Fair value measurements (Tables)

9 Months Ended

Sep. 30, 2024

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 September 30, 2024:

(Expressed in thousands)
	Fair Value		Unfunded Commitments		Redemption Frequency	Redemption Notice Period
Hedge funds (1)	$	324	$	—	Quarterly - Annually	30 - 120 Days
Private equity funds (2)	4,667		1,323		N/A	N/A
	$	4,991	$	1,323

(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, 2023:

(Expressed in thousands)
	Fair Value		Unfunded Commitments		Redemption Frequency	Redemption Notice Period
Hedge funds (1)	$	446	$	—	Quarterly - Annually	30 - 120 Days
Private equity funds (2)	5,072		2,367		N/A	N/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.

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis and Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis

The Company's assets and liabilities, recorded at fair value on a recurring basis as of September 30, 2024 and December 31, 2023, 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 September 30, 2024:

(Expressed in thousands)
	Fair Value Measurements as of September 30, 2024
	Level 1		Level 2		Level 3		Total
Assets
Deposits with clearing organizations	$	35,480	$	—	$	—	$	35,480
Securities owned:
U.S. Treasury securities	940,816		—		—		940,816
U.S. Agency securities	—		4,602		—		4,602
Sovereign obligations	—		5,390		—		5,390
Corporate debt and other obligations	—		15,040		—		15,040
Mortgage and other asset-backed securities	—		2,204		—		2,204
Municipal obligations	—		37,592		—		37,592
Convertible bonds	—		22,907		—		22,907
Corporate equities	29,375		—		—		29,375
Money markets	5,794		1,051		—		6,845
Auction rate securities	—		—		2,681		2,681
Securities owned, at fair value	975,985		88,786		2,681		1,067,452
Investments (1)	1,244		17,636		—		18,880
Trade claims(1)	—		1,257		—		1,257
Loans(1)	—		677		—		677
Derivative contracts:
TBAs	—		38		—		38
Derivative contracts, total	—		38		—		38
Total	$	1,012,709	$	108,394	$	2,681	$	1,123,784
Liabilities
Securities sold but not yet purchased:
U.S. Treasury securities	$	166,160	$	—	$	—	$	166,160
U.S. Agency securities	—		1		—		1
Sovereign obligations	—		1,678		—		1,678
Corporate debt and other obligations	—		5,406		—		5,406
Convertible bonds	—		15,767		—		15,767
Corporate equities	14,651		—		—		14,651
Securities sold but not yet purchased, at fair value	180,811		22,852		—		203,663
Derivative contracts:
Futures	4,936		—		—		4,936
TBAs	—		42		—		42
Derivative contracts, total	4,936		42		—		4,978
Total	$	185,747	$	22,894	$	—	$	208,641

(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, 2023:

(Expressed in thousands)
	Fair Value Measurements as of December 31, 2023
	Level 1		Level 2		Level 3		Total
Assets
Deposits with clearing organizations	$	34,789	$	—	$	—	$	34,789
Securities owned:
U.S. Treasury securities	695,346		—		—		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 equities	27,170		—		—		27,170
Money markets	5,400		217		—		5,617
Auction rate securities	—		—		2,713		2,713
Securities owned, at fair value	727,916		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:
Futures	2		—		—		2
TBAs	—		11		—		11
Derivative contracts, total	2		11		—		13
Total	$	764,579	$	87,449	$	2,713	$	854,741
Liabilities
Securities sold but not yet purchased:
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 equities	13,427		—		—		13,427
Securities sold but not yet purchased, at fair value	28,030		3,646		—		31,676
Derivative contracts:
Futures	735		—		—		735
TBAs	—		2		—		2
Derivative contracts, total	735		2		—		737
Total	$	28,765	$	3,648	$	—	$	32,413

(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 three and nine months ended September 30, 2024 and 2023:

(Expressed in thousands)
	Level 3 Assets and Liabilities
	For the Three Months Ended September 30, 2024
			Total Realized
	Beginning		and Unrealized		Purchases		Sales and		Transfers		Ending
	Balance		Gain		and Issuances		Settlements		In (Out)		Balance
Assets
Auction rate securities (1)	$	2,713	$	3	$	—	$	(35)	$	—	$	2,681

(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 September 30, 2023
			Total Realized
	Beginning		and Unrealized		Purchases		Sales and		Transfers		Ending
	Balance		Losses		and Issuances		Settlements		In (Out)		Balance
Assets
Auction rate securities (1)	$	31,682	$	3,153	$	—	$	(32,122)	$	—	$	2,713

(1) Represents auction rate securities that failed in the auction rate market.

(Expressed in thousands)
	Level 3 Assets and Liabilities
	For the Nine Months Ended September 30, 2024
			Total Realized
	Beginning		and Unrealized		Purchases		Sales and		Transfers		Ending
	Balance		Losses		and Issuances		Settlements		In (Out)		Balance
Assets
Auction rate securities (1)	$	2,713	$	3	$	—	$	(35)	$	—	$	2,681

(1) Represents auction rate securities that failed in the auction rate market.

(Expressed in thousands)
	Level 3 Assets and Liabilities
	For the Nine Months Ended September 30, 2023
			Total Realized
	Beginning		and Unrealized		Purchases		Sales and		Transfers		Ending
	Balance		Losses		and Issuances		Settlements		In (Out)		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.

Schedule of Assets and Liabilities Not Measured at Fair Value

Assets and liabilities not measured at fair value as of September 30, 2024:

(Expressed in thousands)			Fair Value Measurement: Assets
	Carrying Value		Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	32,242	$	32,242	$	—	$	—	$	32,242
Deposits with clearing organizations	54,069		54,069		—		—		54,069
Receivable from brokers, dealers and clearing organizations:
Securities borrowed	142,812		—		142,812		—		142,812
Receivables from brokers	58,041		—		58,041		—		58,041
Securities failed to deliver	32,006		—		32,006		—		32,006
Clearing organizations and other	43,680		—		43,680		—		43,680
	276,539		—		276,539		—		276,539
Receivable from customers	1,296,339		—		1,296,339		—		1,296,339
Notes receivable, net	65,580		—		65,580		—		65,580
Securities purchased under agreements to resell	—		—		—		—		—
Corporate-owned life insurance	98,068		—		98,068		—		98,068
Investments(1)	1,469		—		1,469		—		1,469

(1) Included within other assets on the consolidated balance sheet.

(Expressed in thousands)			Fair Value Measurement: Liabilities
	Carrying Value		Level 1		Level 2		Level 3		Total
Drafts payable	$	10,223	$	10,223	$	—	$	—	$	10,223
Bank call loans	206,700		—		206,700		—		206,700
Payables to brokers, dealers and clearing organizations:
Securities loaned	272,010		—		272,010		—		272,010
Payable to brokers	4,685		—		4,685		—		4,685
Securities failed to receive	35,200		—		35,200		—		35,200
Clearing organization and other	2,694		—		2,694		—		2,694
	314,589		—		314,589		—		314,589
Payables to customers	367,905		—		367,905		—		367,905
Securities sold under agreements to repurchase	765,102		—		765,102		—		765,102
Senior secured notes	113,050		—		113,012		—		113,012

Assets and liabilities not measured at fair value as of December 31, 2023:

(Expressed in thousands)			Fair Value Measurement: Assets
	Carrying Value		Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	28,835	$	28,835	$	—	$	—	$	28,835
Deposits with clearing organization	43,917		43,917		—		—		43,917
Receivable from brokers, dealers and clearing organizations:
Securities borrowed	158,612		—		158,612		—		158,612
Receivables from brokers	65,639		—		65,639		—		65,639
Securities failed to deliver	29,656		—		29,656		—		29,656
Clearing organizations	30,780		—		30,780		—		30,780
	284,687		—		284,687		—		284,687
Receivable from customers	1,059,892		—		1,059,892		—		1,059,892
Notes receivable, net	62,640		—		62,640		—		62,640
Corporate-owned life	88,989		—		88,989		—		88,989
Investments (1)	2,010		—		2,010		—		2,010

(1) Included within other assets on the consolidated balance sheet.

(Expressed in thousands)			Fair Value Measurement: Liabilities
	Carrying Value		Level 1		Level 2		Level 3		Total
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 brokers	447		—		447		—		447
Securities failed to receive	23,809		—		23,809		—		23,809
Other	51,912		—		51,912		—		51,912
	361,155		—		361,155		—		361,155
Payables to customers	369,287		—		369,287		—		369,287
Securities sold under agreements to repurchase	640,382		—		640,382		—		640,382
Senior secured notes	113,050		—		109,838		—		109,838

Schedule of Notional Amounts and Fair Values of Derivatives by Product

The notional amounts and fair values of the Company's derivatives as of September 30, 2024 and December 31, 2023 by product were as follows:

(Expressed in thousands)
	Fair Value of Derivative Instruments as of September 30, 2024
	Description	Notional		Fair Value
Assets:
Derivatives not designated as hedging instruments (1)
Other contracts	TBAs	$	8,400	$	38
Commodity contracts	Futures	335,000		—
		$	343,400	$	38
Liabilities:
Derivatives not designated as hedging instruments (1)
Commodity contracts	Futures	$	10,185,000	$	4,936
Other contracts	TBAs	8,400		42
		$	10,193,400	$	4,978

(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, 2023
	Description	Notional		Fair Value
Assets:
Derivatives not designated as hedging instruments (1)
Other contracts	TBAs	$	3,700	$	11
Commodity contracts	Futures	5,000		2
		$	8,700	$	13
Liabilities:
Derivatives not designated as hedging instruments (1)
Commodity contracts	Futures	$	6,875,000	$	735
Other contracts	TBAs	3,700		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.

Schedule of Fair Value Amounts of Derivative Instruments and their Effect on Consolidated Income Statements

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 three and nine months ended September 30, 2024 and 2023:

(Expressed in thousands)
	The Effect of Derivative Instruments in the Income Statement
	For the Three Months Ended September 30, 2024
		Recognized in Income on Derivatives (pre-tax)
Types	Description	Location	Net (Loss)
Commodity contracts	Futures	Principal transactions revenue, net	$	(5,892)
Other contracts	TBAs	Principal transactions revenue, net	(2)
			$	(5,894)
(Expressed in thousands)
	The Effect of Derivative Instruments in the Income Statement
	For the Three Months Ended September 30, 2023
		Recognized in Income on Derivatives (pre-tax)
Types	Description	Location	Net Gain
Commodity contracts	Futures	Principal transactions revenue, net	$	1,078
Other contracts	TBAs	Principal transactions revenue, net	25
			$	1,103

(Expressed in thousands)
	The Effect of Derivative Instruments in the Income Statement
	For the Nine Months Ended September 30, 2024
		Recognized in Income on Derivatives (pre-tax)
Types	Description	Location	Net (Loss)
Commodity contracts	Futures	Principal transactions revenue, net	$	(1,457)
Other contracts	Foreign exchange forward contracts	Other revenue/(Compensation and related expenses)	$	(24)
Other contracts	TBAs	Principal transactions revenue, net	1
			$	(1,480)
(Expressed in thousands)
	The Effect of Derivative Instruments in the Income Statement
	For the Nine Months Ended September 30, 2023
		Recognized in Income on Derivatives (pre-tax)
Types	Description	Location	Net Gain
Commodity contracts	Futures	Principal transactions revenue, net	$	4,817
Other contracts	Foreign exchange forward contracts	Other revenue/(Compensation and related expenses)	$	(8)
Other contracts	TBAs	Principal transactions revenue, net	$	63
			$	4,872