Financial Instruments and Other Inventory Positions Owned and Financial Instruments and Other Inventory Positions Sold, but Not Yet Purchased (Tables)

6 Months Ended

Jun. 30, 2017

Financial Instruments Owned and Sold, Not yet Purchased [Abstract]

Financial Instruments and Other Inventory Positions Owned and Financial Instruments and Other Inventory Positions Sold, but not yet Purchased

	June 30,		December 31,
(Dollars in thousands)	2017		2016
Financial instruments and other inventory positions owned:
Corporate securities:
Equity securities	$	45,412	$	6,363
Convertible securities	71,288		103,486
Fixed income securities	44,672		21,018
Municipal securities:
Taxable securities	61,482		63,090
Tax-exempt securities	350,756		559,329
Short-term securities	52,249		35,175
Mortgage-backed securities	4,251		5,638
U.S. government agency securities	274,810		205,685
U.S. government securities	14,960		29,970
Derivative contracts	24,611		29,217
Total financial instruments and other inventory positions owned	944,491		1,058,971
Less noncontrolling interests (1)	—		(57,700		)
	$	944,491	$	1,001,271
Financial instruments and other inventory positions sold, but not yet purchased:
Corporate securities:
Equity securities	$	98,548	$	89,453
Fixed income securities	23,962		17,324
U.S. government agency securities	19,362		6,723
U.S. government securities	182,653		180,650
Derivative contracts	5,792		5,207
Total financial instruments and other inventory positions sold, but not yet purchased	330,317		299,357
Less noncontrolling interests (2)	—		(631		)
	$	330,317	$	298,726

(1) Noncontrolling interests attributable to third party ownership in a consolidated municipal bond fund consist of $1.3 million of taxable municipal securities, $55.2 million of tax-exempt municipal securities, and $1.2 million of derivative contracts as of December 31, 2016. 

(2) Noncontrolling interests attributable to third party ownership in a consolidated municipal bond fund consist of U.S. government securities as of December 31, 2016

Total Absolute Notional Contract Amount

The following table presents the gross fair market value and the total absolute notional contract amount of the Company's outstanding derivative instruments, prior to counterparty netting, by asset or liability position:

	June 30, 2017						December 31, 2016
(Dollars in thousands)	Derivative		Derivative		Notional		Derivative		Derivative		Notional
Derivative Category	Assets (1)		Liabilities (2)		Amount		Assets (1)		Liabilities (2)		Amount
Interest rate
Customer matched-book	$	276,205	$	260,806	$	3,224,655	$	288,955	$	272,819	$	3,330,207
Trading securities	383		5,831		327,850		13,952		1,707		423,550
Credit default swap index
Trading securities	—		4,304		110,000		—		127		7,470
	$	276,588	$	270,941	$	3,662,505	$	302,907	$	274,653	$	3,761,227

(1) Derivative assets are included within financial instruments and other inventory positions owned on the consolidated statements of financial condition.

(2) Derivative liabilities are included within financial instruments and other inventory positions sold, but not yet purchased on the consolidated statements of financial condition.

Unrealized Gains/(Losses) on Derivative Instruments

The following table presents the Company’s unrealized gains/(losses) on derivative instruments:

		Three Months Ended						Six Months Ended
(Dollars in thousands)		June 30,						June 30,
Derivative Category	Operations Category	2017			2016			2017			2016
Interest rate derivative contract	Investment banking	$	(483	)	$	(880	)	$	(775	)	$	(2,052	)
Interest rate derivative contract	Institutional brokerage	(2,917		)	(9,363		)	(17,655		)	(7,619		)
Credit default swap index contract	Institutional brokerage	(77		)	3,495			178			3,884
Futures and equity option derivative contracts	Institutional brokerage	—			119			—			148
		$	(3,477	)	$	(6,629	)	$	(18,252	)	$	(5,639	)