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Fair Value of Financial Instruments
 6 Months Ended
Jun. 30, 2022
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments Fair Value of Financial Instruments
Financial Instruments Measured at Fair Value
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 
The Company’s money market funds are classified within level 1 of the fair value hierarchy because they are valued using quoted market prices in active markets. There were no financial instruments measured at fair value in a liability position as of June 30, 2022 and December 31, 2021.
The valuation for the Company’s foreign currency forward contracts is primarily based on the difference between the exchange rate associated with the forward contract and the exchange rate at the current period end. Foreign currency forward contracts are categorized as Level 2 in the fair value hierarchy. The Company enters into foreign currency forward contracts to mitigate its U.S. dollar and British pound sterling versus euro exposure, generally with a duration of less than twelve months. As of June 30, 2022 and December 31, 2021, the counterparty on each of the foreign currency forward contracts was an affiliate of Refinitiv and therefore the corresponding receivables on such contracts were included in receivable from affiliates on the accompanying condensed consolidated statements of financial condition.
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,
20222021
(in thousands)
Foreign currency forward contracts – Gross notional amount$161,918 $146,202 
The Company’s foreign currency forward contracts are not designated as hedges for accounting purposes and changes in the fair value of these contracts during the period are recognized in the condensed consolidated statements of income within general and administrative expenses.
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 EndedSix Months Ended
June 30,June 30,
2022202120222021
(in thousands)
Foreign currency forward contracts not designated in accounting hedge relationship$5,488 $(737)$6,170 $4,961 
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 ValueQuoted 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 organizations1,646 — 1,646 — 1,646 
Deposits with clearing organizations25,990 25,990 — — 25,990 
Accounts receivable155,426 — 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 organizations20,523 20,523 — — 20,523 
Accounts receivable129,937 — 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 $471,347 
Liabilities
Payable to brokers and dealers and clearing organizations$— $— $— $— $— 
Total$— $— $— $— $— 
The carrying value of financial instruments not measured at fair value classified within level 1 or level 2 of the fair value hierarchy approximates fair value because of the relatively short term nature of the underlying assets or liabilities. The memberships in clearing organizations, which are included in other assets on the condensed consolidated statements of financial condition, are classified within level 3 of the fair value hierarchy because the valuation requires assumptions that are both significant and unobservable.
Financial Instruments Without Readily Determinable Fair Values
Included in other assets on the condensed consolidated statements of financial condition are equity investments without readily determinable fair values of $21.0 million and $21.1 million as of June 30, 2022 and December 31, 2021, respectively. There were no impairments or adjustments to the carrying value of equity investments without readily determinable fair values during each of the three and six months ended June 30, 2022 and 2021 and no adjustments to the original cost basis recorded to the consolidated statements of operations have been made to the carrying value over the life of the instruments.