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Financial Assets and Liabilities (Tables)

3 Months Ended

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

X

- 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

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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

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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

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Tabular disclosure of derivative and other financial assets and liabilities that are subject to offsetting, including master netting arrangements.

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Tabular disclosure of information by remaining contractual maturity and class of collateral pledges.

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