| Financial Assets And Financial Liabilities |
6. Financial Assets and Financial Liabilities
Fair Value
The following tables set forth, by level within the fair value hierarchy (Note 2), financial assets and liabilities, primarily financial instruments owned and financial instruments sold, but not yet purchased at fair value as of June 30, 2014 and December 31, 2013. As required by ASC 820, financial assets and financial liabilities are classified in their entirety based on the lowest level of input that is significant to the respective fair value measurement.
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Financial Assets At Fair Value as of June 30, 2014
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Level 1
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Level 2
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Level 3
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Total
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Securities segregated for regulatory purposes
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$
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3,427,880
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$
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-
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$
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-
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$
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3,427,880
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Financial instruments owned:
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Stocks
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1,151,367
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-
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|
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260
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|
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1,151,627
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Options
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1,072,980
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-
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-
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1,072,980
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Warrants and discount certificates
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34,345
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-
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-
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34,345
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U.S. and foreign government securities
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16,049
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3,866
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-
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19,915
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Corporate and municipal bonds
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91,243
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19,920
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-
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111,163
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Currency forward contracts
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-
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8,595
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-
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8,595
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Total financial instruments owned
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2,365,984
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32,381
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|
260
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2,398,625
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Financial instruments owned and pledged as collateral:
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Stocks
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759,705
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-
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-
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759,705
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Warrants
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273
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-
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-
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273
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U.S. and foreign government securities
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78,012
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-
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-
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78,012
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Corporate and municipal bonds
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1,477
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-
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-
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1,477
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Total financial instruments owned and pledged as collateral
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839,467
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-
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-
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839,467
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Total financial insturments owned
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3,205,451
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32,381
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260
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3,238,092
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Other fair value investments, included in other assets:
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Stocks and options
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33,159
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-
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106
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33,265
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Corporate and municipal bonds
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-
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1,696
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-
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1,696
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Total other fair value investments, included in other assets
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33,159
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1,696
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106
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34,961
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Total Financial Assets at Fair Value
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$
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6,666,490
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$
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34,077
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$
|
366
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$
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6,700,933
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Financial Liabilities At Fair Value as of June 30, 2014
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Level 1
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Level 2
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Level 3
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Total
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Financial instruments sold, not yet purchased:
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Stocks
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$
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1,370,830
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$
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-
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$
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77
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$
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1,370,907
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Options
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1,168,783
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-
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-
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1,168,783
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Warrants and discount certificates
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603
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-
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-
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603
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U.S. and foreign government securities
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1,840
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1,049
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-
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2,889
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Corporate bonds
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77,047
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10,556
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-
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87,603
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Currency forward contracts
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-
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-
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-
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-
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Total financial instruments sold, not yet purchased
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2,619,103
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11,605
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77
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2,630,785
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Other fair value liabilities, included in accounts payable, accrued expenses and other liabilities
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Stocks and options
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132,036
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-
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-
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132,036
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Total other fair value liabilities, included in accounts payable, accrued expenses and other liabilities
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132,036
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-
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-
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132,036
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Total Financial Liabilities at Fair Value
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$
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2,751,139
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$
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11,605
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$
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77
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$
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2,762,821
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Financial Assets At Fair Value as of December 31, 2013
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Level 1
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Level 2
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Level 3
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Total
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Securities segregated for regulatory purposes
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$
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1,300,016
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$
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-
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$
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-
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$
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1,300,016
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Financial instruments owned:
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Stocks
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1,243,914
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-
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57
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1,243,971
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Options
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1,880,481
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-
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-
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1,880,481
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Warrants and discount certificates
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57,144
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-
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-
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57,144
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U.S. and foreign government securities
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4,641
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2,102
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-
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6,743
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Corporate and municipal bonds
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72,750
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18,476
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-
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91,226
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Currency forward contracts
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-
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5,748
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-
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5,748
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Total financial instruments owned
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3,258,930
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26,326
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57
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3,285,313
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Financial instruments owned and pledged as collateral:
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Stocks
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1,097,734
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-
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-
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1,097,734
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Warrants
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233
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-
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-
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233
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U.S. and foreign government securities
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64,439
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-
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-
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64,439
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Corporate and municipal bonds
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1,125
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-
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-
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1,125
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Total financial instruments owned and pledged as collateral
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1,163,531
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-
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-
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1,163,531
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Total financial instruments owned
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4,422,461
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26,326
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57
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4,448,844
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Other fair value investments, included in other assets:
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Stocks
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25,604
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|
419
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101
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26,124
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Corporate and municipal bonds
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1,776
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47,896
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-
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49,672
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Mortgage backed securities
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-
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26,892
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-
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26,892
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Other asset backed securities
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-
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22,734
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-
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22,734
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Other
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-
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5,328
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-
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5,328
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Total other fair value assets
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27,380
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103,269
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|
101
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130,750
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Total Financial Assets at Fair Value
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$
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5,749,857
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$
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129,595
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$
|
158
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$
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5,879,610
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Financial Liabilities At Fair Value as of December 31, 2013
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Level 1
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Level 2
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Level 3
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Total
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Financial instruments sold, not yet purchased:
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|
|
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Stocks
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$
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1,266,429
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$
|
-
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$
|
3
|
|
$
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1,266,432
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Options
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1,793,248
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-
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|
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-
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|
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1,793,248
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Warrants and discount certificates
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|
1,215
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|
|
-
|
|
|
-
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|
|
1,215
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U.S. and foreign government securities
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|
-
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4,412
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|
|
-
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4,412
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Corporate bonds
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77,936
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|
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9,628
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|
|
-
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|
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87,564
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Currency forward contracts
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|
-
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|
|
802
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|
|
-
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|
|
802
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|
Total financial instruments sold, not yet purchased
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$
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3,138,828
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$
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14,842
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$
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3
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$
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3,153,673
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Transfers between Level 1 and Level 2
Transfers of financial instruments owned and sold, not yet purchased to or from Levels 1 and 2 arise where the market for a specific security has become active or inactive during the period. The fair values transferred are ascribed as if the financial assets or financial liabilities had been transferred as of the end of the period.
During the six months ended June 30, 2014, the Company reclassified approximately $0.7 million of financial instruments owned from Level 1 to Level 2 and reclassified approximately $1.5 million from Level 2 to Level 1. Financial instruments sold, but not yet purchased of approximately $1.4 million were reclassified from Level 1 to Level 2 and approximately $4.5 million were reclassified from Level 2 to Level 1. The Company reclassified approximately $1.7 million of other fair value investments, recorded in other assets, from Level 1 to Level 2.
During the six months ended June 30, 2013, the Company reclassified approximately $1.9 million of financial instruments owned from Level 1 to Level 2 and reclassified approximately $1.6 million from Level 2 to Level 1. Financial instruments sold, but not yet purchased of approximately $0.8 million were reclassified from Level 1 to Level 2 and approximately $0.9 million were reclassified from Level 2 to Level 1.
Level 3 Financial Assets and Financial Liabilities
The Company’s Level 3 financial assets and financial liabilities are comprised of delisted securities reported within financial instruments owned and financial instruments sold, not yet purchased. The following tables report Level 3 activities for the three months ended June 30, 2014:
Financial assets—Level 3 activities:
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Balance, January 1, 2014
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$
|
158
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Total gains or losses (realized/unrealized) - Included in earnings
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|
43
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Purchases, issuances and settlements
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(38)
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Transfers in and/or out of Level 3
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|
203
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|
Balance, June 30, 2014
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$
|
366
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Financial liabilities—Level 3 activities:
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|
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Balance, January 1, 2014
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$
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3
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Total gains or losses (realized/unrealized) - Included in earnings
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|
-
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Purchases, issuances and settlements
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-
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|
Transfers in and/or out of Level 3
|
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|
74
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|
Balance, June 30, 2014
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$
|
77
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There were no Level 3 activities, including transfers, for the six months ended June 30, 2013.
Trading Gains from Market Making Transactions
Trading gains, net from market making transactions reported in the statements of comprehensive income, by major product type, are comprised of:
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Three Months Ended
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Six Months Ended
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June 30,
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June 30,
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|
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2014
|
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2013
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2014
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2013
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Equities
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$
|
56,564
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|
$
|
92,992
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$
|
151,709
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$
|
161,516
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Fixed Income
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|
|
6,361
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|
|
6,703
|
|
|
12,091
|
|
|
14,471
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Foreign Exchange
|
|
|
21,095
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|
|
(40,677)
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|
|
47,732
|
|
|
(98,002)
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Commodities
|
|
|
-
|
|
|
88
|
|
|
-
|
|
|
115
|
|
Total Trading Gains
|
|
$
|
84,020
|
|
$
|
59,106
|
|
$
|
211,532
|
|
$
|
78,100
|
These transactions are related to the Company’s financial instruments owned and financial instruments sold, not yet purchased (all at fair value) and include both derivative and non‑derivative financial instruments, including exchange traded options and futures. These gains and losses also include market making related dividend and fixed income trading interest income and expense.
The gains (losses) in the above table are not representative of the integrated trading strategies applied by the Company, which utilize financial instruments across various product types. Gains and losses in one product type frequently offset gains and losses in other product types.
Netting of Financial Assets and Financial Liabilities
The Company adopted the guidance in ASU 2011‑11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities and ASU 2013‑ 01, Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities for periods beginning after January 1, 2013. This authoritative guidance requires companies to report disclosures of offsetting assets and liabilities.
The Company does not net securities segregated for regulatory purposes, and securities borrowed and securities loaned are presented on a gross basis in the condensed consolidated statements of financial condition. In the tables below, the amounts of derivative financial instruments owned that are not offset in the condensed consolidated statements of financial condition, but could be netted against financial liabilities with specific counterparties under master netting agreements, including clearing houses (exchange traded options, warrants and discount certificates) or over the counter currency forward contract counterparties, are presented to provide financial statement readers with the Company’s estimate of its net exposure to counterparties for these derivative financial instruments.
The following table sets forth the netting of financial assets and of financial liabilities as of June 30, 2014 and December 31, 2013, pursuant to the requirements of ASU 2011‑11 and ASU 2013‑01 (millions).
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June 30, 2014
|
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Gross Amounts
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Net Amounts of
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Gross Amounts Not Offset in the
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Offset in the
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Assets Presented
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Condensed Consolidated
|
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Condensed
|
|
in the Condensed
|
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Statement
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Consolidated
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Consolidated
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of Financial Condition
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Gross Amounts of
|
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Statement of
|
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Statement of
|
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Recognized
|
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Financial
|
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Financial
|
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Financial
|
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Cash Collateral
|
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|
|
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Assets
|
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Condition
|
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Condition
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Instruments
|
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Pledged
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Net Amount
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|
Offsetting of Financial Assets:
|
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|
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|
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Securities segregated for regulatory purposes -purchased under agreements to resell
|
|
$
|
5,913.9
|
1
|
|
$
|
-
|
|
$
|
5,913.9
|
|
$
|
(5,913.9)
|
|
$
|
-
|
|
$
|
-
|
|
Securities borrowed
|
|
|
3,499.2
|
|
|
|
-
|
|
|
3,499.2
|
|
|
(3,419.0)
|
|
|
-
|
|
|
80.2
|
|
Securities purchased under agreements to resell
|
|
|
274.3
|
|
|
|
-
|
|
|
274.3
|
|
|
(274.3)
|
|
|
-
|
|
|
-
|
|
Financial Instruments owned:
|
|
|
-
|
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
Options
|
|
|
1,073.0
|
|
|
|
-
|
|
|
1,073.0
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|
|
(1,032.5)
|
|
|
-
|
|
|
40.5
|
|
Warrants and discount certificates
|
|
|
34.6
|
|
|
|
-
|
|
|
34.6
|
|
|
(0.6)
|
|
|
-
|
|
|
34.0
|
|
Currency forward contracts
|
|
|
8.6
|
|
|
|
-
|
|
|
8.6
|
|
|
-
|
|
|
-
|
|
|
8.6
|
|
Total
|
|
$
|
10,803.6
|
|
|
$
|
-
|
|
$
|
10,803.6
|
|
$
|
(10,640.3)
|
|
$
|
-
|
|
$
|
163.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Amounts of
|
|
Gross Amounts Not Offset in the
|
|
|
|
|
|
|
|
|
|
|
Gross Amounts
|
|
Liabilities
|
|
Condensed Consolidated
|
|
|
|
|
|
|
|
|
|
|
Offset in the
|
|
Presented in the
|
|
Statement
|
|
|
|
|
|
|
|
|
Condensed
|
|
Condensed
|
|
of Financial Condition
|
|
|
|
|
|
|
|
|
|
|
Consolidated
|
|
Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Amounts of
|
|
Statement of
|
|
Statement of
|
|
|
|
|
|
|
|
|
|
|
|
|
Recognized
|
|
|
Financial
|
|
Financial
|
|
Financial
|
|
Cash Collateral
|
|
|
|
|
|
|
Liabilities
|
|
Condition
|
|
Condition
|
|
Instruments
|
|
Received
|
|
Net Amount
|
|
Offsetting of Financial Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities loaned
|
|
$
|
2,932.4
|
|
|
$
|
-
|
|
$
|
2,932.4
|
|
$
|
(2,932.0)
|
|
$
|
-
|
|
$
|
0.4
|
|
Financial instruments sold, not yet purchased:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options
|
|
|
1,168.8
|
|
|
|
-
|
|
|
1,168.8
|
|
|
(1,032.5)
|
|
|
-
|
|
|
136.3
|
|
Warrants and discount certificates
|
|
|
0.6
|
|
|
|
-
|
|
|
0.6
|
|
|
(0.6)
|
|
|
-
|
|
|
-
|
|
Currency forward contracts
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Total
|
|
$
|
4,101.8
|
|
|
$
|
-
|
|
$
|
4,101.8
|
|
$
|
(3,965.1)
|
|
$
|
-
|
|
$
|
136.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Amounts
|
|
Net Amounts of
|
|
Gross Amounts Not Offset in the
|
|
|
|
|
|
|
|
|
|
|
Offset in the
|
|
Assets Presented
|
|
Condensed Consolidated
|
|
|
|
|
|
|
|
|
|
|
Condensed
|
|
in the Condensed
|
|
Statement
|
|
|
|
|
|
|
|
|
Consolidated
|
|
Consolidated
|
|
of Financial Condition
|
|
|
|
|
|
|
Gross Amounts of
|
|
Statement of
|
|
Statement of
|
|
|
|
|
|
|
|
|
|
|
Recognized
|
|
Financial
|
|
Financial
|
|
Financial
|
|
Cash Collateral
|
|
|
|
|
|
|
Assets
|
|
Condition
|
|
Condition
|
|
Instruments
|
|
Pledged
|
|
Net Amount
|
|
Offsetting of Financial Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities segregated for regulatory purposes - purchased under agreements to resell
|
|
$
|
6,734.2
|
1
|
|
$
|
-
|
|
$
|
6,734.2
|
|
$
|
(6,734.2)
|
|
$
|
-
|
|
$
|
-
|
|
Securities borrowed
|
|
|
2,751.5
|
|
|
|
-
|
|
|
2,751.5
|
|
|
(2,694.6)
|
|
|
-
|
|
|
56.9
|
|
Securities purchased under agreements to resell
|
|
|
386.3
|
|
|
|
-
|
|
|
386.3
|
|
|
(386.3)
|
|
|
-
|
|
|
-
|
|
Financial Instruments owned:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options
|
|
|
1,880.5
|
|
|
|
-
|
|
|
1,880.5
|
|
|
(1,652.8)
|
|
|
-
|
|
|
227.7
|
|
Warrants and discount certificates
|
|
|
57.4
|
|
|
|
-
|
|
|
57.4
|
|
|
(1.2)
|
|
|
-
|
|
|
56.2
|
|
Currency forward contracts
|
|
|
5.7
|
|
|
|
-
|
|
|
5.7
|
|
|
-
|
|
|
-
|
|
|
5.7
|
|
Total
|
|
$
|
11,815.6
|
|
|
$
|
-
|
|
$
|
11,815.6
|
|
$
|
(11,469.1)
|
|
$
|
-
|
|
$
|
346.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Amounts of
|
|
|
Gross Amounts Not Offset in the
|
|
|
|
|
|
|
|
|
|
|
Gross Amounts
|
|
Liabilities
|
|
Condensed Consolidated
|
|
|
|
|
|
|
|
|
|
|
Offset in the
|
|
Presented in the
|
|
Statement
|
|
|
|
|
|
|
|
|
Condensed
|
|
Condensed
|
|
of Financial Condition
|
|
|
|
|
|
|
|
|
|
|
Consolidated
|
|
Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Amounts of
|
|
Statement of
|
|
Statement of
|
|
|
|
|
|
|
|
|
|
|
|
|
Recognized
|
|
|
Financial
|
|
Financial
|
|
Financial
|
|
Cash Collateral
|
|
|
|
|
|
|
Liabilities
|
|
Condition
|
|
Condition
|
|
Instruments
|
|
Received
|
|
Net Amount
|
|
Offsetting of Financial Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities loaned
|
|
$
|
2,563.7
|
|
|
$
|
-
|
|
$
|
2,563.7
|
|
$
|
(2,544.6)
|
|
$
|
-
|
|
$
|
19.1
|
|
Financial instruments sold, not yet purchased:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options
|
|
|
1,793.2
|
|
|
|
-
|
|
|
1,793.2
|
|
|
(1,652.8)
|
|
|
-
|
|
|
140.4
|
|
Warrants and discount certificates
|
|
|
1.2
|
|
|
|
-
|
|
|
1.2
|
|
|
(1.2)
|
|
|
-
|
|
|
-
|
|
Currency forward contracts
|
|
|
0.8
|
|
|
|
-
|
|
|
0.8
|
|
|
-
|
|
|
-
|
|
|
0.8
|
|
Total
|
|
$
|
4,358.9
|
|
|
$
|
-
|
|
$
|
4,358.9
|
|
$
|
(4,198.6)
|
|
$
|
-
|
|
$
|
160.3
|
|
(1)
| |
As of June 30, 2014 and December 31, 2013, the Company had $5.91 billion and $6.73 billion, respectively, of securities purchased under agreements to resell that were segregated to satisfy regulatory requirements. These securities are included in “Cash and securities—segregated for regulatory purposes” in the condensed consolidated statements of financial condition. |
|