Fair Value (Tables)

9 Months Ended

Sep. 30, 2016

The following tables show the Partnership’s financial assets measured at fair value:

	Financial Assets at Fair Value as of
	September 30, 2016
	Level I		Level II		Level III		Total
Cash equivalents:
Certificates of deposit	$	—	$	150	$	—	$	150

Investments segregated under federal regulations:
U.S. treasuries	$	2,601	$	—	$	—	$	2,601
Certificates of deposit		—		300		—		300
Total investments segregated under federal regulations	$	2,601	$	300	$	—	$	2,901

Securities owned:
Investment securities:
Mutual funds⁽¹⁾	$	204	$	—	$	—	$	204
Equities		5		—		—		5
Government and agency obligations		4		—		—		4
Corporate bonds and notes		—		1		—		1
Total investment securities	$	213	$	1	$	—	$	214

Inventory securities:
State and municipal obligations	$	—	$	34	$	—	$	34
Equities		19		—		—		19
Mutual funds		16		—		—		16
Certificates of deposit		—		7		—		7
Corporate bonds and notes		—		3		—		3
Collateralized mortgage obligations		—		2		—		2
Total inventory securities	$	35	$	46	$	—	$	81

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

	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	$	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