Fair Value (Tables)

12 Months Ended

Dec. 31, 2015

Fair Value Disclosures [Abstract]

Partnership's Financial Assets at Fair Value

The following tables show the Partnership's financial instruments measured at fair value:

	Financial Assets at Fair Value as of
	December 31, 2015
	Level I		Level II		Level III		Total
Cash equivalents:
Certificates of deposit	$	—	$	150	$	—	$	150
Investments segregated under federal regulations:
U.S. treasuries	$	2,706	$	—	$	—	$	2,706
Certificates of deposit		—		300		—		300
Total investments segregated under federal    regulations	$	2,706	$	300	$	—	$	3,006
Securities owned:
Investment securities:
Mutual funds(1)	$	192	$	—	$	—	$	192
Equities		4		—		—		4
Government and agency obligations		4		—		—		4
Corporate bonds and notes		—		1		—		1
Total investment securities	$	200	$	1	$	—	$	201
Inventory securities:
Equities	$	17	$	—	$	—	$	17
State and municipal obligations		—		11		—		11
Mutual funds		7		—		—		7
Corporate bonds and notes		—		1		—		1
Total inventory securities	$	24	$	12	$	—	$	36

⁽¹⁾ The mutual funds balance consists primarily of securities held to hedge future liabilities related to the non-qualified deferred compensation plan.

	Financial Assets at Fair Value as of
	December 31, 2014
	Level I		Level II		Level III		Total
Cash equivalents:
Certificate of deposit	$	—	$	100	$	—	$	100
Investments segregated under federal regulations:
U.S. treasuries	$	1,109	$	—	$	—	$	1,109
Certificates of deposit		—		225		—		225
Total investments segregated under federal    regulations	$	1,109	$	225	$	—	$	1,334
Securities owned:
Investment securities:
Mutual funds	$	136	$	—	$	—	$	136
Government and agency obligations		19		—		—		19
Equities		5		—		—		5
Corporate bonds and notes		—		1		—		1
Total investment securities	$	160	$	1	$	—	$	161
Inventory securities:
State and municipal obligations	$	—	$	40	$	—	$	40
Equities		17		—		—		17
Mutual funds		5		—		—		5
Certificates of deposit		—		3		—		3
Corporate bonds and notes		—		2		—		2
Other		1		1		—		2
Total inventory securities	$	23	$	46	$	—	$	69

Partnership's Financial Liabilities at Fair Value

	Financial Liabilities at Fair Value as of
	December 31, 2015
	Level I		Level II		Level III		Total
Securities sold, not yet purchased(2):
Mutual funds	$	3	$	—	$	—	$	3
Equities		2		—		—		2
Corporate bonds and notes		—		1		—		1
Total securities sold, not yet purchased	$	5	$	1	$	—	$	6

⁽²⁾ Securities sold, not yet purchased are included within accounts payable, accrued expenses and other in the Consolidated Statements of Financial Condition.

	Financial Liabilities at Fair Value as of
	December 31, 2014
	Level I		Level II		Level III		Total
Securities sold, not yet purchased:
Equities	$	2	$	—	$	—	$	2
Corporate bonds and notes		—		1		—		1
Total securities sold, not yet purchased	$	2	$	1	$	—	$	3