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Fair value measurements (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2020
Fair Value Disclosures [Abstract] |
Investments in Company-Sponsored Funds | The following table provides information about the Company's investments in Company-sponsored funds as of March 31, 2020:
(Expressed in thousands) |  |  |  |  |  |  |
| Fair Value |  | Unfunded Commitments |  | Redemption Frequency |  | Redemption Notice Period
Hedge funds (1) | $ | 1,164 |  |  | $ | — |  |  | Quarterly - Annually |  | 30 - 120 Days
Private equity funds (2) | 3,815 |  |  | 1,399 |  |  | N/A |  | N/A
| $ | 4,979 |  |  | $ | 1,399 |  |  |  |  |
(1) | Includes investments in hedge funds and hedge fund of funds that pursue long/short, event-driven, and activist strategies.
(2) | Includes private equity funds and private equity fund of funds with a focus on diversified portfolios, real estate and global natural resources.
Assets and Liabilities Measured at Fair Value on Recurring Basis | bilities, recorded at fair value on a recurring basis as of March 31, 2020 and December 31, 2019, 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 March 31, 2020:
(Expressed in thousands) |  |  |  |  |  |  |
| Fair Value Measurements as of March 31, 2020
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |
Deposits with clearing organizations | $ | 36,593 |  |  | $ | — |  |  | $ | — |  |  | $ | 36,593 |
Securities owned: |  |  |  |  |  |  |
U.S. Treasury securities | 156,304 |  |  | — |  |  | — |  |  | 156,304 |
U.S. Agency securities | 2,642 |  |  | 9,854 |  |  |  |  |  | 12,496 |
Sovereign obligations | — |  |  | 1,776 |  |  | — |  |  | 1,776 |
Corporate debt and other obligations | — |  |  | 16,463 |  |  | — |  |  | 16,463 |
Mortgage and other asset-backed securities | — |  |  | 2,243 |  |  | — |  |  | 2,243 |
Municipal obligations | — |  |  | 45,448 |  |  | — |  |  | 45,448 |
Convertible bonds | — |  |  | 21,781 |  |  | — |  |  | 21,781 |
Corporate equities | 25,582 |  |  | — |  |  | — |  |  | 25,582 |
Money markets | 917 |  |  | — |  |  | — |  |  | 917 |
Auction rate securities | — |  |  | 26,336 |  |  | — |  |  | 26,336 |
Securities owned, at fair value | 185,445 |  |  | 123,901 |  |  | — |  |  | 309,346 |
Derivative contracts: |  |  |  |  |  |  |
TBAs | — |  |  | 638 |  |  | — |  |  | 638 |
Total | $ | 222,038 |  |  | $ | 124,539 |  |  | $ | — |  |  | $ | 346,577 |
Liabilities |  |  |  |  |  |  |
Securities sold but not yet purchased: |  |  |  |  |  |  |
U.S. Treasury securities | $ | 10,679 |  |  | $ | — |  |  | $ | — |  |  | $ | 10,679 |
U.S. Agency securities | — |  |  | 8 |  |  | — |  |  | 8 |
Sovereign obligations | — |  |  | 1,389 |  |  | — |  |  | 1,389 |
Corporate debt and other obligations | — |  |  | 5,131 |  |  | — |  |  | 5,131 |
Convertible bonds | — |  |  | 3,880 |  |  | — |  |  | 3,880 |
Corporate equities | 13,552 |  |  | — |  |  | — |  |  | 13,552 |
Securities sold but not yet purchased, at fair value | 24,231 |  |  | 10,408 |  |  | — |  |  | 34,639 |
Derivative contracts: |  |  |  |  |  |  |
Futures | 1,161 |  |  | — |  |  | — |  |  | 1,161 |
Foreign exchange forward contracts | 31 |  |  | — |  |  | — |  |  | 31 |
TBAs | — |  |  | 643 |  |  | — |  |  | 643 |
ARS purchase commitments | — |  |  | 887 |  |  | — |  |  | 887 |
Derivative contracts, total | 1,192 |  |  | 1,530 |  |  | — |  |  | 2,722 |
Total | $ | 25,423 |  |  | $ | 11,938 |  |  | $ | — |  |  | $ | 37,361 |
Assets and liabilities measured at fair value on a recurring basis as of December 31, 2019:
(Expressed in thousands) |  |  |  |  |  |  |
| Fair Value Measurements as of December 31, 2019
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |
Deposits with clearing organizations | $ | 25,118 |  |  | $ | — |  |  | $ | — |  |  | $ | 25,118 |
Securities owned: |  |  |  |  |  |  |
U.S. Treasury securities | 613,030 |  |  | — |  |  | — |  |  | 613,030 |
U.S. Agency securities | 19,917 |  |  | 15,974 |  |  | — |  |  | 35,891 |
Sovereign obligations | — |  |  | 11,405 |  |  | — |  |  | 11,405 |
Corporate debt and other obligations | — |  |  | 8,310 |  |  | — |  |  | 8,310 |
Mortgage and other asset-backed securities | — |  |  | 2,697 |  |  | — |  |  | 2,697 |
Municipal obligations | — |  |  | 40,260 |  |  | — |  |  | 40,260 |
Convertible bonds | — |  |  | 29,816 |  |  | — |  |  | 29,816 |
Corporate equities | 32,215 |  |  | — |  |  | — |  |  | 32,215 |
Money markets | 781 |  |  | — |  |  | — |  |  | 781 |
Auction rate securities | — |  |  | 25,314 |  |  | — |  |  | 25,314 |
Securities owned, at fair value | 665,943 |  |  | 133,776 |  |  | — |  |  | 799,719 |
Total | $ | 691,061 |  |  | $ | 133,776 |  |  | $ | — |  |  | $ | 824,837 |
Liabilities |  |  |  |  |  |  |
Securities sold but not yet purchased: |  |  |  |  |  |  |
U.S. Treasury securities | $ | 52,882 |  |  | $ | — |  |  | $ | — |  |  | $ | 52,882 |
U.S. Agency securities | — |  |  | 18 |  |  | — |  |  | 18 |
Sovereign obligations | — |  |  | 6,405 |  |  | — |  |  | 6,405 |
Corporate debt and other obligations | — |  |  | 664 |  |  | — |  |  | 664 |
Convertible bonds | — |  |  | — |  |  | — |  |  | — |
Corporate equities | 21,978 |  |  | — |  |  | — |  |  | 21,978 |
Securities sold but not yet purchased, at fair value | 74,860 |  |  | 25,711 |  |  | — |  |  | 100,571 |
Derivative contracts: |  |  |  |  |  |  |
Futures | 267 |  |  | — |  |  | — |  |  | 267 |
Foreign exchange forward contracts | — |  |  | — |  |  | — |  |  | — |
TBAs | — |  |  | 124 |  |  | — |  |  | 124 |
ARS purchase commitments | — |  |  | 1,023 |  |  | — |  |  | 1,023 |
Derivative contracts, total | 267 |  |  | 1,147 |  |  | — |  |  | 1,414 |
Total | $ | 75,127 |  |  | $ | 26,858 |  |  | $ | — |  |  | $ | 101,985 |
For the three months ended March 31, 2020, there were no balances or changes in Level 3 assets and liabilities.
Financial Instruments, Estimate Not Practicable, Fair Value | d at fair value as of March 31, 2020:
(Expressed in thousands) |  |  | Fair Value Measurement: Assets
| Carrying Value |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash | $ | 23,540 |  |  | $ | 23,540 |  |  | $ | — |  |  | $ | — |  |  | $ | 23,540 |
Deposits with clearing organization | 82,987 |  |  | 82,987 |  |  | — |  |  | — |  |  | 82,987 |
Receivable from brokers, dealers and clearing organizations: |  |  |  |  |  |  |  |  |
Securities borrowed | 102,844 |  |  | — |  |  | 102,844 |  |  | — |  |  | 102,844 |
Receivables from brokers | 37,588 |  |  | — |  |  | 37,588 |  |  | — |  |  | 37,588 |
Securities failed to deliver | 26,694 |  |  | — |  |  | 26,694 |  |  | — |  |  | 26,694 |
Clearing organizations | 28,463 |  |  | — |  |  | 28,463 |  |  | — |  |  | 28,463 |
Other | 2,833 |  |  | — |  |  | 2,833 |  |  | — |  |  | 2,833 |
| 198,422 |  |  | — |  |  | 198,422 |  |  | — |  |  | 198,422 |
Receivable from customers | 964,772 |  |  | — |  |  | 964,772 |  |  | — |  |  | 964,772 |
Notes receivable, net | 44,960 |  |  | — |  |  | 44,960 |  |  | — |  |  | 44,960 |
Investments (1) | 60,631 |  |  | — |  |  | 60,631 |  |  | — |  |  | 60,631 |
(1) Included in other assets on the condensed consolidated balance sheet.
(Expressed in thousands) |  |  | Fair Value Measurement: Liabilities
| Carrying Value |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Drafts payable | $ | 19,066 |  |  | $ | 19,066 |  |  | $ | — |  |  | $ | — |  |  | $ | 19,066 |
Bank call loans | 203,100 |  |  | — |  |  | 203,100 |  |  | — |  |  | 203,100 |
Payables to brokers, dealers and clearing organizations: |  |  |  |  |  |  |  |  |
Securities loaned | 181,745 |  |  | — |  |  | 181,745 |  |  | — |  |  | 181,745 |
Payable to brokers | 5,079 |  |  | — |  |  | 5,079 |  |  | — |  |  | 5,079 |
Securities failed to receive | 45,593 |  |  | — |  |  | 45,593 |  |  | — |  |  | 45,593 |
Other | 6,005 |  |  | — |  |  | 6,005 |  |  | — |  |  | 6,005 |
| 238,422 |  |  | — |  |  | 238,422 |  |  | — |  |  | 238,422 |
Payables to customers | 413,646 |  |  | — |  |  | 413,646 |  |  | — |  |  | 413,646 |
Securities sold under agreements to repurchase | 124,103 |  |  | — |  |  | 124,103 |  |  | — |  |  | 124,103 |
Senior secured notes | 148,574 |  |  | — |  |  | 140,624 |  |  | — |  |  | 140,624 |
Assets and liabilities not measured at fair value as of December 31, 2019:
(Expressed in thousands) |  |  | Fair Value Measurement: Assets
| Carrying Value |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash | $ | 79,550 |  |  | $ | 79,550 |  |  | $ | — |  |  | $ | — |  |  | $ | 79,550 |
Deposits with clearing organization | 23,297 |  |  | 23,297 |  |  | — |  |  | — |  |  | 23,297 |
Receivable from brokers, dealers and clearing organizations: |  |  |  |  |  |  |  |  |
Securities borrowed | 99,635 |  |  | — |  |  | 99,635 |  |  | — |  |  | 99,635 |
Receivables from brokers | 19,024 |  |  | — |  |  | 19,024 |  |  | — |  |  | 19,024 |
Securities failed to deliver | 7,173 |  |  | — |  |  | 7,173 |  |  | — |  |  | 7,173 |
Clearing organizations | 36,269 |  |  | — |  |  | 36,269 |  |  | — |  |  | 36,269 |
Other | 1,316 |  |  | — |  |  | 1,316 |  |  | — |  |  | 1,316 |
| 163,417 |  |  | — |  |  | 163,417 |  |  | — |  |  | 163,417 |
Receivable from customers | 796,934 |  |  | — |  |  | 796,934 |  |  | — |  |  | 796,934 |
Notes receivable, net | 43,670 |  |  | — |  |  | 43,670 |  |  | — |  |  | 43,670 |
Investments (1) | 73,971 |  |  | — |  |  | 73,971 |  |  | — |  |  | 73,971 |
(1) Included in other assets on the condensed consolidated balance sheet.
(Expressed in thousands) |  |  | Fair Value Measurement: Liabilities
| Carrying Value |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Payables to brokers, dealers and clearing organizations: |  |  |  |  |  |  |  |  |
Securities loaned | $ | 234,343 |  |  | $ | — |  |  | $ | 234,343 |  |  | $ | — |  |  | $ | 234,343 |
Payable to brokers | 4,548 |  |  | — |  |  | 4,548 |  |  | — |  |  | 4,548 |
Securities failed to receive | 14,603 |  |  | — |  |  | 14,603 |  |  | — |  |  | 14,603 |
Other | 267,214 |  |  | — |  |  | 267,214 |  |  | — |  |  | 267,214 |
| 520,708 |  |  | — |  |  | 520,708 |  |  | — |  |  | 520,708 |
Payables to customers | 334,735 |  |  | — |  |  | 334,735 |  |  | — |  |  | 334,735 |
Securities sold under agreements to repurchase | 287,265 |  |  | — |  |  | 287,265 |  |  | — |  |  | 287,265 |
Senior secured notes | 150,000 |  |  | — |  |  | 154,988 |  |  | — |  |  | 154,988 |
Fair Value Option The Compa
Notional Amounts and Fair Values of Derivatives by Product | es of the Company's derivatives as of March 31, 2020 and December 31, 2019 by product were as follows:
(Expressed in thousands) |  |  |  |  |
| Fair Value of Derivative Instruments as of March 31, 2020
| Description |  | Notional |  | Fair Value
Assets: |  |  |  |  |
Derivatives not designated as hedging instruments (1) |  |  |  |  |
Other contracts | TBAs |  | $ | 18,900 |  |  | $ | 638 |
|  |  | $ | 18,900 |  |  | $ | 638 |
Liabilities: |  |  |  |  |
Derivatives not designated as hedging instruments (1) |  |  |  |  |
Commodity contracts | Futures |  | $ | 1,555,000 |  |  | $ | 1,161 |
Other contracts | Foreign exchange forward contracts |  | 800 |  |  | 31 |
Other contracts | TBAs |  | 18,900 |  |  | 643 |
| ARS purchase commitments |  | 6,074 |  |  | 887 |
|  |  | $ | 1,580,774 |  |  | $ | 2,722 |
(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.
(Expressed in thousands) |  |  |  |  |
| Fair Value of Derivative Instruments as of December 31, 2019
| Description |  | Notional |  | Fair Value
Liabilities: |  |  |  |  |
Derivatives not designated as hedging instruments (1) |  |  |  |  |
Commodity contracts | Futures |  | $ | 5,209,000 |  |  | $ | 267 |
Other contracts | TBAs |  | 13,245 |  |  | 124 |
| ARS purchase commitments |  | 7,128 |  |  | 1,023 |
|  |  | $ | 5,229,373 |  |  | $ | 1,414 |
(1) | See "Derivative Instruments and Hedging Activities" above for a description of derivative financial instruments. Such derivative instruments are not subject to master netting agreements,
thus the related amounts are not offset. The following table presents the
Fair Value Amounts of Derivative Instruments and their Effect on Statement of Operations | the location and fair value amounts of the Company's derivative instruments and their effect in the condensed consolidated statements of income for the three months ended March 31, 2020 and 2019:
(Expressed in thousands) |  |  |  |  |  |
|  | The Effect of Derivative Instruments in the Income Statement
|  | For the Three Months Ended March 31, 2020
|  |  |  | Recognized in Income on Derivatives (pre-tax)
Types |  | Description |  | Location |  | Net Gain (Loss)
Commodity contracts |  | Futures |  | Principal transactions revenue |  | $ | (8,093 | )
Other contracts |  | Foreign exchange forward contracts |  | Other revenue |  | 2 |
|  | TBAs |  | Principal transactions revenue |  | (12 | )
|  | ARS purchase commitments |  | Principal transactions revenue |  | 136 |
|  |  |  |  |  | $ | (7,967 | )
(Expressed in thousands) |  |  |  |  |  |
|  | The Effect of Derivative Instruments in the Income Statement
|  | For the Three Months Ended March 31, 2019
|  |  |  | Recognized in Income on Derivatives (pre-tax)
Types |  | Description |  | Location |  | Net Gain (Loss)
Commodity contracts |  | Futures |  | Principal transactions revenue |  | $ | (576 | )
Other contracts |  | Foreign exchange forward contracts |  | Other revenue |  | (2 | )
|  | TBAs |  | Principal transactions revenue |  | 10 |
|  | ARS purchase commitments |  | Principal transactions revenue |  | (18 | )
|  |  |  |  |  | $ | (586 | )

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