Fair value measurements (Tables)

6 Months Ended

Jun. 30, 2025

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, 2025:

(Expressed in thousands)
	Fair Value		Unfunded Commitments		Redemption Frequency	Redemption Notice Period
Hedge funds (1)	$	262	$	—	Quarterly - Annually	30 - 120 Days
Private equity funds (2)	5,302		790		N/A	N/A
	$	5,564	$	790

(1) Hedge funds represent investments in credit driven strategies.

(2) Private equity funds includes portfolios focused on technology, infrastructure, real estate, natural resources and specific co-investment opportunities.

The following table provides information about the Company's investments in Company-sponsored funds as of December 31, 2024:

(Expressed in thousands)
	Fair Value		Unfunded Commitments		Redemption Frequency	Redemption Notice Period
Hedge funds (1)	$	283	$	—	Quarterly - Annually	30 - 120 Days
Private equity funds (2)	5,090		1,314		N/A	N/A
	$	5,373	$	1,314

(1) Hedge funds represent investments in credit driven strategies.

(2) Private equity funds includes portfolios focused on technology, infrastructure, real estate, natural resources and specific co-investment opportunities.

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 June 30, 2025 and December 31, 2024, 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, 2025:

(Expressed in thousands)
	Fair Value Measurements as of June 30, 2025
	Level 1		Level 2		Level 3		Total
Assets
Deposits with clearing organizations	$	27,683	$	—	$	—	$	27,683
Securities owned:
U.S. Treasury securities	1,053,781		—		—		1,053,781
U.S. Agency securities	—		3,408		—		3,408
Sovereign obligations	—		1,230		—		1,230
Corporate debt and other obligations	—		35,094		1,862		36,956
Mortgage and other asset-backed securities	—		7,933		—		7,933
Municipal obligations	—		92,617		—		92,617
Convertible bonds	—		23,135		—		23,135
Corporate equities	29,654		—		1,190		30,844
Money markets	6,500		438		—		6,938
Auction rate securities	—		—		128		128
Securities owned, at fair value	1,089,935		163,855		3,180		1,256,970
Investments (1)	—		17,771		—		17,771
Loans(1)	—		830		—		830
Derivative contracts:
TBAs	—		100		—		100
Derivative contracts, total	—		100		—		100
Total	$	1,117,618	$	182,556	$	3,180	$	1,303,354
Liabilities
Securities sold but not yet purchased:
U.S. Treasury securities	$	152,538	$	—	$	—	$	152,538
U.S. Agency securities	—		1		—		1
Sovereign obligations	—		9,159		—		9,159
Corporate debt and other obligations	—		14,779		—		14,779
Convertible bonds	—		16,194		—		16,194
Corporate equities	10,670		—		—		10,670
Securities sold but not yet purchased, at fair value	163,208		40,133		—		203,341
Derivative contracts:
Futures (2)	846		—		—		846
TBAs	—		94		—		94
Derivative contracts, total	846		94		—		940
Total	$	164,054	$	40,227	$	—	$	204,281

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

(2) Included in receivable/payable from/to brokers, dealers and clearing organizations on the consolidated balance sheet.

Assets and liabilities measured at fair value on a recurring basis as of December 31, 2024:

(Expressed in thousands)
	Fair Value Measurements as of December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets
Deposits with clearing organizations	$	28,071	$	—	$	—	$	28,071
Securities owned:
U.S. Treasury securities	995,420		—		—		995,420
U.S. Agency securities	—		3,691		—		3,691
Corporate debt and other obligations	—		9,423		—		9,423
Mortgage and other asset-backed securities	—		8,954		—		8,954
Municipal obligations	—		34,704		—		34,704
Convertible bonds	—		21,938		—		21,938
Corporate equities	23,873		—		—		23,873
Money markets	7,551		—		—		7,551
Auction rate securities	—		—		2,652		2,652
Securities owned, at fair value	1,026,844		78,710		2,652		1,108,206
Investments (1)	978		17,005		—		17,983
Trade claims (1)	—		—		2,684		2,684
Loans (1)	—		432		—		432
Total	$	1,055,893	$	96,147	$	5,336	$	1,157,376
Liabilities
Securities sold but not yet purchased:
U.S. Treasury securities	$	82,767	$	—	$	—	$	82,767
U.S. Agency securities	—		4		—		4
Corporate debt and other obligations	—		11		—		11
Convertible bonds	—		4,998		—		4,998
Corporate equities	11,112		—		—		11,112
Securities sold but not yet purchased, at fair value	93,879		5,013		—		98,892
Derivative contracts:
Futures (2)	1,071		—		—		1,071
Derivative contracts, total	1,071		—		—		1,071
Total	$	94,950	$	5,013	$	—	$	99,963

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

(2) Included in receivable/payable to brokers, dealers and clearing organizations 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 six months ended June 30, 2025 and 2024:

(Expressed in thousands)
	Level 3 Assets and Liabilities
	For the Three Months Ended June 30, 2025
			Total Realized
	Beginning		and Unrealized		Purchases		Sales and		Transfers		Ending
	Balance		Gain (2)		and Issuances		Settlements		In (Out)		Balance
Assets
Corporate equities	$	—	$	20	$	1,170	$	—	$	—	$	1,190
Corporate debt and other obligations	—		32		1,830		—		—		1,862
Auction rate securities (1)	128		—		—		—		—		128
Trade claims	3,218		957		—		(4,175)		—		—

(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 Three Months Ended June 30, 2024
			Total Realized
	Beginning		and Unrealized		Purchases		Sales and		Transfers		Ending
	Balance		Gain (2)		and Issuances		Settlements		In (Out)		Balance
Assets
Auction rate securities (1)	$	2,713	$	—	$	—	$	—	$	—	$	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 Six Months Ended June 30, 2025
			Total Realized
	Beginning		and Unrealized	Purchases	Sales and		Transfers		Ending
	Balance		Gain (2)	and Issuances	Settlements		In (Out)		Balance
Assets
Corporate equities	$	—	20	1,170	$	—	$	—	$	1,190
Corporate debt and other obligations	—		32	1,830	—		—		1,862
Auction rate securities (1)	2,652		206	—	(2,730)		—		128
Trade claims	2,684		957	534	(4,175)		—		—

(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 Six Months Ended June 30, 2024
			Total Realized
	Beginning		and Unrealized		Purchases		Sales and		Transfers		Ending
	Balance		Gain (2)		and Issuances		Settlements		In (Out)		Balance
Assets
Auction rate securities (1)	$	2,713	$	—	$	—	$	—	$	—	$	2,713

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

(2) Included in principal transactions in the consolidated income statement.

Schedule of Assets and Liabilities Not Measured at Fair Value

Assets and liabilities not measured at fair value as of June 30, 2025:

(Expressed in thousands)			Fair Value Measurement: Assets
	Carrying Value		Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	37,618	$	37,618	$	—	$	—	$	37,618
Deposits with clearing organizations	115,349		115,349		—		—		115,349
Receivable from brokers, dealers and clearing organizations:
Securities borrowed	139,852		—		139,852		—		139,852
Receivables from brokers	53,263		—		53,263		—		53,263
Securities failed to deliver	39,665		—		39,665		—		39,665
Clearing organizations and other	57,401		—		57,401		—		57,401
	290,181		—		290,181		—		290,181
Receivable from customers	1,341,550		—		1,341,550		—		1,341,550
Notes receivable, net	64,316		—		64,316		—		64,316
Corporate-owned life insurance	104,045		—		104,045		—		104,045
Investments(1)	2,016		—		2,016		—		2,016

(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	$	12,128	$	12,128	$	—	$	—	$	12,128
Bank call loans	323,800		—		323,800		—		323,800
Payables to brokers, dealers and clearing organizations:
Securities loaned	404,916		—		404,916		—		404,916
Payable to brokers	3,099		—		3,099		—		3,099
Securities failed to receive	20,751		—		20,751		—		20,751
Clearing organization and other	97,353		—		97,353		—		97,353
	526,119		—		526,119		—		526,119
Payables to customers	363,535		—		363,535		—		363,535
Securities sold under agreements to repurchase	853,123		—		853,123		—		853,123

Assets and liabilities not measured at fair value as of December 31, 2024:

(Expressed in thousands)			Fair Value Measurement: Assets
	Carrying Value		Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	33,150	$	33,150	$	—	$	—	$	33,150
Deposits with clearing organization	70,838		70,838		—		—		70,838
Receivable from brokers, dealers and clearing organizations:
Securities borrowed	137,177		—		137,177		—		137,177
Receivables from brokers	59,487		—		59,487		—		59,487
Securities failed to deliver	8,459		—		8,459		—		8,459
Clearing organizations and other	36,355		—		36,355		—		36,355
	241,478		—		241,478		—		241,478
Receivable from customers	1,268,866		—		1,268,866		—		1,268,866
Notes receivable, net	67,931		—		67,931		—		67,931
Corporate-owned life insurance	98,828		—		98,828		—		98,828
Investments (1)	1,634		—		1,634		—		1,634

(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	$	21,661	$	21,661	$	—	$	—	$	21,661
Bank call loans	252,100		—		252,100		—		252,100
Payables to brokers, dealers and clearing organizations:
Securities loaned	235,498		—		235,498		—		235,498
Payable to brokers	607		—		607		—		607
Securities failed to receive	14,757		—		14,757		—		14,757
Clearing organizations and other	1,883		—		1,883		—		1,883
	252,745		—		252,745		—		252,745
Payables to customers	357,835		—		357,835		—		357,835
Securities sold under agreements to repurchase	931,754		—		931,754		—		931,754

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, 2025 and December 31, 2024 by product were as follows:

(Expressed in thousands)
	Fair Value of Derivative Instruments as of June 30, 2025
	Description	Notional		Fair Value
Assets:
Derivatives not designated as hedging instruments (1)
Other contracts	TBAs	$	12,100	$	94
Commodity contracts	Futures	500,000		—
		$	512,100	$	94
Liabilities:
Derivatives not designated as hedging instruments (1)
Commodity contracts	Futures	$	12,370,000	$	846
Other contracts	TBAs	12,100		100
		$	12,382,100	$	946

(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, 2024
	Description	Notional		Fair Value
Assets:
Derivatives not designated as hedging instruments (1)
Other contracts	TBAs	$	360	$	—
		$	360	$	—
Liabilities:
Derivatives not designated as hedging instruments (1)
Commodity contracts	Futures	$	11,475,000	$	1,071
Other contracts	TBAs	360		—
		$	11,475,360	$	1,071

(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 six months ended June 30, 2025 and 2024:

(Expressed in thousands)
	The Effect of Derivative Instruments in the Income Statement
	For the Three Months Ended June 30, 2025
		Recognized in Income on Derivatives (pre-tax)
Types	Description	Location	Net Gain (Loss)
Commodity contracts	Futures	Principal transactions revenue, net	$	393
Other contracts	TBAs	Principal transactions revenue, net	16
			$	409
(Expressed in thousands)
	The Effect of Derivative Instruments in the Income Statement
	For the Three Months Ended June 30, 2024
		Recognized in Income on Derivatives (pre-tax)
Types	Description	Location	Net Gain (Loss)
Commodity contracts	Futures	Principal transactions revenue, net	$	1,184
Other contracts	Foreign exchange forward contracts	Other revenue/(Compensation and related expenses)	(24)
Other contracts	TBAs	Principal transactions revenue, net	2
			$	1,162

(Expressed in thousands)
	The Effect of Derivative Instruments in the Income Statement
	For the Six Months Ended June 30, 2025
		Recognized in Income on Derivatives (pre-tax)
Types	Description	Location	Net Gain (Loss)
Commodity contracts	Futures	Principal transactions revenue, net	$	(745)
Other contracts	TBAs	Principal transactions revenue, net	16
			$	(729)
(Expressed in thousands)
	The Effect of Derivative Instruments in the Income Statement
	For the Six Months Ended June 30, 2024
		Recognized in Income on Derivatives (pre-tax)
Types	Description	Location	Net Gain (Loss)
Commodity contracts	Futures	Principal transactions revenue, net	$	4,436
Other contracts	Foreign exchange forward contracts	Other revenue/(Compensation and related expenses)	(24)
Other contracts	TBAs	Principal transactions revenue, net	3
			$	4,415