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Financial Assets and Liabilities (Tables) | 3 Months Ended
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Mar. 31, 2018
Fair Value Disclosures [Abstract] |
Summary of fair value measurements measured on a recurring basis | Fair value measurements for those items measured on a recurring basis are summarized below as of March 31, 2018:
|  | March 31, 2018
(in thousands) |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Counterparty and Cash Collateral Netting |  | Total Fair Value
Assets |  |  |  |  |  |  |  |  |  |
Financial instruments owned, at fair value: |  |  |  |  |  |  |  |  |  |
Equity securities |  | $ | 956,518 |  |  | $ | 1,139,469 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,095,987 |
U.S. and Non-U.S. government obligations |  | 800 |  |  | 18,207 |  |  | — |  |  | — |  |  | 19,007 |
Corporate Bonds |  | — |  |  | 75,534 |  |  | — |  |  | — |  |  | 75,534 |
Exchange traded notes |  | 64,730 |  |  | 30,368 |  |  | — |  |  | — |  |  | 95,098 |
Currency forwards |  | — |  |  | 702,889 |  |  | — |  |  | (700,655 | ) |  | 2,234 |
Options |  | 9,210 |  |  | — |  |  | — |  |  | — |  |  | 9,210 |
|  | 1,031,258 |  |  | 1,966,467 |  |  | — |  |  | (700,655 | ) |  | 2,297,070 |
Financial instruments owned, pledged as collateral: |  |  |  |  |  |  |  |  |  |
Equity securities |  | $ | 309,313 |  |  | $ | 262,684 |  |  | $ | — |  |  | $ | — |  |  | $ | 571,997 |
U.S. and Non-U.S. government obligations |  | 200 |  |  | — |  |  | — |  |  | — |  |  | 200 |
Exchange traded notes |  | 22,418 |  |  | 15,921 |  |  | — |  |  | — |  |  | 38,339 |
|  | 331,931 |  |  | 278,605 |  |  | — |  |  | — |  |  | 610,536 |
Other Assets |  |  |  |  |  |  |  |  |  |
Equity investment |  | $ | — |  |  | $ | — |  |  | $ | 42,478 |  |  | $ | — |  |  | $ | 42,478 |
Exchange stock |  | 2,154 |  |  | — |  |  | — |  |  | — |  |  | 2,154 |
Other(1) |  | — |  |  | 56,179 |  |  | — |  |  | — |  |  | 56,179 |
|  | 2,154 |  |  | 56,179 |  |  | 42,478 |  |  | — |  |  | 100,811 |
Liabilities |  |  |  |  |  |  |  |  |  |
Financial instruments sold, not yet purchased, at fair value: |  |  |  |  |  |  |  |  |  |
Equity securities |  | $ | 1,584,268 |  |  | $ | 1,132,360 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,716,628 |
U.S. and Non-U.S. government obligations |  | 1,998 |  |  | 25,207 |  |  | — |  |  | — |  |  | 27,205 |
Corporate Bonds |  | 40,007 |  |  | — |  |  | — |  |  | — |  |  | 40,007 |
Exchange traded notes |  | 3,714 |  |  | 38,393 |  |  | — |  |  | — |  |  | 42,107 |
Currency forwards |  | — |  |  | 725,422 |  |  | — |  |  | (720,464 | ) |  | 4,958 |
Options |  | 15,548 |  |  | — |  |  | — |  |  | — |  |  | 15,548 |
|  | $ | 1,645,535 |  |  | $ | 1,921,382 |  |  | $ | — |  |  | $ | (720,464 | ) |  | $ | 2,846,453 |
(1) | Other primarily consists of a $56.2 million receivable from Bats related to the sale of KCG Hotspot.
Fair value measurements for those items measured on a recurring basis are summarized below as of December 31, 2017:
|  | December 31, 2017
(in thousands) |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Counterparty and Cash Collateral Netting |  | Total Fair Value
Assets |  |  |  |  |  |  |  |  |  |
Financial instruments owned, at fair value: |  |  |  |  |  |  |  |  |  |
Equity securities |  | $ | 758,596 |  |  | $ | 1,167,995 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,926,591 |
Non-U.S. government obligations |  | 5,968 |  |  | 16,815 |  |  | — |  |  | — |  |  | 22,783 |
Corporate Bonds |  | — |  |  | 60,975 |  |  | — |  |  | — |  |  | 60,975 |
Exchange traded notes |  | 13,576 |  |  | 68,819 |  |  | — |  |  | — |  |  | 82,395 |
Currency forwards |  | — |  |  | 2,045,487 |  |  | — |  |  | (2,027,697 | ) |  | 17,790 |
Options |  | 7,045 |  |  | — |  |  | — |  |  | — |  |  | 7,045 |
|  | $ | 785,185 |  |  | $ | 3,360,091 |  |  | $ | — |  |  | $ | (2,027,697 | ) |  | $ | 2,117,579 |
Financial instruments owned, pledged as collateral: |  |  |  |  |  |  |  |  |  |
Equity securities |  | $ | 410,670 |  |  | $ | 175,581 |  |  | $ | — |  |  | $ | — |  |  | $ | 586,251 |
U.S. and Non-U.S. government obligations |  | 99 |  |  | — |  |  | — |  |  | — |  |  | 99 |
Exchange traded notes |  | 82 |  |  | 8,611 |  |  | — |  |  | — |  |  | 8,693 |
|  | $ | 410,851 |  |  | $ | 184,192 |  |  | $ | — |  |  | $ | — |  |  | $ | 595,043 |
Other Assets |  |  |  |  |  |  |  |  |  |
Equity investment |  | $ | — |  |  | $ | — |  |  | $ | 40,588 |  |  | $ | — |  |  | $ | 40,588 |
Exchange stock |  | 1,952 |  |  | — |  |  | — |  |  | — |  |  | 1,952 |
Other(2) |  | — |  |  | 55,824 |  |  | — |  |  | — |  |  | 55,824 |
|  | $ | 1,952 |  |  | $ | 55,824 |  |  | $ | 40,588 |  |  | $ | — |  |  | $ | 98,364 |
Liabilities |  |  |  |  |  |  |  |  |  |
Financial instruments sold, not yet purchased, at fair value: |  |  |  |  |  |  |  |  |  |
Equity securities |  | $ | 847,816 |  |  | $ | 1,355,616 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,203,432 |
Exchange traded notes |  | 1,514 |  |  | 54,248 |  |  | — |  |  | — |  |  | 55,762 |
Currency forwards |  | — |  |  | 2,032,017 |  |  | — |  |  | (2,024,991 | ) |  | 7,026 |
Options |  | 5,839 |  |  | — |  |  | — |  |  | — |  |  | 5,839 |
|  | $ | 874,109 |  |  | $ | 3,535,480 |  |  | $ | — |  |  | $ | (2,024,991 | ) |  | $ | 2,384,598 |
(2) Other primarily consists of a $55.8 million receivable from Bats related to the sale of KCG Hotspot.
Summary of fair value measurements not measured on a recurring basis | The table below summarizes financial assets and liabilities not measured at fair value on a recurring basis as of March 31, 2018:
| March 31, 2018
|  |  |  |  |  |  | Quoted Prices in Active Markets for Identical Assets |  | Significant Other Observable Inputs |  | Significant Unobservable Inputs
| Carrying Value |  | Fair Value |  | (Level 1) |  | (Level 2) |  | (Level 3)
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 637,308 |  |  | $ | 637,308 |  |  | $ | 637,308 |  |  | $ | — |  |  | $ | — |
Securities borrowed | 1,232,048 |  |  | 1,232,048 |  |  | — |  |  | 1,232,048 |  |  | — |
Securities purchased under agreements to resell | 602 |  |  | 602 |  |  | — |  |  | 602 |  |  | — |
Receivables from broker dealers and clearing organizations | 1,434,039 |  |  | 1,434,039 |  |  | 70,143 |  |  | 1,363,896 |  |  | — |
Total Assets | $ | 3,303,997 |  |  | $ | 3,303,997 |  |  | $ | 707,451 |  |  | $ | 2,596,546 |  |  | $ | — |
Liabilities |  |  |  |  |  |  |  |  |
Short-term borrowings | $ | 20,944 |  |  | $ | 20,944 |  |  | $ | — |  |  | $ | 20,944 |  |  | $ | — |
Long-term borrowings | 1,121,464 |  |  | 1,193,167 |  |  | — |  |  | 1,193,167 |  |  | — |
Securities loaned | 936,061 |  |  | 936,061 |  |  | — |  |  | 936,061 |  |  | — |
Securities sold under agreements to repurchase | 265,401 |  |  | 265,401 |  |  | — |  |  | 265,401 |  |  | — |
Payables to broker dealer and clearing organizations | 648,788 |  |  | 648,788 |  |  | 861 |  |  | 647,927 |  |  | — |
Total Liabilities | $ | 2,992,658 |  |  | $ | 3,064,361 |  |  | $ | 861 |  |  | $ | 3,063,500 |  |  | $ | — |
The table below summarizes financial assets and liabilities not measured at fair value on a recurring basis as of December 31, 2017:
| December 31, 2017
|  |  |  |  |  |  | Quoted Prices in Active Markets for Identical Assets |  | Significant Other Observable Inputs |  | Significant Unobservable Inputs
| Carrying Value |  | Fair Value |  | (Level 1) |  | (Level 2) |  | (Level 3)
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 532,887 |  |  | $ | 532,887 |  |  | $ | 532,887 |  |  | $ | — |  |  | $ | — |
Securities borrowed | 1,471,172 |  |  | 1,471,172 |  |  | — |  |  | 1,471,172 |  |  | — |
Receivables from broker dealers and clearing organizations | 972,018 |  |  | 972,018 |  |  | 36,513 |  |  | 935,505 |  |  | — |
Total Assets | $ | 2,976,077 |  |  | $ | 2,976,077 |  |  | $ | 569,400 |  |  | $ | 2,406,677 |  |  | $ | — |
Liabilities |  |  |  |  |  |  |  |  |
Short-term borrowings | $ | 27,883 |  |  | $ | 27,883 |  |  | $ | — |  |  | $ | 27,883 |  |  | $ | — |
Long-term borrowings | 1,388,548 |  |  | 1,465,489 |  |  | — |  |  | 1,465,489 |  |  | — |
Securities loaned | 754,687 |  |  | 754,687 |  |  | — |  |  | 754,687 |  |  | — |
Securities sold under agreements to repurchase | 390,642 |  |  | 390,642 |  |  | — |  |  | 390,642 |  |  | — |
Payables to broker dealer and clearing organizations | 716,205 |  |  | 716,205 |  |  | 2,925 |  |  | 713,280 |  |  | — |
Total Liabilities | $ | 3,277,965 |  |  | $ | 3,354,906 |  |  | $ | 2,925 |  |  | $ | 3,351,981 |  |  | $ | — |
Summary of changes in Level 3 financial instruments measured at fair value on a recurring basis | The following presents the changes in Level 3 financial instruments measured at fair value on a recurring basis:
|  | March 31, 2018
(in thousands) |  | December 31, 2017 |  | Purchases |  | Total Realized and Unrealized Gains / (Losses) |  | Net Transfers into (out of) Level 3 |  | Settlement |  | March 31, 2018 |  | Change in Net Unrealized Gains / (Losses) on Investments still held at March 31, 2018
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity investment |  | $ | 40,588 |  |  | $ | — |  |  | $ | 1,890 |  |  | $ | — |  |  | $ | — |  |  | $ | 42,478 |  |  | $ | 1,890 |
Total |  | $ | 40,588 |  |  | $ | — |  |  | $ | 1,890 |  |  | $ | — |  |  | $ | — |  |  | $ | 42,478 |  |  | $ | 1,890 |
|  | December 31, 2017
(in thousands) |  | December 31, 2016 |  | Purchases |  | Total Realized and Unrealized Gains / (Losses) |  | Net Transfers into (out of) Level 3 |  | Settlement |  | December 31, 2017 |  | Change in Net Unrealized Gains / (Losses) on Investments still held at December 31, 2017
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity investment |  | $ | 36,031 |  |  | $ | — |  |  | $ | 4,557 |  |  | $ | — |  |  | $ | — |  |  | $ | 40,588 |  |  | $ | 4,557 |
Other |  | — |  |  | 3,000 |  |  | — |  |  | — |  |  | (3,000 | ) |  | — |  |  | — |
Total |  | $ | 36,031 |  |  | $ | 3,000 |  |  | $ | 4,557 |  |  | $ | — |  |  | $ | (3,000 | ) |  | $ | 40,588 |  |  | $ | 4,557 |
Summary of netting of certain financial assets and financial liabilities | The following tables set forth the gross and net presentation of certain financial assets and financial liabilities as of March 31, 2018 and December 31, 2017.
|  | March 31, 2018
|  | Gross Amounts of Recognized Assets |  | Gross Amounts Offset in the Condensed Consolidated Statement of Financial Condition |  | Net Amounts of Assets Presented in the Condensed Consolidated Statement of Financial Condition |  |  |  |
|  |  |  |  | Gross Amounts Not Offset In the Statement of Financial Condition |  |
(in thousands) |  |  |  |  | Financial Instruments |  | Cash Collateral Received |  | Net Amount
Offsetting of Financial Assets: |  |  |  |  |  |  |  |  |  |  |  |
Securities borrowed |  | $ | 1,232,048 |  |  | $ | — |  |  | $ | 1,232,048 |  |  | $ | (1,202,760 | ) |  | $ | (2,624 | ) |  | $ | 26,664 |
Securities purchased under agreements to resell |  | 602 |  |  | — |  |  | 602 |  |  | (602 | ) |  | — |  |  | — |
Trading assets, at fair value: |  |  |  |  |  |  |  |  |  |  |  |
Currency forwards |  | 702,889 |  |  | (700,655 | ) |  | 2,234 |  |  | — |  |  | — |  |  | 2,234 |
Options |  | 9,210 |  |  | — |  |  | 9,210 |  |  | (1 | ) |  | — |  |  | 9,209 |
Total |  | $ | 1,944,749 |  |  | $ | (700,655 | ) |  | $ | 1,244,094 |  |  | $ | (1,203,363 | ) |  | $ | (2,624 | ) |  | $ | 38,107 |
|  | Gross Amounts of Recognized Liabilities |  | Gross Amounts Offset in the Consolidated Statement of Financial Condition |  | Net Amounts of Assets Presented in the Consolidated Statement of Financial Condition |  |  |  |
|  |  |  |  | Gross Amounts Not Offset In the Statement of Financial Condition |  |
(in thousands) |  |  |  |  | Financial Instruments |  | Cash Collateral Pledged |  | Net Amount
Offsetting of Financial Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Securities loaned |  | $ | 936,061 |  |  | $ | — |  |  | $ | 936,061 |  |  | $ | (929,457 | ) |  | $ | (884 | ) |  | $ | 5,720 |
Securities sold under agreements to repurchase |  | 265,401 |  |  | — |  |  | 265,401 |  |  | (265,401 | ) |  | — |  |  | — |
Trading liabilities, at fair value: |  |  |  |  |  |  |  |  |  |  |  |
Currency forwards |  | 725,422 |  |  | (720,464 | ) |  | 4,958 |  |  | — |  |  |  |  | 4,958 |
Options |  | 15,548 |  |  | — |  |  | 15,548 |  |  | (1 | ) |  | — |  |  | 15,547 |
Total |  | $ | 1,942,432 |  |  | $ | (720,464 | ) |  | $ | 1,221,968 |  |  | $ | (1,194,859 | ) |  | $ | (884 | ) |  | $ | 26,225 |
|  | December 31, 2017
|  | Gross Amounts of Recognized Assets |  | Gross Amounts Offset in the Consolidated Statement of Financial Condition |  | Net Amounts of Assets Presented in the Consolidated Statement of Financial Condition |  |  |  |
|  |  |  |  | Gross Amounts Not Offset In the Statement of Financial Condition |  |
(in thousands) |  |  |  |  | Financial Instruments |  | Cash Collateral Received |  | Net Amount
Offsetting of Financial Assets: |  |  |  |  |  |  |  |  |  |  |  |
Securities borrowed |  | $ | 1,471,172 |  |  | $ | — |  |  | $ | 1,471,172 |  |  | $ | (1,418,672 | ) |  | $ | (13,318 | ) |  | $ | 39,182 |
Trading assets, at fair value: |  |  |  |  |  |  |  |  |  |  |  |
Currency forwards |  | 2,045,487 |  |  | (2,027,697 | ) |  | 17,790 |  |  | — |  |  | — |  |  | 17,790 |
Options |  | 7,045 |  |  | — |  |  | 7,045 |  |  | (45 | ) |  | — |  |  | 7,000 |
Total |  | $ | 3,523,704 |  |  | $ | (2,027,697 | ) |  | $ | 1,496,007 |  |  | $ | (1,418,717 | ) |  | $ | (13,318 | ) |  | $ | 63,972 |
|  | Gross Amounts of Recognized Liabilities |  | Gross Amounts Offset in the Consolidated Statement of Financial Condition |  | Net Amounts of Assets Presented in the Consolidated Statement of Financial Condition |  |  |  |
|  |  |  |  | Gross Amounts Not Offset In the Statement of Financial Condition |  |
(in thousands) |  |  |  |  | Financial Instruments |  | Cash Collateral Pledged |  | Net Amount
Offsetting of Financial Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Securities loaned |  | $ | 754,687 |  |  | $ | — |  |  | $ | 754,687 |  |  | $ | (737,731 | ) |  | $ | (10,776 | ) |  | $ | 6,180 |
Securities sold under agreements to repurchase |  | 390,642 |  |  | — |  |  | 390,642 |  |  | (390,642 | ) |  | — |  |  | — |
Trading liabilities, at fair value: |  |  |  |  |  |  |  |  |  |  |  |
Currency forwards |  | 2,032,017 |  |  | (2,024,991 | ) |  | 7,026 |  |  | — |  |  |  |  |  | 7,026 |
Options |  | 5,839 |  |  | — |  |  | 5,839 |  |  | (56 | ) |  | — |  |  | 5,783 |
Total |  | $ | 3,183,185 |  |  | $ | (2,024,991 | ) |  | $ | 1,158,194 |  |  | $ | (1,128,429 | ) |  | $ | (10,776 | ) |  | $ | 18,989 |
Summary of gross obligations for repurchase agreement and securities borrowed transactions by remaining contractual maturity and class of collateral pledged | The following table presents gross obligations for securities sold under agreements to repurchase and for securities lending transactions by remaining contractual maturity and the class of collateral pledged.
|  | March 31, 2018
|  | Remaining Contractual Maturity
(in thousands) |  | Overnight and Continuous |  | Less than 30 days |  | 30 - 60 days |  | 61 - 90 Days |  | Total
Repurchase agreements: |  |  |  |  |  |  |  |  |  |
Equity securities |  | $ | 401 |  |  | $ | — |  |  | $ | 65,000 |  |  | $ | 200,000 |  |  | $ | 265,401 |
U.S. and Non-U.S. government obligations |  |  |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | $ | 401 |  |  | $ | — |  |  | $ | 65,000 |  |  | $ | 200,000 |  |  | $ | 265,401 |
Securities lending transactions: |  |  |  |  |  |  |  |  |  |
Equity securities |  | $ | 936,061 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 936,061 |
Total |  | $ | 936,061 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 936,061 |
|  | December 31, 2017
|  | Remaining Contractual Maturity
(in thousands) |  | Overnight and Continuous |  | Less than 30 days |  | 30 - 60 days |  | 61 - 90 Days |  | Total
Repurchase agreements: |  |  |  |  |  |  |  |  |  |
Equity securities |  | $ | — |  |  | $ | 100,000 |  |  | $ | 90,000 |  |  | $ | 200,000 |  |  | $ | 390,000 |
U.S. and Non-U.S. government obligations |  | 642 |  |  | — |  |  | — |  |  | — |  |  | 642 |
Total |  | $ | 642 |  |  | $ | 100,000 |  |  | $ | 90,000 |  |  | $ | 200,000 |  |  | $ | 390,642 |
Securities lending transactions: |  |  |  |  |  |  |  |  |  |
Equity securities |  | $ | 754,687 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 754,687 |
Total |  | $ | 754,687 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 754,687 |

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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 items for which it is not practicable to estimate fair value. Such disclosure may be for an individual financial instrument or a class of financial instruments. The information to be included herein might include the carrying amount, effective interest rate, and maturity of the financial instrument or class of financial instruments (as applicable), as well as the reasons why estimating fair value is not practicable. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 16 -URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13504-108611 + 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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