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Financial Assets and Liabilities (Tables)
 9 Months Ended
Sep. 30, 2021
Fair Value Disclosures [Abstract]  
Summary of fair value measurements measured on a recurring basis
Fair value measurements for those items measured on a recurring basis are summarized below as of September 30, 2021:
 September 30, 2021
(in thousands)Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Counterparty and Cash Collateral Netting Total Fair Value 
Assets     
Financial instruments owned, at fair value:     
Equity securities$436,245 $2,117,572 $— $— $2,553,817 
U.S. and Non-U.S. government obligations216,125 19,947 — — 236,072 
Corporate Bonds— 201,086 — — 201,086 
Exchange traded notes427 8,285 — — 8,712 
Currency forwards— 311,230 — (300,399)10,831 
Options8,320 — — — 8,320 
 $661,117 $2,658,120 $— $(300,399)$3,018,838 
Financial instruments owned, pledged as collateral:
Equity securities$576,478 $371,183 $— $— $947,661 
Exchange traded notes5,389 6,006 — — 11,395 
 $581,867 $377,189 $— $— $959,056 
Other Assets
Equity investment$— $— $85,317 $— $85,317 
Exchange stock2,609 — — — 2,609 
 $2,609 $— $85,317 $— $87,926 
Liabilities
Financial instruments sold, not yet purchased, at fair value:
Equity securities$1,336,070 $825,070 $— $— $2,161,140 
U.S. and Non-U.S. government obligations285,997 12,747 — — 298,744 
Corporate Bonds— 349,299 — — 349,299 
Exchange traded notes835 4,750 — — 5,585 
Currency forwards— 316,352 — (308,611)7,741 
Options49,140 — — — 49,140 
 $1,672,042 $1,508,218 $— $(308,611)$2,871,649 
Payables to broker dealers and clearing organizations:
Interest rate swap$— $43,608 $— $— $43,608 
Fair value measurements for those items measured on a recurring basis are summarized below as of December 31, 2020:

 December 31, 2020
(in thousands)Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Counterparty and Cash Collateral Netting Total Fair Value 
Assets     
Financial instruments owned, at fair value:     
Equity securities$761,484 $1,194,105 $— $— $1,955,589 
U.S. and Non-U.S. government obligations151,723 48,059 — — 199,782 
Corporate Bonds— 135,518 — — 135,518 
Exchange traded notes106 19,721 — — 19,827 
Currency forwards— 341,360 — (291,964)49,396 
Options9,080 — — — 9,080 
$922,393 $1,738,763 $— $(291,964)$2,369,192 
Financial instruments owned, pledged as collateral:
Equity securities$496,943 $237,081 $— $— $734,024 
Exchange traded notes2 12,513 — — 12,515 
$496,945 $249,594 $— $— $746,539 
Other Assets
Equity investment$— $— $66,030 $— $66,030 
Exchange stock2,286 — — — 2,286 
$2,286 $— $66,030 $— $68,316 
Liabilities
Financial instruments sold, not yet purchased, at fair value:
Equity securities$1,307,082 $1,137,968 $— $— $2,445,050 
U.S. and Non-U.S. government obligations83,173 19,984 — — 103,157 
Corporate Bonds— 358,734 — — 358,734 
Exchange traded notes— 7,431 — — 7,431 
Currency forwards— 292,965 — (292,870)95 
Options9,241 — — — 9,241 
 $1,399,496 $1,817,082 $— $(292,870)$2,923,708 
Payables to broker dealers and clearing organizations:
Interest rate swap$— $63,513 $— $— $63,513 
The table below summarizes financial assets and liabilities not carried at fair value on a recurring basis as of September 30, 2021:
 September 30, 2021
 Carrying Value Quoted Prices in Active Markets for Identical AssetsSignificant Other Observable InputsSignificant Unobservable Inputs
 (in thousands)
Fair Value(Level 1) (Level 2) (Level 3) 
Assets     
Cash and cash equivalents$683,836 $683,836 $683,836 $— $— 
Cash restricted or segregated under regulations and other70,477 70,477 70,477 — — 
Securities borrowed1,277,601 1,277,601 — 1,277,601 — 
Securities purchased under agreements to resell170,194 170,194 — 170,194 — 
Receivables from broker-dealers and clearing organizations1,452,426 1,452,426 415 1,452,011 — 
Receivables from customers414,244 414,244 — 414,244 — 
Other assets (1)14,427 14,427 — 14,427 — 
Total Assets$4,083,205 $4,083,205 $754,728 $3,328,477 $— 
Liabilities
Short-term borrowings$312,814 $314,695 $— $314,695 $— 
Long-term borrowings1,604,062 1,629,224 — 1,629,224 — 
Securities loaned1,017,436 1,017,436 — 1,017,436 — 
Securities sold under agreements to repurchase583,268 583,268 — 583,268 — 
Payables to broker-dealers and clearing organizations (2)1,094,971 1,094,971 532,533 562,438 — 
Payables to customers182,939 182,939 — 182,939 — 
Other liabilities (3)8,904 8,904 — 8,904 — 
Total Liabilities$4,804,394 $4,831,437 $532,533 $4,298,904 $— 
(1) Includes cash collateral and deposits, and interest and dividends receivables.
(2) Payables to broker-dealers and clearing organizations include interest rate swaps carried at fair value.
(3) Includes deposits, interest and dividends payable.
The table below summarizes financial assets and liabilities not carried at fair value on a recurring basis as of December 31, 2020:
 December 31, 2020
 Carrying Value Quoted Prices in Active Markets for Identical AssetsSignificant Other Observable InputsSignificant Unobservable Inputs
 (in thousands)
Fair Value(Level 1) (Level 2) (Level 3) 
Assets     
Cash and cash equivalents$889,559 $889,559 $889,559 $— $— 
Cash restricted or segregated under regulations and other117,446 117,446 117,446 — — 
Securities borrowed1,425,016 1,425,016 — 1,425,016 — 
Securities purchased under agreements to resell22,866 22,866 — 22,866 — 
Receivables from broker-dealers and clearing organizations1,684,006 1,684,006 173,578 1,510,428 — 
Receivables from customers214,478 214,478 — 214,478 — 
Other assets (1)21,735 21,735 — 21,735 — 
Total Assets$4,375,106 $4,375,106 $1,180,583 $3,194,523 $— 
Liabilities
Short-term borrowings64,686 65,073 — 65,073 — 
Long-term borrowings1,639,280 1,672,456 — 1,672,456 — 
Securities loaned948,256 948,256 — 948,256 — 
Securities sold under agreements to repurchase461,235 461,235 — 461,235 — 
Payables to broker dealer and clearing organizations (2)876,446 876,446 3,517 872,929 — 
Payables to customers118,826 118,826 — 118,826 — 
Other liabilities (3)9,208 9,208 — 9,208 — 
Total Liabilities$4,117,937 $4,151,500 $3,517 $4,147,983 $— 
(1) Includes cash collateral and deposits, and interest and dividends receivables.
(2) Payables to broker-dealers and clearing organizations include interest rate swaps carried at fair value.
(3) Includes deposits, interest and dividends payable.
Fair Value Measurement Inputs and Valuation Techniques
The table below presents information on the valuation techniques, significant unobservable inputs and their ranges for the JNX Investment:

September 30, 2021
(in thousands)Fair ValueValuation TechniqueSignificant Unobservable InputRangeWeighted Average
Equity investment$85,317 Discounted cash flowEstimated revenue growth
2.4% - 22.7%
8.5 %
Discount rate
14.4% - 14.4%
14.4 %
MarketFuture enterprise value/ EBIDTA ratio
9.8x - 44.5x
17.2x

December 31, 2020
(in thousands)Fair ValueValuation TechniqueSignificant Unobservable InputRangeWeighted Average
Equity investment$66,030 Discounted cash flowEstimated revenue growth
(9.0)% - 39.0%
9.6 %
Discount rate
14.4% - 14.4%
14.4 %
MarketFuture enterprise value/ EBIDTA ratio
12.2x - 21.9x
13.8x
Summary of changes in Level 3 financial instruments measured at fair value on a recurring basis
The following presents the changes in the Company's Level 3 financial instruments measured at fair value on a recurring basis:
Three Months Ended September 30, 2021
(in thousands)Balance at June 30, 2021PurchasesTotal Realized and Unrealized Gains / (Losses) (1)Net Transfers into (out of) Level 3SettlementBalance at September 30, 2021Change in Net Unrealized Gains / (Losses) on Investments still held at September 30, 2021
Assets
Other assets:
Equity investment$78,313 $— $7,004 $— $— $85,317 $7,004 
Total$78,313 $— $7,004 $— $— $85,317 $7,004 
(1) Total realized and unrealized gains/(losses) includes gains and losses realized on the SBI Bonds (see Note 9 "Borrowings" for more details) due to fluctuations in currency rates as well as gains and losses recognized on changes in the fair value of the JNX Investment.
Three Months Ended September 30, 2020
(in thousands)Balance at June 30, 2020PurchasesTotal Realized and Unrealized Gains / (Losses) (1)Net Transfers into (out of) Level 3SettlementBalance at September 30, 2020Change in Net Unrealized Gains / (Losses) on Investments still held at September 30, 2020
Assets
Other assets:
Equity investment$51,599 $— $13,104 $— $— $64,703 $13,104 
Total$51,599 $— $13,104 $— $— $64,703 $13,104 
(1) Total realized and unrealized gains/(losses) includes gains and losses realized on the SBI Bonds (see Note 9 "Borrowings" for more details) due to fluctuations in currency rates as well as gains and losses recognized on changes in the fair value of the JNX Investment.
Nine Months Ended September 30, 2021
(in thousands)Balance at December 31, 2020PurchasesTotal Realized and Unrealized Gains / (Losses) (1)Net Transfers into (out of) Level 3SettlementBalance at September 30, 2021Change in Net Unrealized Gains / (Losses) on Investments still held at September 30, 2021
Assets
Other assets:
Equity investment$66,030 $— $19,287 $— $— $85,317 $19,287 
Total$66,030 $— $19,287 $— $— $85,317 $19,287 
(1) Total realized and unrealized gains/(losses) includes gains and losses realized on the SBI Bonds (see Note 9 "Borrowings" for more details) due to fluctuations in currency rates as well as gains and losses recognized on changes in the fair value of the JNX Investment.
Nine Months Ended September 30, 2020
(in thousands)Balance at December 31, 2019PurchasesTotal Realized and Unrealized Gains / (Losses) (1)Net Transfers into (out of) Level 3SettlementBalance at September 30, 2020Change in Net Unrealized Gains / (Losses) on Investments still held at September 30, 2020
Assets
Other assets:
Equity investment$46,245 $— $18,458 $— $— $64,703 $18,458 
Total$46,245 $— $18,458 $— $— $64,703 $18,458 
(1) Total realized and unrealized gains/(losses) includes gains and losses realized on the SBI Bonds (see Note 9 "Borrowings" for more details) due to fluctuations in currency rates as well as gains and losses recognized on changes in the fair value of the JNX Investment.
Summary of netting of certain financial assets
The following tables set forth the gross and net presentation of certain financial assets and financial liabilities as of September 30, 2021 and December 31, 2020:

 September 30, 2021
 Gross Amounts of Recognized AssetsAmounts Offset in the Condensed Consolidated Statement of Financial ConditionNet Amounts of Assets Presented in the Condensed Consolidated Statements of Financial ConditionAmounts Not Offset in the Condensed Consolidated Statements of Financial Condition 
 
(in thousands)Financial Instrument CollateralCounterparty Netting/ Cash CollateralNet Amount
Offsetting of Financial Assets:                        
Securities borrowed$1,277,601 $— $1,277,601 $(1,221,032)$(8,097)$48,472 
Securities purchased under agreements to resell170,194 — 170,194 (170,194)— — 
Trading assets, at fair value:
Currency forwards311,230 (300,399)10,831 — — 10,831 
Options8,320 — 8,320 — (8,320)— 
Total$1,767,345 $(300,399)$1,466,946 $(1,391,226)$(16,417)$59,303 
 Gross Amounts of Recognized LiabilitiesAmounts Offset in the Condensed Consolidated Statement of Financial ConditionNet Amounts of Liabilities Presented in the Consolidated Statement of Financial ConditionAmounts Not Offset in the Condensed Consolidated Statements of Financial Condition 
  
(in thousands)Financial Instruments Counterparty Netting/ Cash CollateralNet Amount 
Offsetting of Financial Liabilities:                     
Securities loaned$1,017,436 $— $1,017,436 $(995,181)$(12,655)$9,600 
Securities sold under agreements to repurchase583,268 — 583,268 (583,268)— — 
Payable to broker-dealers and clearing organizations
Interest rate swaps43,608 — 43,608 — — 43,608 
Trading liabilities, at fair value:
Currency forwards316,352 (308,611)7,741 — — 7,741 
Options49,140 — 49,140 — (8,320)40,820 
Total$2,009,804 $(308,611)$1,701,193 $(1,578,449)$(20,975)$101,769 

 December 31, 2020
 Gross Amounts of Recognized AssetsAmounts Offset in the Condensed Consolidated Statement of Financial ConditionNet Amounts of Assets Presented in the Condensed Consolidated Statements of Financial ConditionAmounts Not Offset in the Condensed Consolidated Statements of Financial Condition
 
(in thousands)Financial Instrument CollateralCounterparty Netting/ Cash CollateralNet Amount
Offsetting of Financial Assets:                        
Securities borrowed$1,425,016 $— $1,425,016 $(1,374,266)$(9,686)$41,064 
Securities purchased under agreements to resell22,866 — 22,866 (22,866)— — 
Trading assets, at fair value:
Currency forwards341,360 (291,964)49,396 — — 49,396 
Options9,080 — 9,080 — (9,080)— 
Total$1,798,322 $(291,964)$1,506,358 $(1,397,132)$(18,766)$90,460 
Gross Amounts of Recognized AssetsAmounts Offset in the Condensed Consolidated Statement of Financial ConditionNet Amounts of Assets Presented in the Condensed Consolidated Statements of Financial ConditionAmounts Not Offset in the Condensed Consolidated Statements of Financial Condition
(in thousands)Financial Instrument CollateralCounterparty Netting/ Cash CollateralNet Amount
Offsetting of Financial Liabilities:                     
Securities loaned$948,256 $— $948,256 $(921,593)$(17,800)$8,863 
Securities sold under agreements to repurchase461,235 — 461,235 (461,235)— — 
Interest rate swaps63,513 — 63,513 — (63,162)351 
Trading liabilities, at fair value:
Currency forwards292,965 (292,870)95 — — 95 
Options9,241 — 9,241 — (9,080)161 
Total$1,775,210 $(292,870)$1,482,340 $(1,382,828)$(90,042)$9,470 
Summary of netting of certain financial liabilities
The following tables set forth the gross and net presentation of certain financial assets and financial liabilities as of September 30, 2021 and December 31, 2020:

 September 30, 2021
 Gross Amounts of Recognized AssetsAmounts Offset in the Condensed Consolidated Statement of Financial ConditionNet Amounts of Assets Presented in the Condensed Consolidated Statements of Financial ConditionAmounts Not Offset in the Condensed Consolidated Statements of Financial Condition 
 
(in thousands)Financial Instrument CollateralCounterparty Netting/ Cash CollateralNet Amount
Offsetting of Financial Assets:                        
Securities borrowed$1,277,601 $— $1,277,601 $(1,221,032)$(8,097)$48,472 
Securities purchased under agreements to resell170,194 — 170,194 (170,194)— — 
Trading assets, at fair value:
Currency forwards311,230 (300,399)10,831 — — 10,831 
Options8,320 — 8,320 — (8,320)— 
Total$1,767,345 $(300,399)$1,466,946 $(1,391,226)$(16,417)$59,303 
 Gross Amounts of Recognized LiabilitiesAmounts Offset in the Condensed Consolidated Statement of Financial ConditionNet Amounts of Liabilities Presented in the Consolidated Statement of Financial ConditionAmounts Not Offset in the Condensed Consolidated Statements of Financial Condition 
  
(in thousands)Financial Instruments Counterparty Netting/ Cash CollateralNet Amount 
Offsetting of Financial Liabilities:                     
Securities loaned$1,017,436 $— $1,017,436 $(995,181)$(12,655)$9,600 
Securities sold under agreements to repurchase583,268 — 583,268 (583,268)— — 
Payable to broker-dealers and clearing organizations
Interest rate swaps43,608 — 43,608 — — 43,608 
Trading liabilities, at fair value:
Currency forwards316,352 (308,611)7,741 — — 7,741 
Options49,140 — 49,140 — (8,320)40,820 
Total$2,009,804 $(308,611)$1,701,193 $(1,578,449)$(20,975)$101,769 

 December 31, 2020
 Gross Amounts of Recognized AssetsAmounts Offset in the Condensed Consolidated Statement of Financial ConditionNet Amounts of Assets Presented in the Condensed Consolidated Statements of Financial ConditionAmounts Not Offset in the Condensed Consolidated Statements of Financial Condition
 
(in thousands)Financial Instrument CollateralCounterparty Netting/ Cash CollateralNet Amount
Offsetting of Financial Assets:                        
Securities borrowed$1,425,016 $— $1,425,016 $(1,374,266)$(9,686)$41,064 
Securities purchased under agreements to resell22,866 — 22,866 (22,866)— — 
Trading assets, at fair value:
Currency forwards341,360 (291,964)49,396 — — 49,396 
Options9,080 — 9,080 — (9,080)— 
Total$1,798,322 $(291,964)$1,506,358 $(1,397,132)$(18,766)$90,460 
Gross Amounts of Recognized AssetsAmounts Offset in the Condensed Consolidated Statement of Financial ConditionNet Amounts of Assets Presented in the Condensed Consolidated Statements of Financial ConditionAmounts Not Offset in the Condensed Consolidated Statements of Financial Condition
(in thousands)Financial Instrument CollateralCounterparty Netting/ Cash CollateralNet Amount
Offsetting of Financial Liabilities:                     
Securities loaned$948,256 $— $948,256 $(921,593)$(17,800)$8,863 
Securities sold under agreements to repurchase461,235 — 461,235 (461,235)— — 
Interest rate swaps63,513 — 63,513 — (63,162)351 
Trading liabilities, at fair value:
Currency forwards292,965 (292,870)95 — — 95 
Options9,241 — 9,241 — (9,080)161 
Total$1,775,210 $(292,870)$1,482,340 $(1,382,828)$(90,042)$9,470 
Summary of gross obligations for repurchase agreement and securities borrowed transactions by remaining contractual maturity and class of collateral pledged
The following table presents gross obligations for securities sold under agreements to repurchase and for securities lending transactions by remaining contractual maturity and the class of collateral pledged:

 September 30, 2021
Remaining Contractual Maturity
(in thousands)Overnight and ContinuousLess than 30 days30 - 60
days		61 - 90
Days		Greater than 90
days		Total
Securities sold under agreements to repurchase:
Equity securities$— $125,000 $50,000 $160,000 $50,000 $385,000 
U.S. and Non-U.S. government obligations198,268 — — — 198,268 
Total$198,268 $125,000 $50,000 $160,000 $50,000 $583,268 
Securities loaned:
Equity securities$1,017,436 $— $— $— $— $1,017,436 
Total$1,017,436 $— $— $— $— $1,017,436 

 December 31, 2020
 Remaining Contractual Maturity
(in thousands)Overnight and ContinuousLess than 30 days30 - 60
days		61 - 90
Days		Greater than 90
days		Total
Securities sold under agreements to repurchase:     
Equity securities$— $125,000 $50,000 $200,000 $— $375,000 
U.S. and Non-U.S. government obligations86,235 — — — — 86,235 
Total$86,235 $125,000 $50,000 $200,000 $— $461,235 
Securities loaned:
Equity securities948,256 — — — — 948,256 
Total$948,256 $— $— $— $— $948,256