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Fair value measurements (Tables)
 12 Months Ended
Dec. 31, 2023
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, 2023:
(Expressed in thousands)    
 Fair ValueUnfunded
Commitments		Redemption
Frequency		Redemption
Notice Period
Hedge funds (1)
$446 $— Quarterly - Annually
30 - 120 Days
Private equity funds (2)
5,072 2,367 N/AN/A
$5,518 $2,367 

(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, 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.
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, 2023 and 2022, 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, 2023

(Expressed in thousands)    
 Fair Value Measurements as of December 31, 2023
 Level 1Level 2Level 3Total
Assets
Deposits with clearing organizations$34,789 $— $— $34,789 
Securities owned:
U.S. Treasury securities695,346 — — 695,346 
U.S. Agency securities— 2 — 2 
Corporate debt and other obligations— 5,769 — 5,769 
Mortgage and other asset-backed securities— 6,627 — 6,627 
Municipal obligations— 35,333 — 35,333 
Convertible bonds— 16,735 — 16,735 
Corporate equities27,170 — — 27,170 
Money markets5,400 217 — 5,617 
Auction rate securities— — 2,713 2,713 
Securities owned, at fair value727,916 64,683 2,713 795,312 
Investments (1)
1,872 16,913 — 18,785 
Securities purchased under agreements to resell— 5,842 — 5,842 
Derivative contracts:
Futures2 — — 2 
TBAs— 11 — 11 
Derivative contracts, total$2 $11 $— $13 
Total$764,579 $87,449 $2,713 $854,741 
Liabilities
U.S. Treasury securities$14,603 $— $— $14,603 
Corporate debt and other obligations— 1,508 — 1,508 
Mortgage and other asset-backed securities— 2 — 2 
Convertible bonds— 2,136 — 2,136 
Corporate equities13,427 — — 13,427 
Securities sold but not yet purchased, at fair value28,030 3,646 — 31,676 
Derivative contracts:
Futures735 — — 735 
TBAs— 2 — 2 
Derivative contracts, total735 2 — 737 
Total$28,765 $3,648 $— $32,413 
 
(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, 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 
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
Securities sold but not yet purchased:
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.
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, 2023 and 2022:
(Expressed in thousands)
 Level 3 Assets and Liabilities
 For the Year Ended December 31, 2023
 Beginning
Balance
Total Realized
and Unrealized
Gains (2)
Purchases
and Issuances		Sales and SettlementsTransfers
In / (Out) 		Ending
Balance
 
Assets
Auction rate securities (1)
$31,776 $3,159 $— $(32,222)$— $2,713 
 
(1) Represents auction rate securities that failed in the auction rate market.
(2) Included in principal transactions in the consolidated income statement.
(Expressed in thousands)
 Level 3 Assets and Liabilities
 For the Year Ended December 31, 2022
 Beginning
Balance
Total Realized
and Unrealized Losses(2)
Purchases
and Issuances		Sales and SettlementsTransfers
In / (Out)		Ending
Balance
 
Assets
Auction rate securities (1)
$31,804 $(28)$1,375 $(1,375)$— $31,776 
(1) Represents auction rate securities that failed in the auction rate market.
(2) Included in principal transactions in the consolidated income statement.
Fair Value Disclosure of Asset and Liability Not Measured at Fair Value
Assets and liabilities not measured at fair value as of December 31, 2023
(Expressed in thousands) Fair Value Measurement: Assets
 Carrying ValueLevel 1Level 2Level 3Total
Cash and cash equivalents$28,835 $28,835 $— $— $28,835 
Deposits with clearing organization43,917 43,917 — — 43,917 
Receivable from brokers, dealers and clearing organizations:
Securities borrowed158,612 — 158,612 — 158,612 
Receivables from brokers65,639 — 65,639 — 65,639 
Securities failed to deliver29,656 — 29,656 — 29,656 
Clearing organizations and Other30,780 — 30,780 — 30,780 
$284,687 — $284,687 — $284,687 
Receivable from customers1,059,892 — 1,059,892 — 1,059,892 
Notes receivable, net62,640 — 62,640 — 62,640 
Investments (1)
90,999 — 90,999 — 90,999 
(1) The cash surrender value of Company-owned life insurance policies, which fluctuates based on changes in fair
value of the policies’ underlying investments, comprises approximately $89 million of this balance. This balance
is included within other assets on the consolidated balance sheet.
(Expressed in thousands) Fair Value Measurement: Liabilities
 Carrying ValueLevel 1Level 2Level 3Total
Drafts payable$9,002 $9,002 $— $— $9,002 
Payables to brokers, dealers and clearing organizations:
Securities loaned$284,987 — $284,987 — $284,987 
Payable to brokers447 — 447 — 447 
Securities failed to receive23,809 — 23,809 — 23,809 
Clearing Organizations and Other51,912 — 51,912 — 51,912 
$361,155 — $361,155 — $361,155 
Payables to customers369,287 — 369,287 — 369,287 
Securities sold under agreements to repurchase640,382 — 640,382 — 640,382 
Senior secured notes113,050 — 109,838 — 109,838 
 

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 and cash equivalents$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 organizations20,035 — 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) The cash surrender value of Company-owned life insurance policies, which fluctuates based on changes in fair
value of the policies’ underlying investments, comprises approximately $77 million of this balance. This balance
is included within 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$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 
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, 2023 and 2022 by product were as follows:

(Expressed in thousands)   
 
Fair Value of Derivative Instruments as of December 31, 2023
 DescriptionNotionalFair Value
Assets:
Derivatives not designated as hedging instruments (1)
Other contractsTBAs$3,700 $11 
Commodity contracts
Futures5,000 2 
$8,700 $13 
Liabilities:
Derivatives not designated as hedging instruments (1)
Commodity contracts
Futures$6,875,000 $735 
       Other contractsTBAs3,700 2 
$6,878,700 $737 
 
(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, 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.
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, 2023 and 2022:
(Expressed in thousands)   
 The Effect of Derivative Instruments in the Consolidated Income Statement
 
For the Year Ended December 31, 2023
TypesDescriptionLocationNet Gain
Commodity contractsFuturesPrincipal transactions revenue$2,842 
Other contractsForeign exchange forward contractsOther revenue65 
TBAsPrincipal transactions revenue26 
$2,933 
(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