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Fair value measurements (Tables)
 12 Months Ended
Dec. 31, 2021
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, 2021:
(Expressed in thousands)    
 Fair ValueUnfunded
Commitments		Redemption
Frequency		Redemption
Notice Period
Hedge funds (1)
$900 $— Quarterly - Annually30 - 120 Days
Private equity funds (2)
4,621 4,035 N/AN/A
$5,521 $4,035 

(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 diversified portfolios focusing on but not
limited to technology companies, venture capital and global natural resources.


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.
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, 2021 and 2020, 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, 2021
(Expressed in thousands)    
 Fair Value Measurements as of December 31, 2021
 Level 1Level 2Level 3Total
Assets
Deposits with clearing organizations$29,083 $— $— $29,083 
Securities owned:
U.S. Treasury securities505,875 — — 505,875 
U.S. Agency securities— 5,622 — 5,622 
Sovereign obligations— 1,494 — 1,494 
Corporate debt and other obligations— 8,111 — 8,111 
Mortgage and other asset-backed securities— 3,889 — 3,889 
Municipal obligations— 18,520 — 18,520 
Convertible bonds— 13,778 — 13,778 
Corporate equities45,380 — — 45,380 
Money markets31 — — 31 
Auction rate securities— — 31,804 31,804 
Securities owned, at fair value551,286 51,414 31,804 634,504 
Investments (1)
— 12,970 — 12,970 
Derivative contracts:
TBAs— 92 — 92 
Total$580,369 $64,476 $31,804 $676,649 
Liabilities
Securities sold but not yet purchased:
U.S. Treasury securities$42,298 $— $— $42,298 
U.S. Agency securities— 4 — 4 
Corporate debt and other obligations— 2,515 — 2,515 
Convertible bonds— 8,462 — 8,462 
Corporate equities18,679 — — 18,679 
Securities sold but not yet purchased, at fair value60,977 10,981 — 71,958 
Derivative contracts:
Futures287 — — 287 
TBAs— 81 — 81 
Derivative contracts, total287 81 — 368 
Total$61,264 $11,062 $— $72,326 
 
(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, 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 
Derivative contracts, total— 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 
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 
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, 2021 and 2020:
(Expressed in thousands)
 Level 3 Assets and Liabilities
 For the Year Ended December 31, 2021
 Beginning
Balance
Total Realized
and Unrealized
Losses (3)(4)
Purchases
and Issuances		Sales and SettlementsTransfers
In / (Out) 		Ending
Balance
 
Assets
Auction rate securities (1)
$30,701 $(197)$1,350 $(50)$— $31,804 
Liabilities
ARS purchase commitments (2)
195 (1)— (196)— — 
 
(1) Represents auction rate securities that failed in the auction rate market.
(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 lossess 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, 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 losses 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, 2021
(Expressed in thousands) Fair Value Measurement: Assets
 Carrying ValueLevel 1Level 2Level 3Total
Cash$213,759 $213,759 $— $— $213,759 
Restricted cash127,765 127,765 — — 127,765 
Deposits with clearing organization37,885 37,885 — — 37,885 
Receivable from brokers, dealers and clearing organizations:
Securities borrowed99,752 — 99,752 — 99,752 
Receivables from brokers39,716 — 39,716 — 39,716 
Securities failed to deliver9,212 — 9,212 — 9,212 
Clearing organizations19,518 — 19,518 — 19,518 
Other1,693 — 1,693 — 1,693 
169,891 — 169,891 — 169,891 
Receivable from customers1,221,450 — 1,221,450 — 1,221,450 
Securities purchased under agreements to resell935 — 935 — 935 
Notes receivable, net53,983 — 53,983 — 53,983 
Investments (1)
99,169 — 99,169 — 99,169 
(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$69,500 $— $69,500 $— $69,500 
Payables to brokers, dealers and clearing organizations:
Securities loaned244,223 — 244,223 — 244,223 
Payable to brokers2,077 — 2,077 — 2,077 
Securities failed to receive6,457 — 6,457 — 6,457 
Other169,013 — 169,013 — 169,013 
421,770 — 421,770 — 421,770 
Payables to customers456,958 — 456,958 — 456,958 
Securities sold under agreements to repurchase277,322 — 277,322 — 277,322 
Senior secured notes125,000 — 131,094 — 131,094 
 
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 loans82,000 — 82,000 — 82,000 
Payables to brokers, dealers and clearing organizations:
Securities loaned$249,499 $— $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 
Notional Amounts and Fair Values of Derivatives by Product
The notional amounts and fair values of the Company's derivatives as of December 31, 2021 and 2020 by product were as follows:
(Expressed in thousands)   
 Fair Value of Derivative Instruments as of December 31, 2021
 DescriptionNotionalFair Value
Assets:
Derivatives not designated as hedging instruments (1)
Other contractsTBAs$14,300 $92 
$14,300 $92 
Liabilities:
Derivatives not designated as hedging instruments (1)
Commodity contracts
Futures$3,520,000 $287 
       Other contractsTBAs14,300 81 
$3,534,300 $368 
 
(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, 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 
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, 2021 and 2020:
(Expressed in thousands)   
 The Effect of Derivative Instruments in the Consolidated Income Statement
 For the Year Ended December 31, 2021
  Recognized in Income on Derivatives
(pre-tax)
TypesDescriptionLocationNet Gain (Loss)
Commodity contractsFuturesPrincipal transactions revenue$812 
Other contractsForeign exchange forward contractsOther revenue(22)
TBAsPrincipal transactions revenue157 
Purchase commitmentsPrincipal transactions revenue(987)
ARS purchase commitmentsPrincipal transactions revenue(1)
$(41)
(Expressed in thousands)   
 The Effect of Derivative Instruments in the Consolidated Income Statement
 For the Year Ended December 31, 2020
  Recognized in Income on Derivatives
(pre-tax)
TypesDescriptionLocationNet Gain (Loss)
Commodity contractsFuturesPrincipal transactions revenue$(8,107)
Other contractsForeign exchange forward contractsOther revenue72 
TBAsPrincipal transactions revenue31 
ARS purchase commitmentsPrincipal transactions revenue828 
$(7,176)