Commitments and Contingencies

12 Months Ended

Dec. 31, 2011

Commitments and Contingencies

Commitments and Contingencies

(23) Commitments and Contingencies

• Legal Matters

        The Company is periodically involved in litigation and various legal matters that arise in the normal course of business, including proceedings relating to regulatory matters. Such matters are subject to many uncertainties and outcomes that are not predictable. At the current time, the Company does not believe that any of these matters will have a material adverse effect on its financial position or future results of operations.

• Lease Commitments

        The Company has entered into lease and sublease agreements with third parties for certain offices and equipment, which expire at various dates through 2021. Rent expense for each of the years ended December 31, 2011, 2010 and 2009 was $12.9, $14.0 million and $14.1 million, respectively, and is recorded in occupancy and equipment expense in the Consolidated Statements of Operations. The Company recognizes rent expense for escalation clauses, rent holidays, leasehold improvement incentives and other concessions using the straight-line method over the minimum lease term. Minimum future rental commitments under non-cancelable operating leases follow (dollars in thousands):

Year Ending December 31,
2012	$	13,879
2013		11,269
2014		6,312
2015		5,799
2016		5,808
2017 and thereafter		10,448
Total	$	53,515

• Other Commitments

        Pursuant to employment arrangements, the Company is obligated to pay certain employees aggregate minimum compensation of $10.3 million as of December 31, 2011. In the event of termination of employment without cause prior to their respective expiration, these arrangements require the Company to pay separation payments totaling the lower of $10.3 million or the remaining minimum compensation due, net of payments made through the termination date.

        Pursuant to contracts expiring through 2016, the Company is obligated to purchase market data, maintenance and other services totaling $59.7 million.