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Fair value measurements (Tables)
 6 Months Ended
Jun. 30, 2022
Fair Value Disclosures [Abstract]  
Schedule of Investments in Company-Sponsored Funds
The following table provides information about the Company's investments in Company-sponsored funds as of June 30, 2022:
(Expressed in thousands)    
 Fair ValueUnfunded
Commitments		Redemption
Frequency		Redemption
Notice Period
Hedge funds (1)
$700 $— Quarterly - Annually
30 - 120 Days
Private equity funds (2)
8,960 3,075 N/AN/A
$9,660 $3,075 
(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, 2021:

(Expressed in thousands)    
 Fair ValueUnfunded
Commitments		Redemption
Frequency		Redemption
Notice Period
Hedge funds (1)
$900 $— Quarterly - Annually
30 - 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.
Schedule of 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, 2022, and December 31, 2021, 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, 2022:
(Expressed in thousands)    
 
Fair Value Measurements as of June 30, 2022
 Level 1Level 2Level 3Total
Assets
Deposits with clearing organizations$41,189 $— $— $41,189 
Securities owned:
U.S. Treasury securities367,425 — — 367,425 
U.S. Agency securities— 5,538 — 5,538 
Sovereign obligations— 452 — 452 
Corporate debt and other obligations— 9,382 — 9,382 
Mortgage and other asset-backed securities— 2,084 — 2,084 
Municipal obligations— 162,530 — 162,530 
Convertible bonds— 14,557 — 14,557 
Corporate equities27,013 — — 27,013 
Money markets314 — — 314 
Auction rate securities— — 31,977 31,977 
Securities owned, at fair value394,752 194,543 31,977 621,272 
Investments (1)
— 9,150 — 9,150 
Total$435,941 $203,693 $31,977 $671,611 
Liabilities
Securities sold but not yet purchased:
U.S. Treasury securities$233,450 $— $— $233,450 
U.S. Agency securities— 3 — 3 
Corporate debt and other obligations— 4,867 — 4,867 
Convertible bonds— 5,900 — 5,900 
Corporate equities10,431 — — 10,431 
Securities sold but not yet purchased, at fair value243,881 10,771 — 254,652 
Derivative contracts:
Futures371 — — 371 
TBAs— 3 — 3 
Derivative contracts, total371 3 — 374 
Total$244,252 $10,774 $— $255,026 
(1) 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, 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 condensed consolidated balance sheet.    
The following tables present changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the three and six months ended June 30, 2022 and 2021:
(Expressed in thousands)
Level 3 Assets and Liabilities
For the Three Months Ended June 30, 2022
Total Realized
Beginningand UnrealizedPurchasesSales andTransfersEnding
BalanceLossesand IssuancesSettlementsIn (Out)Balance
Assets
Auction rate securities (1)
$31,804 $(27)$200 $— $— $31,977 
(1) Represents auction rate securities that failed in the auction rate market.

(Expressed in thousands)
Level 3 Assets and Liabilities
For the Three Months Ended June 30, 2021
Total Realized
Beginningand UnrealizedPurchasesSales andTransfersEnding
Balance
Gains (Losses)(3)(4)
and IssuancesSettlementsIn (Out)Balance
Assets
Auction rate securities (1)
$31,470 $2 $— $(50)$— $31,422 
Liabilities
ARS Purchase Commitments (2)
65 (1)— — — 66 
(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 condensed consolidated income statement.
(4) Unrealized gains are attributable to assets or liabilities that are still held at the reporting date.

Level 3 Assets and Liabilities
For the Six Months Ended June 30, 2022
Total Realized
Beginningand UnrealizedPurchasesSales andTransfersEnding
BalanceLossesand IssuancesSettlementsIn (Out)Balance
Assets
Auction rate securities (1)
$31,804 $(27)$200 $— $— $31,977 
1) Represents auction rate securities that failed in the auction rate market.

.
Level 3 Assets and Liabilities
For the Six Months Ended June 30, 2021
Total Realized
Beginningand UnrealizedPurchasesSales andTransfersEnding
Balance
Losses(3)(4)
and IssuancesSettlementsIn (Out)Balance
Assets
Auction rate securities (1)
$30,701 $(129)$1,875 $(1,025)$— $31,422 
Liabilities
ARS Purchase Commitments (2)
195 (1)— (130)— 66 
(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 condensed consolidated income statement.
(4) Unrealized losses are attributable to assets or liabilities that are still held at the reporting date.
Schedule of Financial Instruments, Estimate Not Practicable, Fair Value
Assets and liabilities not measured at fair value as of June 30, 2022:
(Expressed in thousands) Fair Value Measurement: Assets
 Carrying ValueLevel 1Level 2Level 3Total
Cash$36,606 $36,606 $— $— $36,606 
Restricted cash127,875 127,875 — — 127,875 
Deposits with clearing organization58,379 58,379 — — 58,379 
Receivable from brokers, dealers and clearing organizations:
Securities borrowed79,038 — 79,038 — 79,038 
Receivables from brokers42,255 — 42,255 — 42,255 
Securities failed to deliver26,705 — 26,705 — 26,705 
Clearing organizations19,355 — 19,355 — 19,355 
Other548 — 548 — 548 
167,901 — 167,901 — 167,901 
Receivable from customers1,288,079 — 1,288,079 — 1,288,079 
Notes receivable, net59,099 — 59,099 — 59,099 
Investments (1)
78,246 — 78,246 — 78,246 
(1) Included in other assets on the condensed consolidated balance sheet.
(Expressed in thousands) Fair Value Measurement: Liabilities
 Carrying ValueLevel 1Level 2Level 3Total
Drafts payable$10,020 $10,020 $— $— $10,020 
Bank call loans$177,300 $— $177,300 $— $177,300 
Payables to brokers, dealers and clearing organizations:
Securities loaned281,407 — 281,407 — 281,407 
Payable to brokers3,357 — 3,357 — 3,357 
Securities failed to receive50,028 — 50,028 — 50,028 
Other53,304 — 53,304 — 53,304 
388,096 — 388,096 — 388,096 
Payables to customers419,315 — 419,315 — 419,315 
Securities sold under agreements to repurchase170,968 — 170,968 — 170,968 
Senior secured notes125,000 — 125,213 — 125,213 
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 condensed 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 
Schedule of Notional Amounts and Fair Values of Derivatives by Product
The notional amounts and fair values of the Company's derivatives as of June 30, 2022 and December 31, 2021 by product were as follows:
(Expressed in thousands)   
 
Fair Value of Derivative Instruments as of June 30, 2022
 DescriptionNotionalFair Value
Assets:
Derivatives not designated as hedging instruments (1)
Other contractsTBAs$3,842 $— 
Forward reverse repurchase agreements 123,350 — 
$127,192 $— 
Liabilities:
Derivatives not designated as hedging instruments (1)
Commodity contracts
Futures$1,175,600 $371 
       Other contractsTBAs3,842 3 
$1,179,442 $374 
(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, 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.
Schedule of 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 condensed consolidated income statements for the three and six months ended June 30, 2022 and 2021:
(Expressed in thousands)   
 The Effect of Derivative Instruments in the Income Statement
 
For the Three Months Ended June 30, 2022
  Recognized in Income on Derivatives
(pre-tax)
TypesDescriptionLocationNet Gain/(Loss)
Commodity contractsFuturesPrincipal transactions revenue, net$1,328 
Other contractsForeign exchange forward contractsOther revenue(20)
Other contractsTBAsPrincipal transactions revenue, net(6)
$1,302 
(Expressed in thousands)   
 The Effect of Derivative Instruments in the Income Statement
 
For the Three Months Ended June 30, 2021
  Recognized in Income on Derivatives
(pre-tax)
TypesDescriptionLocationNet Gain/(Loss)
Commodity contractsFuturesPrincipal transactions revenue, net$(525)
Other contractsForeign exchange forward contractsOther revenue(8)
TBAsPrincipal transactions revenue, net14 
Purchase commitmentsPrincipal transactions revenue, net(490)
ARS purchase commitmentsPrincipal transactions revenue, net(1)
$(1,010)
   
 The Effect of Derivative Instruments in the Income Statement
 
For the Six Months Ended June 30, 2022
  Recognized in Income on Derivatives
(pre-tax)
TypesDescriptionLocationNet Gain/(Loss)
Commodity contractsFuturesPrincipal transactions revenue$3,519 
Other contractsForeign exchange forward contractsOther revenue(20)
TBAsPrincipal transactions revenue56 
$3,555 
(Expressed in thousands)   
 The Effect of Derivative Instruments in the Income Statement
 
For the Six Months Ended June 30, 2021
  Recognized in Income on Derivatives
(pre-tax)
TypesDescriptionLocationNet Gain/(Loss)
Commodity contractsFuturesPrincipal transactions revenue$495 
Other contractsForeign exchange forward contractsOther revenue(8)
TBAsPrincipal transactions revenue51 
Purchase commitmentsPrincipal transactions revenue(490)
ARS purchase commitmentsPrincipal transactions revenue(1)
$47