Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2015

Securities Owned and Securities Sold, But Not Yet Purchased at Fair Value



(Expressed in thousands)
	As of September 30, 2015				As of December 31, 2014
	Owned		Sold		Owned		Sold
U.S. Government, agency and sovereign obligations	$	750,031	$	259,810	$	570,607	$	30,615
Corporate debt and other obligations	15,475		7,070		19,795		2,646
Mortgage and other asset-backed securities	7,276		28		6,689		255
Municipal obligations	74,365		50		60,833		51
Convertible bonds	54,946		9,539		49,813		11,369
Corporate equities	41,209		35,167		42,751		47,574
Money markets	846		—		1,245		—
Auction rate securities	96,483		—		91,422		—
Total	$	1,040,631	$	311,664	$	843,155	$	92,510

Quantitative Information about Level 3 Fair Value Measurements

Additional information regarding the valuation technique and inputs for ARS used is as follows:



(Expressed in thousands)
Quantitative Information about Level 3 Fair Value Measurements at September 30, 2015
Product	Principal		Valuation Adjustment		Fair Value		Valuation Technique	Unobservable Input	Range	Weighted Average
Auction Rate Securities Owned ⁽¹⁾
Auction Rate Preferred Securities	$	89,600	$	3,965	$	85,635	Discounted Cash Flow	Discount Rate ⁽²⁾	1.26% to 1.72%	1.48%
								Duration	4.0 years	4.0 years
								Current Yield ⁽³⁾	0.16% to 0.52%	0.33%
Municipal Auction Rate Securities	8,150		705		7,445		Discounted Cash Flow	Discount Rate ⁽⁴⁾	2.21%	2.21%
								Duration	4.5 years	4.5 years
								Current Yield ⁽³⁾	0.16%	0.16%
Student Loan Auction Rate Securities	500		41		459		Discounted Cash Flow	Discount Rate ⁽⁵⁾	2.95%	2.95%
								Duration	7.0 years	7.0 years
								Current Yield⁽³⁾	1.64%	1.64%
Other ⁽⁷⁾	3,625		681		2,944		Secondary Market Trading Activity	Observable trades in inactive market for in portfolio securities	81.22% of par	81.22% of par
	$	101,875	$	5,392	$	96,483
Auction Rate Securities Commitments to Purchase ⁽⁶⁾
Auction Rate Preferred Securities	$	8,065	$	344	$	7,721	Discounted Cash Flow	Discount Rate ⁽²⁾	1.26% to 1.72%	1.48%
								Duration	4.0 years	4.0 years
								Current Yield ⁽³⁾	0.16% to 0.52%	0.33%
Municipal Auction Rate Securities	1,535		133		1,402		Discounted Cash Flow	Discount Rate ⁽⁴⁾	2.21%	2.21%
								Duration	4.5 years	4.5 years
								Current Yield ⁽³⁾	0.16%	0.16%
Student Loan Auction Rate Securities	1		—		1		Discounted Cash Flow	Discount Rate ⁽⁵⁾	2.95%	2.95%
								Duration	7.0 years	7.0 years
								Current Yield ⁽³⁾	1.64%	1.64%
	$	9,601	$	477	$	9,124
Total	$	111,476	$	5,869	$	105,607


(1)	Principal amount represents the par value of the ARS and is included in securities owned in the condensed consolidated balance sheet at September 30, 2015. The valuation adjustment amount is included as a reduction to securities owned in the condensed consolidated balance sheet as well as principal transactions revenue in the statement of operations at September 30, 2015.


(2)	Derived by applying a multiple to the spread between 110% to 150% to the U.S. Treasury rate of 1.15%.


(3)	Based on current auctions in comparable securities that have not failed.


(4)	Derived by applying a multiple to the spread of 175% to the U.S. Treasury rate of 1.26%.


(5)	Derived by applying the sum of the spread of 1.20% to the U.S. Treasury rate of 1.75%.


(6)	Principal amount represents the present value of the ARS par value that the Company is committed to purchase at a future date. This principal amount is presented as an off-balance sheet item. The valuation adjustment amount is included in accounts payable and other liabilities on the condensed consolidated balance sheet at September 30, 2015.


(7)	Represents ARS issued by a credit default obligation structure that the Company has purchased and is committed to purchase as a result of a legal settlement.

Investments in Company-Sponsored Funds

The following table provides information about the Company’s investments in Company-sponsored funds at September 30, 2015:



(Expressed in thousands)
	Fair Value		Unfunded Commitments		Redemption Frequency	Redemption Notice Period
Hedge funds ⁽¹⁾	$	2,304	$	—	Quarterly - Annually	30 - 120 Days
Private equity funds ⁽²⁾	5,662		1,251		N/A	N/A
	$	7,966	$	1,251


(1)	Includes investments in hedge funds and hedge fund of funds that pursue long/short, event-driven, and activist strategies. Each hedge fund has various restrictions regarding redemption; no investment is locked-up for a period greater than one year.


(2)	Includes private equity funds and private equity fund of funds with a focus on diversified portfolios, real estate and global natural resources. Due to the illiquid nature of these funds, investors are not permitted to make withdrawals without the consent of the general partner. The lock-up period of the private equity funds can extend to 10 years.

Assets and Liabilities Measured at Fair Value on Recurring Basis

The Company’s assets and liabilities, recorded at fair value on a recurring basis as of September 30, 2015 and December 31, 2014, have been categorized based upon the above fair value hierarchy as follows:

Assets and liabilities measured at fair value on a recurring basis as of September 30, 2015



(Expressed in thousands)
	Fair Value Measurements at September 30, 2015
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	328	$	—	$	—	$	328
Deposits with clearing organizations	43,497		—		—		43,497
Securities owned:
U.S. Treasury securities	727,722		—		—		727,722
U.S. Agency securities	461		18,223		—		18,684
Sovereign obligations	—		3,625		—		3,625
Corporate debt and other obligations	—		15,475		—		15,475
Mortgage and other asset-backed securities	—		7,276		—		7,276
Municipal obligations	—		74,300		65		74,365
Convertible bonds	—		54,946		—		54,946
Corporate equities	41,209		—		—		41,209
Money markets	846		—		—		846
Auction rate securities	—		—		96,483		96,483
Securities owned, at fair value	770,238		173,845		96,548		1,040,631
Investments ⁽¹⁾	—		3,088		8,633		11,721
Loans held for sale	—		34,050		—		34,050
Derivative contracts:
TBAs	—		344		—		344
Interest rate lock commitments	—		—		10,808		10,808
Derivative contracts, total	—		344		10,808		11,152
Total	$	814,063	$	211,327	$	115,989	$	1,141,379
Liabilities
Securities sold, but not yet purchased:
U.S. Treasury securities	$	259,730	$	—	$	—	$	259,730
U.S. Agency securities	—		20		—		20
Sovereign obligations	—		60		—		60
Corporate debt and other obligations	—		7,070		—		7,070
Mortgage and other asset-backed securities	—		28		—		28
Municipal obligations	—		50		—		50
Convertible bonds	—		9,539		—		9,539
Corporate equities	35,167		—		—		35,167
Securities sold, but not yet purchased, at fair value	294,897		16,767		—		311,664
Derivative contracts:
Futures	870		—		—		870
Foreign currency forward contracts	5		—		—		5
TBAs	—		7,161		—		7,161
Interest rate lock commitments	—		—		187		187
ARS purchase commitments	—		—		477		477
Derivative contracts, total	875		7,161		664		8,700
Total	$	295,772	$	23,928	$	664	$	320,364


(1)	Included in other assets on the condensed consolidated balance sheet.

Assets and liabilities measured at fair value on a recurring basis as of December 31, 2014



(Expressed in thousands)
	Fair Value Measurements at December 31, 2014
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	31,175	$	—	$	—	$	31,175
Deposits with clearing organizations	24,188		—		—		24,188
Securities owned:
U.S. Treasury securities	540,223		—		—		540,223
U.S. Agency securities	—		26,261		—		26,261
Sovereign obligations	—		4,123		—		4,123
Corporate debt and other obligations	—		19,795		—		19,795
Mortgage and other asset-backed securities	—		6,689		—		6,689
Municipal obligations	—		60,669		164		60,833
Convertible bonds	—		49,813		—		49,813
Corporate equities	42,751		—		—		42,751
Money markets	1,245		—		—		1,245
Auction rate securities	—		—		91,422		91,422
Securities owned, at fair value	584,219		167,350		91,586		843,155
Investments ⁽¹⁾	—		698		9,508		10,206
Loans held for sale	—		19,243		—		19,243
Securities purchased under agreements to resell ⁽²⁾	—		250,000		—		250,000
Derivative contracts:
TBAs	—		4,535		—		4,535
Interest rate lock commitments	—		—		7,576		7,576
Derivative contracts, total	—		4,535		7,576		12,111
Total	$	639,582	$	441,826	$	108,670	$	1,190,078
Liabilities
Securities sold, but not yet purchased:
U.S. Treasury securities	$	30,581	$	—	$	—	$	30,581
U.S. Agency securities	—		34		—		34
Corporate debt and other obligations	—		2,646		—		2,646
Mortgage and other asset-backed securities	—		255		—		255
Municipal obligations	—		51		—		51
Convertible bonds	—		11,369		—		11,369
Corporate equities	47,574		—		—		47,574
Securities sold, but not yet purchased, at fair value	78,155		14,355		—		92,510
Derivative contracts:
Futures	353		—		—		353
Foreign currency forward contracts	10		—		—		10
TBAs	—		1,018		—		1,018
Interest rate lock commitments	—		—		1,222		1,222
ARS purchase commitments	—		—		902		902
Derivative contracts, total	363		1,018		2,124		3,505
Total	$	78,518	$	15,373	$	2,124	$	96,015


(1)	Included in other assets on the condensed consolidated balance sheet.


(2)	Included in securities purchased under agreements to resell where the Company has elected fair value option treatment.

Changes in Level 3 Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables present changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the three months ended September 30, 2015 and 2014:



(Expressed in thousands)
	Level 3 Assets and Liabilities
	For the Three Months Ended September 30, 2015
			Total Realized
			and Unrealized
	Beginning		Gains			Purchases		Sales and			Transfers		Ending
	Balance		(Losses) ⁽⁵⁾⁽⁶⁾			and Issuances		Settlements			In (Out)		Balance
Assets
Municipals	$	62	$	3		$	—	$	—		$	—	$	65
Auction rate securities ^(1)(7)(8)	100,384		1,799			5,600		(11,300		)	—		96,483
Interest rate lock commitments ⁽²⁾	5,060		5,748			—					—		10,808
Investments ⁽³⁾	9,114		(427		)	29		(83		)	—		8,633
Liabilities
Interest rate lock commitments ⁽²⁾	683		496			—		—			—		187
ARS purchase commitments ⁽⁴⁾	1,034		557			—		—			—		477


(1)	Represents auction rate preferred securities, municipal auction rate securities and student loan auction rate securities that failed in the auction rate market.

(2)

Interest rate lock commitment assets and liabilities are recorded upon the commitment to originate a loan with a borrower and sell the loan to an investor. The commitment assets and liabilities are recognized at fair value, which reflects the fair value of the contractual loan origination related fees and sale premiums, net of co-broker fees, and the estimated fair value of the expected net future cash flows associated with the servicing of the loan.


(3)	Primarily represents general partner ownership and limited partner interests in hedge funds and private equity funds sponsored by the Company.


(4)	Represents the difference in principal and fair value for auction rate securities purchase commitments outstanding at the end of the period.


(5)	Included in principal transactions on the condensed consolidated statement of operations, except for investments which are included in other income on the condensed consolidated statement of operations.


(6)	Unrealized gains (losses) are attributable to assets or liabilities that are still held at the reporting date.

(7)

Purchases and issuances in connection with ARS purchase commitments represent instances in which the Company purchased ARS securities from clients during the period pursuant to regulatory and legal settlements and awards that satisfy the outstanding commitment to purchase obligation. This also includes instances where the ARS issuer has redeemed ARS where the Company had an outstanding purchase commitment prior to the Company purchasing those ARS.


(8)	Sales and settlements for the ARS purchase commitments represent additional purchase commitments made during the period for regulatory and legal ARS settlements and awards.



(Expressed in thousands)
	Level 3 Assets and Liabilities
	For the Three Months Ended September 30, 2014
			Total Realized
			and Unrealized
	Beginning		Gains			Purchases		Sales and			Transfers		Ending
	Balance		(Losses) ⁽⁵⁾⁽⁶⁾			and Issuances		Settlements			In (Out)		Balance
Assets
Municipals	$	52	$	77		$	—	$	—		$	—	$	129
Auction rate securities^(1)(7)(8)	92,548		(645		)	2,375		(6,955		)	—		87,323
Interest rate lock commitments ⁽²⁾	10,528		(5,017		)	—		—			—		5,511
Investments ⁽³⁾	8,779		(254		)	180		(282		)	—		8,423
Liabilities
Interest rate lock commitments ⁽²⁾	3,833		645			—		—			—		3,188
ARS purchase commitments ⁽⁴⁾	1,514		477			—		—			—		1,037


(1)	Represents auction rate preferred securities, municipal auction rate securities and student loan auction rate securities that failed in the auction rate market.

(2)


(3)	Primarily represents general partner ownership and limited partner interests in hedge funds and private equity funds sponsored by the Company.


(4)	Represents the difference in principal and fair value for auction rate securities purchase commitments outstanding at the end of the period.


(5)	Included in principal transactions on the condensed consolidated statement of operations, except for investments which are included in other income on the condensed consolidated statement of operations.


(6)	Unrealized gains (losses) are attributable to assets or liabilities that are still held at the reporting date.

(7)


(8)	Sales and settlements for the ARS purchase commitments represent additional purchase commitments made during the period for regulatory and legal ARS settlements and awards.

The following tables present changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the nine months ended September 30, 2015 and 2014:



(Expressed in thousands)
	Level 3 Assets and Liabilities
	For the Nine Months Ended September 30, 2015
			Total Realized
			and Unrealized
	Beginning		Gains			Purchases		Sales and			Transfers			Ending
	Balance		(Losses) ⁽⁵⁾⁽⁶⁾			and Issuances		Settlements			In (Out)			Balance
Assets
Municipals	$	164	$	(79	)	$	—	$	(20	)	$	—		$	65
Auction rate securities ^(1)(7)(8)	91,422		1,736			16,325		(13,000		)	—			96,483
Interest rate lock commitments ⁽²⁾	7,576		3,232			—		—			—			10,808
Investments ⁽³⁾	9,508		(812		)	417		(369		)	(111		)	8,633
Liabilities
Interest rate lock commitments ⁽²⁾	1,222		1,035			—		—			—			187
ARS purchase commitments ⁽⁴⁾	902		425			—		—			—			477


(1)	Represents auction rate preferred securities, municipal auction rate securities and student loan auction rate securities that failed in the auction rate market.

(2)


(3)	Primarily represents general partner ownership and limited partner interests in hedge funds and private equity funds sponsored by the Company.


(4)	Represents the difference in principal and fair value for auction rate securities purchase commitments outstanding at the end of the period.


(5)	Included in principal transactions on the condensed consolidated statement of operations, except for investments which are included in other income on the condensed consolidated statement of operations.


(6)	Unrealized gains (losses) are attributable to assets or liabilities that are still held at the reporting date.

(7)


(8)	Sales and settlements for the ARS purchase commitments represent additional purchase commitments made during the period for regulatory and legal ARS settlements and awards.



(Expressed in thousands)
	Level 3 Assets and Liabilities
	For the Nine Months Ended September 30, 2014
			Total Realized
			and Unrealized
	Beginning		Gains			Purchases		Sales and			Transfers			Ending
	Balance		(Losses) ⁽⁵⁾⁽⁶⁾			and Issuances		Settlements			In (Out)			Balance
Assets
Municipals	$	236	$	(107	)	$	—	$	—		$	—		$	129
Auction rate securities^(1)(7)(8)	85,124		(971		)	16,550		(13,380		)	—			87,323
Interest rate lock commitments ⁽²⁾	2,375		3,136			—		—			—			5,511
Investments ⁽³⁾	5,946		(341		)	4,444		(1,006		)	(620		)	8,423
Liabilities
Interest rate lock commitments ⁽²⁾	3,653		465			—		—			—			3,188
ARS purchase commitments ⁽⁴⁾	2,600		1,563			—		—			—			1,037


(1)	Represents auction rate preferred securities, municipal auction rate securities and student loan auction rate securities that failed in the auction rate market.

(2)


(3)	Primarily represents general partner ownership and limited partner interests in hedge funds and private equity funds sponsored by the Company.


(4)	Represents the difference in principal and fair value for auction rate securities purchase commitments outstanding at the end of the period.


(5)	Included in principal transactions on the condensed consolidated statement of operations, except for investments which are included in other income on the condensed consolidated statement of operations.


(6)	Unrealized gains (losses) are attributable to assets or liabilities that are still held at the reporting date.

(7)


(8)	Sales and settlements for the ARS purchase commitments represent additional purchase commitments made during the period for regulatory and legal ARS settlements and awards.

Assets and Liabilities Not Measured at Fair Value on Recurring Basis

Assets and liabilities not measured at fair value on a recurring basis as of September 30, 2015



(Expressed in thousands)
					Fair Value Measurement: Assets
	As of September 30, 2015				As of September 30, 2015
	Carrying Value		Fair Value		Level 1		Level 2		Level 3		Total
Cash	$	46,983	$	46,983	$	46,983	$	—	$	—	$	46,983
Cash segregated for regulatory and other purposes	855		855		855		—		—		855
Deposits with clearing organization	17,873		17,873		17,873		—		—		17,873
Receivable from brokers, dealers and clearing organizations:
Securities borrowed	296,362		296,362		—		296,362		—		296,362
Receivables from brokers	53,550		53,550		—		53,550		—		53,550
Securities failed to deliver	16,380		16,380		—		16,380		—		16,380
Clearing organizations	23,766		23,766		—		23,766		—		23,766
Other	8,750		8,750		—		8,750		—		8,750
	398,808		398,808		—		398,808		—		398,808
Receivable from customers	896,060		896,060		—		896,060		—		896,060
Mortgage servicing rights	29,594		43,750		—		—		43,750		43,750
Investments ⁽¹⁾	48,032		48,032		—		48,032		—		48,032


(1)	Included in other assets on the condensed consolidated balance sheet.



(Expressed in thousands)
					Fair Value Measurement: Liabilities
	As of September 30, 2015				As of September 30, 2015
	Carrying Value		Fair Value		Level 1		Level 2		Level 3		Total
Drafts payable	$	24,002	$	24,002	$	24,002	$	—	$	—	$	24,002
Bank call loans	147,700		147,700		—		147,700		—		147,700
Payables to brokers, dealers and clearing organizations:
Securities loaned	209,125		209,125		—		209,125		—		209,125
Payable to brokers	4,380		4,380		—		4,380		—		4,380
Securities failed to receive	31,266		31,266		—		31,266		—		31,266
Other	5,742		5,742		—		5,742		—		5,742
	250,513		250,513		—		250,513		—		250,513
Payables to customers	692,416		692,416		—		692,416		—		692,416
Securities sold under agreements to repurchase	463,074		463,074		—		463,074		—		463,074
Warehouse payable	30,856		30,856		—		30,856		—		30,856
Senior secured notes	150,000		155,250		—		155,250		—		155,250

Assets and liabilities not measured at fair value on a recurring basis as of December 31, 2014



(Expressed in thousands)
					Fair Value Measurement: Assets
	As of December 31, 2014				As of December 31, 2014
	Carrying Value		Fair Value		Level 1		Level 2		Level 3		Total
Cash	$	32,632	$	32,632	$	32,632	$	—	$	—	$	32,632
Cash segregated for regulatory and other purposes	18,594		18,594		18,594		—		—		18,594
Deposits with clearing organization	12,322		12,322		12,322		—		—		12,322
Receivable from brokers, dealers and clearing organizations:
Securities borrowed	242,172		242,172		—		242,172		—		242,172
Receivables from brokers	38,149		38,149		—		38,149		—		38,149
Securities failed to deliver	11,055		11,055		—		11,055		—		11,055
Clearing organizations	21,106		21,106		—		21,106		—		21,106
Other	1,993		1,993		—		1,993		—		1,993
	314,475		314,475		—		314,475		—		314,475
Receivable from customers	864,189		864,189		—		864,189		—		864,189
Securities purchased under agreements to resell	1,606		1,606		1,606		—		—		1,606
Mortgage servicing rights	30,140		42,279		—		—		42,279		42,279
Investments ⁽¹⁾	50,548		50,548		—		50,548		—		50,548


(1)	Included in other assets on the condensed consolidated balance sheet.



(Expressed in thousands)
					Fair Value Measurement: Liabilities
	As of December 31, 2014				As of December 31, 2014
	Carrying Value		Fair Value		Level 1		Level 2		Level 3		Total
Drafts payable	$	35,373	$	35,373	$	35,373	$	—	$	—	$	35,373
Bank call loans	59,400		59,400		—		59,400		—		59,400
Payables to brokers, dealers and clearing organizations:
Securities loaned	137,892		137,892		—		137,892		—		137,892
Payable to brokers	4,559		4,559		—		4,559		—		4,559
Securities failed to receive	23,573		23,573		—		23,573		—		23,573
Other	91,137		91,137		—		91,137		—		91,137
	257,161		257,161		—		257,161		—		257,161
Payables to customers	652,256		652,256		—		652,256		—		652,256
Securities sold under agreements to repurchase	687,440		687,440		—		687,440		—		687,440
Warehouse payable	16,683		16,683		—		16,683		—		16,683
Senior secured notes	150,000		157,782		—		157,782		—		157,782

Notional Amounts and Fair Values of Derivatives by Product

The notional amounts and fair values of the Company’s derivatives at September 30, 2015 and December 31, 2014 by product were as follows:



(Expressed in thousands)
	Fair Value of Derivative Instruments at September 30, 2015
	Description	Notional		Fair Value
Assets
Derivatives not designated as hedging instruments ⁽¹⁾
Other contracts	TBAs	$	57,490	$	344
	Interest rate lock commitments	265,717		10,808
		$	323,207	$	11,152
Liabilities
Derivatives not designated as hedging instruments ⁽¹⁾
Commodity contracts ⁽²⁾	Futures	$	2,496,000	$	870
Other contracts	Forward currency forward contracts	600		5
	TBAs	54,140		321
	TBA sale contracts	301,991		6,840
	Interest rate lock commitments	4,714		187
	ARS purchase commitments	9,601		477
		$	2,867,046	$	8,700


(1)	See "Derivative Instruments and Hedging Activities" above for description of derivative financial instruments. Such derivative instruments are not subject to master netting agreements, thus the related amounts are not offset.


(2)	Included in payable to brokers, dealers and clearing organizations on the condensed consolidated balance sheet.



(Expressed in thousands)
	Fair Value of Derivative Instruments at December 31, 2014
	Description	Notional		Fair Value
Assets
Derivatives not designated as hedging instruments ⁽¹⁾
Other contracts	TBAs	$	105,185	$	1,026
	TBA sale contracts	188,178		3,509
	Interest rate lock commitments	147,521		7,576
		$	440,884	$	12,111
Liabilities
Derivatives not designated as hedging instruments ⁽¹⁾
Commodity contracts ⁽²⁾	Futures	$	3,835,600	$	353
Other contracts	Foreign currency forward contracts	400,000		10
	TBAs	105,186		1,018
	Interest rate lock commitments	22,269		1,222
	Forward start repurchase agreements	636,000		—
	ARS purchase commitments	12,249		902
		$	5,011,304	$	3,505


(1)	See "Derivative Instruments and Hedging Activities" above for description of derivative financial instruments. Such derivative instruments are not subject to master netting agreements, thus the related amounts are not offset.


(2)	Included in payable to brokers, dealers and clearing organizations on the condensed consolidated balance sheet.

Fair Value Amounts of Derivative Instruments and their Effect on Statement of Operations

The following table presents the location and fair value amounts of the Company’s derivative instruments and their effect on the condensed consolidated statements of operations for the three months ended September 30, 2015 and 2014:



(Expressed in thousands)
	The Effect of Derivative Instruments on the Statement of Operations
	For the Three Months Ended September 30, 2015
		Recognized in Income on Derivatives (pre-tax)
Types	Description	Location	Gain (Loss)
Commodity contracts	Futures	Principal transactions revenue	$	(1,107	)
Other contracts	Foreign exchange forward contracts	Other revenue	(5		)
	TBAs	Principal transactions revenue	(11		)
	TBA sale contracts	Other revenue	(9,242		)
	Interest rate lock commitments	Other revenue	6,244
	ARS purchase commitments	Principal transactions revenue	557
			$	(3,564	)



(Expressed in thousands)
	The Effect of Derivative Instruments on the Statement of Operations
	For the Three Months Ended September 30, 2014
		Recognized in Income on Derivatives (pre-tax)
Types	Description	Location	Gain (Loss)
Commodity contracts	Futures	Principal transactions revenue	$	(105	)
Other contracts	TBAs	Principal transactions revenue	156
	TBA sale contracts	Other revenue	3,461
	Interest rate lock commitments	Other revenue	(4,372		)
	ARS purchase commitments	Principal transactions revenue	477
			$	(383	)



(Expressed in thousands)
	The Effect of Derivative Instruments on the Statement of Operations
	For the Nine Months Ended September 30, 2015
		Recognized in Income on Derivatives (pre-tax)
Types	Description	Location	Gain (Loss)
Commodity contracts	Futures	Principal transactions revenue	$	(2,673	)
Other contracts	Foreign exchange forward contracts	Other revenue	26
	TBAs	Principal transactions revenue	(24		)
	TBA sale contracts	Other revenue	(3,330		)
	Interest rate lock commitments	Other revenue	4,267
	ARS purchase commitments	Principal transactions revenue	425
			$	(1,309	)



(Expressed in thousands)
	The Effect of Derivative Instruments on the Statement of Operations
	For the Nine Months Ended September 30, 2014
		Recognized in Income on Derivatives (pre-tax)
Types	Description	Location	Gain (Loss)
Commodity contracts	Futures	Principal transactions revenue	$	(1,434	)
Other contracts	TBAs	Principal transactions revenue	132
	TBA sale contracts	Other revenue	(310		)
	Interest rate lock commitments	Other revenue	3,601
	ARS purchase commitments	Principal transactions revenue	1,563
			$	3,552