Discontinued Operations

9 Months Ended

Sep. 30, 2011

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Discontinued Operations

The subsidiaries acquired through the LaBranche acquisition (see Note 2) met the criteria of discontinued operations under US GAAP because the operations and cash flows of these subsidiaries can be clearly distinguished, operationally and for financial reporting purposes, from the rest of the Company. As a result of these subsidiaries not meeting the Company's expectations as to their results of operations and not generating positive cash flows, the Company decided, during the fourth quarter of 2011, to exit the business operated by these subsidiaries. The subsidiaries comprised of market making operations for exchange traded funds in the US, Europe and Asia which were included in the broker-dealer segment. The results of operations and cash flows for these subsidiaries were eliminated from the Company's ongoing operations and the Company has no continuing involvement in these operations. In accordance with US GAAP the Company reclassified and reported the results of operations related to these subsidiaries in discontinued operations for the three and nine months ended September 30, 2011.

The results of operations related to the Company's discontinued operations for the three and nine months ended September 30, 2011 are summarized below:

	Three and Nine Months Ended September 30, 2011
	(dollars in thousands)
Total revenues, net of interest expense	$	869
Loss from discontinued operations	(5,087		)
Income tax expense/(benefit)	—
Loss from discontinued operations, net of taxes	(5,087		)