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Fair value measurements (Tables)
 12 Months Ended
Dec. 31, 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 December 31, 2022:
(Expressed in thousands)    
 Fair ValueUnfunded
Commitments		Redemption
Frequency		Redemption
Notice Period
Hedge funds (1)
$574 $— Quarterly - Annually
30 - 120 Days
Private equity funds (2)
8,221 3,018 N/AN/A
$8,795 $3,018 

(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 December 31, 2022 and 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 December 31, 2022
(Expressed in thousands)    
 Fair Value Measurements as of December 31, 2022
 Level 1Level 2Level 3Total
Assets
Deposits with clearing organizations$24,937 $— $— $24,937 
Securities owned:
U.S. Treasury securities362,815 — — 362,815 
U.S. Agency securities— 6,012 — 6,012 
Sovereign obligations— 9,502 — 9,502 
Corporate debt and other obligations— 9,844 — 9,844 
Mortgage and other asset-backed securities— 1,882 — 1,882 
Municipal obligations— 30,126 — 30,126 
Convertible bonds— 21,800 — 21,800 
Corporate equities24,837 — — 24,837 
Money markets— — — — 
Auction rate securities— — 31,776 31,776 
Securities owned, at fair value387,652 79,166 31,776 498,594 
Investments (1)
— 7,068 — 7,068 
Derivative contracts:
TBAs— 1,762 — 1,762 
Total$412,589 $87,996 $31,776 $532,361 
Liabilities
U.S. Treasury securities$25,006 $— $— $25,006 
U.S. Agency securities— 3 — 3 
Sovereign obligations— 9,048 — 9,048 
Corporate debt and other obligations— 2,905 — 2,905 
Convertible bonds— 4,428 — 4,428 
Corporate equities11,378 — — 11,378 
Securities sold but not yet purchased, at fair value36,384 16,384 — 52,768 
Derivative contracts:
Futures44 — — 44 
TBAs— 1,761 — 1,761 
Derivative contracts, total44 1,761 — 1,805 
Total$36,428 $18,145 $— $54,573 
 
(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, 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.
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, 2022 and 2021:
(Expressed in thousands)
 Level 3 Assets and Liabilities
 For the Year Ended December 31, 2022
 Beginning
Balance
Total Realized
and Unrealized
Losses (3)(4)
Purchases
and Issuances		Sales and SettlementsTransfers
In / (Out) 		Ending
Balance
 
Assets
Auction rate securities (1)
$31,804 $(28)$1,375 $(1,375)$— $31,776 
Liabilities
ARS purchase commitments (2)
— — — — — — 
 
(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 losses 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, 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 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 December 31, 2022
(Expressed in thousands) Fair Value Measurement: Assets
 Carrying ValueLevel 1Level 2Level 3Total
Cash$112,433 $112,433 $— $— $112,433 
Restricted cash25,534 25,534 — — 25,534 
Deposits with clearing organization52,754 52,754 — — 52,754 
Receivable from brokers, dealers and clearing organizations:
Securities borrowed127,817 — 127,817 — 127,817 
Receivables from brokers49,125 — 49,125 — 49,125 
Securities failed to deliver9,099 — 9,099 — 9,099 
Clearing organizations and other20,035 — 20,035 — 20,035 
$206,076 — $206,076 — $206,076 
Receivable from customers1,202,764 — 1,202,764 — 1,202,764 
Notes receivable, net57,495 — 57,495 — 57,495 
Investments (1)
79,322 — 79,322 — 79,322 
(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$— $— $— $— $— 
Payables to brokers, dealers and clearing organizations:
Securities loaned$320,843 — $320,843 — $320,843 
Payable to brokers123 — 123 — 123 
Securities failed to receive62,646 — 62,646 — 62,646 
Other166,350 — 166,350 — 166,350 
$549,962 — $549,962 — $549,962 
Payables to customers456,475 — 456,475 — 456,475 
Securities sold under agreements to repurchase161,009 — 161,009 — 161,009 
Senior secured notes114,050 — 113,233 — 113,233 
 
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 loans69,500 — 69,500 — 69,500 
Payables to brokers, dealers and clearing organizations:
Securities loaned$244,223 $— $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 December 31, 2022 and 2021 by product were as follows:
(Expressed in thousands)   
 Fair Value of Derivative Instruments as of December 31, 2022
 DescriptionNotionalFair Value
Assets:
Derivatives not designated as hedging instruments (1)
Other contractsTBAs$1,775 $1,762 
Forward reverse repurchase agreements15,000 — 
Other275 — 
$17,050 $1,762 
Liabilities:
Derivatives not designated as hedging instruments (1)
Commodity contracts
Futures$1,912,500 $44 
       Other contractsTBAs1,775 1,761 
$1,914,275 $1,805 
 
(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 
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 consolidated income statements for the years ended December 31, 2022 and 2021:
(Expressed in thousands)   
 The Effect of Derivative Instruments in the Consolidated Income Statement
 For the Year Ended December 31, 2022
TypesDescriptionLocationNet Gain (Loss)
Commodity contractsFuturesPrincipal transactions revenue$4,652 
Other contractsForeign exchange forward contractsOther revenue(28)
TBAsPrincipal transactions revenue60 
$4,684 
(Expressed in thousands)   
 The Effect of Derivative Instruments in the Consolidated Income Statement
 For the Year Ended December 31, 2021
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)