Discontinued Operations

12 Months Ended

Dec. 31, 2013

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Discontinued Operations

During the fourth quarter of 2011, the Company discontinued the operations of subsidiaries acquired through the LaBranche acquisition (See Note 2). These subsidiaries were not meeting the Company's expectations as to their results of operations and not generating positive cash flows. 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 year ended December 31, 2011.

The results of operations related to the Company's discontinued operations for the year ended December 31, 2011 are summarized below:

	For the Period June 28, 2011 through December 31, 2011
	(dollars in thousands)
Total revenues, net of interest expense	$	2,899
Loss from discontinued operations	(24,075		)
Income tax expense/(benefit)	(429		)
Loss from discontinued operations, net of taxes	(23,646		)