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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2018

Fair Value Disclosures [Abstract]

Summary of Categorization of Assets and Liabilities Measured at Fair Value

		December 31, 2018
		Total				Level 1				Level 2				Level 3
Assets:
Recurring fair value measurements:
Cash equivalents		$	24			$	24			$	—			$	—
Securities owned, at fair value			8,873				8,873				—				—
Total		$	8,897			$	8,897			$	—			$	—
Non-recurring fair value measurements:
Thesys—Series Y preferred stock(1)		$	3,080			$	—			$	—			$	3,080
Total		$	3,080			$	—			$	—			$	3,080
Liabilities:
Recurring fair value measurements:
Deferred consideration (Note 11)		$	161,540			$	—			$	—			$	161,540
Securities sold, but not yet purchased			1,698				1,698				—				—
Total		$	163,238			$	1,698			$	—			$	161,540

		December 31, 2017
		Total				Level 1				Level 2				Level 3
Assets:
Recurring fair value measurements:
Cash equivalents		$	26,548			$	26,548			$	—			$	—
Securities owned, at fair value			66,294				1,691				64,603				—
Total		$	92,842			$	28,239			$	64,603			$	—
Non-recurring fair value measurements:
Thesys—Series Y preferred stock		$	6,909				—				—			$	6,909
AdvisorEngine—Option(2)			3,278				—				—				3,278
Total		$	10,187			$	—			$	—			$	10,187
Liabilities:
Recurring fair value measurements:
Securities sold, but not yet purchased		$	950			$	950			$	—			$	—
Total		$	950			$	950			$	—			$	—

(1)	Fair value determined on December 31, 2018, which resulted in the recognition of an impairment of $3,829 (See Note 9).
(2)	Fair value determined on December 29, 2017. The Company recognized an impairment of $3,278 on this option upon its expiration (See Note 9).

Summary of Reconciliation of Recurring Fair Value Measurements

The following table presents a reconciliation of beginning and ending balances of recurring fair value measurements classified as Level 3:

		Years Ended December 31,
		2018				2017
Deferred consideration (See Note 11)
Beginning balance(1)		$	172,746			$	—
Net realized losses/(gains)(2)			8,512				—
Net unrealized losses/(gains)(3)			(12,220	)			—
Settlements			(7,498	)			—
Ending balance		$	161,540			$	—

(1)	Arose in connection with the completion of the ETFS Acquisition on April 11, 2018 (See Note 3).
(2)	Recorded as contractual gold payments expense on the Company’s Consolidated Statements of Operations.
(3)	Recorded as gain on revaluation of deferred consideration on the Company’s Consolidated Statements of Operations.

X

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

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Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes 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 liability.

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