2018 Q3 Form 10-Q Financial Statement

#000159238618000009 Filed on November 08, 2018

View on sec.gov

Income Statement

Concept 2018 Q3 2017 Q3
Revenue $295.1M $271.3M
YoY Change 8.79% 64.62%
Cost Of Revenue $122.3M $141.0M
YoY Change -13.26% 87.75%
Gross Profit $172.9M $130.3M
YoY Change 32.69% 45.26%
Gross Profit Margin 58.59% 48.03%
Selling, General & Admin $62.10M $96.50M
YoY Change -35.65% 265.53%
% of Gross Profit 35.92% 74.06%
Research & Development $39.52M $46.00M
YoY Change -14.09%
% of Gross Profit 22.85% 35.3%
Depreciation & Amortization $22.40M $22.00M
YoY Change 1.82% 201.37%
% of Gross Profit 12.96% 16.88%
Operating Expenses $265.7M $317.8M
YoY Change -16.39% 517.05%
Operating Profit -$92.80M -$187.5M
YoY Change -50.5% -590.79%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $29.43M -$46.50M
YoY Change -163.29% -222.68%
Income Tax $13.80M -$6.505M
% Of Pretax Income 46.9%
Net Earnings $8.612M -$13.52M
YoY Change -163.71% -293.11%
Net Earnings / Revenue 2.92% -4.98%
Basic Earnings Per Share $0.08 -$0.17
Diluted Earnings Per Share $0.08 -$0.17
COMMON SHARES
Basic Shares Outstanding 106.7M shares 79.20M shares
Diluted Shares Outstanding 107.1M shares 79.20M shares

Balance Sheet

Concept 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $416.0M $558.0M
YoY Change -25.45% 282.19%
Cash & Equivalents $415.9M $559.2M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $1.116B $981.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.532B $1.539B
YoY Change -0.45% 133.54%
LONG-TERM ASSETS
Property, Plant & Equipment $117.5M $145.0M
YoY Change -18.96% 367.74%
Goodwill $836.6M
YoY Change
Intangibles $90.07M
YoY Change
Long-Term Investments $4.243B $4.436B
YoY Change -4.35% 141.74%
Other Assets $178.0M $228.0M
YoY Change -21.93% 17.53%
Total Long-Term Assets $5.707B $6.200B
YoY Change -7.96% 117.24%
TOTAL ASSETS
Total Short-Term Assets $1.532B $1.539B
Total Long-Term Assets $5.707B $6.200B
Total Assets $7.239B $7.739B
YoY Change -6.47% 120.3%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $952.0M $839.0M
YoY Change 13.47% 175.08%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $14.57M $636.0M
YoY Change -97.71% 3433.33%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.268B $1.475B
YoY Change -14.03% 1205.31%
LONG-TERM LIABILITIES
Long-Term Debt $904.0M $1.435B
YoY Change -37.0% 172.81%
Other Long-Term Liabilities $3.398B $3.377B
YoY Change 0.62% 66.6%
Total Long-Term Liabilities $4.302B $4.812B
YoY Change -10.6% 88.48%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.268B $1.475B
Total Long-Term Liabilities $4.302B $4.812B
Total Liabilities $5.854B $6.896B
YoY Change -15.11% 104.45%
SHAREHOLDERS EQUITY
Retained Earnings $49.65M
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $997.4M $843.0M
YoY Change
Total Liabilities & Shareholders Equity $7.239B $7.739B
YoY Change -6.47% 120.3%

Cashflow Statement

Concept 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income $8.612M -$13.52M
YoY Change -163.71% -293.11%
Depreciation, Depletion And Amortization $22.40M $22.00M
YoY Change 1.82% 201.37%
Cash From Operating Activities $3.200M $133.4M
YoY Change -97.6% 31.3%
INVESTING ACTIVITIES
Capital Expenditures -$10.60M -$11.70M
YoY Change -9.4% 125.0%
Acquisitions
YoY Change
Other Investing Activities $600.0K -$798.9M
YoY Change -100.08% 1959.02%
Cash From Investing Activities -$10.10M -$810.6M
YoY Change -98.75% 1746.47%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -236.6M -50.50M
YoY Change 368.51% -18.02%
NET CHANGE
Cash From Operating Activities 3.200M 133.4M
Cash From Investing Activities -10.10M -810.6M
Cash From Financing Activities -236.6M -50.50M
Net Change In Cash -243.5M -727.7M
YoY Change -66.54% 18558.97%
FREE CASH FLOW
Cash From Operating Activities $3.200M $133.4M
Capital Expenditures -$10.60M -$11.70M
Free Cash Flow $13.80M $145.1M
YoY Change -90.49% 35.86%

Facts In Submission

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CY2017Q4 us-gaap Goodwill
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CY2018Q3 us-gaap Goodwill
Goodwill
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CY2018Q3 us-gaap Goodwill
Goodwill
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us-gaap Goodwill Impairment Loss
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0 USD
us-gaap Goodwill Impairment Loss
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0 USD
us-gaap Goodwill Written Off Related To Sale Of Business Unit
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2018Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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29425000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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547585000 USD
CY2017Q3 us-gaap Income Tax Expense Benefit
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CY2017Q3 us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
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CY2018Q3 us-gaap Income Tax Expense Benefit
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13800000 USD
CY2018Q3 us-gaap Income Tax Expense Benefit
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13815000 USD
us-gaap Income Tax Expense Benefit
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75330000 USD
us-gaap Income Taxes Paid Net
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us-gaap Income Taxes Paid Net
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84337000 USD
CY2017Q4 us-gaap Income Taxes Receivable
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115200000 USD
CY2018Q3 us-gaap Income Taxes Receivable
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40700000 USD
us-gaap Increase Decrease In Brokerage Receivables
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us-gaap Increase Decrease In Brokerage Receivables
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143746000 USD
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us-gaap Increase Decrease In Other Operating Assets
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us-gaap Increase Decrease In Payables To Broker Dealers
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-393564000 USD
us-gaap Increase Decrease In Payables To Broker Dealers
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236138000 USD
us-gaap Increase Decrease In Payables Under Repurchase Agreements
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us-gaap Increase Decrease In Payables Under Repurchase Agreements
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-89404000 USD
us-gaap Increase Decrease In Receivables Under Repurchase Agreements
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-8645000 USD
us-gaap Increase Decrease In Receivables Under Repurchase Agreements
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10014000 USD
us-gaap Increase Decrease In Securities Borrowed
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-101046000 USD
us-gaap Increase Decrease In Securities Borrowed
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-165383000 USD
us-gaap Increase Decrease In Securities Loaned Transactions
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194523000 USD
us-gaap Increase Decrease In Securities Loaned Transactions
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45458000 USD
CY2017Q4 us-gaap Intangible Assets Gross Excluding Goodwill
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234633000 USD
CY2018Q3 us-gaap Intangible Assets Gross Excluding Goodwill
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232633000 USD
CY2017Q4 us-gaap Intangible Assets Net Excluding Goodwill
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111224000 USD
CY2018Q3 us-gaap Intangible Assets Net Excluding Goodwill
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90069000 USD
CY2017Q3 us-gaap Interest And Dividend Income Operating
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20430000 USD
us-gaap Interest And Dividend Income Operating
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us-gaap Interest And Dividend Income Operating
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CY2017Q3 us-gaap Interest Expense Debt
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us-gaap Interest Expense Debt
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CY2018Q3 us-gaap Interest Expense Debt
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us-gaap Interest Expense Debt
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CY2017Q3 us-gaap Labor And Related Expense
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us-gaap Labor And Related Expense
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CY2018Q3 us-gaap Labor And Related Expense
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us-gaap Labor And Related Expense
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us-gaap Legal Fees
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24188000 USD
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us-gaap Legal Fees
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CY2018Q3 us-gaap Liabilities
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5853919000 USD
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7320006000 USD
CY2018Q3 us-gaap Liabilities And Stockholders Equity
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7238530000 USD
CY2017Q4 us-gaap Long Term Debt
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30783000 USD
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69000 USD
CY2018Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
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0 USD
CY2018Q3 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
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0 USD
us-gaap Loss Contingency Loss In Period
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us-gaap Loss Contingency Loss In Period
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1620000 USD
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0 USD
us-gaap Payments Of Debt Issuance Costs
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2261000 USD
us-gaap Loss On Contract Termination
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7062000 USD
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321009000 USD
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65573000 USD
us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
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196061000 USD
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1000000.0 USD
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980151000 USD
us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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363646000 USD
us-gaap Net Cash Provided By Used In Operating Activities
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215771000 USD
us-gaap Net Cash Provided By Used In Operating Activities
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313511000 USD
CY2017Q3 us-gaap Net Income Loss
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us-gaap Net Income Loss
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-8037000 USD
CY2018Q3 us-gaap Net Income Loss
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us-gaap Net Income Loss
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208573000 USD
CY2017Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
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CY2018Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
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263682000 USD
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us-gaap Net Income Loss Available To Common Stockholders Basic
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-9034000 USD
CY2018Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
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8194000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
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204544000 USD
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us-gaap Net Income Loss Available To Common Stockholders Diluted
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-9034000 USD
CY2018Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
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8194000 USD
us-gaap Net Income Loss Available To Common Stockholders Diluted
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204544000 USD
CY2017Q3 us-gaap Number Of Operating Segments
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1 segment
CY2017Q3 us-gaap Number Of Operating Segments
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3 segment
CY2017Q3 us-gaap Number Of Reportable Segments
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1 segment
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us-gaap Operating Expenses
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580882000 USD
CY2018Q3 us-gaap Operating Expenses
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us-gaap Operating Expenses
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231800000 USD
CY2018Q3 us-gaap Operating Loss Carryforwards
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231800000 USD
CY2017Q3 us-gaap Order Flow Fees
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12071000 USD
us-gaap Order Flow Fees
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12071000 USD
CY2018Q3 us-gaap Order Flow Fees
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us-gaap Order Flow Fees
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50381000 USD
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CY2018Q3 us-gaap Other Assets
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CY2017Q4 us-gaap Other Assets Fair Value Disclosure
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42375000 USD
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0 USD
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2558000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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8300000 USD
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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
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997000 USD
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418000 USD
us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
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4029000 USD
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us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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0 USD
us-gaap Payments Of Dividends
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us-gaap Payments To Acquire Business Two Net Of Cash Acquired
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us-gaap Payments For Repurchase Of Common Stock
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147000 USD
us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments To Acquire Property Plant And Equipment
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13932000 USD
us-gaap Payments To Acquire Property Plant And Equipment
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18715000 USD
us-gaap Payments To Develop Software
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us-gaap Payments To Develop Software
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us-gaap Payments To Minority Shareholders
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us-gaap Payments To Minority Shareholders
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us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Proceeds From Issuance Of Long Term Debt
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us-gaap Proceeds From Issuance Of Long Term Debt
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0 USD
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us-gaap Proceeds From Repayments Of Short Term Debt
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us-gaap Proceeds From Sale Of Productive Assets
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0 USD
us-gaap Proceeds From Sale Of Productive Assets
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600000 USD
us-gaap Proceeds From Stock Options Exercised
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0 USD
us-gaap Proceeds From Stock Options Exercised
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CY2017Q3 us-gaap Profit Loss
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us-gaap Profit Loss
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CY2018Q3 us-gaap Profit Loss
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us-gaap Profit Loss
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CY2017Q4 us-gaap Property Plant And Equipment Net
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CY2017Q4 us-gaap Receivables From Brokers Dealers And Clearing Organizations
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CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
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CY2018Q3 us-gaap Retained Earnings Accumulated Deficit
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49647000 USD
CY2017Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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49237000 USD
CY2018Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
40252000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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140661000 USD
CY2017Q3 us-gaap Revenues
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us-gaap Revenues
Revenues
563461000 USD
CY2018Q3 us-gaap Revenues
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us-gaap Revenues
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1438303000 USD
CY2017Q4 us-gaap Securities Borrowed
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CY2018Q3 us-gaap Securities Borrowed
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CY2017Q4 us-gaap Securities Borrowed Collateral Obligation To Return Cash
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13318000 USD
CY2018Q3 us-gaap Securities Borrowed Collateral Obligation To Return Cash
SecuritiesBorrowedCollateralObligationToReturnCash
6195000 USD
CY2017Q4 us-gaap Securities Borrowed Gross
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1471172000 USD
CY2018Q3 us-gaap Securities Borrowed Gross
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1305789000 USD
CY2017Q4 us-gaap Securities Failed To Deliver
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248088000 USD
CY2018Q3 us-gaap Securities Failed To Deliver
SecuritiesFailedToDeliver
229944000 USD
CY2017Q4 us-gaap Securities Failed To Receive
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51143000 USD
CY2018Q3 us-gaap Securities Failed To Receive
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28077000 USD
CY2017Q4 us-gaap Securities Loaned
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CY2018Q3 us-gaap Securities Loaned
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CY2017Q4 us-gaap Securities Loaned Collateral Right To Reclaim Cash
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CY2018Q3 us-gaap Securities Loaned Collateral Right To Reclaim Cash
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6195000 USD
CY2017Q4 us-gaap Securities Loaned Gross
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CY2018Q3 us-gaap Securities Loaned Gross
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800145000 USD
CY2017Q4 us-gaap Securities Purchased Under Agreements To Resell
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CY2018Q3 us-gaap Securities Purchased Under Agreements To Resell
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10014000 USD
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21000 USD
CY2018Q3 us-gaap Securities Purchased Under Agreements To Resell Collateral Obligation To Return Securities
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9993000 USD
CY2018Q3 us-gaap Securities Purchased Under Agreements To Resell Gross
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10014000 USD
CY2018Q3 us-gaap Securities Purchased Under Agreements To Resell Offset Against Collateral Net Of Not Subject To Master Netting Arrangement Policy Election
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0 USD
CY2017Q4 us-gaap Securities Sold Under Agreements To Repurchase
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CY2018Q3 us-gaap Securities Sold Under Agreements To Repurchase
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21000 USD
CY2017Q4 us-gaap Securities Sold Under Agreements To Repurchase Gross
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390642000 USD
CY2018Q3 us-gaap Securities Sold Under Agreements To Repurchase Gross
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301238000 USD
us-gaap Share Based Compensation
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10924000 USD
us-gaap Share Based Compensation
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22537000 USD
CY2017Q4 us-gaap Short Term Borrowings
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CY2018Q3 us-gaap Short Term Borrowings
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14567000 USD
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76754000 USD
CY2018Q3 us-gaap Stock Repurchase Program Authorized Amount1
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100000000 USD
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4592000 USD
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8216000 USD
CY2017Q4 us-gaap Stockholders Equity
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CY2018Q3 us-gaap Stockholders Equity
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CY2016Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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534412000 USD
CY2017Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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1165527000 USD
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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1151578000 USD
CY2018Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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1384611000 USD
CY2017Q4 us-gaap Taxes Payable Current
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7600000 USD
CY2018Q3 us-gaap Taxes Payable Current
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16000000 USD
CY2017Q3 us-gaap Trading Gains Losses
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203907000 USD
us-gaap Trading Gains Losses
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479644000 USD
CY2018Q3 us-gaap Trading Gains Losses
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235699000 USD
us-gaap Trading Gains Losses
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900454000 USD
CY2017Q4 us-gaap Treasury Stock Common Shares
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CY2018Q3 us-gaap Treasury Stock Common Shares
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CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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53520346 shares
CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
107128206 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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100468860 shares
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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79199142 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
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53520346 shares
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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106692034 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
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99038084 shares
CY2017Q4 us-gaap Treasury Stock Common Value
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11041000 USD
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55005000 USD
us-gaap Treasury Stock Value Acquired Cost Method
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147000 USD
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
58218000 USD
CY2017Q4 us-gaap Variable Interest Entity Nonconsolidated Carrying Amount Assets
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18799000 USD
CY2018Q3 us-gaap Variable Interest Entity Nonconsolidated Carrying Amount Assets
VariableInterestEntityNonconsolidatedCarryingAmountAssets
18669000 USD
CY2017Q4 us-gaap Variable Interest Entity Nonconsolidated Carrying Amount Liabilities
VariableInterestEntityNonconsolidatedCarryingAmountLiabilities
0 USD
CY2018Q3 us-gaap Variable Interest Entity Nonconsolidated Carrying Amount Liabilities
VariableInterestEntityNonconsolidatedCarryingAmountLiabilities
0 USD
CY2017Q4 virt Accounts Payable And Accrued Expenses And Other Liabilities
AccountsPayableAndAccruedExpensesAndOtherLiabilities
358825000 USD
CY2018Q3 virt Accounts Payable And Accrued Expenses And Other Liabilities
AccountsPayableAndAccruedExpensesAndOtherLiabilities
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virt Depreciation And Amortization Excluding Intangible Assets
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CY2015Q4 virt Loss Contingency Amount Of Fine
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CY2017Q4 virt Loss Contingency Amount Of Fine
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CY2017Q4 virt Loss Contingency Amount Of Fine
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Receivables from/Payables to Broker-Dealers and Clearing Organizations</font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following is a summary of receivables from and payables to brokers-dealers and clearing organizations at </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">:</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:95.703125%;border-collapse:collapse;text-align:left;"><tr><td colspan="9" rowspan="1"></td></tr><tr><td style="width:64%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:15%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:15%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(in&#160;thousands)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">September 30, 2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">December 31, 2017</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Assets</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Due from prime brokers</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font 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style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">112,847</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Net equity with futures commission merchants</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">260,705</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">203,711</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Unsettled trades with clearing organization</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">150,265</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">173,778</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Securities failed to deliver</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">229,944</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">248,088</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Commissions and fees</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">8,434</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">14,021</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Total receivables from broker-dealers and clearing organizations</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,115,764</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">972,018</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Liabilities</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Due to prime brokers</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">398,181</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">197,439</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Net equity with futures commission merchants</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">53,986</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">44,526</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Unsettled trades with clearing organization</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">470,665</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">420,029</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Securities failed to receive</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">28,077</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">51,143</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Commissions and fees</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">1,434</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">3,068</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Total payables to broker-dealers and clearing organizations</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">952,343</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">716,205</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Included as a deduction from &#8220;Due from prime brokers&#8221; and &#8220;Net equity with futures commission merchants&#8221; is the outstanding principal balance on all of the Company&#8217;s short-term credit facilities (described in </font><font style="font-family:inherit;font-size:10pt;">Note 10 "Borrowings"</font><font style="font-family:inherit;font-size:10pt;">) of approximately </font><font style="font-family:inherit;font-size:10pt;">$144.7 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$205.7 million</font><font style="font-family:inherit;font-size:10pt;"> as of </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, respectively. The loan proceeds from the credit facilities are available only to meet the initial margin requirements associated with the Company&#8217;s ordinary course futures and other trading positions, which are held in the Company&#8217;s trading accounts with an affiliate of the respective financial institutions. The credit facilities are fully collateralized by the Company&#8217;s trading accounts and deposit accounts with these financial institutions. &#8220;Securities failed to deliver&#8221; and &#8220;Securities failed to receive&#8221; include amounts with a clearing organization and other broker-dealers.</font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company's condensed consolidated financial statements are prepared in conformity with U.S.&#160;GAAP, which require management to make estimates and assumptions regarding measurements including the fair value of trading assets and liabilities, goodwill and intangibles, compensation accruals, capitalized software, income tax, and other matters that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Accordingly, actual results could differ materially from those estimates.</font></div></div>

Files In Submission

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