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Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019
--- | --- | ---
ASSETS |  |
Deposits with clearing organizations | $ 35,344 | $ 25,118
Securities owned |  |
Securities owned, at fair value | 646,680 | 799,719
Securities Owned and Sold, Not yet Purchased, at Fair Value, Security Owned, Including Disposal Group Securities Owned | 646,680 | 799,719
Investments | 3,961 |
Investments | 5,489 | 5,816
Derivative contracts |  |
Total | 686,260 | 824,837
Securities sold, but not yet purchased |  |
Securities sold but not yet purchased, at fair value | 222,449 | 100,571
Derivative contracts: |  |
Derivative contracts | 528 | 1,414
Total | 222,977 | 101,985
Auction Rate Securities Purchase Commitment |  |
Derivative contracts: |  |
Derivative contracts | 192 | 1,023
Equity Securities [Member] |  |
Securities owned |  |
Securities owned, at fair value | 32,121 | 32,215
Securities sold, but not yet purchased |  |
Securities sold but not yet purchased, at fair value | 22,639 | 21,978
Money Market Funds [Member] |  |
Securities owned |  |
Securities owned, at fair value | 1,470 | 781
Auction rate securities |  |
Securities owned |  |
Securities owned, at fair value | 30,701 | 25,314
U.S. Treasury securities |  |
Securities owned |  |
Securities owned, at fair value | 470,683 | 613,030
Securities sold, but not yet purchased |  |
Securities sold but not yet purchased, at fair value | 181,419 | 52,882
US Government Agencies Debt Securities [Member] |  |
Securities owned |  |
Securities owned, at fair value | 14,787 | 35,891
Securities sold, but not yet purchased |  |
Securities sold but not yet purchased, at fair value | 4,972 | 18
Sovereign obligations |  |
Securities owned |  |
Securities owned, at fair value | 207 | 11,405
Securities sold, but not yet purchased |  |
Securities sold but not yet purchased, at fair value | 936 | 6,405
Corporate debt and other obligations |  |
Securities owned |  |
Securities owned, at fair value | 27,111 | 8,310
Securities sold, but not yet purchased |  |
Securities sold but not yet purchased, at fair value | 6,049 | 664
Mortgage and other asset-backed securities |  |
Securities owned |  |
Securities owned, at fair value | 2,963 | 2,697
Securities sold, but not yet purchased |  |
Securities sold but not yet purchased, at fair value |  | 18,624
Municipal obligations |  |
Securities owned |  |
Securities owned, at fair value | 46,645 | 40,260
Convertible bonds |  |
Securities owned |  |
Securities owned, at fair value | 19,992 | 29,816
Securities sold, but not yet purchased |  |
Securities sold but not yet purchased, at fair value | 6,434 |
Level 1 |  |
ASSETS |  |
Deposits with clearing organizations | 35,344 | 25,118
Securities owned |  |
Securities owned, at fair value | 504,274 | 665,943
Derivative contracts |  |
Total | 539,618 | 691,061
Securities sold, but not yet purchased |  |
Securities sold but not yet purchased, at fair value | 204,058 | 74,860
Derivative contracts: |  |
Derivative contracts | 116 | 267
Total | 204,174 | 75,127
Level 1 | Corporate equities |  |
Securities owned |  |
Securities owned, at fair value | 32,121 | 32,215
Level 1 | Equity Securities [Member] |  |
Securities sold, but not yet purchased |  |
Securities sold but not yet purchased, at fair value | 22,639 | 21,978
Level 1 | Money markets |  |
Securities owned |  |
Securities owned, at fair value | 1,470 | 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 | 470,683 | 613,030
Securities sold, but not yet purchased |  |
Securities sold but not yet purchased, at fair value | 181,419 | 52,882
Level 1 | US Government Agencies Debt Securities [Member] |  |
Securities owned |  |
Securities owned, at fair value | 0 | 19,917
Level 1 | Corporate debt and other obligations |  |
Securities owned |  |
Securities owned, at fair value | 0 |
Securities sold, but not yet purchased |  |
Securities sold but not yet purchased, at fair value | 0 |
Level 2 |  |
Securities owned |  |
Securities owned, at fair value | 111,705 | 133,776
Derivative contracts |  |
Total | 115,941 | 133,776
Securities sold, but not yet purchased |  |
Securities sold but not yet purchased, at fair value | 18,391 | 25,711
Derivative contracts: |  |
Derivative contracts | 220 | 1,147
Total | 18,611 | 26,858
Level 2 | Auction Rate Securities Purchase Commitment |  |
Derivative contracts: |  |
Derivative contracts | 0 | 1,023
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 | 0 | 25,314
Level 2 | US Government Agencies Debt Securities [Member] |  |
Securities owned |  |
Securities owned, at fair value | 14,787 | 15,974
Securities sold, but not yet purchased |  |
Securities sold but not yet purchased, at fair value | 4,972 | 18
Level 2 | Sovereign obligations |  |
Securities owned |  |
Securities owned, at fair value | 207 | 11,405
Securities sold, but not yet purchased |  |
Securities sold but not yet purchased, at fair value | 936 | 6,405
Level 2 | Corporate debt and other obligations |  |
Securities owned |  |
Securities owned, at fair value | 27,111 | 8,310
Securities sold, but not yet purchased |  |
Securities sold but not yet purchased, at fair value | 6,049 | 664
Level 2 | Mortgage and other asset-backed securities |  |
Securities owned |  |
Securities owned, at fair value | 2,963 | 2,697
Securities sold, but not yet purchased |  |
Securities sold but not yet purchased, at fair value |  | 18,624
Level 2 | Municipal obligations |  |
Securities owned |  |
Securities owned, at fair value | 46,645 | 40,260
Level 2 | Convertible bonds |  |
Securities owned |  |
Securities owned, at fair value | 19,992 | 29,816
Securities sold, but not yet purchased |  |
Securities sold but not yet purchased, at fair value | 6,434 |
Level 3 |  |
Securities owned |  |
Securities owned, at fair value | 30,701 | 0
Investments | 0 |
Derivative contracts |  |
Total | 30,701 | 0
Securities sold, but not yet purchased |  |
Securities sold but not yet purchased, at fair value | 0 |
Derivative contracts: |  |
Derivative contracts | 192 | 0
Total | 192 | 0
Level 3 | Auction Rate Securities Purchase Commitment |  |
Derivative contracts: |  |
Derivative contracts | 192 | 0
Level 3 | Auction rate securities |  |
Securities owned |  |
Securities owned, at fair value | 30,701 | 0
Level 3 | Municipal obligations |  |
Securities owned |  |
Securities owned, at fair value |  | 0
TBAs |  |
Derivative contracts |  |
Derivative contracts, total | 275 |
Derivative contracts: |  |
Derivative contracts | 220 | 124
TBAs | Level 2 |  |
Derivative contracts |  |
Derivative contracts, total | 275 |
Derivative contracts: |  |
Derivative contracts | 220 | 124
Future [Member] |  |
Derivative contracts: |  |
Derivative contracts | 116 | 267
Future [Member] | Level 1 |  |
Derivative contracts: |  |
Derivative contracts | $ 116 | $ 267

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