Restructuring Charges

12 Months Ended

Dec. 31, 2016

Restructuring Charges [Abstract]

Restructuring Charges

(5)          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.  In the fourth quarter of 2016, the Company identified additional annual cost savings from management delayering and the elimination of certain positions.

Activity and liability balances recorded as part of the restructuring plan through December 31, 2016 are as follows (dollars in thousands):

	Employee		Contract
	separation and		termination			Asset
	related costs		charges			write-offs		Total
Restructuring charges recognized	$	9,417	$	176		$	27	$	9,620
Cash payments		(2,889)		(176	)		—		(3,065)
Acceleration of share-based compensation		(3,364)		—			—		(3,364)
Asset write-offs/translation gain		(7)		—			(27)		(34)
Balance at December 31, 2016	$	3,157	$	—		$	—	$	3,157

The payment of the remaining accrued costs will continue through June 2017.

2011 Restructuring

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

The following table summarizes the following changes during 2016 in the Company’s liability balance related to the 2011 restructuring (dollars in thousands):

	Consolidation
	of leased
	facilities
Balance at December 31, 2015	$	272
Utilized—cash		(829)
Sublease activity		537
Accrual adjustment		20
Balance at December 31, 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.

The following table summarizes the final changes during 2016 in the Company’s liability balance related to the 2010 restructuring (dollars in thousands):

	Consolidation
	of leased
	facilities
Balance at December 31, 2015	$	982
Utilized—cash		(406)
Adjustment to reserve		(576)
Balance at December 31, 2016	$	—