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Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019
--- | --- | ---
ASSETS |  |
Deposits with clearing organizations | $ 36,593 | $ 25,118
Securities owned |  |
Securities owned, at fair value | 309,346 | 799,719
Securities Owned and Sold, Not yet Purchased, at Fair Value, Security Owned, Including Disposal Group Securities Owned | 309,346 | 799,719
Investments | 4,979 |
Derivative contracts |  |
Total | 346,577 | 824,837
Securities sold, but not yet purchased |  |
Securities sold but not yet purchased, at fair value | 34,639 | 100,571
Derivative contracts: |  |
Derivative contracts | 2,722 | 1,414
Total | 37,361 | 101,985
Equity Securities [Member] |  |
Securities owned |  |
Securities owned, at fair value | 25,582 | 32,215
Securities sold, but not yet purchased |  |
Securities sold but not yet purchased, at fair value | 13,552 | 21,978
Money Market Funds [Member] |  |
Securities owned |  |
Securities owned, at fair value | 917 | 781
Auction rate securities |  |
Securities owned |  |
Securities owned, at fair value | 26,336 | 25,314
U.S. Treasury securities |  |
Securities owned |  |
Securities owned, at fair value | 156,304 | 613,030
Securities sold, but not yet purchased |  |
Securities sold but not yet purchased, at fair value | 10,679 | 52,882
US Government Agencies Debt Securities [Member] |  |
Securities owned |  |
Securities owned, at fair value | 12,496 | 35,891
Securities sold, but not yet purchased |  |
Securities sold but not yet purchased, at fair value | 8 | 18
Sovereign obligations |  |
Securities owned |  |
Securities owned, at fair value | 1,776 | 11,405
Securities sold, but not yet purchased |  |
Securities sold but not yet purchased, at fair value | 1,389 | 6,405
Corporate debt and other obligations |  |
Securities owned |  |
Securities owned, at fair value | 16,463 | 8,310
Securities sold, but not yet purchased |  |
Securities sold but not yet purchased, at fair value | 5,131 | 664
Mortgage and other asset-backed securities |  |
Securities owned |  |
Securities owned, at fair value | 2,243 | 2,697
Municipal obligations |  |
Securities owned |  |
Securities owned, at fair value | 45,448 | 40,260
Convertible bonds |  |
Securities owned |  |
Securities owned, at fair value | 21,781 | 29,816
Securities sold, but not yet purchased |  |
Securities sold but not yet purchased, at fair value | 3,880 | 0
Level 1 |  |
ASSETS |  |
Deposits with clearing organizations | 36,593 | 25,118
Securities owned |  |
Securities owned, at fair value | 185,445 | 665,943
Derivative contracts |  |
Total | 222,038 | 691,061
Securities sold, but not yet purchased |  |
Securities sold but not yet purchased, at fair value | 24,231 | 74,860
Derivative contracts: |  |
Derivative contracts | 1,192 | 267
Total | 25,423 | 75,127
Level 1 | Corporate equities |  |
Securities owned |  |
Securities owned, at fair value | 25,582 | 32,215
Level 1 | Equity Securities [Member] |  |
Securities sold, but not yet purchased |  |
Securities sold but not yet purchased, at fair value | 13,552 | 21,978
Level 1 | Money markets |  |
Securities owned |  |
Securities owned, at fair value | 917 | 781
Level 1 | Auction rate securities |  |
Securities owned |  |
Securities owned, at fair value | 0 |
Level 1 | U.S. Treasury securities |  |
Securities owned |  |
Securities owned, at fair value | 156,304 | 613,030
Securities sold, but not yet purchased |  |
Securities sold but not yet purchased, at fair value | 10,679 | 52,882
Level 1 | US Government Agencies Debt Securities [Member] |  |
Securities owned |  |
Securities owned, at fair value | 2,642 | 19,917
Level 2 |  |
Securities owned |  |
Securities owned, at fair value | 123,901 | 133,776
Derivative contracts |  |
Total | 124,539 | 133,776
Securities sold, but not yet purchased |  |
Securities sold but not yet purchased, at fair value | 10,408 | 25,711
Derivative contracts: |  |
Derivative contracts | 1,530 | 1,147
Total | 11,938 | 26,858
Level 2 | Equity Securities [Member] |  |
Securities sold, but not yet purchased |  |
Securities sold but not yet purchased, at fair value | 0 |
Level 2 | Auction rate securities |  |
Securities owned |  |
Securities owned, at fair value | 26,336 | 25,314
Level 2 | US Government Agencies Debt Securities [Member] |  |
Securities owned |  |
Securities owned, at fair value | 9,854 | 15,974
Securities sold, but not yet purchased |  |
Securities sold but not yet purchased, at fair value | 8 | 18
Level 2 | Sovereign obligations |  |
Securities owned |  |
Securities owned, at fair value | 1,776 | 11,405
Securities sold, but not yet purchased |  |
Securities sold but not yet purchased, at fair value | 1,389 | 6,405
Level 2 | Corporate debt and other obligations |  |
Securities owned |  |
Securities owned, at fair value | 16,463 | 8,310
Securities sold, but not yet purchased |  |
Securities sold but not yet purchased, at fair value | 5,131 | 664
Level 2 | Mortgage and other asset-backed securities |  |
Securities owned |  |
Securities owned, at fair value | 2,243 | 2,697
Level 2 | Municipal obligations |  |
Securities owned |  |
Securities owned, at fair value | 45,448 | 40,260
Level 2 | Convertible bonds |  |
Securities owned |  |
Securities owned, at fair value | 21,781 | 29,816
Securities sold, but not yet purchased |  |
Securities sold but not yet purchased, at fair value | 3,880 | 0
Level 3 |  |
Securities owned |  |
Securities owned, at fair value | 0 | 0
Derivative contracts |  |
Total | 0 | 0
Securities sold, but not yet purchased |  |
Securities sold but not yet purchased, at fair value | 0 |
Derivative contracts: |  |
Derivative contracts | 0 | 0
Total | 0 | 0
Level 3 | Auction rate securities |  |
Securities owned |  |
Securities owned, at fair value | 0 | 0
Level 3 | Municipal obligations |  |
Securities owned |  |
Securities owned, at fair value |  | 0
Auction Rate Securities Purchase Commitment |  |
Derivative contracts: |  |
Derivative contracts | 887 | 1,023
Auction Rate Securities Purchase Commitment | Level 2 |  |
Derivative contracts: |  |
Derivative contracts | 887 | 1,023
Auction Rate Securities Purchase Commitment | Level 3 |  |
Derivative contracts: |  |
Derivative contracts | 0 | 0
TBAs |  |
Derivative contracts |  |
Derivative contracts, total | 638 |
Derivative contracts: |  |
Derivative contracts | 643 | 124
TBAs | Level 2 |  |
Derivative contracts |  |
Derivative contracts, total | 638 |
Derivative contracts: |  |
Derivative contracts | 643 | 124
Future [Member] |  |
Derivative contracts: |  |
Derivative contracts | 1,161 | 267
Future [Member] | Level 1 |  |
Derivative contracts: |  |
Derivative contracts | 1,161 | 267
Foreign exchange forward contracts |  |
Derivative contracts: |  |
Derivative contracts | 31 | 0
Foreign exchange forward contracts | Level 1 |  |
Derivative contracts: |  |
Derivative contracts | $ 31 | 0
Foreign exchange forward contracts | Level 2 |  |
Derivative contracts: |  |
Derivative contracts |  | $ 0

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