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Financial Assets and Liabilities (Tables) | 3 Months Ended
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Mar. 31, 2017
Financial Assets and Liabilities |
Summary of fair value measurements measured on a recurring basis |
|  | March 31, 2017 |
|  | Quoted Prices |  | Significant |  |  |  |  |  |  |  |
|  | in Active |  | Other |  | Significant |  | Counterparty |  |  |  |
|  | Markets for |  | Observable |  | Unobservable |  | and Cash |  |  |  |
|  | Identical Assets |  | Inputs |  | Inputs |  | Collateral |  | Total Fair |
(in thousands) |  | (Level 1) |  | (Level 2) |  | (Level 3) |  | Netting |  | Value |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial instruments owned, at fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities |  | $ | 184,003 |  | $ | 1,414,065 |  | $ | — |  | $ | — |  | $ | 1,598,068 |
Non-U.S. government obligations |  |  | — |  |  | 9,007 |  |  | — |  |  | — |  |  | 9,007 |
Exchange traded notes |  |  | 1,081 |  |  | 21,103 |  |  | — |  |  | — |  |  | 22,184 |
Currency forwards |  |  | — |  |  | 1,756,179 |  |  | — |  |  | (1,755,123) |  |  | 1,056 |
Options |  |  | — |  |  | 266 |  |  | — |  |  | — |  |  | 266 |
|  | $ | 185,084 |  | $ | 3,200,620 |  | $ | — |  | $ | (1,755,123) |  | $ | 1,630,581 |
Financial instruments owned, pledged as collateral: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities |  | $ | 32,168 |  | $ | 232,318 |  | $ | — |  | $ | — |  | $ | 264,486 |
Exchange traded notes |  |  | — |  |  | 4,903 |  |  | — |  |  | — |  |  | 4,903 |
|  | $ | 32,168 |  | $ | 237,221 |  | $ | — |  | $ | — |  | $ | 269,389 |
Other Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity investment |  | $ | — |  | $ | — |  | $ | 37,588 |  | $ | — |  | $ | 37,588 |
Exchange stock |  |  | 467 |  |  | — |  |  | — |  |  | — |  |  | 467 |
|  | $ | 467 |  | $ | — |  | $ | 37,588 |  | $ | — |  | $ | 38,055 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial instruments sold, not yet purchased, at fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities |  | $ | 604,260 |  | $ | 1,014,410 |  | $ | — |  | $ | — |  | $ | 1,618,670 |
Exchange traded notes |  |  | — |  |  | 54,904 |  |  | — |  |  | — |  |  | 54,904 |
Currency forwards |  |  | — |  |  | 1,792,466 |  |  | — |  |  | (1,792,466) |  |  | — |
Options |  |  | — |  |  | 228 |  |  | — |  |  | — |  |  | 228 |
|  | $ | 604,260 |  | $ | 2,862,008 |  | $ | — |  | $ | (1,792,466) |  | $ | 1,673,802 |
Fair value measurements for those items measured on a recurring basis are summarized below as of December 31, 2016:
|  | December 31, 2016 |
|  | Quoted |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Prices in |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Active |  | Significant |  |  |  |  |  |  |  |  |  |
|  | Markets for |  | Other |  | Significant |  | Counterparty |  |  |  |
|  | Identical |  | Observable |  | Unobservable |  | and Cash |  |  |  |
|  | Assets |  | Inputs |  | Inputs |  | Collateral |  | Total Fair |
(in thousands) |  | (Level 1) |  | (Level 2) |  | (Level 3) |  | Netting |  | Value |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial instruments owned, at fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities |  | $ | 1,597,049 |  | $ | 31,988 |  | $ | — |  | $ | — |  | $ | 1,629,037 |
Non-U.S. government obligations |  |  | — |  |  | 10,765 |  |  | — |  |  | — |  |  | 10,765 |
Exchange traded notes |  |  | 37,034 |  |  | — |  |  | — |  |  | — |  |  | 37,034 |
Currency forwards |  |  | — |  |  | 1,147,261 |  |  | — |  |  | (1,140,239) |  |  | 7,022 |
Options |  |  | — |  |  | 141 |  |  | — |  |  | — |  |  | 141 |
|  | $ | 1,634,083 |  | $ | 1,190,155 |  | $ | — |  | $ | (1,140,239) |  | $ | 1,683,999 |
Financial instruments owned, pledged as collateral: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities |  | $ | 128,202 |  | $ | — |  | $ | — |  | $ | — |  | $ | 128,202 |
Exchange traded notes |  |  | 15,681 |  |  | — |  |  | — |  |  | — |  |  | 15,681 |
|  | $ | 143,883 |  | $ | — |  | $ | — |  | $ | — |  | $ | 143,883 |
Other Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity investment |  | $ | — |  | $ | — |  | $ | 36,031 |  | $ | — |  | $ | 36,031 |
Exchange stock |  |  | 449 |  |  | — |  |  | — |  |  | — |  |  | 449 |
|  | $ | 449 |  | $ | — |  | $ | 36,031 |  | $ | — |  | $ | 36,480 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial instruments sold, not yet purchased, at fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities |  | $ | 1,323,693 |  | $ | 6,638 |  | $ | — |  | $ | — |  | $ | 1,330,331 |
Exchange traded notes |  |  | 18,744 |  |  | — |  |  | — |  |  | — |  |  | 18,744 |
Currency forwards |  |  | — |  |  | 1,009,038 |  |  | — |  |  | (1,009,038) |  |  | — |
Options |  |  | — |  |  | 80 |  |  | — |  |  | — |  |  | 80 |
|  | $ | 1,342,437 |  | $ | 1,015,756 |  | $ | — |  | $ | (1,009,038) |  | $ | 1,349,155 |
Summary of changes in Level 3 financial instruments measured at fair value on a recurring basis |
|  |  | Three Months Ended March 31, 2017
|  |  |  |  |  |  |  |  |  |  |  | Change in Net
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Unrealized Gains
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | / (Losses) on
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Investments
|  | Balance at |  |  |  | Total Realized |  | Net Transfers |  | Balance at |  | still held at
|  | December 31, |  |  |  | and Unrealized |  | into (out of) |  | March 31, |  | March 31,
(in thousands) |  | 2016 |  | Purchases |  | Gains / (Losses) |  | Level 3 |  | 2017 |  | 2017
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity investment |  | $ | 36,031 |  | $ | — |  | $ | 1,557 |  | $ | — |  | $ | 37,588 |  | $ | 1,557
Total |  | $ | 36,031 |  | $ | — |  | $ | 1,557 |  | $ | — |  | $ | 37,588 |  | $ | 1,557
Summary of netting of certain financial assets and financial liabilities |
|  | March 31, 2017 |
|  |  |  |  |  |  | Net Amounts of |  |  |  |  |  |  |  |  |  |
|  |  |  |  | Gross Amounts |  | Assets Presented |  |  |  |  |  |  |  |  |  |
|  |  |  | Offset in the |  | in the |  | Gross Amounts Not Offset In the |  |  |  |
|  | Gross Amounts |  | Consolidated |  | Consolidated |  | Statement of Financial Condition |  |  |  |
|  | of Recognized |  | Statement of |  | Statement of |  | Financial |  | Cash Collateral |  |  |
(in thousands) |  | Assets |  | Financial Condition |  | Financial Condition |  | Instruments |  | Received |  | Net Amount |
Offsetting of Financial Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities borrowed |  | $ | 358,463 |  | $ | — |  | $ | 358,463 |  | $ | (350,923) |  | $ | (1,272) |  | $ | 6,268 |
Trading assets, at fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Currency forwards |  |  | 1,756,179 |  |  | (1,755,123) |  |  | 1,056 |  |  | — |  |  | — |  |  | 1,056 |
Options |  |  | 266 |  |  | — |  |  | 266 |  |  | (214) |  |  | (2) |  |  | 50 |
Total |  | $ | 2,114,908 |  | $ | (1,755,123) |  | $ | 359,785 |  | $ | (351,137) |  | $ | (1,274) |  | $ | 7,374 |
|  |  |  |  |  |  | Net Amounts of |  |  |  |  |  |  |  |  |  |
|  |  |  |  | Gross Amounts |  | Liabilities Presented |  |  |  |  |  |  |  |  |  |
|  |  |  | Offset in the |  | in the |  | Gross Amounts Not Offset In the |  |  |  |
|  | Gross Amounts |  | Consolidated |  | Consolidated |  | Statement of Financial Condition |  |  |  |
|  | of Recognized |  | Statement of |  | Statement of |  | Financial |  | Cash Collateral |  |  |
|  | Liabilities |  | Financial Condition |  | Financial Condition |  | Instruments |  | Pledged |  | Net Amount |
Offsetting of Financial Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities loaned |  | $ | 423,672 |  | $ | — |  | $ | 423,672 |  | $ | (423,408) |  | $ | — |  | $ | 264 |
Trading liabilities, at fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Currency forwards |  |  | 1,792,466 |  |  | (1,792,466) |  |  | — |  |  | — |  |  | — |  |  | — |
Options |  |  | 228 |  |  | — |  |  | 228 |  |  | (214) |  |  | — |  |  | 14 |
Total |  | $ | 2,216,366 |  | $ | (1,792,466) |  | $ | 423,900 |  | $ | (423,622) |  | $ | — |  | $ | 278 |
|  | December 31, 2016 |
|  |  |  |  |  |  | Net Amounts of |  |  |  |  |  |  |  |  |  |
|  |  |  |  | Gross Amounts |  | Assets Presented |  |  |  |  |  |  |  |  |  |
|  |  |  |  | Offset in the |  | in the |  | Gross Amounts Not Offset In the |  |  |  |
|  | Gross Amounts |  | Consolidated |  | Consolidated |  | Statement of Financial Condition |  |  |  |
|  | of Recognized |  | Statement of |  | Statement of |  | Financial |  | Cash Collateral |  |  |
(in thousands) |  | Assets |  | Financial Condition |  | Financial Condition |  | Instruments |  | Received |  | Net Amount |
Offsetting of Financial Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities borrowed |  | $ | 220,005 |  | $ | — |  | $ | 220,005 |  | $ | (216,778) |  | $ | (248) |  | $ | 2,979 |
Trading assets, at fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Currency forwards |  |  | 1,147,261 |  |  | (1,140,239) |  |  | 7,022 |  |  | — |  |  | — |  |  | 7,022 |
Options |  |  | 141 |  |  | — |  |  | 141 |  |  | (80) |  |  | (13) |  |  | 48 |
Total |  | $ | 1,367,407 |  | $ | (1,140,239) |  | $ | 227,168 |  | $ | (216,858) |  | $ | (261) |  | $ | 10,049 |
|  |  |  |  |  |  | Net Amounts of |  |  |  |  |  |
|  |  |  |  |  |  | Liabilities |  |  |  |  |  |  |  |  |  |
|  |  |  |  | Gross Amounts |  | Presented |  | Gross Amounts Not Offset In the |  |  |  |
|  |  |  |  | Offset in the |  | in the |  | Consolidated |  |  |  |
|  |  |  |  | Condensed |  | Condensed |  | Condensed Consolidated |  |  |  |
|  | Gross Amounts |  | Consolidated |  | Consolidated |  | Statement of Financial Condition |  |  |  |
|  | of Recognized |  | Statement of |  | Statement of |  | Financial |  | Cash Collateral |  |  |
(in thousands) |  | Liabilities |  | Financial Condition |  | Financial Condition |  | Instruments |  | Pledged |  | Net Amount |
Offsetting of Financial Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities loaned |  | $ | 222,203 |  | $ | — |  | $ | 222,203 |  | $ | (221,792) |  | $ | — |  | $ | 411 |
Trading liabilities, at fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Currency forwards |  |  | 1,009,038 |  |  | (1,009,038) |  |  | — |  |  | — |  |  | — |  |  | — |
Options |  |  | 80 |  |  | — |  |  | 80 |  |  | (80) |  |  | — |  |  | — |
Total |  | $ | 1,231,321 |  | $ | (1,009,038) |  | $ | 222,283 |  | $ | (221,872) |  | $ | — |  | $ | 411 |
Summary of gross obligations for repurchase agreement and securities borrowed transactions by remaining contractual maturity and class of collateral pledged |
|  |  | March 31, 2017 |
|  |  | Remaining Contractual Maturity |
|  | Overnight and |  | Less than |  | 30 - 90 |  | Over 90 |  |  |
(in thousands) |  | Continuous |  | 30 days |  | days |  | Days |  | Total |
Securities lending transactions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities |  | $ | 423,672 |  | $ | — |  | $ | — |  | $ | — |  | $ | 423,672 |
Total |  | $ | 423,672 |  | $ | — |  | $ | — |  | $ | — |  | $ | 423,672 |
|  |  | December 31, 2016
|  |  | Remaining Contractual Maturity
|  | Overnight and |  | Less than |  | 30 - 90 |  | Over 90 |  |
(in thousands) |  | Continuous |  | 30 days |  | days |  | Days |  | Total
Repurchase agreements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities |  | $ | 222,203 |  | $ | — |  | $ | — |  | $ | — |  | $ | 222,203
Total |  | $ | 222,203 |  | $ | — |  | $ | — |  | $ | — |  | $ | 222,203

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- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19279-110258 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19190-110258 + Details
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- Definition Tabular disclosure of derivative and other financial assets and liabilities that are subject to offsetting, including master netting arrangements. + References No definition available. + Details
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