Financial Assets and Liabilities - Measured on a Recurring Basis (Details) - USD ($)
$ in Thousands |
6 Months Ended |
12 Months Ended |
Jun. 30, 2025 |
Dec. 31, 2024 |
| Assets |
|
|
| Other Assets |
$ 188,400
|
$ 158,326
|
| Receivables from broker-dealers and clearing organizations |
1,335,968
|
1,100,850
|
| Liabilities |
|
|
| Financial instruments sold, not yet purchased, at fair value |
8,423,628
|
6,440,971
|
| Financial instruments sold, not yet purchased, at fair value, counterparty and cash collateral netting |
(456,308)
|
(681,878)
|
| Payables to broker-dealers and clearing organizations |
1,233,988
|
918,566
|
| Interest Rate Swap |
|
|
| Liabilities |
|
|
| Payables to broker-dealers and clearing organizations |
859
|
2,572
|
| Not pledged |
|
|
| Assets |
|
|
| Financial instruments owned, at fair value |
8,303,418
|
5,520,015
|
| Financial instruments owned, at fair value, counterparty and cash collateral netting |
(454,090)
|
(676,905)
|
| Pledged |
|
|
| Assets |
|
|
| Financial instruments owned, at fair value |
2,625,355
|
2,282,637
|
| Equity securities |
|
|
| Liabilities |
|
|
| Financial instruments sold, not yet purchased, at fair value |
4,943,108
|
3,692,078
|
| Equity securities | Not pledged |
|
|
| Assets |
|
|
| Financial instruments owned, at fair value |
4,403,661
|
3,158,277
|
| Equity securities | Pledged |
|
|
| Assets |
|
|
| Financial instruments owned, at fair value |
2,620,067
|
2,269,299
|
| U.S. and Non-U.S. government obligations |
|
|
| Liabilities |
|
|
| Financial instruments sold, not yet purchased, at fair value |
1,750,776
|
1,421,000
|
| U.S. and Non-U.S. government obligations | Not pledged |
|
|
| Assets |
|
|
| Financial instruments owned, at fair value |
2,391,407
|
1,257,386
|
| Corporate Bonds |
|
|
| Liabilities |
|
|
| Financial instruments sold, not yet purchased, at fair value |
1,643,448
|
1,249,413
|
| Corporate Bonds | Not pledged |
|
|
| Assets |
|
|
| Financial instruments owned, at fair value |
1,453,902
|
967,377
|
| Exchange traded notes |
|
|
| Liabilities |
|
|
| Financial instruments sold, not yet purchased, at fair value |
71,532
|
73,240
|
| Exchange traded notes | Not pledged |
|
|
| Assets |
|
|
| Financial instruments owned, at fair value |
27,768
|
41,487
|
| Exchange traded notes | Pledged |
|
|
| Assets |
|
|
| Financial instruments owned, at fair value |
5,288
|
13,338
|
| Currency forwards |
|
|
| Liabilities |
|
|
| Financial instruments sold, not yet purchased, at fair value |
17
|
0
|
| Financial instruments sold, not yet purchased, at fair value, counterparty and cash collateral netting |
(456,308)
|
(681,878)
|
| Currency forwards | Not pledged |
|
|
| Assets |
|
|
| Financial instruments owned, at fair value |
19,901
|
40,065
|
| Financial instruments owned, at fair value, counterparty and cash collateral netting |
(454,090)
|
(676,905)
|
| Options |
|
|
| Liabilities |
|
|
| Financial instruments sold, not yet purchased, at fair value |
14,747
|
5,240
|
| Options | Not pledged |
|
|
| Assets |
|
|
| Financial instruments owned, at fair value |
6,779
|
55,423
|
| Equity investment |
|
|
| Assets |
|
|
| Other Assets |
85,990
|
75,843
|
| Exchange stock |
|
|
| Assets |
|
|
| Other Assets |
939
|
812
|
| Interest rate swaps and digital assets |
|
|
| Assets |
|
|
| Receivables from broker-dealers and clearing organizations |
35,248
|
51,595
|
| Receivables linked to digital assets |
|
|
| Assets |
|
|
| Other Assets |
101,471
|
81,671
|
| Receivables from broker-dealers and clearing organizations |
35,248
|
51,595
|
| Liabilities |
|
|
| Payables to broker-dealers and clearing organizations |
187,461
|
134,164
|
| Payables linked to broker dealers and clearing organizations |
|
|
| Liabilities |
|
|
| Payables to broker-dealers and clearing organizations |
188,320
|
136,736
|
| Quoted Prices in Active Markets for Identical Assets (Level 1) |
|
|
| Assets |
|
|
| Other Assets |
102,410
|
82,483
|
| Receivables from broker-dealers and clearing organizations |
0
|
0
|
| Liabilities |
|
|
| Financial instruments sold, not yet purchased, at fair value |
2,631,284
|
1,949,495
|
| Payables to broker-dealers and clearing organizations |
0
|
0
|
| Quoted Prices in Active Markets for Identical Assets (Level 1) | Interest Rate Swap |
|
|
| Liabilities |
|
|
| Payables to broker-dealers and clearing organizations |
0
|
0
|
| Quoted Prices in Active Markets for Identical Assets (Level 1) | Not pledged |
|
|
| Assets |
|
|
| Financial instruments owned, at fair value |
2,103,764
|
1,091,896
|
| Quoted Prices in Active Markets for Identical Assets (Level 1) | Pledged |
|
|
| Assets |
|
|
| Financial instruments owned, at fair value |
1,422,576
|
1,639,404
|
| Quoted Prices in Active Markets for Identical Assets (Level 1) | Equity securities |
|
|
| Liabilities |
|
|
| Financial instruments sold, not yet purchased, at fair value |
2,406,833
|
1,837,195
|
| Quoted Prices in Active Markets for Identical Assets (Level 1) | Equity securities | Not pledged |
|
|
| Assets |
|
|
| Financial instruments owned, at fair value |
1,144,221
|
686,827
|
| Quoted Prices in Active Markets for Identical Assets (Level 1) | Equity securities | Pledged |
|
|
| Assets |
|
|
| Financial instruments owned, at fair value |
1,422,576
|
1,639,404
|
| Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. and Non-U.S. government obligations |
|
|
| Liabilities |
|
|
| Financial instruments sold, not yet purchased, at fair value |
209,704
|
107,045
|
| Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. and Non-U.S. government obligations | Not pledged |
|
|
| Assets |
|
|
| Financial instruments owned, at fair value |
951,679
|
348,761
|
| Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporate Bonds |
|
|
| Liabilities |
|
|
| Financial instruments sold, not yet purchased, at fair value |
0
|
0
|
| Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporate Bonds | Not pledged |
|
|
| Assets |
|
|
| Financial instruments owned, at fair value |
0
|
0
|
| Quoted Prices in Active Markets for Identical Assets (Level 1) | Exchange traded notes |
|
|
| Liabilities |
|
|
| Financial instruments sold, not yet purchased, at fair value |
0
|
15
|
| Quoted Prices in Active Markets for Identical Assets (Level 1) | Exchange traded notes | Not pledged |
|
|
| Assets |
|
|
| Financial instruments owned, at fair value |
1,085
|
885
|
| Quoted Prices in Active Markets for Identical Assets (Level 1) | Exchange traded notes | Pledged |
|
|
| Assets |
|
|
| Financial instruments owned, at fair value |
0
|
0
|
| Quoted Prices in Active Markets for Identical Assets (Level 1) | Currency forwards |
|
|
| Liabilities |
|
|
| Financial instruments sold, not yet purchased, at fair value |
0
|
0
|
| Quoted Prices in Active Markets for Identical Assets (Level 1) | Currency forwards | Not pledged |
|
|
| Assets |
|
|
| Financial instruments owned, at fair value |
0
|
0
|
| Quoted Prices in Active Markets for Identical Assets (Level 1) | Options |
|
|
| Liabilities |
|
|
| Financial instruments sold, not yet purchased, at fair value |
14,747
|
5,240
|
| Quoted Prices in Active Markets for Identical Assets (Level 1) | Options | Not pledged |
|
|
| Assets |
|
|
| Financial instruments owned, at fair value |
6,779
|
55,423
|
| Quoted Prices in Active Markets for Identical Assets (Level 1) | Equity investment |
|
|
| Assets |
|
|
| Other Assets |
0
|
0
|
| Quoted Prices in Active Markets for Identical Assets (Level 1) | Exchange stock |
|
|
| Assets |
|
|
| Other Assets |
939
|
812
|
| Quoted Prices in Active Markets for Identical Assets (Level 1) | Interest rate swaps and digital assets |
|
|
| Assets |
|
|
| Receivables from broker-dealers and clearing organizations |
0
|
0
|
| Quoted Prices in Active Markets for Identical Assets (Level 1) | Receivables linked to digital assets |
|
|
| Assets |
|
|
| Other Assets |
101,471
|
81,671
|
| Receivables from broker-dealers and clearing organizations |
0
|
0
|
| Liabilities |
|
|
| Payables to broker-dealers and clearing organizations |
0
|
0
|
| Quoted Prices in Active Markets for Identical Assets (Level 1) | Payables linked to broker dealers and clearing organizations |
|
|
| Liabilities |
|
|
| Payables to broker-dealers and clearing organizations |
0
|
0
|
| Significant Other Observable Inputs (Level 2) |
|
|
| Assets |
|
|
| Other Assets |
0
|
0
|
| Receivables from broker-dealers and clearing organizations |
1,300,720
|
1,049,255
|
| Liabilities |
|
|
| Financial instruments sold, not yet purchased, at fair value |
6,248,652
|
5,173,354
|
| Payables to broker-dealers and clearing organizations |
1,045,668
|
781,830
|
| Significant Other Observable Inputs (Level 2) | Interest Rate Swap |
|
|
| Liabilities |
|
|
| Payables to broker-dealers and clearing organizations |
859
|
2,572
|
| Significant Other Observable Inputs (Level 2) | Not pledged |
|
|
| Assets |
|
|
| Financial instruments owned, at fair value |
6,653,744
|
5,105,024
|
| Significant Other Observable Inputs (Level 2) | Pledged |
|
|
| Assets |
|
|
| Financial instruments owned, at fair value |
1,202,779
|
643,233
|
| Significant Other Observable Inputs (Level 2) | Equity securities |
|
|
| Liabilities |
|
|
| Financial instruments sold, not yet purchased, at fair value |
2,536,275
|
1,854,883
|
| Significant Other Observable Inputs (Level 2) | Equity securities | Not pledged |
|
|
| Assets |
|
|
| Financial instruments owned, at fair value |
3,259,440
|
2,471,450
|
| Significant Other Observable Inputs (Level 2) | Equity securities | Pledged |
|
|
| Assets |
|
|
| Financial instruments owned, at fair value |
1,197,491
|
629,895
|
| Significant Other Observable Inputs (Level 2) | U.S. and Non-U.S. government obligations |
|
|
| Liabilities |
|
|
| Financial instruments sold, not yet purchased, at fair value |
1,541,072
|
1,313,955
|
| Significant Other Observable Inputs (Level 2) | U.S. and Non-U.S. government obligations | Not pledged |
|
|
| Assets |
|
|
| Financial instruments owned, at fair value |
1,439,728
|
908,625
|
| Significant Other Observable Inputs (Level 2) | Corporate Bonds |
|
|
| Liabilities |
|
|
| Financial instruments sold, not yet purchased, at fair value |
1,643,448
|
1,249,413
|
| Significant Other Observable Inputs (Level 2) | Corporate Bonds | Not pledged |
|
|
| Assets |
|
|
| Financial instruments owned, at fair value |
1,453,902
|
967,377
|
| Significant Other Observable Inputs (Level 2) | Exchange traded notes |
|
|
| Liabilities |
|
|
| Financial instruments sold, not yet purchased, at fair value |
71,532
|
73,225
|
| Significant Other Observable Inputs (Level 2) | Exchange traded notes | Not pledged |
|
|
| Assets |
|
|
| Financial instruments owned, at fair value |
26,683
|
40,602
|
| Significant Other Observable Inputs (Level 2) | Exchange traded notes | Pledged |
|
|
| Assets |
|
|
| Financial instruments owned, at fair value |
5,288
|
13,338
|
| Significant Other Observable Inputs (Level 2) | Currency forwards |
|
|
| Liabilities |
|
|
| Financial instruments sold, not yet purchased, at fair value |
456,325
|
681,878
|
| Significant Other Observable Inputs (Level 2) | Currency forwards | Not pledged |
|
|
| Assets |
|
|
| Financial instruments owned, at fair value |
473,991
|
716,970
|
| Significant Other Observable Inputs (Level 2) | Options |
|
|
| Liabilities |
|
|
| Financial instruments sold, not yet purchased, at fair value |
0
|
0
|
| Significant Other Observable Inputs (Level 2) | Options | Not pledged |
|
|
| Assets |
|
|
| Financial instruments owned, at fair value |
0
|
0
|
| Significant Other Observable Inputs (Level 2) | Equity investment |
|
|
| Assets |
|
|
| Other Assets |
0
|
0
|
| Significant Other Observable Inputs (Level 2) | Exchange stock |
|
|
| Assets |
|
|
| Other Assets |
0
|
0
|
| Significant Other Observable Inputs (Level 2) | Interest rate swaps and digital assets |
|
|
| Assets |
|
|
| Receivables from broker-dealers and clearing organizations |
35,248
|
51,595
|
| Significant Other Observable Inputs (Level 2) | Receivables linked to digital assets |
|
|
| Assets |
|
|
| Other Assets |
0
|
0
|
| Receivables from broker-dealers and clearing organizations |
35,248
|
51,595
|
| Liabilities |
|
|
| Payables to broker-dealers and clearing organizations |
187,461
|
134,164
|
| Significant Other Observable Inputs (Level 2) | Payables linked to broker dealers and clearing organizations |
|
|
| Liabilities |
|
|
| Payables to broker-dealers and clearing organizations |
188,320
|
136,736
|
| Significant Unobservable Inputs (Level 3) |
|
|
| Assets |
|
|
| Other Assets |
85,990
|
75,843
|
| Receivables from broker-dealers and clearing organizations |
0
|
0
|
| Liabilities |
|
|
| Financial instruments sold, not yet purchased, at fair value |
0
|
0
|
| Payables to broker-dealers and clearing organizations |
0
|
0
|
| Significant Unobservable Inputs (Level 3) | Interest Rate Swap |
|
|
| Liabilities |
|
|
| Payables to broker-dealers and clearing organizations |
0
|
0
|
| Significant Unobservable Inputs (Level 3) | Not pledged |
|
|
| Assets |
|
|
| Financial instruments owned, at fair value |
0
|
0
|
| Significant Unobservable Inputs (Level 3) | Pledged |
|
|
| Assets |
|
|
| Financial instruments owned, at fair value |
0
|
0
|
| Significant Unobservable Inputs (Level 3) | Equity securities |
|
|
| Liabilities |
|
|
| Financial instruments sold, not yet purchased, at fair value |
0
|
0
|
| Significant Unobservable Inputs (Level 3) | Equity securities | Not pledged |
|
|
| Assets |
|
|
| Financial instruments owned, at fair value |
0
|
0
|
| Significant Unobservable Inputs (Level 3) | Equity securities | Pledged |
|
|
| Assets |
|
|
| Financial instruments owned, at fair value |
0
|
0
|
| Significant Unobservable Inputs (Level 3) | U.S. and Non-U.S. government obligations |
|
|
| Liabilities |
|
|
| Financial instruments sold, not yet purchased, at fair value |
0
|
0
|
| Significant Unobservable Inputs (Level 3) | U.S. and Non-U.S. government obligations | Not pledged |
|
|
| Assets |
|
|
| Financial instruments owned, at fair value |
0
|
0
|
| Significant Unobservable Inputs (Level 3) | Corporate Bonds |
|
|
| Liabilities |
|
|
| Financial instruments sold, not yet purchased, at fair value |
0
|
0
|
| Significant Unobservable Inputs (Level 3) | Corporate Bonds | Not pledged |
|
|
| Assets |
|
|
| Financial instruments owned, at fair value |
0
|
0
|
| Significant Unobservable Inputs (Level 3) | Exchange traded notes |
|
|
| Liabilities |
|
|
| Financial instruments sold, not yet purchased, at fair value |
0
|
0
|
| Significant Unobservable Inputs (Level 3) | Exchange traded notes | Not pledged |
|
|
| Assets |
|
|
| Financial instruments owned, at fair value |
0
|
0
|
| Significant Unobservable Inputs (Level 3) | Exchange traded notes | Pledged |
|
|
| Assets |
|
|
| Financial instruments owned, at fair value |
0
|
0
|
| Significant Unobservable Inputs (Level 3) | Currency forwards |
|
|
| Liabilities |
|
|
| Financial instruments sold, not yet purchased, at fair value |
0
|
0
|
| Significant Unobservable Inputs (Level 3) | Currency forwards | Not pledged |
|
|
| Assets |
|
|
| Financial instruments owned, at fair value |
0
|
0
|
| Significant Unobservable Inputs (Level 3) | Options |
|
|
| Liabilities |
|
|
| Financial instruments sold, not yet purchased, at fair value |
0
|
0
|
| Significant Unobservable Inputs (Level 3) | Options | Not pledged |
|
|
| Assets |
|
|
| Financial instruments owned, at fair value |
0
|
0
|
| Significant Unobservable Inputs (Level 3) | Equity investment |
|
|
| Assets |
|
|
| Other Assets |
85,990
|
75,843
|
| Significant Unobservable Inputs (Level 3) | Exchange stock |
|
|
| Assets |
|
|
| Other Assets |
0
|
0
|
| Significant Unobservable Inputs (Level 3) | Interest rate swaps and digital assets |
|
|
| Assets |
|
|
| Receivables from broker-dealers and clearing organizations |
0
|
0
|
| Significant Unobservable Inputs (Level 3) | Receivables linked to digital assets |
|
|
| Assets |
|
|
| Other Assets |
0
|
0
|
| Receivables from broker-dealers and clearing organizations |
0
|
0
|
| Liabilities |
|
|
| Payables to broker-dealers and clearing organizations |
0
|
0
|
| Significant Unobservable Inputs (Level 3) | Payables linked to broker dealers and clearing organizations |
|
|
| Liabilities |
|
|
| Payables to broker-dealers and clearing organizations |
$ 0
|
$ 0
|