Restructuring Charges

6 Months Ended

Jun. 30, 2016

Restructuring Charges

Restructuring Charges

(4) Restructuring Charges

2016 Restructuring

As part of an end-to-end review of its business, the Company has determined that its strategy is to increasingly focus its resources on its core capabilities in execution, liquidity, analytics and workflow solutions. To that end, during the second quarter of 2016, the Company implemented restructuring plans to (i) reduce headcount in its high-touch trading and sales organizations and (ii) close its U.S. matched-book securities lending operations and its Canadian arbitrage trading desk.

Activity and liability balances recorded as part of the restructuring plan through June 30, 2016 are as follows (dollars in thousands):

	Employee separation and related costs			Contract termination charges		Asset write-offs			Currency Translation Gain			Total
Restructuring charges recognized	$	4,192		$	136	$	27		$			$	4,355
Cash payments	(515		)	—		—						(515		)
Acceleration of share-based compensation	(1,978		)									(1,978		)
Asset write-offs/translation gain	—			—		(27		)	(2		)	(29		)
Ending liability balance	$	1,699		$	136	$	—		$	(2	)	$	1,833

2011 Restructuring

In the second and fourth quarters of 2011, the Company implemented restructuring plans to improve margins and enhance stockholder returns.

Activity and liability balances recorded as part of the 2011 restructuring plan through June 30, 2016 are as follows (dollars in thousands):

	Consolidation of leased facilities
Balance at December 31, 2015	$	272
Utilized—cash	(496		)
Sublease activity	323
Balance at June 30, 2016	$	99

The adjustment for sublease activity reflects delayed payments from a sub-tenant that are now expected to be realized and is offset by a receivable in other assets. The payment of the remaining accrued costs and the realization of the sublease proceeds related to the vacated leased facilities will continue through December 2016.

2010 Restructuring

In the fourth quarter of 2010, the Company closed its Westchester, NY office and relocated the staff, primarily sales traders and support, to its New York City office.

Activity and liability balances recorded as part of the 2010 restructuring plan through June 30, 2016 are as follows (dollars in thousands):

	Consolidation of leased facilities
Balance at December 31, 2015	$	982
Utilized—cash	(247		)
Adjustment to reserve	(72		)
Balance at June 30, 2016	$	663

The payment of the remaining accrued costs related to the vacated leased facilities will continue through December 2016.