Segment Reporting

3 Months Ended

Mar. 31, 2012

Segment Reporting

Segment Reporting

(15) Segment Reporting

The Company is organized into four operating segments through which the Company’s chief operating decision makers manage the Company’s business. The U.S. Operations segment provides trade execution, trade order management, network connectivity and research services. The Canadian Operations segment provides trade execution, network connectivity and research services. The European Operations segment provides trade execution, trade order management, network connectivity and research services in Europe, and includes a technology research and development facility in Israel. The Asia Pacific Operations segment provides trade execution, network connectivity and research services in the Asia Pacific region.

The accounting policies of the reportable segments are the same as those described in Note 2, Summary of Significant Accounting Policies, in our Annual Report on Form 10-K for the year ended December 31, 2011.  The Company allocates resources to, and evaluates the performance of, its reportable segments based on income or loss before income tax expense. Consistent with the Company’s resource allocation and operating performance evaluation approach, the effects of inter-segment activities are eliminated except in limited circumstances where certain technology-related costs are allocated to a segment to support that segment’s revenue producing activities. Commissions and fees revenue for trade executions and commission share revenues are principally attributed to each segment based upon the location of execution of the related transaction. Recurring revenues are principally attributed based upon the location of the client using the respective service.

A summary of the segment financial information is as follows (dollars in thousands):

	U.S. Operations		Canadian Operations		European Operations		Asia Pacific Operations			Consolidated
Three Months Ended March 31, 2012
Total revenues	$	84,589	$	20,831	$	20,127	$	10,828		$	136,375
Income (loss) before income tax expense	3,353		3,862		2,485		(1,206		)	8,494
Identifiable assets	1,657,150		95,324		994,500		1,061,221			3,808,195
Three Months Ended March 31, 2011
Total revenues	$	100,511	$	21,839	$	18,375	$	9,353		$	150,078
Income (loss) before income tax expense	13,549		5,117		506		(2,041		)	17,131
Identifiable assets	1,871,281		100,269		584,865		704,124			3,260,539