Financial Instruments and Fair Value Measurements - Recurring Basis (Details)
$ in Thousands |
6 Months Ended |
12 Months Ended |
|
Jun. 30, 2026
USD ($)
|
Dec. 31, 2025
USD ($)
|
| Assets |
|
|
| Other Assets |
$ 284,745
|
$ 242,121
|
| Receivables from broker-dealers and clearing organizations |
3,207,464
|
1,896,405
|
| Liabilities |
|
|
| Financial instruments sold, not yet purchased, at fair value |
13,569,647
|
9,105,263
|
| Financial instruments sold, not yet purchased, at fair value, counterparty and cash collateral netting |
(442,864)
|
(198,463)
|
| Payables to broker-dealers and clearing organizations |
1,036,371
|
998,276
|
| Currency forwards |
|
|
| Liabilities |
|
|
| Financial instruments sold, not yet purchased, at fair value |
0
|
0
|
| Financial instruments sold, not yet purchased, at fair value, counterparty and cash collateral netting |
(442,864)
|
(198,463)
|
| Options |
|
|
| Liabilities |
|
|
| Financial instruments sold, not yet purchased, at fair value |
18,022
|
216,992
|
| Not pledged |
|
|
| Assets |
|
|
| Financial instruments owned, at fair value |
11,373,226
|
7,343,032
|
| Financial instruments owned, at fair value, counterparty and cash collateral netting |
(435,831)
|
(204,775)
|
| Not pledged | Currency forwards |
|
|
| Assets |
|
|
| Financial instruments owned, at fair value |
3,097
|
7,081
|
| Financial instruments owned, at fair value, counterparty and cash collateral netting |
(435,831)
|
(204,775)
|
| Not pledged | Options |
|
|
| Assets |
|
|
| Financial instruments owned, at fair value |
19,359
|
97,459
|
| Pledged |
|
|
| Assets |
|
|
| Financial instruments owned, at fair value |
3,513,023
|
3,208,525
|
| Equity securities |
|
|
| Liabilities |
|
|
| Financial instruments sold, not yet purchased, at fair value |
8,625,470
|
5,717,549
|
| Equity securities | Not pledged |
|
|
| Assets |
|
|
| Financial instruments owned, at fair value |
6,977,627
|
4,350,396
|
| Equity securities | Pledged |
|
|
| Assets |
|
|
| Financial instruments owned, at fair value |
3,497,920
|
3,200,345
|
| U.S. and Non-U.S. government obligations |
|
|
| Liabilities |
|
|
| Financial instruments sold, not yet purchased, at fair value |
3,491,483
|
1,390,070
|
| U.S. and Non-U.S. government obligations | Not pledged |
|
|
| Assets |
|
|
| Financial instruments owned, at fair value |
3,275,068
|
1,670,252
|
| Corporate Bonds |
|
|
| Liabilities |
|
|
| Financial instruments sold, not yet purchased, at fair value |
1,393,509
|
1,754,517
|
| Corporate Bonds | Not pledged |
|
|
| Assets |
|
|
| Financial instruments owned, at fair value |
1,071,739
|
1,207,385
|
| Exchange traded notes |
|
|
| Liabilities |
|
|
| Financial instruments sold, not yet purchased, at fair value |
41,163
|
26,135
|
| Exchange traded notes | Not pledged |
|
|
| Assets |
|
|
| Financial instruments owned, at fair value |
26,336
|
10,459
|
| Exchange traded notes | Pledged |
|
|
| Assets |
|
|
| Financial instruments owned, at fair value |
15,103
|
8,180
|
| Equity investment |
|
|
| Assets |
|
|
| Other Assets |
85,903
|
86,491
|
| USDC |
|
|
| Assets |
|
|
| Other Assets |
$ 41,787
|
|
| Liabilities |
|
|
| USDC conversion ratio |
1
|
|
| Exchange stock |
|
|
| Assets |
|
|
| Other Assets |
$ 828
|
1,020
|
| Interest rate swaps and digital assets |
|
|
| Assets |
|
|
| Receivables from broker-dealers and clearing organizations |
234,379
|
328,934
|
| Receivables linked to digital assets |
|
|
| Assets |
|
|
| Other Assets |
156,227
|
154,610
|
| Receivables from broker-dealers and clearing organizations |
234,379
|
328,934
|
| Liabilities |
|
|
| Payables to broker-dealers and clearing organizations |
278,098
|
181,272
|
| Payables linked to broker dealers and clearing organizations |
|
|
| Liabilities |
|
|
| Payables to broker-dealers and clearing organizations |
278,098
|
181,272
|
| Quoted Prices in Active Markets for Identical Assets (Level 1) |
|
|
| Assets |
|
|
| Other Assets |
198,842
|
155,630
|
| Receivables from broker-dealers and clearing organizations |
0
|
0
|
| Liabilities |
|
|
| Financial instruments sold, not yet purchased, at fair value |
5,064,293
|
3,384,188
|
| Payables to broker-dealers and clearing organizations |
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) | Options |
|
|
| Liabilities |
|
|
| Financial instruments sold, not yet purchased, at fair value |
18,022
|
216,992
|
| Quoted Prices in Active Markets for Identical Assets (Level 1) | Not pledged |
|
|
| Assets |
|
|
| Financial instruments owned, at fair value |
2,553,517
|
2,068,615
|
| Quoted Prices in Active Markets for Identical Assets (Level 1) | Not pledged | Currency forwards |
|
|
| Assets |
|
|
| Financial instruments owned, at fair value |
0
|
0
|
| Quoted Prices in Active Markets for Identical Assets (Level 1) | Not pledged | Options |
|
|
| Assets |
|
|
| Financial instruments owned, at fair value |
19,359
|
97,459
|
| Quoted Prices in Active Markets for Identical Assets (Level 1) | Pledged |
|
|
| Assets |
|
|
| Financial instruments owned, at fair value |
2,279,869
|
1,896,091
|
| Quoted Prices in Active Markets for Identical Assets (Level 1) | Equity securities |
|
|
| Liabilities |
|
|
| Financial instruments sold, not yet purchased, at fair value |
4,340,205
|
2,933,027
|
| Quoted Prices in Active Markets for Identical Assets (Level 1) | Equity securities | Not pledged |
|
|
| Assets |
|
|
| Financial instruments owned, at fair value |
1,935,476
|
1,511,213
|
| Quoted Prices in Active Markets for Identical Assets (Level 1) | Equity securities | Pledged |
|
|
| Assets |
|
|
| Financial instruments owned, at fair value |
2,279,869
|
1,896,091
|
| 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 |
706,066
|
234,169
|
| 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 |
598,682
|
459,943
|
| 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
|
0
|
| Quoted Prices in Active Markets for Identical Assets (Level 1) | Exchange traded notes | Not pledged |
|
|
| Assets |
|
|
| Financial instruments owned, at fair value |
0
|
0
|
| 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) | Equity investment |
|
|
| Assets |
|
|
| Other Assets |
0
|
0
|
| Quoted Prices in Active Markets for Identical Assets (Level 1) | USDC |
|
|
| Assets |
|
|
| Other Assets |
41,787
|
|
| Quoted Prices in Active Markets for Identical Assets (Level 1) | Exchange stock |
|
|
| Assets |
|
|
| Other Assets |
828
|
1,020
|
| 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 |
156,227
|
154,610
|
| 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 |
2,973,085
|
1,567,471
|
| Liabilities |
|
|
| Financial instruments sold, not yet purchased, at fair value |
8,948,218
|
5,919,538
|
| Payables to broker-dealers and clearing organizations |
758,273
|
817,004
|
| Significant Other Observable Inputs (Level 2) | Currency forwards |
|
|
| Liabilities |
|
|
| Financial instruments sold, not yet purchased, at fair value |
442,864
|
198,463
|
| 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) | Not pledged |
|
|
| Assets |
|
|
| Financial instruments owned, at fair value |
9,255,540
|
5,479,192
|
| Significant Other Observable Inputs (Level 2) | Not pledged | Currency forwards |
|
|
| Assets |
|
|
| Financial instruments owned, at fair value |
438,928
|
211,856
|
| Significant Other Observable Inputs (Level 2) | Not pledged | Options |
|
|
| Assets |
|
|
| Financial instruments owned, at fair value |
0
|
0
|
| Significant Other Observable Inputs (Level 2) | Pledged |
|
|
| Assets |
|
|
| Financial instruments owned, at fair value |
1,233,154
|
1,312,434
|
| Significant Other Observable Inputs (Level 2) | Equity securities |
|
|
| Liabilities |
|
|
| Financial instruments sold, not yet purchased, at fair value |
4,285,265
|
2,784,522
|
| Significant Other Observable Inputs (Level 2) | Equity securities | Not pledged |
|
|
| Assets |
|
|
| Financial instruments owned, at fair value |
5,042,151
|
2,839,183
|
| Significant Other Observable Inputs (Level 2) | Equity securities | Pledged |
|
|
| Assets |
|
|
| Financial instruments owned, at fair value |
1,218,051
|
1,304,254
|
| Significant Other Observable Inputs (Level 2) | U.S. and Non-U.S. government obligations |
|
|
| Liabilities |
|
|
| Financial instruments sold, not yet purchased, at fair value |
2,785,417
|
1,155,901
|
| Significant Other Observable Inputs (Level 2) | U.S. and Non-U.S. government obligations | Not pledged |
|
|
| Assets |
|
|
| Financial instruments owned, at fair value |
2,676,386
|
1,210,309
|
| Significant Other Observable Inputs (Level 2) | Corporate Bonds |
|
|
| Liabilities |
|
|
| Financial instruments sold, not yet purchased, at fair value |
1,393,509
|
1,754,517
|
| Significant Other Observable Inputs (Level 2) | Corporate Bonds | Not pledged |
|
|
| Assets |
|
|
| Financial instruments owned, at fair value |
1,071,739
|
1,207,385
|
| Significant Other Observable Inputs (Level 2) | Exchange traded notes |
|
|
| Liabilities |
|
|
| Financial instruments sold, not yet purchased, at fair value |
41,163
|
26,135
|
| Significant Other Observable Inputs (Level 2) | Exchange traded notes | Not pledged |
|
|
| Assets |
|
|
| Financial instruments owned, at fair value |
26,336
|
10,459
|
| Significant Other Observable Inputs (Level 2) | Exchange traded notes | Pledged |
|
|
| Assets |
|
|
| Financial instruments owned, at fair value |
15,103
|
8,180
|
| Significant Other Observable Inputs (Level 2) | Equity investment |
|
|
| Assets |
|
|
| Other Assets |
0
|
0
|
| Significant Other Observable Inputs (Level 2) | USDC |
|
|
| Assets |
|
|
| Other Assets |
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 |
234,379
|
328,934
|
| Significant Other Observable Inputs (Level 2) | Receivables linked to digital assets |
|
|
| Assets |
|
|
| Other Assets |
0
|
0
|
| Receivables from broker-dealers and clearing organizations |
234,379
|
328,934
|
| Liabilities |
|
|
| Payables to broker-dealers and clearing organizations |
278,098
|
181,272
|
| Significant Other Observable Inputs (Level 2) | Payables linked to broker dealers and clearing organizations |
|
|
| Liabilities |
|
|
| Payables to broker-dealers and clearing organizations |
278,098
|
181,272
|
| Significant Unobservable Inputs (Level 3) |
|
|
| Assets |
|
|
| Other Assets |
85,903
|
86,491
|
| 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) | Currency forwards |
|
|
| Liabilities |
|
|
| Financial instruments sold, not yet purchased, 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) | Not pledged |
|
|
| Assets |
|
|
| Financial instruments owned, at fair value |
0
|
0
|
| Significant Unobservable Inputs (Level 3) | Not pledged | Currency forwards |
|
|
| Assets |
|
|
| Financial instruments owned, at fair value |
0
|
0
|
| Significant Unobservable Inputs (Level 3) | Not pledged | Options |
|
|
| 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) | Equity investment |
|
|
| Assets |
|
|
| Other Assets |
85,903
|
86,491
|
| Significant Unobservable Inputs (Level 3) | USDC |
|
|
| Assets |
|
|
| Other Assets |
0
|
|
| 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
|