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Financial Assets and Liabilities (Tables)
 12 Months Ended
Dec. 31, 2023
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 December 31, 2023:
 December 31, 2023
(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$710,699 $1,844,106 $— $— $2,554,805 
U.S. and Non-U.S. government obligations521,542 1,775,177 — — 2,296,719 
Corporate Bonds— 1,232,097 — — 1,232,097 
Exchange traded notes10 18,055 — — 18,065 
Currency forwards— 377,279 — (354,698)22,581 
Options3,485 — — — 3,485 
 $1,235,736 $5,246,714 $— $(354,698)$6,127,752 
Financial instruments owned, pledged as collateral:
Equity securities$871,237 $351,322 $— $— $1,222,559 
Exchange traded notes3 8,297 — — 8,300 
 $871,240 $359,619 $— $— $1,230,859 
Other Assets
Equity investment$— $— $81,805 $— $81,805 
Exchange stock2,716 — — — 2,716 
 $2,716 $— $81,805 $— $84,521 
Liabilities
Financial instruments sold, not yet purchased, at fair value:
Equity securities$1,447,726 $1,165,091 $— $— $2,612,817 
U.S. and Non-U.S. government obligations181,393 1,891,556 — — 2,072,949 
Corporate Bonds— 1,358,522 — — 1,358,522 
Exchange traded notes— 21,104 — — 21,104 
Currency forwards— 339,085 (336,311)2,774 
Options3,186 — 3,186 
 $1,632,305 $4,775,358 $— $(336,311)$6,071,352 
Payables to broker dealers and clearing organizations:
Interest rate swap$— $7,661 $— $— $7,661 
    
Fair value measurements for those items measured on a recurring basis are summarized below as of December 31, 2022:

 December 31, 2022
(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$461,487 $1,545,116 $— $— $2,006,603 
U.S. and Non-U.S. government obligations251,708 575,946 — — 827,654 
Corporate Bonds— 803,880 — — 803,880 
Exchange traded notes51 16,777 — — 16,828 
Currency forwards— 500,553 — (493,237)7,316 
Options5,200 — — — 5,200 
$718,446 $3,442,272 $— $(493,237)$3,667,481 
Financial instruments owned, pledged as collateral:
Equity securities$552,641 $404,802 $— $— $957,443 
Exchange traded notes6 5,622 — — 5,628 
$552,647 $410,424 $— $— $963,071 
Other Assets
Equity investment$— $— $76,613 $— $76,613 
Exchange stock2,352 — — — 2,352 
$2,352 $— $76,613 $— $78,965 
Receivables from broker dealers and clearing organizations:
Interest rate swap$— $87,268 $— $— $87,268 
Liabilities
Financial instruments sold, not yet purchased, at fair value:
Equity securities$1,146,701 $1,016,893 $— $— $2,163,594 
U.S. and Non-U.S. government obligations147,418 690,480 — — 837,898 
Corporate Bonds— 1,183,394 — — 1,183,394 
Exchange traded notes— 8,199 — — 8,199 
Currency forwards— 497,799 — (497,799)— 
Options3,889 — — — 3,889 
 $1,298,008 $3,396,765 $— $(497,799)$4,196,974 
The table below summarizes financial assets and liabilities not carried at fair value on a recurring basis as of December 31, 2023:
 December 31, 2023
 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$820,436 $820,436 $820,436 $— $— 
Cash restricted or segregated under regulations and other35,024 35,024 35,024 — — 
Securities borrowed1,722,440 1,722,440 — 1,722,440 — 
Securities purchased under agreements to resell1,512,114 1,512,114 — 1,512,114 — 
Receivables from broker-dealers and clearing organizations737,724 737,724 — 737,724 — 
Receivables from customers106,245 106,245 — 106,245 — 
Other assets (1)31,022 31,022 10,444 20,578 — 
Total Assets$4,965,005 $4,965,005 $865,904 $4,099,101 $— 
Liabilities
Short-term borrowings$— $— $— $— $— 
Long-term borrowings1,727,205 1,758,292 — 1,758,292 — 
Securities loaned1,329,446 1,329,446 — 1,329,446 — 
Securities sold under agreements to repurchase1,795,994 1,795,994 — 1,795,994 — 
Payables to broker-dealers and clearing organizations1,160,051 1,160,051 — 1,160,051 — 
Payables to customers23,229 23,229 — 23,229 — 
Other liabilities (2)19,300 19,300 — 19,300 — 
Total Liabilities$6,055,225 $6,086,312 $— $6,086,312 $— 
(1) Includes cash collateral and deposits, and interest and dividends receivables.
(2) 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, 2022:
 December 31, 2022
 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$981,580 $981,580 $981,580 $— $— 
Cash restricted or segregated under regulations and other56,662 56,662 56,662 — — 
Securities borrowed1,187,674 1,187,674 — 1,187,674 — 
Securities purchased under agreements to resell336,999 336,999 — 336,999 — 
Receivables from broker-dealers and clearing organizations1,027,917 1,027,917 — 1,027,917 — 
Receivables from customers80,830 80,830 — 80,830 — 
Other assets (1)30,579 30,579 — 30,579 — 
Total Assets$3,702,241 $3,702,241 $1,038,242 $2,663,999 $— 
Liabilities
Short-term borrowings$3,944 $3,944 $— $3,944 $— 
Long-term borrowings1,795,952 1,783,943 — 1,783,943 — 
Securities loaned1,060,432 1,060,432 — 1,060,432 — 
Securities sold under agreements to repurchase627,549 627,549 — 627,549 — 
Payables to broker-dealers and clearing organizations273,843 273,843 — 273,843 — 
Payables to customers46,525 46,525 — 46,525 — 
Other liabilities (2)23,776 23,776 — 23,776 — 
Total Liabilities$3,832,021 $3,820,012 $— $3,820,012 $— 
(1) Includes cash collateral and deposits, and interest and dividends receivables.
(2) 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:

December 31, 2023
(in thousands)Fair ValueValuation TechniqueSignificant Unobservable InputRangeWeighted Average
Equity investment$81,805 Discounted cash flowEstimated revenue growth
5.0% - 6.8%
5.8 %
Discount rate
15.6% - 15.6%
15.6 %
MarketFuture enterprise value/ EBIDTA ratio
8.7x - 17.8x
12.9x

December 31, 2022
(in thousands)Fair ValueValuation TechniqueSignificant Unobservable InputRangeWeighted Average
Equity investment$76,613 Discounted cash flowEstimated revenue growth
(5.7)% - 5.0%
3.1 %
Discount rate
15.5% - 15.5%
15.5 %
MarketFuture enterprise value/ EBIDTA ratio
(1.2)x - 18.1x
12.2x
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:
Year Ended December 31, 2023
(in thousands)Balance at December 31, 2022PurchasesTotal Realized and Unrealized Gains / (Losses) (1)Net Transfers into (out of) Level 3SettlementBalance at December 31, 2023Change in Net Unrealized Gains / (Losses) on Investments still held at December 31, 2023
Assets
Other assets:
Equity investment$76,613 $— $5,192 $— $— $81,805 $5,192 
Total$76,613 $— $5,192 $— $— $81,805 $5,192 
(1) Total realized and unrealized gains/(losses) includes gains and losses due to fluctuations in currency rates as well as gains and losses recognized on changes in the fair value of the JNX Investment.
Year Ended December 31, 2022
(in thousands)Balance at December 31, 2021PurchasesTotal Realized and Unrealized Gains / (Losses) (1)Net Transfers into (out of) Level 3SettlementBalance at December 31, 2022Change in Net Unrealized Gains / (Losses) on Investments still held at December 31, 2022
Assets
Other assets:
Equity investment$81,358 $— $(4,745)$— $— $76,613 $(4,745)
Total$81,358 $— $(4,745)$— $— $76,613 $(4,745)
(1) Total realized and unrealized gains/(losses) includes gains and losses 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 December 31, 2023 and December 31, 2022:

 December 31, 2023
 Gross Amounts of Recognized Assets Amounts Offset in the Consolidated Statements of Financial Condition Net Amounts of Assets Presented in the Consolidated Statements of Financial Condition Amounts Not Offset in the Consolidated Statements of Financial Condition 
 
(in thousands)Financial Instrument CollateralCounterparty Netting/ Cash CollateralNet Amount
Offsetting of Financial Assets:                        
Securities borrowed$1,722,440 $— $1,722,440 $(1,665,860)$(27,538)$29,042 
Securities purchased under agreements to resell1,512,114 — 1,512,114 (1,512,114)— 
Trading assets, at fair value:
Currency forwards377,279 (354,698)22,581 — — 22,581 
Options3,485 — 3,485 — (2,914)571 
Total$3,615,318 $(354,698)$3,260,620 $(3,177,974)$(30,452)$52,194 
 Gross Amounts of Recognized Liabilities Amounts Offset in the Consolidated Statements of Financial ConditionNet Amounts of Liabilities Presented in the Consolidated Statement of Financial Condition Amounts Not Offset in the Consolidated Statements of Financial Condition 
  
(in thousands)
Financial Instrument Collateral
Counterparty Netting/ Cash CollateralNet Amount 
Offsetting of Financial Liabilities:                     
Securities loaned$1,329,446 $— $1,329,446 $(1,291,376)$(31,509)$6,561 
Securities sold under agreements to repurchase1,795,994 — 1,795,994 (1,795,994)— 
Payable to broker-dealers and clearing organizations:
Interest rate swaps7,661 — 7,661 — — 7,661 
Trading liabilities, at fair value:
Currency forwards339,085 (336,311)2,774 — — 2,774 
Options3,186 — 3,186 — (2,914)272 
Total$3,475,372 $(336,311)$3,139,061 $(3,087,370)$(34,423)$17,268 

 December 31, 2022
 Gross Amounts of Recognized Assets Amounts Offset in the Consolidated Statements of Financial Condition Net Amounts of Assets Presented in the Consolidated Statements of Financial Condition Amounts Not Offset in the Consolidated Statements of Financial Condition
 
(in thousands)Financial Instrument CollateralCounterparty Netting/ Cash CollateralNet Amount
Offsetting of Financial Assets:                        
Securities borrowed$1,187,674 $— $1,187,674 $(1,148,238)$(5,138)$34,298 
Securities purchased under agreements to resell336,999 — 336,999 (336,849)— 150 
Receivables from broker-dealers and clearing organizations
Interest rate swaps87,268 — 87,268 — — 87,268 
Trading assets, at fair value:
Currency forwards500,553 (493,237)7,316 — — 7,316 
Options5,200 — 5,200 — (3,889)1,311 
Total$2,117,694 $(493,237)$1,624,457 $(1,485,087)$(9,027)$130,343 
Gross Amounts of Recognized Liabilities Amounts Offset in the Consolidated Statements of Financial ConditionNet Amounts of Liabilities Presented in the Consolidated Statement of Financial Condition Amounts Not Offset in the Consolidated Statements of Financial Condition
(in thousands)Financial Instrument CollateralCounterparty Netting/ Cash CollateralNet Amount
Offsetting of Financial Liabilities:                     
Securities loaned$1,060,432 $— $1,060,432 $(1,027,062)$(9,100)$24,270 
Securities sold under agreements to repurchase627,549 — 627,549 (627,388)— 161 
Trading liabilities, at fair value:
Currency forwards497,799 (497,799)— — — — 
Options3,889 — 3,889 — (3,889)— 
Total$2,189,669 $(497,799)$1,691,870 $(1,654,450)$(12,989)$24,431 
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 December 31, 2023 and December 31, 2022:

 December 31, 2023
 Gross Amounts of Recognized Assets Amounts Offset in the Consolidated Statements of Financial Condition Net Amounts of Assets Presented in the Consolidated Statements of Financial Condition Amounts Not Offset in the Consolidated Statements of Financial Condition 
 
(in thousands)Financial Instrument CollateralCounterparty Netting/ Cash CollateralNet Amount
Offsetting of Financial Assets:                        
Securities borrowed$1,722,440 $— $1,722,440 $(1,665,860)$(27,538)$29,042 
Securities purchased under agreements to resell1,512,114 — 1,512,114 (1,512,114)— 
Trading assets, at fair value:
Currency forwards377,279 (354,698)22,581 — — 22,581 
Options3,485 — 3,485 — (2,914)571 
Total$3,615,318 $(354,698)$3,260,620 $(3,177,974)$(30,452)$52,194 
 Gross Amounts of Recognized Liabilities Amounts Offset in the Consolidated Statements of Financial ConditionNet Amounts of Liabilities Presented in the Consolidated Statement of Financial Condition Amounts Not Offset in the Consolidated Statements of Financial Condition 
  
(in thousands)
Financial Instrument Collateral
Counterparty Netting/ Cash CollateralNet Amount 
Offsetting of Financial Liabilities:                     
Securities loaned$1,329,446 $— $1,329,446 $(1,291,376)$(31,509)$6,561 
Securities sold under agreements to repurchase1,795,994 — 1,795,994 (1,795,994)— 
Payable to broker-dealers and clearing organizations:
Interest rate swaps7,661 — 7,661 — — 7,661 
Trading liabilities, at fair value:
Currency forwards339,085 (336,311)2,774 — — 2,774 
Options3,186 — 3,186 — (2,914)272 
Total$3,475,372 $(336,311)$3,139,061 $(3,087,370)$(34,423)$17,268 

 December 31, 2022
 Gross Amounts of Recognized Assets Amounts Offset in the Consolidated Statements of Financial Condition Net Amounts of Assets Presented in the Consolidated Statements of Financial Condition Amounts Not Offset in the Consolidated Statements of Financial Condition
 
(in thousands)Financial Instrument CollateralCounterparty Netting/ Cash CollateralNet Amount
Offsetting of Financial Assets:                        
Securities borrowed$1,187,674 $— $1,187,674 $(1,148,238)$(5,138)$34,298 
Securities purchased under agreements to resell336,999 — 336,999 (336,849)— 150 
Receivables from broker-dealers and clearing organizations
Interest rate swaps87,268 — 87,268 — — 87,268 
Trading assets, at fair value:
Currency forwards500,553 (493,237)7,316 — — 7,316 
Options5,200 — 5,200 — (3,889)1,311 
Total$2,117,694 $(493,237)$1,624,457 $(1,485,087)$(9,027)$130,343 
Gross Amounts of Recognized Liabilities Amounts Offset in the Consolidated Statements of Financial ConditionNet Amounts of Liabilities Presented in the Consolidated Statement of Financial Condition Amounts Not Offset in the Consolidated Statements of Financial Condition
(in thousands)Financial Instrument CollateralCounterparty Netting/ Cash CollateralNet Amount
Offsetting of Financial Liabilities:                     
Securities loaned$1,060,432 $— $1,060,432 $(1,027,062)$(9,100)$24,270 
Securities sold under agreements to repurchase627,549 — 627,549 (627,388)— 161 
Trading liabilities, at fair value:
Currency forwards497,799 (497,799)— — — — 
Options3,889 — 3,889 — (3,889)— 
Total$2,189,669 $(497,799)$1,691,870 $(1,654,450)$(12,989)$24,431 
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 as of December 31, 2023 and December 31, 2022:

 December 31, 2023
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$— $140,000 $185,000 $75,000 $— $400,000 
U.S. and Non-U.S. government obligations1,395,994 — — — — 1,395,994 
Total$1,395,994 $140,000 $185,000 $75,000 $— $1,795,994 
Securities loaned:
Equity securities$1,329,446 $— $— $— $— $1,329,446 
Total$1,329,446 $— $— $— $— $1,329,446 

 December 31, 2022
 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$— $250,000 $100,000 $50,000 $— $400,000 
U.S. and Non-U.S. government obligations227,549 — — — — 227,549 
Total$227,549 $250,000 $100,000 $50,000 $— $627,549 
Securities loaned:
Equity securities1,060,432 — — — — 1,060,432 
Total$1,060,432 $— $— $— $— $1,060,432