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Fair Value of Financial Instruments (Tables) | 6 Months Ended
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Jun. 30, 2022
Fair Value Disclosures [Abstract] |
Schedule of Fair Value Measurements | The Company’s financial instruments measured at fair value on the condensed consolidated statements of financial condition as of June 30, 2022 and December 31, 2021 have been categorized based upon the fair value hierarchy as follows:
|  | Quoted Prices in active Markets for Identical Assets (Level 1) |  | Significant Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
|  | (in thousands)
As of June 30, 2022 |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |
Cash equivalents – Money market funds |  | $ | 725,142 |  |  | $ | — |  |  | $ | — |  |  | $ | 725,142 |
Receivable from affiliates – Foreign currency forward contracts |  | — |  |  | 5,561 |  |  | — |  |  | 5,561 |
Total assets measured at fair value |  | $ | 725,142 |  |  | $ | 5,561 |  |  | $ | — |  |  | $ | 730,703 |
As of December 31, 2021 |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |
Cash equivalents – Money market funds |  | $ | 654,553 |  |  | $ | — |  |  | $ | — |  |  | $ | 654,553 |
Receivable from affiliates – Foreign currency forward contracts |  | — |  |  | 3,019 |  |  | — |  |  | 3,019 |
Total assets measured at fair value |  | $ | 654,553 |  |  | $ | 3,019 |  |  | $ | — |  |  | $ | 657,572 |
Schedule of Derivative Values | The following table summarizes the aggregate U.S. dollar equivalent notional amount of the Company’s foreign currency forward contracts not designated as hedges for accounting purposes:
|  | June 30, |  | December 31,
|  | 2022 |  | 2021
|  | (in thousands)
Foreign currency forward contracts – Gross notional amount |  | $ | 161,918 |  |  | $ | 146,202 |
The total realized and unrealized gains (losses) on foreign currency forward contracts recorded within general and administrative expenses in the condensed consolidated statements of income are as follows:
|  | Three Months Ended |  | Six Months Ended
|  | June 30, |  | June 30,
|  | 2022 |  | 2021 |  | 2022 |  | 2021
| (in thousands)
Foreign currency forward contracts not designated in accounting hedge relationship |  | $ | 5,488 |  |  | $ | (737) |  |  | $ | 6,170 |  |  | $ | 4,961 |
Schedule of Financial Instruments Not Measured at Fair Value | The Company’s financial instruments not measured at fair value on the condensed consolidated statements of financial condition as of June 30, 2022 and December 31, 2021 have been categorized based upon the fair value hierarchy as follows:
|  | Carrying Value |  | Quoted Prices in active Markets for Identical Assets (Level 1) |  | Significant Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total Fair Value
As of June 30, 2022 |  | (in thousands)
Assets |  |  |  |  |  |  |  |  |  |
Cash and restricted cash |  | $ | 235,577 |  |  | $ | 235,577 |  |  | $ | — |  |  | $ | — |  |  | $ | 235,577 |
Receivable from brokers and dealers and clearing organizations |  | 1,646 |  |  | — |  |  | 1,646 |  |  | — |  |  | 1,646 |
Deposits with clearing organizations |  | 25,990 |  |  | 25,990 |  |  | — |  |  | — |  |  | 25,990 |
Accounts receivable |  | 155,426 |  |  | — |  |  | 155,426 |  |  | — |  |  | 155,426 |
Other assets – Memberships in clearing organizations |  | 2,410 |  |  | — |  |  | — |  |  | 2,410 |  |  | 2,410 |
Total |  | $ | 421,049 |  |  | $ | 261,567 |  |  | $ | 157,072 |  |  | $ | 2,410 |  |  | $ | 421,049 |
Liabilities |  |  |  |  |  |  |  |  |  |
Payable to brokers and dealers and clearing organizations |  | $ | 1,644 |  |  | $ | — |  |  | $ | 1,644 |  |  | $ | — |  |  | $ | 1,644 |
Total |  | $ | 1,644 |  |  | $ | — |  |  | $ | 1,644 |  |  | $ | — |  |  | $ | 1,644 |
As of December 31, 2021 |  |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |
Cash and restricted cash |  | $ | 318,495 |  |  | $ | 318,495 |  |  | $ | — |  |  | $ | — |  |  | $ | 318,495 |
Receivable from brokers and dealers and clearing organizations |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Deposits with clearing organizations |  | 20,523 |  |  | 20,523 |  |  | — |  |  | — |  |  | 20,523 |
Accounts receivable |  | 129,937 |  |  | — |  |  | 129,937 |  |  | — |  |  | 129,937 |
Other assets – Memberships in clearing organizations |  | 2,392 |  |  | — |  |  | — |  |  | 2,392 |  |  | 2,392 |
Total |  | $ | 471,347 |  |  | $ | 339,018 |  |  | $ | 129,937 |  |  | $ | 2,392 |  |  | $ | 471,347 |
Liabilities |  |  |  |  |  |  |  |  |  |
Payable to brokers and dealers and clearing organizations |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Total |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |

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- Definition Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19279-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2C -URI https://asc.fasb.org/extlink&oid=126976982&loc=SL7498348-110258 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bb) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5580258-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41620-113959 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5579245-113959 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41638-113959 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41678-113959 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41641-113959 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5579240-113959 + Details
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