2015 Q3 Form 10-Q Financial Statement

#000119312515371318 Filed on November 09, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2014 Q4 2014 Q3
Revenue $685.3M $493.5M $436.2M
YoY Change 57.1% 15.68% 7.92%
Cost Of Revenue $4.900M $6.000M $2.700M
YoY Change 81.48% 160.87% 35.0%
Gross Profit $680.4M $487.5M $433.5M
YoY Change 56.96% 14.28% 7.78%
Gross Profit Margin 99.29% 98.78% 99.38%
Selling, General & Admin $601.2M $453.1M $410.5M
YoY Change 46.46% 13.3% 12.13%
% of Gross Profit 88.36% 92.94% 94.69%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $22.10M $13.30M $7.000M
YoY Change 215.71% 13.68% -6.67%
% of Gross Profit 3.25% 2.73% 1.61%
Operating Expenses $665.5M $547.3M $449.5M
YoY Change 48.03% 32.36% 15.06%
Operating Profit $14.94M -$59.80M -$16.03M
YoY Change -193.19% -556.49% -239.18%
Interest Expense $16.94M -$12.80M $9.197M
YoY Change 84.23% 8.47% 0.36%
% of Operating Profit 113.41%
Other Income/Expense, Net $63.49M $2.900M $43.25M
YoY Change 46.78% 48.35%
Pretax Income $83.32M -$69.90M $29.94M
YoY Change 178.32% -5476.92% -29.83%
Income Tax $28.74M -$22.50M $18.81M
% Of Pretax Income 34.49% 62.83%
Net Earnings $38.37M -$25.90M $7.211M
YoY Change 432.12% -731.71% -71.53%
Net Earnings / Revenue 5.6% -5.25% 1.65%
Basic Earnings Per Share $0.15 $0.03
Diluted Earnings Per Share $0.15 -$117.2K $0.03
COMMON SHARES
Basic Shares Outstanding 252.4M shares 220.4M shares
Diluted Shares Outstanding 394.0M shares 331.2M shares

Balance Sheet

Concept 2015 Q3 2014 Q4 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $534.1M $855.5M $587.7M
YoY Change -9.12% 12.27% -26.06%
Cash & Equivalents $424.4M $710.8M $411.1M
Short-Term Investments $109.7M $144.7M $176.7M
Other Short-Term Assets $28.20M
YoY Change 29.95%
Inventory
Prepaid Expenses
Receivables $1.567B $941.7M $1.309B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.991B $1.618B $1.720B
YoY Change 15.77% 18.15% -22.54%
LONG-TERM ASSETS
Property, Plant & Equipment $150.7M $112.0M $114.4M
YoY Change 31.75% -12.22% -12.87%
Goodwill $953.9M $392.6M $244.8M
YoY Change 289.67% 140.34% 49.54%
Intangibles $320.4M $27.98M $24.75M
YoY Change 1194.7% 53.91% 27.7%
Long-Term Investments $32.90M $17.39M $18.55M
YoY Change 77.31% -1.76% -4.54%
Other Assets $142.9M
YoY Change 34.81%
Total Long-Term Assets $2.127B $1.133B $963.7M
YoY Change 120.67% 59.62% 32.46%
TOTAL ASSETS
Total Short-Term Assets $1.991B $1.618B $1.720B
Total Long-Term Assets $2.127B $1.133B $963.7M
Total Assets $4.118B $2.751B $2.684B
YoY Change 53.43% 32.31% -8.96%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.107B $669.5M $951.2M
YoY Change 16.38% 109.94% -22.13%
Accrued Expenses $307.5M $231.7M $231.6M
YoY Change 32.77% 23.31% 26.9%
Deferred Revenue
YoY Change
Short-Term Debt $75.00M $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.133B $733.5M $1.183B
YoY Change -4.18% 44.73% -15.75%
LONG-TERM LIABILITIES
Long-Term Debt $841.0M $706.7M $410.3M
YoY Change 104.97% 73.04% -3.0%
Other Long-Term Liabilities $0.00 $0.00 $5.000M
YoY Change -100.0% -100.0%
Total Long-Term Liabilities $841.0M $706.7M $415.3M
YoY Change 102.5% 72.2% -1.82%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.133B $733.5M $1.183B
Total Long-Term Liabilities $841.0M $706.7M $415.3M
Total Liabilities $3.081B $2.110B $1.982B
YoY Change 55.47% 61.08% -7.37%
SHAREHOLDERS EQUITY
Retained Earnings -$303.2M -$268.9M -$223.9M
YoY Change 35.43% 60.14% 53.13%
Common Stock $1.006B $817.2M $801.5M
YoY Change 25.56% 9.59% 9.92%
Preferred Stock
YoY Change
Treasury Stock (at cost) $207.8M $201.0M $179.5M
YoY Change 15.76% 65.05% 56.91%
Treasury Stock Shares
Shareholders Equity $527.8M $401.5M $430.3M
YoY Change
Total Liabilities & Shareholders Equity $4.118B $2.751B $2.684B
YoY Change 53.43% 32.31% -8.96%

Cashflow Statement

Concept 2015 Q3 2014 Q4 2014 Q3
OPERATING ACTIVITIES
Net Income $38.37M -$25.90M $7.211M
YoY Change 432.12% -731.71% -71.53%
Depreciation, Depletion And Amortization $22.10M $13.30M $7.000M
YoY Change 215.71% 13.68% -6.67%
Cash From Operating Activities $133.3M $86.00M $51.60M
YoY Change 158.33% 34.8% 21.13%
INVESTING ACTIVITIES
Capital Expenditures -$18.10M -$7.400M -$7.300M
YoY Change 147.95% -43.94% -14.12%
Acquisitions
YoY Change
Other Investing Activities -$13.70M -$45.70M -$87.40M
YoY Change -84.32% 1328.13% -50.84%
Cash From Investing Activities -$31.80M -$53.10M -$94.70M
YoY Change -66.42% 225.77% -49.17%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -35.20M 207.9M -101.3M
YoY Change -65.25% -335.18% -40.2%
NET CHANGE
Cash From Operating Activities 133.3M 86.00M 51.60M
Cash From Investing Activities -31.80M -53.10M -94.70M
Cash From Financing Activities -35.20M 207.9M -101.3M
Net Change In Cash 66.30M 240.8M -144.4M
YoY Change -145.91% -688.75% -53.88%
FREE CASH FLOW
Cash From Operating Activities $133.3M $86.00M $51.60M
Capital Expenditures -$18.10M -$7.400M -$7.300M
Free Cash Flow $151.4M $93.40M $58.90M
YoY Change 157.05% 21.3% 15.26%

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StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
581922000
CY2014Q4 us-gaap Derivative Instruments Not Designated As Hedging Instruments Liability At Fair Value
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsLiabilityAtFairValue
153000
CY2014Q4 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
501830000
CY2014Q4 us-gaap Security Owned And Sold Not Yet Purchased Fair Value Security Sold Not Yet Purchased
SecurityOwnedAndSoldNotYetPurchasedFairValueSecuritySoldNotYetPurchased
0
CY2014Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
249049000
CY2014Q4 us-gaap Derivative Fair Value Of Derivative Liability Amount Not Offset Against Collateral
DerivativeFairValueOfDerivativeLiabilityAmountNotOffsetAgainstCollateral
153000
CY2014Q4 us-gaap Minority Interest
MinorityInterest
180406000
CY2014Q4 us-gaap Accounts Payable Related Parties Current And Noncurrent
AccountsPayableRelatedPartiesCurrentAndNoncurrent
23326000
CY2014Q4 us-gaap Notes Payable Related Parties Current And Noncurrent
NotesPayableRelatedPartiesCurrentAndNoncurrent
150000000
CY2014Q4 us-gaap Debt Longterm And Shortterm Combined Amount
DebtLongtermAndShorttermCombinedAmount
706700000
CY2014Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
4303000
CY2014Q4 us-gaap Secured Debt
SecuredDebt
0
CY2014Q4 us-gaap Securities Failed To Receive
SecuritiesFailedToReceive
552790000
CY2014Q4 us-gaap Derivative Fair Value Of Derivative Asset Amount Offset Against Collateral
DerivativeFairValueOfDerivativeAssetAmountOffsetAgainstCollateral
3508000
CY2014Q4 us-gaap Due From Related Parties
DueFromRelatedParties
8864000
CY2014Q4 us-gaap Receivables From Brokers Dealers And Clearing Organizations
ReceivablesFromBrokersDealersAndClearingOrganizations
640761000
CY2014Q4 us-gaap Available For Sale Securities
AvailableForSaleSecurities
97500000
CY2014Q4 us-gaap Investments
Investments
17392000
CY2014Q4 us-gaap Assets
Assets
2751127000
CY2014Q4 us-gaap Foreign Currency Contract Asset Fair Value Disclosure
ForeignCurrencyContractAssetFairValueDisclosure
3098000
CY2014Q4 us-gaap Marketable Securities
MarketableSecurities
144719000
CY2014Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
180735000
CY2014Q4 us-gaap Interest Rate Derivative Instruments Not Designated As Hedging Instruments Asset At Fair Value
InterestRateDerivativeInstrumentsNotDesignatedAsHedgingInstrumentsAssetAtFairValue
410000
CY2014Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
27980000
CY2014Q4 us-gaap Financial Instruments Owned Us Government And Agency Obligations At Fair Value
FinancialInstrumentsOwnedUSGovernmentAndAgencyObligationsAtFairValue
32508000
CY2014Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
112020000
CY2014Q4 us-gaap Noncurrent Assets
NoncurrentAssets
676659000
CY2014Q4 us-gaap Due From Employees
DueFromEmployees
130775000
CY2014Q4 us-gaap Securities Borrowed
SecuritiesBorrowed
62736000
CY2014Q4 us-gaap Treasury Stock Value
TreasuryStockValue
200958000
CY2014Q4 us-gaap Cash And Securities Segregated Under Federal And Other Regulations
CashAndSecuritiesSegregatedUnderFederalAndOtherRegulations
12144000
CY2014Q4 us-gaap Equity Method Investments
EquityMethodInvestments
17392000
CY2014Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
39530000
CY2014Q4 us-gaap Other Assets
OtherAssets
228331000
CY2014Q4 us-gaap Derivative Liability Fair Value Gross Asset
DerivativeLiabilityFairValueGrossAsset
183000
CY2014Q4 us-gaap Derivative Collateral Right To Reclaim Securities
DerivativeCollateralRightToReclaimSecurities
0
CY2014Q4 us-gaap Investment Owned At Fair Value
InvestmentOwnedAtFairValue
144700000
CY2014Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
15795000
CY2014Q4 us-gaap Goodwill
Goodwill
392570000
CY2014Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
648277000
CY2014Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
361069000
CY2014Q4 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
12185000
CY2014Q4 us-gaap Receivables From Clearing Organizations
ReceivablesFromClearingOrganizations
60300000
CY2014Q4 us-gaap Financial Instruments Owned At Fair Value
FinancialInstrumentsOwnedAtFairValue
32508000
CY2014Q4 us-gaap Derivative Collateral Right To Reclaim Cash
DerivativeCollateralRightToReclaimCash
0
CY2014Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
3691000
CY2014Q4 us-gaap Other Receivables From Broker Dealers And Clearing Organizations
OtherReceivablesFromBrokerDealersAndClearingOrganizations
16927000
CY2014Q4 us-gaap Accrued Fees And Other Revenue Receivable
AccruedFeesAndOtherRevenueReceivable
292050000
CY2014Q4 us-gaap Derivative Instruments Not Designated As Hedging Instruments Asset At Fair Value
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsAssetAtFairValue
3508000
CY2014Q4 us-gaap Derivative Fair Value Of Derivative Asset Amount Not Offset Against Collateral
DerivativeFairValueOfDerivativeAssetAmountNotOffsetAgainstCollateral
3508000
CY2014Q4 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
51715000
CY2014Q4 us-gaap Securities Failed To Deliver
SecuritiesFailedToDeliver
559142000
CY2014Q4 bgcp Receivable From Net Pending Trades
ReceivableFromNetPendingTrades
884000
CY2014Q4 bgcp Number Of Limited Partnership Units Exchangeable Into Shares
NumberOfLimitedPartnershipUnitsExchangeableIntoShares
1700000 shares
CY2014Q4 bgcp Notes Payable And Collateralized Borrowings
NotesPayableAndCollateralizedBorrowings
556700000
CY2014Q4 bgcp Estimated Fair Value Of Limited Partnership Units
EstimatedFairValueOfLimitedPartnershipUnits
11800000
CY2014Q4 bgcp Notional Value Of Limited Partnership Units With Post Termination Pay Out Amount
NotionalValueOfLimitedPartnershipUnitsWithPostTerminationPayOutAmount
68800000
CY2014Q4 bgcp Payable For Open Derivative Contracts
PayableForOpenDerivativeContracts
153000
CY2014Q4 bgcp Amount Of Asset Backed Commercial Paper Facility
AmountOfAssetBackedCommercialPaperFacility
125000000
CY2014Q4 bgcp Receivable From Open Derivative Contracts
ReceivableFromOpenDerivativeContracts
3508000
CY2015Q1 bgcp Tendered Shares Owned By Parent
TenderedSharesOwnedByParent
17100000 shares
CY2013Q4 us-gaap Related Party Transaction Rate
RelatedPartyTransactionRate
0.10 pure
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.10
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
80825000
us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.36
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.36
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
326610000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
759000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
220588000 shares
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.10
us-gaap Revenue From Related Parties
RevenueFromRelatedParties
21748000
us-gaap Interest Income Operating
InterestIncomeOperating
5639000
us-gaap Payments For Software
PaymentsForSoftware
9728000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
10043000
us-gaap Increase Decrease In Accounts And Other Receivables
IncreaseDecreaseInAccountsAndOtherReceivables
2731000
us-gaap Other Income
OtherIncome
14308000
us-gaap Net Income Loss
NetIncomeLoss
22820000
us-gaap Increase Decrease In Brokerage Receivables
IncreaseDecreaseInBrokerageReceivables
651769000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
1311000
us-gaap Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
2600000
us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-31800000
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
14401000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
22820000
us-gaap Increase Decrease In Securities Borrowed
IncreaseDecreaseInSecuritiesBorrowed
6806000
us-gaap Revenues
Revenues
1298207000
us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
434000
us-gaap Management Fees Revenue
ManagementFeesRevenue
119298000
us-gaap Interest Paid
InterestPaid
22690000
us-gaap Profit Loss
ProfitLoss
32946000
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
78798000
us-gaap Other Real Estate Revenue
OtherRealEstateRevenue
282051000
us-gaap Temporary Equity Net Income
TemporaryEquityNetIncome
2847000
us-gaap Increase Decrease In Financial Instruments Used In Operating Activities
IncreaseDecreaseInFinancialInstrumentsUsedInOperatingActivities
3809000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
76008000
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
38262000
us-gaap Brokerage Commissions Revenue
BrokerageCommissionsRevenue
926730000
us-gaap Sales Revenue From Energy Commodities And Services
SalesRevenueFromEnergyCommoditiesAndServices
40003000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
13439000
us-gaap Increase Decrease In Due From Employee Current
IncreaseDecreaseInDueFromEmployeeCurrent
21947000
us-gaap Income Taxes Paid
IncomeTaxesPaid
59639000
us-gaap Capitalized Computer Software Impairments
CapitalizedComputerSoftwareImpairments
4100000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
45336000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
39133000
us-gaap Increase Decrease In Restricted Cash For Operating Activities
IncreaseDecreaseInRestrictedCashForOperatingActivities
1278000
us-gaap Revenues Excluding Interest And Dividends
RevenuesExcludingInterestAndDividends
1292568000
us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
7071000
us-gaap Foreign Currency Transaction Gain Loss Realized
ForeignCurrencyTransactionGainLossRealized
766000
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
17433000
us-gaap Increase Decrease Due From Affiliates
IncreaseDecreaseDueFromAffiliates
-6519000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
35076000
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-3032000
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
1599000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
56098000
us-gaap Payments For Repurchase Of Redeemable Noncontrolling Interest
PaymentsForRepurchaseOfRedeemableNoncontrollingInterest
52291000
us-gaap Principal Transactions Revenue
PrincipalTransactionsRevenue
203585000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
33412000
us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
1962000000
us-gaap Temporary Equity Other Changes
TemporaryEquityOtherChanges
2154000
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
39222000
us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
47347000
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-6203000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
23152000
us-gaap Other Expenses
OtherExpenses
56898000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-135028000
us-gaap Increase Decrease In Financial Instruments Sold Not Yet Purchased
IncreaseDecreaseInFinancialInstrumentsSoldNotYetPurchased
2953000
us-gaap Distribution Made To Limited Partner Cash Distributions Declared
DistributionMadeToLimitedPartnerCashDistributionsDeclared
9800000
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
3591000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-305851000
us-gaap Operating Expenses
OperatingExpenses
1281242000
us-gaap Interest Expense
InterestExpense
27762000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-249229000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-2968000
us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
6621000
us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
53010000
us-gaap Increase Decrease In Accounts Payable Related Parties
IncreaseDecreaseInAccountsPayableRelatedParties
-7959000
us-gaap Stock Option Plan Expense
StockOptionPlanExpense
0
us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities
-25566000
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Noncontrolling Interest
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest
12271000
us-gaap Occupancy Net
OccupancyNet
112197000
us-gaap Floor Brokerage Exchange And Clearance Fees
FloorBrokerageExchangeAndClearanceFees
14587000
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-2419000
us-gaap Increase Decrease In Payables To Broker Dealers
IncreaseDecreaseInPayablesToBrokerDealers
640685000
us-gaap Cost Of Services Direct Labor
CostOfServicesDirectLabor
810259000
us-gaap Professional Fees
ProfessionalFees
31810000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2200000
us-gaap Communication
Communication
61857000
us-gaap Increase Decrease In Accrued Salaries
IncreaseDecreaseInAccruedSalaries
-3155000
us-gaap Noninterest Expense
NoninterestExpense
1253480000
us-gaap Asset Impairment Charges
AssetImpairmentCharges
4099000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
32771000
us-gaap Adjustments Noncash Items To Reconcile Net Income Loss To Cash Provided By Used In Operating Activities
AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities
169127000
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
10126000
bgcp Allocation Of Income To Limited Partnership Interest Diluted
AllocationOfIncomeToLimitedPartnershipInterestDiluted
10590000
bgcp Recognition Of Earnout And Related Hedges
RecognitionOfEarnoutAndRelatedHedges
42091000
bgcp Re Allocation Of Equity Due To Additional Investment By Founding Working Partners
ReAllocationOfEquityDueToAdditionalInvestmentByFoundingWorkingPartners
110000
bgcp Credit Revenue
CreditRevenue
177914000
bgcp Incremental Common Shares Attributable To Other Instruments
IncrementalCommonSharesAttributableToOtherInstruments
887000 shares
bgcp Foreign Exchange Brokerage Revenue
ForeignExchangeBrokerageRevenue
157578000
bgcp Dividend Equivalent Expense On Rsus
DividendEquivalentExpenseOnRsus
2000
bgcp Allocation Of Income To Limited Partnership Interest
AllocationOfIncomeToLimitedPartnershipInterest
17256000
bgcp Issuance Of Class Common Stock For Acquisitions
IssuanceOfClassCommonStockForAcquisitions
25441000
bgcp Equities And Other Brokerage Revenue
EquitiesAndOtherBrokerageRevenue
89814000
bgcp Exchange Of Founding Working Partner Interests
ExchangeOfFoundingWorkingPartnerInterests
917000
bgcp Payments For Proceeds From Marketable Securities
PaymentsForProceedsFromMarketableSecurities
69760000
bgcp Market Data And Software Solutions Revenue
MarketDataAndSoftwareSolutionsRevenue
6899000
bgcp Sublease Provision Adjustment
SubleaseProvisionAdjustment
-494000
bgcp Allocation Of Net Income And Grant Of Exchangeability To Limited Partnership Units And Founding Working Partner Units
AllocationOfNetIncomeAndGrantOfExchangeabilityToLimitedPartnershipUnitsAndFoundingWorkingPartnerUnits
106241000
bgcp Rates Revenue
RatesRevenue
311887000
bgcp Limited Partnership Units Average Redemption Price Per Unit
LimitedPartnershipUnitsAverageRedemptionPricePerUnit
7.00
bgcp Employee Loan Amortization And Reserve On Employee Loans
EmployeeLoanAmortizationAndReserveOnEmployeeLoans
21417000
bgcp Capitalization Of Patent Defense And Registration Costs
CapitalizationOfPatentDefenseAndRegistrationCosts
164000
bgcp Compensation And Employee Benefit Net
CompensationAndEmployeeBenefitNet
916500000
bgcp Issuance Of Common Stock Upon Exchange Of Limited Partnership Interests
IssuanceOfCommonStockUponExchangeOfLimitedPartnershipInterests
64177000
bgcp Redemption Of Founding Working Partner Interests
RedemptionOfFoundingWorkingPartnerInterests
8475000
bgcp Incremental Common Shares Attributable To Limited Partnership Interests
IncrementalCommonSharesAttributableToLimitedPartnershipInterests
104376000 shares
bgcp Real Estate Brokerage Revenue
RealEstateBrokerageRevenue
71068000
bgcp Equity Based Compensation And Allocations Of Net Income To Limited Partnership Units And Founding Or Working Partner Units
EquityBasedCompensationAndAllocationsOfNetIncomeToLimitedPartnershipUnitsAndFoundingOrWorkingPartnerUnits
115265000
bgcp Temporary Equity Earnings Distributions
TemporaryEquityEarningsDistributions
1604000
bgcp Stock Released During Period Restricted Shares
StockReleasedDuringPeriodRestrictedShares
7300000 shares
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.25
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
126560000
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
841081 shares
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 Segments
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
8.07
us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.40
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2015
dei Amendment Flag
AmendmentFlag
false
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
11000 shares
us-gaap Acquired Finite Lived Intangible Assets Weighted Average Useful Life
AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife
P14Y10M24D
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0001094831
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P1Y8M12D
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
9.57
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.40
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Entity Registrant Name
EntityRegistrantName
BGC Partners, Inc.
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
370147000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
770000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
8.24
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
239856000 shares
dei Document Period End Date
DocumentPeriodEndDate
2015-09-30
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
84000 shares
dei Trading Symbol
TradingSymbol
BGCP
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 Segment
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.26
us-gaap Due To And From Broker Dealers And Clearing Organizations Disclosure
DueToAndFromBrokerDealersAndClearingOrganizationsDisclosure
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt"> <b>10. Receivables from and Payables to Broker-Dealers, Clearing Organizations, Customers and Related Broker-Dealers.</b></p> <!-- xbrl,body --> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 8%"> Receivables from and payables to broker-dealers, clearing organizations, customers and related broker-dealers primarily represent amounts due for undelivered securities, cash held at clearing organizations and exchanges to facilitate settlement and clearance of matched principal transactions, spreads on matched principal transactions that have not yet been remitted from/to clearing organizations and exchanges and amounts related to open derivative contracts, including derivative contracts into which the Company may enter into to minimize the effect of price changes of the Company&#x2019;s Nasdaq shares (see Note 11&#x2014;&#x201C;Derivatives&#x201D;). As of September&#xA0;30, 2015 and December&#xA0;31, 2014, receivables from and payables to broker-dealers, clearing organizations, customers and related broker-dealers consisted of the following (in thousands):</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"><!-- Begin Table Head --> <tr> <td width="72%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"><b>September&#xA0;30,<br /> 2015</b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"><b>December&#xA0;31,<br /> 2014</b></td> <td valign="bottom">&#xA0;</td> </tr> <!-- End Table Head --><!-- Begin Table Body --> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Receivables from broker-dealers, clearing organizations, customers and related broker-dealers:</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Contract values of fails to deliver</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,040,250</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">559,142</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Receivables from clearing organizations</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">127,125</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">60,300</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Other receivables from broker-dealers and customers</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">22,927</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">16,927</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Net pending trades</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">884</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Open derivative contracts</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">2,422</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">3,508</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 5em; TEXT-INDENT: -1em"> Total</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,192,724</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">640,761</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Payables to broker-dealers, clearing organizations, customers and related broker-dealers:</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Contract values of fails to receive</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">968,470</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">552,790</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Payables to clearing organizations</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">66,004</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">79,848</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Other payables to broker-dealers and customers</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">22,871</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">13,378</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Net pending trades</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">15,110</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Open derivative contracts</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,777</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">153</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 5em; TEXT-INDENT: -1em"> Total</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,074,232</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">646,169</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <!-- End Table Body --></table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 8%"> A portion of these receivables and payables are with Cantor. See Note 13&#x2014;&#x201C;Related Party Transactions,&#x201D; for additional information related to these receivables and payables.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 8%"> Substantially all open fails to deliver, open fails to receive and pending trade transactions as of September&#xA0;30, 2015 have subsequently settled at the contracted amounts.</p> </div>
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