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Fair Value of Financial Assets and Liabilities (Tables)
 12 Months Ended
Dec. 31, 2021
Fair Value Disclosures [Abstract]  
Fair Value Hierarchy of Financial Assets and Liabilities under U.S. GAAP Guidance
The following tables set forth by level within the fair value hierarchy financial assets and liabilities accounted for at fair value under U.S. GAAP guidance (in thousands):
Assets at Fair Value at December 31, 2021
Level 1Level 2Level 3Netting and CollateralTotal
Marketable securities$406 $— $— $— $406 
Securities owned—Government debt40,602 — — — 40,602 
Securities owned—Equities235 — — — 235 
Forwards— 452 — (60)392 
FX swaps— 3,025 — (538)2,487 
Futures— 70,497 — (70,497)— 
Securities owned—Corporate bonds— 1 — — 1 
Total$41,243 $73,975 $— $(71,095)$44,123 

Liabilities at Fair Value at December 31, 2021
Level 1Level 2Level 3Netting and CollateralTotal
Futures$— $71,437 $— $(70,497)$940 
FX swaps— 2,028 — (538)1,490 
Forwards— 479 — (60)419 
Contingent consideration— — 29,756 — 29,756 
Total$— $73,944 $29,756 $(71,095)$32,605 
Assets at Fair Value at December 31, 2020
Level 1Level 2Level 3Netting and CollateralTotal
Marketable securities$349 $— $— $— $349 
Securities owned—Government debt57,918 — — — 57,918 
Securities owned—Equities75 — — — 75 
FX/commodities options74 — — — 74 
Forwards— 338 — (43)295 
FX swaps— 583 — (21)562 
Futures— 41,257 — (41,257)— 
Securities owned—Corporate bonds— 579 — — 579 
Total$58,416 $42,757 $— $(41,321)$59,852 
Liabilities at Fair Value at December 31, 2020
Level 1Level 2Level 3Netting and
Collateral		Total
Futures$— $42,183 $— $(41,257)$926 
FX swaps— 340 — (21)319 
Forwards— 258 — (43)215 
Contingent consideration— — 39,791 — 39,791 
Total$— $42,781 $39,791 $(41,321)$41,251 
Changes in Level 3 Financial Liabilities Measured at Fair Value on Recurring Basis
Changes in Level 3 liabilities measured at fair value on a recurring basis for the year ended December 31, 2021 were as follows (in thousands):
Unrealized (gains) Losses for the period included in:
Opening Balance as of January 1, 2021Total realized and unrealized (gains) losses included in Net income (loss)
Unrealized (gains) losses included in Other comprehensive income (loss)1
Purchases/
Issuances		Sales/
Settlements		Closing Balance at December 31, 2021Net income (loss) on Level 3 Assets / Liabilities Outstanding at December 31,
2021		Other comprehensive income (loss) on Level 3 Assets / Liabilities Outstanding at December 31,
2021
Liabilities
Accounts payable, accrued and other liabilities:
Contingent consideration$39,791 $4,285 $— $— $(14,320)$29,756 $4,285 $— 
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1.Unrealized gains (losses) are reported in “Foreign currency translation adjustments,” in the Company’s consolidated statements of comprehensive income (loss).
Changes in Level 3 liabilities measured at fair value on a recurring basis for the year ended December 31, 2020 were as follows (in thousands):
Unrealized (gains) Losses for the period included in:
Opening Balance as of January 1, 2020
Total realized and unrealized (gains) losses included in Net income (loss)1
Unrealized (gains) losses included in Other comprehensive income (loss)2
Purchases/ IssuancesSales/ SettlementsClosing Balance at December 31, 2020Net income (loss) on Level 3 Assets / Liabilities Outstanding at December 31,
2020		Other comprehensive income (loss) on Level 3 Assets / Liabilities Outstanding at December 31, 2020
Liabilities
Accounts payable, accrued and other liabilities:
Contingent consideration$42,159 $4,661 $55 $2,959 $(10,043)$39,791 $4,649 $— 
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1.Realized and unrealized gains (losses) are reported in “Other expenses” and "Other income (loss)," as applicable, in the Company’s consolidated statements of operations.
2.Unrealized gains (losses) are reported in “Foreign currency translation adjustments,” in the Company’s consolidated statements of comprehensive income (loss).
Quantitative Information about Level 3 Fair Value Measurements on Recurring Basis
The following tables present quantitative information about the significant unobservable inputs utilized by the Company in the fair value measurement of Level 3 liabilities measured at fair value on a recurring basis (in thousands):
Fair Value as of December 31, 2021
AssetsLiabilitiesValuation TechniqueUnobservable InputsRangeWeighted Average
Discount rate1
6.8%-10.3%
9.8%
Contingent consideration$— $29,756 Present value of expected paymentsProbability of meeting earnout and contingencies
11%-100%
71.8%2
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1.The discount rate is based on the Company’s calculated weighted-average cost of capital.
2.The probability of meeting the earnout targets was based on the acquirees’ projected future financial performance, including revenues.
Fair Value as of December 31, 2020
AssetsLiabilitiesValuation TechniqueUnobservable InputsRangeWeighted Average
Discount rate1
6.8%-10.3%
9.5%
Contingent consideration$— $39,791 Present value of expected paymentsProbability of meeting earnout and contingencies
39%-100%
82.9%2
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1.The discount rate is based on the Company’s calculated weighted-average cost of capital.
2.The probability of meeting the earnout targets was based on the acquirees’ projected future financial performance, including revenues.