Fair Value of Financial Assets and Liabilities

6 Months Ended

Jun. 30, 2014

Fair Value Disclosures [Abstract]

Fair Value of Financial Assets and Liabilities

11. Fair Value of Financial Assets and Liabilities

As required by FASB guidance, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The following tables set forth by level within the fair value hierarchy financial assets and liabilities accounted for at fair value under FASB guidance at June 30, 2014 and December 31, 2013 (in thousands):

	Assets at Fair Value at June 30, 2014
	Level 1		Level 2		Level 3		Netting and Collateral		Total
Government debt	$	32,023	$	—	$	—	$	—	$	32,023
Marketable securities		50,260		—		—		—		50,260
Interest rate swaps		—		494		—		—		494
Foreign exchange swaps		—		153		—		—		153
Securities owned – Equities		3,756		—		—		—		3,756
Total	$	86,039	$	647	$	—	$	—	$	86,686

	Liabilities at Fair Value at June 30, 2014
	Level 1		Level 2		Level 3		Netting and Collateral		Total
Foreign exchange swaps	$	—	$	313	$	—	$	—	$	313
Securities sold, not yet purchased – Equities		3,683		—		—		—		3,683
Total	$	3,683	$	313	$	—	$	—	$	3,996

	Assets at Fair Value at December 31, 2013
	Level 1		Level 2		Level 3		Netting and Collateral		Total
Government debt	$	32,027	$	—	$	—	$	—	$	32,027
Marketable securities		45,002		—		—		—		45,002
Interest rate swaps		—		445		—		—		445
Foreign exchange swaps		—		501		—		—		501
Equity options		688		—		—		—		688
Securities owned – Equities		1,092		—		—		—		1,092
Total	$	78,809	$	946	$	—	$	—	$	79,755

	Liabilities at Fair Value at December 31, 2013
	Level 1		Level 2		Level 3		Netting and Collateral		Total
Foreign exchange swaps	$	—	$	926	$	—	$	—	$	926
Equity options		925		—		—		—		925
Securities sold, not yet purchased – Equities		2,031		—		—		—		2,031
Total	$	2,956	$	926	$	—	$	—	$	3,882

The following tables present information about the offsetting of derivative instruments and collateralized transactions as of June 30, 2014 and December 31, 2013 (in thousands):

	June 30, 2014
	Gross Amounts		Gross Amounts Offset		Net Amounts Presented in the Statements of Financial Condition		Gross Amounts Not Offset				Net Amount
							Financial Instruments		Cash Collateral Received
Assets
Interest rate swaps	$	658	$	164	$	494	$	—	$	—	$	494
Foreign exchange swaps		541		388		153		—		—		153
Total	$	1,199	$	552	$	647	$	—	$	—	$	647
Liabilities
Interest rate swaps	$	164	$	164	$	—	$	—	$	—	$	—
Foreign exchange swaps		701		388		313		—		—		313
Total	$	865	$	552	$	313	$	—	$	—	$	313

	December 31, 2013
	Gross Amounts		Gross Amounts Offset		Net Amounts Presented in the Statements of Financial Condition		Gross Amounts Not Offset				Net Amount
							Financial Instruments		Cash Collateral Received
Assets
Interest rate swaps	$	639	$	194	$	445	$	—	$	—	$	445
Foreign exchange swaps		568		67		501		—		—		501
Equity options		688		—		688		—		—		688
Total	$	1,895	$	261	$	1,634	$	—	$	—	$	1,634
Liabilities
Interest rate swaps	$	194	$	194	$	—	$	—	$	—	$	—
Foreign exchange swaps		993		67		926		—		—		926
Equity options		925		—		925		—		—		925
Total	$	2,112	$	261	$	1,851	$	—	$	—	$	1,851

All of the Company’s foreign exchange swaps are with Cantor. See Note 12—“Related Party Transactions,” for additional information related to these transactions.