convertible bonds	—		53,374		—		53,374
Corporate equities	37,057		—		—		37,057
Money markets	1,142		—		—		1,142
Auction rate securities	—		—		90,009		90,009
Securities owned, at fair value	719,832		218,630		90,034		1,028,496
Investments ⁽²⁾	—		—		189		189
Derivative contracts:
TBAs	—		869		—		869
Interest rate lock commitments	—		—		53		53
ARS purchase commitments	—		—		905		905
Derivative contracts, total	—		869		958		1,827
Total	$	791,718	$	219,499	$	91,181	$	1,102,398
Liabilities
Securities sold, but not yet purchased:
U.S. Treasury securities	$	220,346	$	—	$	—	$	220,346
U.S. Agency securities	—		33		—		33
Sovereign obligations	—		2,658		—		2,658
Corporate debt and other obligations	—		8,708		—		8,708
Mortgage and other asset-backed securities	—		46		—		46
Convertible bonds	—		10,454		—		10,454
Corporate equities	53,262		—		—		53,262
Securities sold, but not yet purchased, at fair value	273,608		21,899		—		295,507
Derivative contracts:
Futures	209		—		—		209
Foreign currency forward contracts	1		—		—		1
TBAs	—		927		—		927
ARS purchase commitments	—		—		276		276
Derivative contracts, total	210		927		276		1,413
Total	$	273,818	$	22,826	$	276	$	296,920


(1)	$563,000 is included in assets held for sale on the condensed consolidated balance sheet. See Note 3 for details.


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

Assets and liabilities measured at fair value on a recurring basis as of December 31, 2015



(Expressed in thousands)
	Fair Value Measurements at December 31, 2015
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	13,000	$	—	$	—	$	13,000
Deposits with clearing organizations	31,456		—		—		31,456
Securities owned:
U.S. Treasury securities ⁽¹⁾	436,533		—		—		436,533
U.S. Agency securities	25,240		46,176		—		71,416
Sovereign obligations	—		1,665		—		1,665
Corporate debt and other obligations	—		16,138		—		16,138
Mortgage and other asset-backed securities	—		3,504		—		3,504
Municipal obligations	—		30,051		81		30,132
Convertible bonds	—		54,693		—		54,693
Corporate equities	34,475		—		—		34,475
Money markets	35		—		—		35
Auction rate securities	—		—		86,802		86,802
Securities owned, at fair value	496,283		152,227		86,883		735,393
Investments ⁽²⁾	—		—		157		157
Loans held for sale ⁽³⁾	—		60,234		—		60,234
Securities purchased under agreements to resell ⁽⁴⁾	—		206,499		—		206,499
Derivative contracts:
TBAs	—		6,448		—		6,448
Interest rate lock commitments	—		—		9,161		9,161
Derivative contracts, total	—		6,448		9,161		15,609
Total	$	540,739	$	425,408	$	96,201	$	1,062,348
Liabilities
Securities sold, but not yet purchased:
U.S. Treasury securities	$	75,653	$	—	$	—	$	75,653
U.S. Agency securities	—		15		—		15
Sovereign obligations	—		1,817		—		1,817
Corporate debt and other obligations	—		1,652		—		1,652
Mortgage and other asset-backed securities	—		27		—		27
Convertible bonds	—		5,951		—		5,951
Corporate equities	41,378		—		—		41,378
Securities sold, but not yet purchased, at fair value	117,031		9,462		—		126,493
Derivative contracts:
Futures	249		—		—		249
Foreign currency forward contracts	2		—		—		2
TBAs	—		11,619		—		11,619
Interest rate lock commitments	—		—		923		923
ARS purchase commitments	—		—		1,369		1,369
Derivative contracts, total	251		11,619		2,292		14,162
Total	$	117,282	$	21,081	$	2,292	$	140,655


(1)	$562,000 is included in assets held for sale on the condensed consolidated balance sheet. See Note 3 for details.


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


(3)

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



(Expressed in thousands)
	Level 3 Assets and Liabilities
	For the Three Months Ended September 30, 2016
			Total Realized
			and Unrealized
	Beginning		Gains			Purchases		Sales and			Transfers		Ending
	Balance		(Losses) ⁽⁴⁾⁽⁵⁾			and Issuances		Settlements			In (Out)		Balance
Assets
Municipals	$	25	$	—		$	—	$	—		$	—	$	25
Auction rate securities ^(1)(6)(7)	89,101		(417		)	2,000		(675		)	—		90,009
Interest rate lock commitments ⁽²⁾	13,453		53			—		(13,453		)	—		53
Investments	158		31			—		—			—		189
ARS purchase commitments ⁽³⁾	911		(6		)	—		—			—		905
Liabilities
ARS purchase commitments ⁽³⁾	142		(134		)	—		—			—		276


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


(4)	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.


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

(6)

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.


(7)	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 September 30, 2015
			Total Realized
			and Unrealized
	Beginning		Gains			Purchases		Sales and			Transfers		Ending
	Balance		(Losses) ⁽⁴⁾⁽⁵⁾			and Issuances		Settlements			In (Out)		Balance
Assets
Municipals	$	62	$	3		$	—	$	—		$	—	$	65
Auction rate securities^(1)(6)(7)	100,384		1,799			5,600		(11,300		)	—		96,483
Interest rate lock commitments ⁽²⁾	5,060		5,748			—		—			—		10,808
Investments	215		(33		)	—		—			—		182
Liabilities
Interest rate lock commitments ⁽²⁾	683		496			—		—			—		187
ARS purchase commitments ⁽³⁾	1,034		557			—		—			—		477


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


(4)	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.


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

(6)


(7)	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 nine months ended September 30, 2016 and 2015:



(Expressed in thousands)
	Level 3 Assets and Liabilities
	For the Nine Months Ended September 30, 2016

			Total Realized
	Beginning		and Unrealized		Purchases		Sales and			Transfers		Ending
	Balance		Gains ⁽⁴⁾⁽⁵⁾		and Issuances		Settlements			In (Out)		Balance
Assets
Municipals	$	81	$	6	$	—	$	(62	)	$	—	$	25
Auction rate securities ^(1)(6)(7)	86,802		3,157		13,775		(13,725		)	—		90,009
Interest rate lock commitments ⁽²⁾	9,161		4,345		—		(13,453		)	—		53
Investments	157		32		—		—			—		189
ARS purchase commitments ⁽³⁾	—		905		—		—			—		905
Liabilities
Interest rate lock commitments ⁽²⁾	923		923		—		—			—		—
ARS purchase commitments ⁽³⁾	1,369		1,093		—		—			—		276


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


(4)	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.


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

(6)


(7)	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 Nine Months Ended September 30, 2015
			Total Realized
			and Unrealized
	Beginning		Gains			Purchases		Sales and			Transfers		Ending
	Balance		(Losses) ⁽⁴⁾⁽⁵⁾			and Issuances		Settlements			In (Out)		Balance
Assets
Municipals	$	164	$	(79	)	$	—	$	(20	)	$	—	$	65
Auction rate securities^(1)(6)(7)	91,422		1,736			16,325		(13,000		)	—		96,483
Interest rate lock commitments ⁽²⁾	7,576		3,232			—		—			—		10,808
Investments	193		(11		)	—		—			—		182
Liabilities
Interest rate lock commitments ⁽²⁾	1,222		1,035			—		—			—		187
ARS purchase commitments ⁽³⁾	902		425			—		—			—		477


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


(4)	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.


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

(6)


(7)	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 as of September 30, 2016



(Expressed in thousands)
					Fair Value Measurement: Assets
	As of September 30, 2016				As of September 30, 2016
	Carrying Value		Fair Value		Level 1		Level 2		Level 3		Total
Cash	$	51,147	$	51,147	$	51,147	$	—	$	—	$	51,147
Deposits with clearing organization	11,625		11,625		11,625		—		—		11,625
Receivable from brokers, dealers and clearing organizations:
Securities borrowed	155,726		155,726		—		155,726		—		155,726
Receivables from brokers	27,691		27,691		—		27,691		—		27,691
Securities failed to deliver	16,782		16,782		—		16,782		—		16,782
Clearing organizations	16,399		16,399		—		16,399		—		16,399
Other	39,221		39,221		—		39,221		—		39,221
	255,819		255,819		—		255,819		—		255,819
Receivable from customers	798,048		798,048		—		798,048		—		798,048
Mortgage servicing rights ⁽¹⁾	268		273		—		—		273		273
Investments ⁽²⁾	56,041		56,041		—		56,041		—		56,041


(1)	Included in assets held for sale on the condensed consolidated balance sheet. See Note 3 for details.


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



(Expressed in thousands)
					Fair Value Measurement: Liabilities
	As of September 30, 2016				As of September 30, 2016
	Carrying Value		Fair Value		Level 1		Level 2		Level 3		Total
Drafts payable	$	31,414	$	31,414	$	31,414	$	—	$	—	$	31,414
Bank call loans	132,000		132,000		—		132,000		—		132,000
Payables to brokers, dealers and clearing organizations:
Securities loaned	133,205		133,205		—		133,205		—		133,205
Payable to brokers	6,626		6,626		—		6,626		—		6,626
Securities failed to receive	13,862		13,862		—		13,862		—		13,862
Other	475		475		—		475		—		475
	154,168		154,168		—		154,168		—		154,168
Payables to customers	517,681		517,681		—		517,681		—		517,681
Securities sold under agreements to repurchase	528,113		528,113		—		528,113		—		528,113
Senior secured notes	150,000		152,720		—		152,720		—		152,720

Assets and liabilities not measured at fair value as of December 31, 2015



(Expressed in thousands)
					Fair Value Measurement: Assets
	As of December 31, 2015				As of December 31, 2015
	Carrying Value		Fair Value		Level 1		Level 2		Level 3		Total
Cash	$	50,364	$	50,364	$	50,364	$	—	$	—	$	50,364
Deposits with clearing organization	18,034		18,034		18,034		—		—		18,034
Receivable from brokers, dealers and clearing organizations:
Securities borrowed	224,672		224,672		—		224,672		—		224,672
Receivables from brokers	49,458		49,458		—		49,458		—		49,458
Securities failed to deliver	7,799		7,799		—		7,799		—		7,799
Clearing organizations	25,030		25,030		—		25,030		—		25,030
Other	58,832		58,832		—		58,832		—		58,832
	365,791		365,791		—		365,791		—		365,791
Receivable from customers	840,355		840,355		—		840,355		—		840,355
Mortgage servicing rights ⁽¹⁾	28,168		41,838		—		—		41,838		41,838
Investments ⁽²⁾	53,286		53,286		—		53,286		—		53,286


(1)	Included in assets held for sale on the condensed consolidated balance sheet. See Note 3 for details.


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



(Expressed in thousands)
					Fair Value Measurement: Liabilities
	As of December 31, 2015				As of December 31, 2015
	Carrying Value		Fair Value		Level 1		Level 2		Level 3		Total
Drafts payable	$	48,011	$	48,011	$	48,011	$	—	$	—	$	48,011
Bank call loans	100,200		100,200		—		100,200		—		100,200
Payables to brokers, dealers and clearing organizations:
Securities loaned	130,658		130,658		—		130,658		—		130,658
Payable to brokers	3,316		3,316		—		3,316		—		3,316
Securities failed to receive	21,513		21,513		—		21,513		—		21,513
Other	9,059		9,059		—		9,059		—		9,059
	164,546		164,546		—		164,546		—		164,546
Payables to customers	594,833		594,833		—		594,833		—		594,833
Securities sold under agreements to repurchase	651,445		651,445		—		651,445		—		651,445
Warehouse payable ⁽¹⁾	54,341		54,341		—		54,341		—		54,341
Senior secured notes	150,000		154,568		—		154,568		—		154,568

Notional Amounts and Fair Values of Derivatives by Product

The notional amounts and fair values of the Company's derivatives at September 30, 2016 and December 31, 2015 by product were as follows:



(Expressed in thousands)
	Fair Value of Derivative Instruments at September 30, 2016
	Description	Notional		Fair Value
Assets
Derivatives not designated as hedging instruments ⁽¹⁾
Other contracts	TBAs	$	202,500	$	869
	Interest rate lock commitments	685		53
	ARS purchase commitments	6,512		905
		$	209,697	$	1,827
Liabilities
Derivatives not designated as hedging instruments ⁽¹⁾
Commodity contracts	Futures	$	4,582,000	$	209
Other contracts	Foreign exchange forward contracts	200		1
	TBAs	202,500		888
	TBA sale contracts	685		39
	ARS purchase commitments	21,943		276
	Forward start repurchase agreements	698,000		—
		$	5,505,328	$	1,413


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



(Expressed in thousands)
	Fair Value of Derivative Instruments at December 31, 2015
	Description	Notional		Fair Value
Assets
Derivatives not designated as hedging instruments ⁽¹⁾
Other contracts	TBAs	$	35,650	$	4
	TBA sale contracts	83,810		6,444
	Interest rate lock commitments	203,648		9,161
		$	323,108	$	15,609
Liabilities
Derivatives not designated as hedging instruments ⁽¹⁾
Commodity contracts	Futures	$	2,943,000	$	249
Other contracts	Foreign exchange forward contracts	400		2
	TBAs	24,350		5
	TBA sale contracts	223,846		11,614
	Interest rate lock commitments	48,638		923
	ARS purchase commitments	27,813		1,369
		$	3,268,047	$	14,162


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

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



(Expressed in thousands)
	The Effect of Derivative Instruments on the Statement of Operations
	For the Three Months Ended September 30, 2016
		Recognized in Income on Derivatives (pre-tax)
Types	Description	Location	Gain (Loss)
Commodity contracts	Futures	Principal transactions revenue	$	733
Other contracts	Foreign exchange forward contracts	Other revenue	1
	TBAs	Principal transactions revenue	32
	TBA sale contracts	Other revenue	(39		)
	Interest rate lock commitments	Other revenue	53
	ARS purchase commitments	Principal transactions revenue	(140		)
			$	640



(Expressed in thousands)
	The Effect of Derivative Instruments on the Statement of Operations
	For the Three Months Ended September 30, 2015
		Recognized in Income on Derivatives (pre-tax)
Types	Description	Location	Gain (Loss)
Commodity contracts	Futures	Principal transactions revenue	$	(1,107	)
Other contracts	Foreign exchange forward contracts	Other revenue	(5		)
	TBAs	Principal transactions revenue	(11		)
	TBA sale contracts	Other revenue	(9,242		)
	Interest rate lock commitments	Other revenue	6,244
	ARS purchase commitments	Principal transactions revenue	557
			$	(3,564	)

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 nine months ended September 30, 2016 and 2015:



(Expressed in thousands)
	The Effect of Derivative Instruments on the Statement of Operations
	For the Nine Months Ended September 30, 2016
		Recognized in Income on Derivatives (pre-tax)
Types	Description	Location	Gain (Loss)
Commodity contracts	Futures	Principal transactions revenue	$	(2,328	)
Other contracts	Foreign exchange forward contracts	Other revenue	12
	TBAs	Principal transactions revenue	19
	TBA sale contracts	Other revenue	(8,168		)
	Interest rate lock commitments	Other revenue	5,268
	ARS purchase commitments	Principal transactions revenue	1,998
			$	(3,199	)



(Expressed in thousands)
	The Effect of Derivative Instruments on the Statement of Operations
	For the Nine Months Ended September 30, 2015
		Recognized in Income on Derivatives (pre-tax)
Types	Description	Location	Gain (Loss)
Commodity contracts	Futures	Principal transactions revenue	$	(2,673	)
Other contracts	Foreign exchange forward contracts	Other revenue	26
	TBAs	Principal transactions revenue	(24		)
	TBA sale contracts	Other revenue	(3,330		)
	Interest rate lock commitments	Other revenue	4,267
	ARS purchase commitments	Principal transactions revenue	425
			$	(1,309	)