Regulatory Requirements (Tables)

12 Months Ended

Dec. 31, 2022

Brokers and Dealers [Abstract]

Computation of Net Capital under Securities and Exchange Commission Regulation

As of December 31, 2022, the regulatory net capital, minimum net capital requirement and excess net capital of U.S. regulated broker dealers and swap dealer together with the equivalent of capital requirements and compliance information for foreign broker dealers registered with the FCA and the SFC are presented as follows:

Subsidiary	Net Capital		Minimum Net Capital Requirement		Excess Net Capital
	(dollars in thousands)
Cowen and Company	$	482,309	$	4,052	$	478,257
ATM Execution	$	5,775	$	250	$	5,525
Westminster	$	21,440	$	250	$	21,190
Cowen Financial Products	$	64,670	$	20,000	$	44,670
Cowen International Ltd (a)	$	48,554	$	13,592	$	34,962
Cowen Execution Ltd (a)	$	17,358	$	7,022	$	10,336
Cowen Asia (a)	$	2,710	$	384	$	2,326