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Securities Owned and Securities Sold, but not yet Purchased (and Fair Value Measurement) (Tables)

6 Months Ended

Jun. 30, 2017

Fair Value Disclosures [Abstract]

Schedule of Securities Owned/Sold But Not Yet Purchased

Securities Owned/Sold But Not Yet Purchased – These securities consist of securities classified as trading and AFS, as follows:

		June 30, 2017				December 31, 2016
Securities Owned
Trading securities		$	408			$	1,556
Available-for-sale securities			49,336				57,351
Total		$	49,744			$	58,907
Securities Sold, but not yet Purchased
Trading securities		$	27			$	1,248
Available-for-sale securities			—				—
Total		$	27			$	1,248

Schedule of Unrealized Gains, Losses and Fair Value of AFS Securities

The following table summarizes unrealized gains, losses and fair value of the AFS securities:

		June 30, 2017				December 31, 2016
Cost		$	49,818			$	57,615
Gross unrealized gains in other comprehensive income			—				—
Gross unrealized losses in other comprehensive income			(482	)			(264	)
Fair value		$	49,336			$	57,351

Ranges and Weighted Averages of Significant Unobservable Inputs Used to Determine Enterprise Value of Tradeworx

The table below presents the ranges and weighted averages of significant unobservable inputs used in these approaches to determine the enterprise value of Tradeworx.

Market Approach(1)		Range (Weighted Average)
Revenue multiple		0.9x
Income Approach(1)		Range (Weighted Average)
Weighted average cost of capital (“WACC”)		11.5% – 14.5% (12.6%)

⁽¹⁾  The approach and inputs selected varied, based upon the Tradeworx business line being valued.

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- Definition

Tabular disclosure of fair value of investments in debt and equity securities in an unrealized loss position categorized neither as held-to-maturity nor trading securities.

+ References

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- Definition

Tabular disclosure of quantitative information about the inputs used in the fair value measurement of assets. This disclosure may include, but is not limited to, the fair value of the asset, valuation technique used to measure fair value, the inputs used to measure fair value, the ranges of the inputs, and the weighted averages of the inputs.

+ 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 (bbb)
-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258

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- Definition

Tabular disclosure of financial instruments held by a broker-dealer for its own account (proprietary securities) for trading or investment purposes that are carried at fair value including securities sold, not yet purchased.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 940
-SubTopic 320
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=35711157&loc=d3e42546-110969

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 10
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=77997519&loc=d3e13433-108611

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