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Fair Value of Financial Instruments
 12 Months Ended
Dec. 31, 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 consolidated statements of financial condition as of December 31, 2022 and 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
As of December 31, 2022(in thousands)
Assets
Cash equivalents – Money market funds$1,106,916 $— $— $1,106,916 
Receivable from affiliates – Foreign currency forward contracts
— — — — 
Total assets measured at fair value$1,106,916 $— $— $1,106,916 
Liabilities
Payable to affiliates – Foreign currency forward contracts$— $1,002 $— $1,002 
Total liabilities measured at fair value$— $1,002 $— $1,002 
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 $— $657,572 
Liabilities
Payable to affiliates – Foreign currency forward contracts$— $— $— $— 
Total liabilities measured at fair value$— $— $— $— 
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.
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 12 months. As of December 31, 2022 and 2021, the counterparty on each of the foreign currency forward contracts was an affiliate of Refinitiv and therefore the corresponding liabilities and receivables on such contracts were included in payable to affiliates and receivable from affiliates, respectively, on the accompanying 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:
December 31,
20222021
(in thousands)
Foreign currency forward contracts – Gross notional amount$162,845 $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 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 consolidated statements of income are as follows:
Year Ended
December 31,
202220212020
(in thousands)
Foreign currency forward contracts not designated in accounting hedge relationship$4,871 $9,008 $(6,269)
Financial Instruments Not Measured at Fair Value
The Company’s financial instruments not measured at fair value on the consolidated statements of financial condition as of December 31, 2022 and 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 December 31, 2022(in thousands)
Assets
Cash and restricted cash$151,313 $151,313 $— $— $151,313 
Receivable from brokers and dealers and clearing organizations11,632 — 11,632 — 11,632 
Deposits with clearing organizations23,906 23,906 — — 23,906 
Accounts receivable142,676 — 142,676 — 142,676 
Other assets – Memberships in clearing organizations
2,406 — — 2,406 2,406 
Total$331,933 $175,219 $154,308 $2,406 $331,933 
Liabilities
Payable to brokers and dealers and clearing organizations$11,264 $— $11,264 $— $11,264 
Total$11,264 $— $11,264 $— $11,264 
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 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.
Non-recurring Fair Value Measurements
The Company measures certain assets and liabilities, such as assets acquired in a business combination, at fair value as of the acquisition date. See Note 4 – Acquisitions for further details regarding these non-recurring fair value measurements.
Financial Instruments Without Readily Determinable Fair Values
Included in other assets on the consolidated statements of financial condition are equity investments without readily determinable fair values of $20.0 million and $21.1 million as of December 31, 2022 and 2021, respectively.
During the year ended December 31, 2022, the Company recognized losses totaling $1.0 million, included in income (loss) from investments in the consolidated statements of income, related to the write-off of an investment that was determined to be uncollectible.