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Fair Value of Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Measurement
The Company’s financial instruments measured at fair value on the condensed consolidated statements of financial condition as of June 30, 2024 and December 31, 2023 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
(dollars in thousands)
As of June 30, 2024
Assets
Cash equivalents – Money market funds and other highly liquid investments$1,562,815 $— $— $1,562,815 
Receivable and due from affiliates – Foreign exchange derivative contracts— 2,626 — 2,626 
Other assets – Investment in available for sale debt securities— — 10,102 10,102 
Total assets measured at fair value$1,562,815 $2,626 $10,102 $1,575,543 
As of December 31, 2023
Assets
Cash equivalents – Money market funds and other highly liquid investments$1,543,644 $— $— $1,543,644 
Total assets measured at fair value$1,543,644 $— $— $1,543,644 
Liabilities
Payable and due to affiliates – Foreign exchange derivative contracts
$— $775 $— $775 
Total liabilities measured at fair value$— $775 $— $775 
Schedule of Derivative Values
The following table summarizes the aggregate U.S. dollar equivalent notional amount of the Company’s foreign exchange derivative contracts not designated as hedges for accounting purposes:
  June 30,December 31,
20242023
(dollars in thousands)
Foreign currency forward contracts – Gross notional amount$229,131 $192,877 
The total realized and unrealized gains (losses) on foreign exchange derivative contracts recorded within the condensed consolidated statements of income are as follows:
Three Months EndedSix Months Ended
June 30,June 30,
2024202320242023
(dollars in thousands)
Foreign currency forward contracts not designated in accounting hedge relationship – General and administrative (expenses)/income$2,560 $2,198 $6,911 $1,038 
Foreign currency call option contract not designated in accounting hedge relationship – Other income/(loss) (1)
$— $618 $— $618 
(1) On June 1, 2023, the Company entered into a foreign currency call option on Australian dollars, in order to partially mitigate the Company’s U.S. dollar versus Australian dollar foreign exchange exposure on the then-anticipated payment of the Australian dollar denominated purchase price for the Yieldbroker Acquisition. On August 25, 2023, the Company unwound the out-of-the-money foreign currency call option and received $1.1 million.
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, 2024 and December 31, 2023 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, 2024(dollars in thousands)
Assets
Cash and restricted cash$156,415 $156,415 $— $— $156,415 
Receivable from brokers and dealers and clearing organizations432,037 — 432,037 — 432,037 
Deposits with clearing organizations62,694 62,694 — — 62,694 
Accounts receivable233,084 — 233,084 — 233,084 
Other assets – Memberships in clearing organizations
2,907 — — 2,907 2,907 
Total$887,137 $219,109 $665,121 $2,907 $887,137 
Liabilities
Securities sold under agreements to repurchase
$— $— $— $— $— 
Payable to brokers and dealers and clearing organizations424,751 — 424,751 — 424,751 
Total$424,751 $— $424,751 $— $424,751 
As of December 31, 2023
Assets
Cash and restricted cash$163,824 $163,824 $— $— $163,824 
Receivable from brokers and dealers and clearing organizations381,178 — 381,178 — 381,178 
Deposits with clearing organizations36,806 36,806 — — 36,806 
Accounts receivable168,407 — 168,407 — 168,407 
Other assets – Memberships in clearing organizations
2,426 — — 2,426 2,426 
Total$752,641 $200,630 $549,585 $2,426 $752,641 
Liabilities
Securities sold under agreements to repurchase(1)
$21,612 $— $21,612 $— $21,612 
Payable to brokers and dealers and clearing organizations351,864 — 351,864 — 351,864 
Total$373,476 $— $373,476 $— $373,476 
(1)As of December 31, 2023, Treasury securities with a fair value of $21.6 million collateralized the securities sold under agreements to repurchase liability. The liability amounts presented represent the gross liability and are not offset on the condensed consolidated statements of financial condition. The securities sold under agreements to repurchase liability were subsequently settled on January 2, 2024.