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Fair value measurements (Tables)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments in Company-Sponsored Funds .
The following table provides information about the Company's investments in Company-sponsored funds as of December 31, 2020:
(Expressed in thousands)    
 Fair ValueUnfunded
Commitments		Redemption
Frequency		Redemption
Notice Period
Hedge funds (1)
$1,126 $— Quarterly - Annually30 - 120 Days
Private equity funds (2)
3,710 1,238 N/AN/A
$4,836 $1,238 

(1) Includes investments in hedge funds and hedge fund of funds that pursue long/short, event-driven,
and activist strategies.
(2) Includes private equity funds and private equity fund of funds with a focus on diversified portfolios,
real estate and global natural resources.

The following table provides information about the Company's investments in Company-sponsored funds as of December 31, 2019:
(Expressed in thousands)    
 Fair ValueUnfunded
Commitments		Redemption
Frequency		Redemption
Notice Period
Hedge funds (1)
$1,589 $— Quarterly - Annually30 - 120 Days
Private equity funds (2)
4,227 1,339 N/AN/A
$5,816 $1,339 

(1) Includes investments in hedge funds and hedge fund of funds that pursue long/short, event-driven,
and activist strategies.
(2) Includes private equity funds and private equity fund of funds with a focus on diversified portfolios,
real estate and global natural resources.

During the year ended December 31, 2020, the Company made an investment in a financial technologies firm. The Company elected the fair value option for this investment and it is included in other assets on the consolidated balance sheet. The Company determined the fair value of the investment based on an implied market-multiple approach and observable market data, including comparable company transactions. The fair value of the investment was $4.2 million and was categorized in Level 2 of the fair value hierarchy.
  
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 December 31, 2020 and 2019, 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 December 31, 2020
(Expressed in thousands)    
 Fair Value Measurements as of December 31, 2020
 Level 1Level 2Level 3Total
Assets
Deposits with clearing organizations$23,991 $— $— $23,991 
Securities owned:
U.S. Treasury securities448,312 — — 448,312 
U.S. Agency securities— 24,616 — 24,616 
Sovereign obligations— 367 — 367 
Corporate debt and other obligations— 23,977 — 23,977 
Mortgage and other asset-backed securities— 3,103 — 3,103 
Municipal obligations— 25,190 — 25,190 
Convertible bonds— 17,497 — 17,497 
Corporate equities36,554 — — 36,554 
Money markets200 — — 200 
Auction rate securities— — 30,701 30,701 
Securities owned, at fair value485,066 94,750 30,701 610,517 
Investments (1)
— 4,181 — 4,181 
Derivative contracts:
TBAs— 15 — 15 
Total$509,057 $98,946 $30,701 $638,704 
Liabilities
Securities sold but not yet purchased:
U.S. Treasury securities$93,261 $— $— $93,261 
U.S. Agency securities— 9 — 9 
Sovereign obligations— 623 — 623 
Corporate debt and other obligations— 5,283 — 5,283 
Convertible bonds— 9,103 — 9,103 
Corporate equities17,892 — — 17,892 
Securities sold but not yet purchased, at fair value111,153 15,018 — 126,171 
Investments— — — — 
Derivative contracts:
Futures22 — — 22 
TBAs— 3 — 3 
ARS purchase commitments— — 195 195 
Derivative contracts, total22 3 195 220 
Total$111,175 $15,021 $195 $126,391 
 
(1) Included in other assets on the consolidated balance sheet.
Assets and liabilities measured at fair value on a recurring basis as of December 31, 2019
(Expressed in thousands)    
 Fair Value Measurements as of December 31, 2019
 Level 1Level 2Level 3Total
Assets
Deposits with clearing organizations$25,118 $— $— $25,118 
Securities owned:
U.S. Treasury securities613,030 — — 613,030 
U.S. Agency securities19,917 15,974 — 35,891 
Sovereign obligations— 11,405 — 11,405 
Corporate debt and other obligations— 8,310 — 8,310 
Mortgage and other asset-backed securities— 2,697 — 2,697 
Municipal obligations— 40,260 — 40,260 
Convertible bonds— 29,816 — 29,816 
Corporate equities32,215 — — 32,215 
Money markets781 — — 781 
Auction rate securities— 25,314 — 25,314 
Securities owned, at fair value665,943 133,776 — 799,719 
Total$691,061 $133,776 $— $824,837 
Liabilities
Securities sold but not yet purchased:
U.S. Treasury securities$52,882 $— $— $52,882 
U.S. Agency securities— 18 — 18 
Sovereign obligations— 6,405 — 6,405 
Corporate debt and other obligations— 664 — 664 
Convertible bonds— 18,624 — 18,624 
Corporate equities21,978 — — 21,978 
Securities sold but not yet purchased, at fair value74,860 25,711 — 100,571 
Derivative contracts:
Futures267 — — 267 
TBAs— 124 — 124 
ARS purchase commitments— 1,023 — 1,023 
Derivative contracts, total267 1,147 — 1,414 
Total$75,127 $26,858 $— $101,985 
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 years ended December 31, 2020 and 2019:
(Expressed in thousands)
 Level 3 Assets and Liabilities
 For the Year Ended December 31, 2020
 Beginning
Balance
Total Realized
and Unrealized
Losses (3)(4)
Purchases
and Issuances		Sales and Settlements
Transfers
In / (Out) (1)
Ending
Balance
 
Assets
Auction rate securities $— $(165)$1,300 $— $29,566 $30,701 
Liabilities
ARS purchase commitments (2)
— (137)— — 332 195 
 
(1) Transferred to Level 3 of the fair value hierarchy due to the illiquid nature of the securities as result of
the length of time since the last tender offer.
(2) Represents the difference in principal and fair value for auction rate securities purchase commitments
outstanding at the end of the period.
(3) Included in principal transactions in the consolidated income statement.
(4) Unrealized gains are attributable to assets or liabilities that are still held at the reporting date.

(Expressed in thousands)
 Level 3 Assets and Liabilities
 For the Year Ended December 31, 2019
 Beginning
Balance
Total Realized
and Unrealized
Gains (2)(3)
Purchases
and Issuances		Sales and Settlements
Transfers
In / (Out) (1)
Ending
Balance
 
Assets
Auction rate securities $21,699 $1 $— $(350)$(21,350)$— 
Investments101 5 — — (106)— 
(1) Transferred to Level 2 of the fair value hierarchy as a result of recent tender offer activities.
(2) Included in principal transactions in the consolidated income statement, except for gains from
investments which are included in other income in the consolidated income statement.
(3) Unrealized gains are attributable to assets or liabilities that are still held at the reporting date.
  
Assets and Liabilities Not Measured at Fair Value on Recurring Basis
Assets and liabilities not measured at fair value as of December 31, 2020
(Expressed in thousands) Fair Value Measurement: Assets
 Carrying ValueLevel 1Level 2Level 3Total
Cash$35,424 $35,424 $— $— $35,424 
Deposits with clearing organization59,352 59,352 — — 59,352 
Receivable from brokers, dealers and clearing organizations:
Securities borrowed110,932 — 110,932 — 110,932 
Receivables from brokers30,133 — 30,133 — 30,133 
Securities failed to deliver17,840 — 17,840 — 17,840 
Clearing organizations28,955 — 28,955 — 28,955 
Other15,622 — 15,622 — 15,622 
203,482 — 203,482 — 203,482 
Receivable from customers1,110,835 — 1,110,835 — 1,110,835 
Notes receivable, net46,161 — 46,161 — 46,161 
Investments (1)
85,552 — 85,552 — 85,552 
(1) Included in other assets on the consolidated balance sheet.

(Expressed in thousands) Fair Value Measurement: Liabilities
 Carrying ValueLevel 1Level 2Level 3Total
Bank call loans$82,000 $— $82,000 $— $82,000 
Payables to brokers, dealers and clearing organizations:
Securities loaned249,499 — 249,499 — 249,499 
Payable to brokers4,102 — 4,102 — 4,102 
Securities failed to receive6,218 — 6,218 — 6,218 
Other70 — 70 — 70 
259,889 — 259,889 — 259,889 
Payables to customers502,807 — 502,807 — 502,807 
Securities sold under agreements to repurchase342,438 — 342,438 — 342,438 
Senior secured notes125,000 — 127,033 — 127,033 
 
Assets and liabilities not measured at fair value as of December 31, 2019
(Expressed in thousands) Fair Value Measurement: Assets
 Carrying ValueLevel 1Level 2Level 3Total
Cash$79,550 $79,550 $— $— $79,550 
Deposits with clearing organization23,297 23,297 — — 23,297 
Receivable from brokers, dealers and clearing organizations:
Securities borrowed99,635 — 99,635 — 99,635 
Receivables from brokers19,024 — 19,024 — 19,024 
Securities failed to deliver7,173 — 7,173 — 7,173 
Clearing organizations36,269 — 36,269 — 36,269 
Other1,316 — 1,316 — 1,316 
163,417 — 163,417 — 163,417 
Receivable from customers796,934 — 796,934 — 796,934 
Notes receivable, net43,670 — 43,670 — 43,670 
Investments (1)
73,971 — 73,971 — 73,971 
 
(1) Included in other assets on the consolidated balance sheet.
(Expressed in thousands) Fair Value Measurement: Liabilities
 Carrying ValueLevel 1Level 2Level 3Total
Payables to brokers, dealers and clearing organizations:
Securities loaned$234,343 $— $234,343 $— $234,343 
Payable to brokers4,548 — 4,548 — 4,548 
Securities failed to receive14,603 — 14,603 — 14,603 
Other267,214 — 267,214 — 267,214 
520,708 — 520,708 — 520,708 
Payables to customers334,735 — 334,735 — 334,735 
Securities sold under agreements to repurchase287,265 — 287,265 — 287,265 
Senior secured notes150,000 — 154,988 — 154,988 
  
Notional Amounts and Fair Values of Derivatives by Product
The notional amounts and fair values of the Company's derivatives as of December 31, 2020 and 2019 by product were as follows:
(Expressed in thousands)   
 Fair Value of Derivative Instruments as of December 31, 2020
 DescriptionNotionalFair Value
Assets:
Derivatives not designated as hedging instruments (1)
Other contractsTBAs$7,970 $15 
$7,970 $15 
Liabilities:
Derivatives not designated as hedging instruments (1)
Commodity contracts
Futures$3,440,000 $22 
       Other contractsTBAs7,936 3 
ARS purchase commitments1,313 195 
$3,449,249 $220 
 
(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 as of December 31, 2019
 DescriptionNotionalFair Value
Liabilities:
Derivatives not designated as hedging instruments (1)
Commodity contracts
Futures$5,209,000 $267 
Other contractsTBAs13,245 124 
ARS purchase commitments7,128 1,023 
$5,229,373 $1,414 
  
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 in the consolidated income statements for the years ended December 31, 2020 and 2019:
(Expressed in thousands)   
 The Effect of Derivative Instruments in the Consolidated Income Statement
 For the Year Ended December 31, 2020
  Recognized in Income on Derivatives
(pre-tax)
TypesDescriptionLocationNet Gain (Loss)
Commodity contractsFuturesPrincipal transactions revenue$(8,107)
Other contractsForeign exchange forward contractsOther revenue72 
TBAsPrincipal transactions revenue31 
ARS purchase commitmentsPrincipal transactions revenue828 
$(7,176)
(Expressed in thousands)   
 The Effect of Derivative Instruments in the Consolidated Income Statement
 For the Year Ended December 31, 2019
  Recognized in Income on Derivatives
(pre-tax)
TypesDescriptionLocationNet Gain (Loss)
Commodity contractsFuturesPrincipal transactions revenue$(2,362)
Other contractsForeign exchange forward contractsOther revenue15 
TBAsPrincipal transactions revenue(53)
ARS purchase commitmentsPrincipal transactions revenue73 
$(2,327)