Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of derivative assets and liabilities net of counterparty and collateral offsets

The following tables present the gross and net fair values of the Company's derivative transactions and the related offsetting amount permitted under ASC 210 and ASC 815 as of June 30, 2017 and December 31, 2016. Derivative assets and liabilities are net of counterparty and collateral offsets. Collateral offsets include cash margin amounts posted with brokers. Under ASC 210, gross positive fair values are offset against gross negative fair values by counterparty pursuant to enforceable master netting agreements, with amounts in thousands:



		As of June 30, 2017
		Derivative Assets					Derivative Liabilities
	Statement of Financial Condition Location	Fair Value			Notional		Fair Value			Notional
CFD contracts	Due from/Due to brokers⁽²⁾	$	227		$	20,151	$	74		$	17,703
Futures contracts	Due from/Due to brokers⁽²⁾	1,085			191,661		389			65,198
OTC options	Assets/liabilities held for sale⁽¹⁾	2,417			167,573		1,104			223,641
Total derivatives, gross		$	3,729		$	379,385	$	1,567		$	306,542
Netting agreements and cash collateral netting		(1,567		)			(1,567		)
Total derivatives, net		$	2,162				$	—

____________________________________

⁽¹⁾ As of June 30, 2017, the aggregate fair values of derivative assets and liabilities, gross attributable to discontinued operations were $2.4 million and $1.1 million, respectively. These amounts are offset by netting agreements of $1.1 million and $1.1 million, respectively.

⁽²⁾ As of June 30, 2017, the aggregate fair values of derivative assets and liabilities, gross attributable to continuing operations were $1.3 million and $0.5 million, respectively. These amounts are offset by netting agreements of $0.5 million and $0.5 million, respectively.



		As of December 31, 2016
		Derivative Assets					Derivative Liabilities
	Statement of Financial Condition Location	Fair Value			Notional		Fair Value			Notional
Exchange traded options	Assets held for sale⁽³⁾	$	3,209		$	10,562	$	—		$	—
CFD contracts	Due from brokers⁽⁴⁾	131			24,286		—			—
Futures contracts	Due from/Due to brokers and Assets/liabilities held for sale^{(3), (4)}	4,868			839,975		5,720			763,605
OTC options	Assets/liabilities held for sale⁽³⁾	270			24,595		225			33,249
Total derivatives, gross		$	8,478		$	899,418	$	5,945		$	796,854
Netting agreements and cash collateral netting		(4,854		)			(4,854		)
Total derivatives, net		$	3,624				$	1,091

____________________________________

⁽³⁾ As of December 31, 2016, the aggregate fair values of derivative assets and liabilities, gross attributable to discontinued operations were $4.3 million and $2.7 million, respectively. These amounts are offset by netting agreements and cash collateral netting of $2.7 million and $2.7 million, respectively.

⁽⁴⁾ As of December 31, 2016, the aggregate fair values of derivative assets and liabilities, gross attributable to continuing operations were $4.2 million and $3.3 million, respectively. These amounts are offset by netting agreements and cash collateral netting of $2.2 million and $2.2 million, respectively.

Schedule of gains (losses) on derivative instruments

The following table presents the gains (losses) on derivative instruments recognized in the condensed consolidated statements of operations for the three and six months ended June 30, 2017 and 2016, with amounts in thousands:



	Three Months Ended June 30,						Six Months Ended June 30,
	2017			2016			2017			2016
Exchange traded options⁽⁵⁾	$	99		$	737		$	678		$	11,091
CFD contracts⁽⁶⁾	(998		)	(1,305		)	(1,590		)	(1,445		)
Futures contracts⁽⁷⁾	(14,639		)	(15,736		)	(69,053		)	(30,856		)
OTC options⁽⁵⁾	5			(10		)	60			2
Total	$	(15,533	)	$	(16,314	)	$	(69,905	)	$	(21,208	)

____________________________________

⁽⁵⁾ Included in Income (loss) from discontinued operations, net of tax in the condensed consolidated statements of operations.

⁽⁶⁾ Included in Trading revenue in the condensed consolidated statements of operations.

⁽⁷⁾ The portion included in Income (loss) from continuing operations in the condensed consolidated statements of operations is $(16.0) million and $(72.1) million for the three and six months ended June 30, 2017, respectively, and $(17.7) million and $(25.3) million for the three and six months ended June 30, 2016, respectively.

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=84234895&loc=d3e41641-113959

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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-Publisher FASB
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-Publisher FASB
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-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5624171-113959

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
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-URI http://asc.fasb.org/extlink&oid=84234895&loc=d3e41620-113959

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(n)(2))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

+ Details

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