Subsequent Event

12 Months Ended

Dec. 31, 2017

Subsequent Events

Subsequent Events

(24)        Subsequent Events

Credit Agreement

On January 26, 2018, ITG Inc., as borrower, and Parent Company, as guarantor, entered into a new $150 million 364-day revolving credit agreement with a syndicate of banks and JPMorgan Chase Bank, N.A., as Administrative Agent. The agreement expires on January 25, 2019 and includes essentially the same terms as the 2017 Credit Agreement which it succeeds.

Launch of Derivatives Venture

Following the receipt of required regulatory approvals and satisfaction of other customary closing conditions in February 2018, the Matrix derivatives execution and technology transaction closed and the venture was launched.

As of closing, the Company is carrying the value of the net assets contributed to the Matrix derivatives venture of approximately $2.0 million as an investment in minority interest and is accounting for its share of results under the equity method. 

Share Repurchase Program

On February 15, 2018, the Company’s Board of Directors authorized the repurchase of an additional 4.0 million sharesbringing the total number of shares available for repurchase on that date to 4.4 million shares. This additional authorization has no expiration date. The specific timing and amount of repurchases will vary based on various factors including, among others, market conditions and competing needs for the use of capital.