DERIVATIVES (Tables)

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Fair Values of Derivatives Reported on Condensed Consolidated Statements of Financial Condition

The tables below present the fair value of the Company’s derivative instruments reported within “other assets” and “other liabilities” and the fair value of the Company’s derivative liabilities relating to its obligations pertaining to LFI and other similar deferred compensation arrangements reported within “accrued compensation and benefits” (see Note 13) on the accompanying condensed consolidated statements of financial condition as of June 30, 2024 and December 31, 2023. Notional amounts provide an indication of the volume of the Company's derivative activity.

Derivative assets and liabilities, as well as the related cash collateral from the same counterparty, have been netted on the condensed consolidated statements of financial condition where the Company has a right to set off under an enforceable master netting agreement.

In addition to the cash collateral received and transferred that is presented on a net basis with derivative assets and liabilities, the Company receives and transfers additional securities and cash collateral. These amounts mitigate counterparty credit risk associated with the Company’s derivative instruments, but are not eligible for net presentation on the condensed consolidated statements of financial condition.

	June 30, 2024
	Derivative Assets				Derivative Liabilities
	Fair Value		Notional		Fair Value		Notional
Forward foreign currency exchange rate contracts	$	4,955	$	294,029	$	1,739	$	147,889
Total return swaps and other	132		13,994		11,081		122,971
LFI and other similar deferred compensation arrangements	–		–		270,217		259,074
Total gross derivatives	5,087		$	308,023	283,037		$	529,934
Counterparty and cash collateral netting:
Forward foreign currency exchange rate contracts	(77)				(77)
Total return swaps and other	(131)				(8,927)
Net derivatives in "other assets" and "other liabilities"	4,879				274,033
Amounts not netted on the statement of financial condition (a):
Cash collateral	–				(546)
Securities collateral	–				–
	$	4,879			$	273,487

	December 31, 2023
	Derivative Assets				Derivative Liabilities
	Fair Value		Notional		Fair Value		Notional
Forward foreign currency exchange rate contracts	$	3,400	$	283,635	$	1,847	$	170,704
Total return swaps and other	133		4,478		12,290		117,139
LFI and other similar deferred compensation arrangements	–		–		365,420		352,891
Total gross derivatives	3,533		$	288,113	379,557		$	640,734
Counterparty and cash collateral netting:
Forward foreign currency exchange rate contracts	(604)				(603)
Total return swaps and other	(140)				(10,281)
Net derivatives in "other assets" and "other liabilities"	2,789				368,673
Amounts not netted on the statement of financial condition (a):
Cash collateral	–				(243)
Securities collateral	–				–
	$	2,789			$	368,430

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(a)Amounts are subject to master netting arrangements but do not meet the criteria for netting on the condensed consolidated statements of financial condition under U.S. GAAP. For some counterparties, the amounts of securities and cash collateral pledged may exceed the derivative assets and derivative liabilities balances. Where this is the case, the amount of collateral offset within net derivatives is limited to the net derivative assets and net derivative liabilities balances with that counterparty.

Schedule of Net Gains and (Losses) With Respect To Derivative Instruments (Including Derivatives Not Designed As Hedging Instruments)

Net gains (losses) with respect to derivative instruments (included in “revenue-other”) and the Company’s derivative liabilities relating to its obligations pertaining to LFI and other similar deferred compensation arrangements (included in “compensation and benefits” expense) as reflected on the accompanying condensed consolidated statements of operations for the three month and six month periods ended June 30, 2024 and 2023 were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Forward foreign currency exchange rate contracts	$	1,894	$	(797)	$	3,225	$	(700)
LFI and other similar deferred compensation arrangements	1,201		(9,675)		(8,172)		(26,128)
LGAC Warrants	–		–		–		115
Total return swaps and other	421		(5,020)		(5,943)		(11,430)
Total	$	3,516	$	(15,492)	$	(10,890)	$	(38,143)