Liquid 10-Q 14 Nov 13 2013 Q3 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	9 Months Ended
	Sep. 30, 2013	Nov. 08, 2013
Document Information [Line Items]	'	'
Entity Registrant Name	'Liquid Holdings Group, Inc.	'
Entity Central Index Key	'0001562594	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Smaller Reporting Company	'
Trading Symbol	'LIQD	'
Entity Common Stock, Shares Outstanding	'	24,486,388
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	30-Sep-13	'
Document Fiscal Period Focus	'Q3	'
Document Fiscal Year Focus	'2013	'

CONDENSED_CONSOLIDATED_BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Sep. 30, 2013	Dec. 31, 2012
ASSETS	'	'
Cash and cash equivalents	$13,537,015	$1,380,078
Note receivable from related party - QuantX Management, LLP	0	2,250,000
Deferred offering costs	0	3,476,427
Accounts receivable	652,171	467,507
Prepaid expenses and other current assets	1,150,840	1,288,985
Total current assets	15,340,026	8,862,997
Property and equipment, net	448,515	325,285
Other assets:	'	'
Due from related parties	659,030	359,030
Deposits	607,982	478,258
Other intangible assets, net of amortization of $8,155,864 and $2,742,518	13,326,779	18,740,125
Goodwill	13,182,936	13,182,936
Total other assets	27,776,727	32,760,349
TOTAL ASSETS	43,565,268	41,948,631
LIABILITIES AND STOCKHOLDERS' EQUITY	'	'
Accounts payable and accrued expenses	3,842,680	3,199,869
Due to related parties	43,930	61,873
Deferred income	1,696	2,062
Deferred tax liability, net	0	268,160
Total current liabilities	3,888,306	3,531,964
Long-term liabilities:	'	'
Deferred rent	104,893	51,338
Contingent consideration payable on Fundsolve acquisition	0	1,561,000
Deferred tax liability, net	1,822,957	429,100
Total liabilities	5,816,156	5,573,402
Commitments and contingencies (Note 5)	'	'
Stockholders' equity:	'	'
Preferred stock, $0.0001 par value, 10,000,000 shares authorized; none issued or outstanding	0	0
Common stock, $0.0001 par value, 200,000,000 shares authorized; 24,486,388 and 17,791,284 shares issued and outstanding as of September 30, 2013 and December 31, 2012, respectively)	2,448	1,779
Additional paid-in capital	116,136,741	74,637,387
Accumulated deficit	-77,271,532	-38,245,864
Treasury stock, at cost, 121,674 shares at September 30, 2013	-1,029,078	0
Accumulated other comprehensive income (loss)	-89,467	-18,073
Total stockholders’ equity	37,749,112	36,375,229
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$43,565,268	$41,948,631

CONDENSED_CONSOLIDATED_BALANCE1

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Accumulated amortization (in dollars)	$8,155,864	$2,742,518
Preferred stock, par value	$0.00	$0.00
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$0.00	$0.00
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	24,486,388	17,791,284
Common stock, shares outstanding	24,486,388	17,791,284
Treasury stock, shares	121,674	'

CONDENSED_CONSOLIDATED_STATEME

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (USD $)	3 Months Ended		5 Months Ended	9 Months Ended	3 Months Ended	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2012
					Predecessor [Member]	Predecessor [Member]
Revenues:	'	'	'	'	'	'
Brokerage activities	$0	$251,803	$415,354	$1,872,647	$375,391	$437,042
Software services	732,388	424,143	424,143	2,016,159	0	0
Revenues	732,388	675,946	839,497	3,888,806	375,391	437,042
Cost of revenues:	'	'	'	'	'	'
Brokerage activities	0	151,989	234,876	1,248,192	257,842	302,194
Software services	398,121	115,294	115,294	993,697	0	0
Cost of Revenue	398,121	267,283	350,170	2,241,889	257,842	302,194
Gross profit	334,267	408,663	489,327	1,646,917	117,549	134,848
Operating expenses:	'	'	'	'	'	'
Compensation	6,065,772	328,665	8,591,039	14,928,963	104,957	257,548
Consulting fees	221,333	169,679	2,992,145	12,182,417	1,140	14,410
Depreciation and amortization	1,823,084	758,359	943,109	5,472,329	14,505	29,909
Professional fees	1,259,884	218,185	1,346,061	2,262,022	12,850	79,382
Rent	319,390	197,417	323,028	926,711	52,586	252,424
Computer related and software development	608,175	124,591	172,505	1,639,335	152,269	232,779
Other	497,240	189,494	405,454	1,621,821	51,379	115,730
Impairment of goodwill and intangible assets	0	1,550,652	1,550,652	0	0	3,300,000
Total operating expenses	10,794,878	3,537,042	16,323,993	39,033,598	389,686	4,282,182
Loss from operations	-10,460,611	-3,128,379	-15,834,666	-37,386,681	-272,137	-4,147,334
Non-operating income (expense):	'	'	'	'	'	'
Unrealized gain (loss) on contingent consideration payable	44,129	43,000	43,000	0	0	0
Gain (loss) on settlement of contingent consideration payable	-649,688	1,545,000	1,545,000	-649,688	0	3,300,000
Interest and other, net	126,909	-90,797	-80,078	136,398	64	127
Total non-operating income (expense)	-478,650	1,497,203	1,507,922	-513,290	64	3,300,127
Loss before income taxes	-10,939,261	-1,631,176	-14,326,744	-37,899,971	-272,073	-847,207
Income tax expense (benefit)	1,309,903	-4,404	-38,682	1,125,697	0	0
Net loss	-12,249,164	-1,626,772	-14,288,062	-39,025,668	-272,073	-847,207
Other comprehensive income (loss):	'	'	'	'	'	'
Foreign currency translation	-88,312	-3,671	-10,815	-71,394	0	0
Total comprehensive loss	-12,337,476	-1,630,443	-14,298,877	-39,097,062	-272,073	-847,207
Basic and diluted earnings (loss) per share	($0.52)	($0.11)	($1.02)	($1.82)	$0	$0
Weighted average number of common shares outstanding during the period - basic and diluted	23,533,756	15,136,725	14,009,224	21,470,866	0	0
Supplemental Information to the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)	'	'	'	'	'	'
Software services revenues from related parties	604,682	360,889	360,889	1,690,735	0	0
Software services cost of revenues to related parties	87,268	24,291	24,291	248,808	0	0
Share-based compensation included in compensation	1,902,154	0	8,121,888	7,430,087	0	0
Share-based compensation included in consulting fees	$0	$0	$2,404,992	$11,649,693	$0	$0

CONDENSED_CONSOLIDATED_STATEME1

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (USD $)

Total

Predecessor [Member]

Common Stock [Member]

Common Stock [Member]

Additional Paid-in Capital [Member]

Additional Paid-in Capital [Member]

Receivables from Stockholder [Member]

Receivables from Stockholder [Member]

Accumulated Deficit [Member]

Accumulated Deficit [Member]

Accumulated Other Comprehensive Income (Loss) [Member]

Accumulated Other Comprehensive Income (Loss) [Member]

Treasury Stock [Member]

Treasury Stock [Member]

Predecessor [Member]

Predecessor [Member]

Predecessor [Member]

Predecessor [Member]

Predecessor [Member]

Predecessor [Member]

Balance at Dec. 31, 2011

'

($75,930)

'

'

'

$620,100

'

$0

'

($696,030)

'

$0

'

$0

Balance (in shares) at Dec. 31, 2011

'

'

'

0

'

'

'

'

'

'

'

'

'

'

Foreign currency translation

'

0

'

'

'

'

'

'

'

'

'

'

'

'

Owner's Contributions

'

2,200,000

'

'

'

2,200,000

'

0

'

0

'

0

'

0

Net loss

'

-847,207

'

'

'

0

'

0

'

-847,207

'

0

'

0

Balance at Sep. 30, 2012

'

1,276,863

'

0

'

2,820,100

'

0

'

-1,543,237

'

0

'

0

Balance (in shares) at Sep. 30, 2012

'

'

'

0

'

'

'

'

'

'

'

'

'

'

Balance at Jan. 16, 2012

0

'

'

'

0

'

0

'

0

'

0

'

0

'

Balance (in shares) at Jan. 16, 2012

'

'

0

'

'

'

'

'

'

'

'

'

'

'

Issuance of common shares for the contribution of 2.5% interest of Liquid Trading Institutional, LLP

425

'

'

'

425

'

0

'

0

'

0

'

0

'

Issuance of common shares for the contribution of 2.5% interest of Liquid Trading Institutional, LLP (in shares)

'

'

169,453

'

'

'

'

'

'

'

'

'

'

'

Issuance of common shares to Founder in accordance with anti-dilution provision

0

'

'

'

2,003,468

'

-2,003,468

'

0

'

0

'

0

'

Issuance of common shares to Founder in accordance with anti-dilution provision (in shares)

'

'

9,979,324

'

'

'

'

'

'

'

'

'

'

'

Issuance of common shares in accordance with 2012 Equity Plan for share-based compensation, June 2013

10,348,136

'

'

'

10,348,136

'

0

'

0

'

0

'

0

'

Issuance of common shares in accordance with 2012 Equity Plan for share-based compensation, June 2013 (in shares)

'

'

1,623,546

'

'

'

'

'

'

'

'

'

'

'

Capital contribution by Founder for sale of common units to director below market in connection with share-based compensation, April 2012

178,744

'

'

'

178,744

'

0

'

0

'

0

'

0

'

Issuance of common shares for the purchase of proprietary software, April 2012

0

'

'

'

0

'

0

'

0

'

0

'

0

'

Issuance of common shares for the purchase of proprietary software, April 2012 (in shares)

'

'

868,338

'

'

'

'

'

'

'

'

'

'

'

Founders contribution of Futures for satisfaction of subscription receivable in May 2012

1,378,707

'

'

'

-6,623

'

1,385,330

'

0

'

0

'

0

'

Founders contribution of Liquid Trading Institutional, LLP 97.5% interest for satisfaction of subscription receivable in July 2012

16,575

'

'

'

0

'

16,575

'

0

'

0

'

0

'

Issuance of common units in connection with the acquisition of Liquid Partners, LLC, July 2012

8,755,000

'

'

'

8,755,000

'

0

'

0

'

0

'

0

'

Issuance of common units in connection with the acquisition of Liquid Partners, LLC, July 2012 (in shares)

'

'

951,432

'

'

'

'

'

'

'

'

'

'

'

Issuance of common units in connection with the unit sale, net of issuance cost of $1,250,000 , July 2012

11,250,000

'

'

'

11,250,000

'

0

'

0

'

0

'

0

'

Issuance of common units in connection with the unit sale, net of issuance cost of $1,250,000 , July 2012 (in shares)

'

'

1,239,986

'

'

'

'

'

'

'

'

'

'

'

Issuance of common units in connection with the acquisition of Green Mountain Analytics in August 2012

19,973,374

'

'

'

19,973,374

'

0

'

0

'

0

'

0

'

Issuance of common units in connection with the acquisition of Green Mountain Analytics in August 2012 (in shares)

'

'

2,038,857

'

'

'

'

'

'

'

'

'

'

'

Issuance of common units in connection with the acquisition of LTI, LLC in September 2012

5,078,588

'

'

'

5,078,588

'

0

'

0

'

0

'

0

'

Issuance of common units in connection with the acquisition of LTI, LLC in September 2012 (in shares)

'

'

495,821

'

'

'

'

'

'

'

'

'

'

'

Foreign currency translation

-10,815

'

'

'

0

'

0

'

0

'

-10,815

'

0

'

Net loss

-14,288,062

'

'

'

0

'

0

'

-14,288,062

'

0

'

0

'

Balance at Sep. 30, 2012

42,680,672

'

'

0

57,581,112

'

-601,563

'

-14,288,062

'

-10,815

'

0

'

Balance (in shares) at Sep. 30, 2012

'

'

17,366,757

0

'

'

'

'

'

'

'

'

'

'

Balance at Jun. 30, 2012

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Foreign currency translation

-3,671

0

'

'

'

'

'

'

'

'

'

'

'

'

Net loss

-1,626,772

-272,073

'

'

'

'

'

'

'

'

'

'

'

'

Balance at Sep. 30, 2012

42,680,672

1,276,863

'

0

'

'

'

'

'

'

'

'

'

'

Balance (in shares) at Sep. 30, 2012

'

'

'

0

'

'

'

'

'

'

'

'

'

'

Balance at Dec. 31, 2012

36,375,229

'

1,779

'

74,637,387

'

0

'

-38,245,864

'

-18,073

'

0

'

Balance (in shares) at Dec. 31, 2012

'

'

17,791,284

'

'

'

'

'

'

'

'

'

'

'

Vesting of issued restricted common shares

0

'

25

'

-25

'

0

'

0

'

0

'

0

'

Vesting of issued restricted common shares (in shares)

'

'

253,346

'

'

'

'

'

'

'

'

'

'

'

Capital contribution by Founder for sale of common shares to consultant below market in connection with share-based compensation, January 2013

38,102

'

0

'

38,102

'

0

'

0

'

0

'

0

'

Capital contribution by Founder for sale of common shares to director below market in connection with share-based compensation, January 2013

327,622

'

0

'

327,622

'

0

'

0

'

0

'

0

'

Issuance of common shares in connection with sales by the Company, January 2013

1,000,000

'

11

'

999,989

'

0

'

0

'

0

'

0

'

Issuance of common shares in connection with sales by the Company, January 2013 (in shares)

'

'

112,574

'

'

'

'

'

'

'

'

'

'

'

Issuance of common shares in connection with sales by the Company, February 2013

300,000

'

4

'

299,996

'

0

'

0

'

0

'

0

'

Issuance of common shares in connection with sales by the Company, February 2013 (in shares)

'

'

36,387

'

'

'

'

'

'

'

'

'

'

'

Capital contribution by Founders for sale of common shares to director below market in connection with share-based compensation, February 2013

40,250

'

0

'

40,250

'

0

'

0

'

0

'

0

'

Issuance of common shares in connection with sales by the Company, March 2013

2,000,000

'

25

'

1,999,975

'

0

'

0

'

0

'

0

'

Issuance of common shares in connection with sales by the Company, March 2013 (in shares)

'

'

245,136

'

'

'

'

'

'

'

'

'

'

'

Capital contribution by Founders for sale of common shares to consultant below market in connection with share-based compensation, March 2013

100,626

'

0

'

100,626

'

0

'

0

'

0

'

0

'

Capital contribution by Company for sale of common shares to consultant below market in connection with share-based compensation, April 2013

5,273,540

'

72

'

5,273,468

'

0

'

0

'

0

'

0

'

Capital contribution by Company for sale of common shares to consultant below market in connection with share-based compensation, April 2013 (in shares)

'

'

720,498

'

'

'

'

'

'

'

'

'

'

'

Issuance of common shares for the contribution of 2.5% interest of Liquid Trading Institutional, LLP

0

'

0

'

0

'

0

'

0

'

0

'

0

'

Issuance of common shares for the contribution of 2.5% interest of Liquid Trading Institutional, LLP (in shares)

'

'

2,402

'

'

'

'

'

'

'

'

'

'

'

Capital contribution by Founders for sale of common shares to consultants below market in connection with share-based compensation, May 2013

5,221,800

'

0

'

5,221,800

'

0

'

0

'

0

'

0

'

Capital contribution by Founder for sale of common shares to Founder below market in connection with share-based compensation, May 2013

1,445,000

'

0

'

1,445,000

'

0

'

0

'

0

'

0

'

Capital contribution by CEO and Employees for sale of common shares to consultant below market in connection with share-based compensation, May 2013

469,625

'

0

'

469,625

'

0

'

0

'

0

'

0

'

Capital contribution by Founder for sale of common shares to CEO below market in connection with share-based compensation, May 2013

780,000

'

0

'

780,000

'

0

'

0

'

0

'

0

'

Capital contribution by Founder for sale of common shares to director below market in connection with share-based compensation, May 2013

48,750

'

0

'

48,750

'

0

'

0

'

0

'

0

'

Capital contribution by Founder for sale of common shares to Founder below market in connection with share-based compensation, June 2013

1,445,000

'

0

'

1,445,000

'

0

'

0

'

0

'

0

'

Capital contribution by Founders for sale of common shares to consultant below market in connection with share-based compensation, June 2013

505,750

'

0

'

505,750

'

0

'

0

'

0

'

0

'

Issuance of common shares to Founder in accordance with anti-dilution provision

0

'

14

'

-14

'

0

'

0

'

0

'

0

'

Issuance of common shares to Founder in accordance with anti-dilution provision (in shares)

'

'

142,524

'

'

'

'

'

'

'

'

'

'

'

Issuance of common shares in accordance with 2012 Equity Plan for share-based compensation, June 2013

0

'

184

'

-184

'

0

'

0

'

0

'

0

'

Issuance of common shares in accordance with 2012 Equity Plan for share-based compensation, June 2013 (in shares)

'

'

1,838,385

'

'

'

'

'

'

'

'

'

'

'

Issuance of common shares upon initial public offering, net of underwriting discount, July 2013

26,017,625

'

318

'

26,017,308

'

0

'

0

'

0

'

0

'

Issuance of common shares upon initial public offering, net of underwriting discount, July 2013 (in shares)

'

'

3,175,000

'

'

'

'

'

'

'

'

'

'

'

Issuance of common shares in connection with satisfaction of contingent consideration payable on Fundsolve acquisition, July 2013

2,210,688

'

25

'

2,210,663

'

0

'

0

'

0

'

0

'

Issuance of common shares in connection with satisfaction of contingent consideration payable on Fundsolve acquisition, July 2013 (in shares)

'

'

245,632

'

'

'

'

'

'

'

'

'

'

'

Direct costs of initial public offering

-8,729,737

'

0

'

-8,729,737

'

0

'

0

'

0

'

0

'

Treasury stock acquired

-1,029,078

'

-12

'

12

'

0

'

0

'

0

'

-1,029,078

'

Treasury stock acquired (in shares)

'

'

-121,674

'

'

'

'

'

'

'

'

'

'

'

Issuance of common shares upon vesting of restricted stock units

0

'

4

'

-4

'

0

'

0

'

0

'

0

'

Issuance of common shares upon vesting of restricted stock units (in shares)

'

'

44,894

'

'

'

'

'

'

'

'

'

'

'

Share-based compensation

3,005,382

'

0

'

3,005,382

'

0

'

0

'

0

'

0

'

Foreign currency translation

-71,394

'

0

'

0

'

0

'

0

'

-71,394

'

0

'

Net loss

-39,025,668

'

0

'

0

'

0

'

-39,025,668

'

0

'

0

'

Balance at Sep. 30, 2013

$37,749,112

'

$2,448

'

$116,136,741

'

$0

'

($77,271,532)

'

($89,467)

'

($1,029,078)

'

Balance (in shares) at Sep. 30, 2013

'

'

24,486,388

'

'

'

'

'

'

'

'

'

'

'

CONDENSED_CONSOLIDATED_STATEME2

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) (USD $)	1 Months Ended
	Jul. 31, 2012	Jun. 30, 2012
Percentage of Contribution Interest	'	2.50%
Percentage of Founders Contribution Interest	97.50%	'
Stock Issuance Cost	$1,250,000	'

CONDENSED_CONSOLIDATED_STATEME3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	5 Months Ended	9 Months Ended
	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
			Predecessor [Member]
CASH FLOWS FROM OPERATING ACTIVITIES	'	'	'
Net loss	($14,288,062)	($39,025,668)	($847,207)
Adjustments to reconcile net loss to net cash used in operating activities:	'	'	'
Impairment of goodwill and intangible assets	1,550,652	0	3,300,000
Unrealized (gain) loss on contingent consideration payable	-43,000	0	0
(Gain) loss on settlement of contingent consideration payable	-1,545,000	649,688	-3,300,000
Depreciation and amortization expense	943,109	5,472,329	29,909
Share-based compensation	8,121,888	7,430,087	0
Share-based payments for consulting services	2,404,992	11,649,693	0
Other	19,241	47,740	12,194
Deferred taxes	-38,682	1,125,697	0
Changes in operating assets and liabilities:	'	'	'
Accounts receivable	-126,176	-184,664	-424,351
Deferred offering costs	-1,356,982	3,476,427	0
Prepaid expense and other current assets	-110,592	138,145	0
Due from related parties	0	-300,000	0
Security deposit	-251,359	-129,724	-150,000
Deposit with clearing organization	0	0	-250,072
Accounts payable and accrued expenses	2,002,525	264,478	173,142
Due to related parties	-565,805	-17,943	0
Other current liabilities	0	-366	0
NET CASH USED IN OPERATING ACTIVITIES	-3,283,251	-9,404,081	-1,456,385
CASH FLOWS FROM INVESTING ACTIVITIES	'	'	'
Purchase of property and equipment	-53,339	-189,042	-285,427
Aquisition of intangible assets	-1,526,530	0	0
Cash acquired in acquisitions	1,488,117	0	0
Capital contributions in acquisitions in advance of regulatory approval	-2,150,000	0	0
Advances to related parties	498,058	0	0
Note and interest receivable from related party - QuantX Management, LLP	-5,000,000	0	0
Repayment of note from related party - QuantX Management, LLP	1,500,000	2,250,000	0
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES	-5,243,694	2,060,958	-285,427
CASH FLOWS FROM FINANCING ACTIVITIES	'	'	'
Proceeds from initial public offering of common stock, net of underwriting discount	0	26,017,625	0
Direct costs of initial public offering	0	-8,729,737	0
Purchase of treasury stock	0	-1,029,078	0
Proceeds from sales of common shares, net of offering costs	11,250,000	3,300,000	0
Proceeds from loans from related parties	0	750,000	0
Repayment of loans from related parties	0	-750,000	0
Due to related parties	0	0	155,903
Owner's capital contributions	0	0	2,200,000
NET CASH PROVIDED BY FINANCING ACTIVITIES	11,250,000	19,558,810	2,355,903
Effect of exchange rate changes on cash	-10,815	-58,750	0
NET INCREASE IN CASH AND CASH EQUIVALENTS	2,712,240	12,156,937	614,091
CASH AND CASH EQUIVALENTS - Beginning	0	1,380,078	428,257
CASH AND CASH EQUIVALENTS - Ending	2,712,240	13,537,015	1,042,348
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:	'	'	'
Interest paid	1,952	3,611	49
Income taxes paid	0	0	0
NON-CASH INVESTING AND FINANCING ACTIVITIES:	'	'	'
Settlement of contingent consideration on Fundsolve acquisition	0	2,210,688	0
Founders contribution of Liquid Futures, LLC, May 2012	1,378,708	0	0
Issuance of common shares for the contribution of Liquid Trading Institutional LLP, June 2012	17,000	0	0
Capital contribution by Founders	1,511,969	0	0
Issuance of common shares in connection with the acquisition of Liquid Partners LLC, July 2012	8,755,000	0	0
Issuance of common shares in connection with the acquisition of Green Mountain Analytics, LLC, August 2012	19,973,374	0	0
Issuance of common shares in connection with the acquisition of LTI, LLC, September 2012	5,078,588	0	0
Contingent consideration on Fundsolve acquisition	1,561,000	0	0
Founders distribution for Liquid Futures, LLC	1,425,000	0	0
Founders Distribution For Liquid Trading Holdings Limited	$589,713	$0	$0

Organization_and_Basis_of_Pres

Organization and Basis of Presentation	9 Months Ended
	Sep. 30, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	'
	(1) Organization and Basis of Presentation
	Organization
	Liquid Holdings Group, Inc. (“LHG,” the “Company” or the “Successor Company”) was originally formed on January 17, 2012 as a Delaware limited liability company under the name Liquid Holdings Group, LLC with the intention of being the holding company to acquire and own a group of companies and ultimately pursue an initial public offering (“IPO”) in the United States.  On July 24, 2013, the Company reorganized as a Delaware corporation and changed its name to Liquid Holdings Group, Inc.  In connection with this reorganization, all of the outstanding common units of the Company were converted into shares of common stock of Liquid Holdings Group, Inc. at a ratio of 10,606.81 shares of common stock for each common unit.  The accompanying financial statements have been revised to reflect the conversion of all common units and per unit amounts as if the conversion had occurred at the beginning of the periods presented.  The Company’s Registration Statement, as filed with the Securities and Exchange Commission (“SEC”) on Form S-1, as amended (File No. 333-187859), became effective on July 25, 2013.  On July 26, 2013, the Company’s common stock began trading on the NASDAQ Global Market under the ticker symbol “LIQD.”  On July 31, 2013, the Company completed its IPO in which 3,175,000 shares of its common stock were sold at a public offering price of $9.00 per share.  The Company received net proceeds in the IPO of approximately $17.3 million after deducting underwriting discounts and commissions of approximately $2.6 million and offering related expenses of approximately $8.7 million.
	The Company is the successor control entity of the Liquid Predecessor Companies (collectively, the “Predecessor Company”), which was not a legal entity, but rather a combination of certain entities and operations formed to continue and expand the Liquid organization in developing and operating a proprietary next generation technology platform that streamlines and unifies the entire trade and risk management process for the financial services community.  The individual entities that comprise the Predecessor Company include:
	·      Liquid Prime Holdings, LLC (“LPH”)
	·      Liquid Prime Services, Inc. (“Prime”)
	·      Liquid Trading Holdings Limited (“Guernsey”)
	·      Centurion Capital Group, LLC (“Centurion”).
	The Company’s subsidiaries that are included in the consolidation are:
	·      Liquid Futures LLC (“Futures”)
	·      Liquid Trading Institutional LLP (“Institutional”)
	·      Liquid Partners, LLC formerly known as Centurion Capital Group, LLC and Centurion  Trading Partners, LLC (collectively “Centurion”)
	·      Fundsolve Ltd. (“Fundsolve”)
	·      LHG Technology Services Ltd. (“Technology”)
	·      Liquid Prime Holdings, LLC (“LPH”)
	·      Green Mountain Analytics, LLC (“GMA”)
	·      LTI, LLC (“LTI”).
	The Company commenced operations on April 24, 2012, the date the founders signed a limited liability agreement of the Company and agreed to contribute certain entities owned or controlled by them to the Company.
	Basis of Presentation
	The unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiaries and have been prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”) for interim financial information.  All material intercompany accounts and transactions have been eliminated in consolidation.  The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets, liabilities, revenues and expenses.  Actual results could differ from those estimates.
	Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to Rule 10-01 of Regulation S-X of the Securities and Exchange Commission.  Management believes that the accompanying unaudited condensed consolidated financial statements include all normal and recurring adjustments considered necessary for the fair presentation of the results of the interim periods presented.  Operating results for the three-and nine-months ended September 30, 2013 are not necessarily indicative of the results that may be expected for any subsequent period.
	The unaudited condensed consolidated financial statements and accompanying notes should be read in conjunction with the Company’s audited consolidated financial statements included as part of its Registration Statement as filed with the SEC on Form S-1, as amended (File No. 333-187859).
	Reclassifications
	At September 30, 2013, the Company reclassified the presentation of certain current assets on its condensed consolidated balance sheets.  Formerly, amounts for customer accounts receivable and short-term deposits were recorded in one account, Other receivable.  The current classification records amounts for customer accounts receivable to a new account, Accounts receivable, while amounts for short-term deposits are recorded to Prepaid expenses and other current assets.  This reclassification was retroactively applied to December 31, 2012, resulting in $467,507 recorded to Accounts receivable and $1,169,568 reclassed to Prepaid expenses and other current assets.  Management believes that the current presentation is more transparent for the reader of its financial statements.  Management does not believe that these reclassifications are material to the condensed consolidated financial statements taken as a whole.
	Other
	On June 1, 2013, the Company ceased the over-the-counter brokerage operations of Prime and Futures.  Prime and Futures will continue to be a key component of the Company’s business strategy by providing agency brokerage services and facilitating the introduction of client assets to custody banking relationships.

Fair_Value_Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2013
Fair Value Disclosures [Abstract]	'
Fair Value Disclosures [Text Block]	'
	(2) Fair Value Measurements
	Fair Value Hierarchy
	The Company determines fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market.  When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels:
	·      Level 1 Inputs: Unadjusted quoted prices for identical assets or liabilities in active markets accessible to the Company at the measurement date.
	·      Level 2 Inputs: Other than quoted prices included in Level 1, inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability.
	·      Level 3 Inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date.
	The fair value measurement level of an asset or liability within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.  The Company uses valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs.  Transfers between levels of the fair value hierarchy are deemed to have occurred at the end of the reporting period.
	Determination of Fair Value
	The categorization of an asset or liability within the fair value hierarchy is based on the inputs described above and does not necessarily correspond to the Company’s management’s perceived risk of that asset or liability. Moreover, the methods used by management may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values.  Furthermore, although the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments and nonfinancial assets and liabilities could result in a different fair value measurement at the reporting date.  Descriptions of the valuation methodologies, including the valuation techniques and the input(s) used in the fair measurements for assets and liabilities on a recurring and nonrecurring basis are itemized below.
	Contingent Consideration Payable
	The Company’s contingent consideration is classified as a liability, and was initially measured at fair value in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 805—Business Combinations Paragraph 30-25-5.  The contingent consideration was remeasured at fair value at the end of each reporting period until the contingency was resolved, which occurred upon the Company's IPO, with any changes in fair value recognized in earnings.  The Company utilized a market approach to determine fair value and relied on Level 3 inputs prior to the IPO.  These fair value measurements were, therefore, considered Level 3 measurements.  Unobservable inputs, prior to the IPO, consisted of valuations based upon transactions in the Company’s common units, the discount for lack of marketability, the cost of equity and estimates of the probability of an IPO occurring by a certain date.  Subsequent to the IPO, the contingent consideration was valued using Level 1 measurements up to the date the liability was settled.
	Intangible Assets
	Intangible assets and long-lived assets held and used are measured at fair value in accordance with ASC Subtopic 360-10, Property, Plant, and Equipment—Overall, if a step 2 test is required.  To estimate the fair value of long-lived assets held and used, the income, market, and cost approaches to value are considered.  The selected approach(es) is (are) based on the specific attributes of the long-lived asset.  Property, plant, and equipment is typically valued using a cost approach, while intangible assets are usually valued with an income approach. Although Level 1 and 2 inputs may be available for certain inputs to the valuation approach, reliance on Level 3 inputs is generally required and the fair value measurements are, therefore, considered Level 3 measurements. Unobservable inputs usually consist of discount rates, customer attrition rates, growth rates, royalty rates, contributory asset charges and profitability assumptions.
	Goodwill
	Goodwill is tested annually for impairment each July in accordance with ASC Topic 350—Intangibles-Goodwill and Other.  Step 1 entails a comparison of the fair value of the recoverable amount of each reporting unit to its carrying amount.  An income approach is used to derive the fair value of each reporting unit.  Under the income approach, fair value is determined based on the present value of estimated future cash flows, discounted at an appropriate risk-adjusted rate.  Unobservable inputs include discount rates, growth rates and prospective financial information.
	Recurring Fair Value Measurements
	The following table presents, for each level within the fair value hierarchy, the Company’s recurring fair value measurements for assets and liabilities:
				Fair Value Measurement Using
		December 31, 2012		Level 1		Level 2		Level 3
	Contingent consideration payable	$	1,561,000	$	-	$	-	$	1,561,000
	Non-Recurring Fair Value Measurements
	The following table presents, for each level within the fair value hierarchy, the Company’s non-recurring fair value measurements:
				Fair Value Measurement Using
		December 31, 2012		Level 1		Level 2		Level 3
	Other intangible assets	$	18,740,125	$	-	$	-	$	18,740,125
	Goodwill		13,182,936		-		-		13,182,936
		$	31,923,061	$	-	$	-	$	31,923,061
	Transfers between Level 1 and Level 2
	There were no transfers of financial assets or liabilities between Level 1 and Level 2, or between Level 2 and Level 3 during the periods ended September 30, 2013 and December 31, 2012.
	Reconciliation of Recurring Fair Value Measurements within Level 3
	The following table presents a summary of changes in the fair value of the Company’s Level 3 liabilities:
		Contingent Consideration Payable
		(Unaudited)
		September 30, 2013		December 31, 2012
	Opening Balance	$	1,561,000	$	-
	Transfers into Level 3		-		-
	Transfers out of Level 3		-		-
	Total gains or losses for the period included in earnings:
	Realized (gains) losses		649,688		-1,545,000
	Unrealized (gains) losses		-		-129,000
	Purchases, issues, sales and settlements:
	Purchases		-		-
	Issues		-		11,990,000
	Sales		-		-
	Settlements		-2,210,688		-8,755,000
	Closing balance	$	-	$	1,561,000
	Change in unrealized gains and losses for the period included in earnings at period end	$	-
	Financial Assets and Financial Liabilities not Measured at Fair Value
	The following table summarizes the carrying amount and estimated fair value of the Company’s financial assets that are not measured at fair value either on a recurring or nonrecurring basis:
				Estimated Fair Value
	September 30, 2013 (Unaudited)	Carrying Amount		Level 1		Level 2		Level 3		Total
	Cash and cash equivalents	$	13,537,015	$	13,537,015	$	-	$	-	$	13,537,015
				Estimated Fair Value
	December 31, 2012	Carrying Amount		Level 1		Level 2		Level 3		Total
	Cash and cash equivalents	$	1,380,078	$	1,380,078	$	-	$	-	$	1,380,078
	Note receivable from related party	$	2,250,000	$	-	$	-	$	2,255,000	$	2,255,000
	The following is a description of the principal valuation methods used by the Company for those financial assets that are not measured at fair value either on a recurring or non-recurring basis:
	Cash and Cash Equivalents
	The carrying amount of cash and cash equivalents approximates fair value.
	Note Receivable from Related Party
	In estimating the fair value of the note receivable from a related party, the Company used a discounted cash flow model.  Fair value is estimated by discounting the anticipated cash flows from the loans, assuming future prepayments and using market interest rates for new loans with comparable credit risk.

Goodwill_and_Other_Intangible_

Goodwill and Other Intangible Assets	9 Months Ended
	Sep. 30, 2013
Goodwill and Intangible Assets Disclosure [Abstract]	'
Goodwill and Intangible Assets Disclosure [Text Block]	'
	(3) Goodwill and Other Intangible Assets
	Acquired Intangible Assets
					(Unaudited)
					September 30, 2013									December 31, 2012
			Amortization		Gross			Accumulated			Net Carrying			Gross		Accumulated		Net Carrying
			period		Carrying			Amortization			Amount			Carrying		Amortization		Amount
					Amount									Amount
	Amortizable Intangible Assets:
	Software and trading platform		3 years		$	19,374,098		$	-7,100,225		$	12,273,873		$	19,374,098	$	-2,244,378	$	17,129,720
	Customer		3 years			1,261,000			-490,389			770,611			1,261,000		-175,140		1,085,860
	relationships(1)
	Non-compete agreements(1)		Life of agreement, 24 months			646,000			-565,250			80,750			646,000		-323,000		323,000
	Total				$	21,281,098		$	-8,155,864		$	13,125,234		$	21,281,098	$	-2,742,518	$	18,538,580
	Indefinite-Lived Intangible Assets:
	Broker licenses		N/A		$	163,000		$	-		$	163,000		$	163,000	$	-	$	163,000
	Patents pending		N/A			36,545			-			36,545			36,545		-		36,545
	Trade names		N/A			2,000			-			2,000			2,000		-		2,000
	Total				$	201,545		$	-		$	201,545		$	201,545	$	-	$	201,545
		-1	Gross and net carrying amounts were reduced by $86,000 in total due to impairment during the year ended December 31, 2012.
	Aggregate amortization expense for intangible assets was $1,808,618 and $5,406,604 for the three- and nine-months ended September 30, 2013, respectively, $751,040 for the three-months ended September 30, 2012 and $935,790 for the period from April 24, 2012 to September 30, 2012.  As of September 30, 2013, the future estimated amortization expense related to amortizable intangible assets is expected to be as follows:
	Remainder of 2013		$	1,797,313
	2014			6,866,252
	2015			4,461,669
			$	13,125,234
	There was no amortization expense of the Predecessor Company for the three- and nine-months ended September 30, 2012.
	Goodwill
	The Company performs its annual goodwill impairment test each July 31 to determine if the carrying amount of goodwill exceeds its fair value.
	The changes in the carrying amount of goodwill are as follows:
						Business						(Unaudited)
			Balance at			Combinations /						Balance at
			December 31, 2012			Asset Acquisitions			Impairment Losses			September 30, 2013
	Partners		$	7,115,505		$	-		$	-		$	7,115,505
	Fundsolve			206,328			-			-			206,328
	GMA			4,338,615			-			-			4,338,615
	LTI			1,515,968			-			-			1,515,968
	LPH			4,600			-			-			4,600
	Futures			1,240			-			-			1,240
	Institutional			680			-			-			680
	Total Goodwill		$	13,182,936		$	-		$	-		$	13,182,936
						Business
			Balance at			Combinations /						Balance at
			December 31, 2011			Asset Acquisitions			Impairment Losses			December 31, 2012
	Partners		$	-		$	8,580,157		$	-1,464,652		$	7,115,505
	Fundsolve			-			206,328			-			206,328
	GMA			-			4,338,615			-			4,338,615
	LTI			-			1,515,968			-			1,515,968
	LPH			-			4,600			-			4,600
	Futures			-			1,240			-			1,240
	Institutional			-			680			-			680
	Total Goodwill		$	-		$	14,647,588		$	-1,464,652		$	13,182,936

Certain_Relationships_and_Rela

Certain Relationships and Related Party Transactions	9 Months Ended
	Sep. 30, 2013
Related Party Transactions [Abstract]	'
Related Party Transactions Disclosure [Text Block]	'
	(4) Certain Relationships and Related Party Transactions
	Amounts recognized from transactions with related parties in the accompanying condensed consolidated balance sheets are as follows:
		(Unaudited)
		September 30, 2013		December 31, 2012
	Assets:
	Note receivable from QuantX Management, LLP	$	-	$	2,250,000
	Due from QuantX Management, LLP	$	243,030	$	243,030
	Due from Ferdinand Capital		116,000		116,000
	Due from shareholder		300,000		-
	Total due from related parties	$	659,030	$	359,030
	Liabilities:
	Due to related parties	$	43,930	$	61,873
	Total due to related parties	$	43,930	$	61,873
	Note Receivable from QuantX Management, LLP
	In June 2012, the Company entered into a demand promissory note with Liquid Trading Int’l LLP, which changed its name to QuantX Management, LLP (“QuantX”) effective January 22, 2013.  The note, in the principal amount of $5,000,000, was payable upon demand, but in no event no later than May 15, 2013.  The note bore interest at a rate of 3% per annum which was payable upon demand.  At September 30, 2013 and December 31, 2012, there was no accrued interest receivable included in Prepaid expenses and other current assets in the accompanying condensed consolidated balance sheets.  QuantX repaid an aggregate of $2,750,000 of principal during the year ended December 31, 2012, with the remaining principal balance of $2,250,000 repaid during the period ended March 31, 2013.  Total interest received over the life of the loan was $74,416.  QuantX is a multi-strategy principal-only trading firm with which the founders of the Company are affiliated.
	Due from QuantX Management, LLP
	During 2012, the Company provided payments to GMA on behalf of QuantX in relation to the development of LiquidView, a software tool which forms a component of the Company’s accounting technology platform.  In addition, Partners received payments from QuantX to facilitate the payment of operating expenses.  LTI also advanced funds to QuantX for various expenses prior to being acquired by the Company.  These payments netted to a total of $243,030, and are included in Due from related parties in the accompanying condensed consolidated balance sheets at September 30, 2013 and December 31, 2012.
	Due from Ferdinand Capital
	LTI advanced $116,000 to Ferdinand Capital during 2011.  This amount is included in Due from related parties in the accompanying condensed consolidated balance sheets at September 30, 2013 and December 31, 2012.  Ferdinand Capital is an entity owned by one of the founders of the Company.
	Due from Shareholder
	A security deposit for leased office space for one of the acquired entities was inadvertently refunded to a shareholder of the Company who was also a principal of the acquired entity.  The security deposit should have been refunded to the Company and, as such, a receivable has been recorded from the shareholder.
	Due to Related Parties
	Partners and LHG incurred expenses that were paid by entities owned by one of the founders.  These payments, net of any amounts repaid by the Company, totaled $43,930 and $61,873 at September 30, 2013 and December 31, 2012, respectively, and are included in Due to related parties in the accompanying condensed consolidated balance sheets.
	Loan Payable to Founder
	On June 13, 2013, Richard Schaeffer, one of the founders and a member of the Company’s Board of Directors, loaned the Company $250,000 to be payable in full on December 13, 2013.  The loan bore interest on the unpaid principal balance at a rate of 4% per annum until the earlier of payment in full or December 13, 2013.  The proceeds of the loan were used for general working capital requirements of the Company.  On August 1, 2013, the Company repaid the principal balance of the loan in full.  The amount of interest paid on the loan totaled $1,370.
	On July 1, 2013, Ferdinand Holdings, LLC, a Delaware limited liability company of which Mr. Ferdinand is the managing member, loaned the Company $250,000 to be payable in full on December 31, 2013.  The loan bore interest on the unpaid principal balance at a rate of 4% per annum until the earlier of payment in full or December 31, 2013.  The proceeds of the loan were used for general working capital requirements of the Company.  On August 1, 2013, the Company repaid the principal balance of the loan in full.  The amount of interest paid on the loan totaled $877.
	Other Related Party Relationships
	Certain officers and directors of the Company were also officers and directors of certain entities acquired by the Company or entities with which the Company has business relationships.
	On July 11, 2013, Thomas Ross, a member of the Company’s Board of Directors, loaned the Company $250,000 to be payable in full on January 10, 2014.  The loan bore interest on the unpaid principal balance at a rate of 4% per annum until the earlier of payment in full or January 10, 2014.  The proceeds of the loan were used for general working capital requirements of the Company.  On August 1, 2013, the Company repaid the principal balance of the loan in full.  The amount of interest paid on the loan totaled $603.

Commitments_and_Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2013
Commitments and Contingencies Disclosure [Abstract]	'
Commitments and Contingencies Disclosure [Text Block]	'
	(5) Commitments and Contingencies
	Legal Matters
	The Company may periodically be involved in litigation and various legal matters, including proceedings relating to regulatory matters.  Such matters are subject to many uncertainties and outcomes that are not predictable.
	In November 2012, a former employee of the Company filed a complaint in the United States District Court for the Southern District of New York against the Company, Richard Schaeffer (a founder of the Company), Brian Ferdinand (a founder of the Company) and entities controlled by Mr. Schaeffer.  Among other claims, the complaint alleged breach of contract, breach of fiduciary duty and workplace violations.  This case was voluntarily dismissed and refiled in New York Supreme Court.  On March 19, 2013, the parties entered into a binding term sheet that set forth the general terms of a proposed settlement of the litigation.  In accordance with the term sheet, both the Company and its founders were to be jointly and severally liable for the settlement amount of $1 million.  The Company and its founders agreed to an apportionment of the settlement amount and the Company accordingly accrued $250,000 for this settlement at December 31, 2012.  On April 30, 2013, a Settlement Agreement and Release (the “Settlement Agreement”) was executed between all parties.  The Settlement Agreement called for consideration in the amount of $1 million to be paid as follows: $250,000 at the time of execution of the Settlement Agreement and the remaining $750,000 paid within 90 days from said execution.  On April 30, 2013, the Company paid $250,000, its apportionment of the settlement amount.  On July 26, 2013, Mr. Schaeffer paid the remaining $750,000 in accordance with the Settlement Agreement.
	The Company, through its subsidiaries, entered into a fee arrangement with a law firm which called for the law firm initially billing the Company using a discounted rate, provided that upon the closing of a going public transaction, the law firm was to be entitled to a payment of the discounted amount plus an additional success fee.  The additional fees were not accrued as of June 30, 2013, as it was not probable and was contingent upon the successful closing of a going public transaction.  On July 31, 2013, the IPO was completed and, as a result, the Company accrued approximately $0.3 million in additional legal fees which were paid subsequent to the balance sheet date.
	The Company is a defendant in an action filed on July 23, 2013 in the Supreme Court of The State of New York by two individuals (the “OTC Parties”) who were involved in the establishment and operation of the over-the-counter brokerage operations of Prime and Futures (the “OTC Operations”), which ceased on June 1, 2013.  Also named as defendants are one of the Company’s subsidiaries, LPH, and the Company’s Vice Chairman and Head of Corporate Strategy, Brian Ferdinand (together with the Company and LPH, the “Liquid Defendants”).  The complaint alleges fraudulent inducement, breach of contract and unjust enrichment and seeks specified damages of up to $3 million and other compensatory and punitive damages in an amount to be determined at trial, as well as such other further relief as the court deems just, proper and equitable under the circumstances.  On September 13, 2013, the Liquid Defendants filed a motion to dismiss the complaint against all of the defendants on a number of grounds.  The OTC Parties have not yet responded to the motion.  On October 3, 2013, the Company filed suit against the OTC Parties on the grounds that that their use of the name “LPS Partners Inc.” for their new company is improper and will confuse Prime’s customers.  The OTC Parties have not yet responded to this complaint.
	The Company believes that the claims alleged by the OTC Parties are without merit, and intends to defend any such claims vigorously.  At this point, the Company is unable to develop a meaningful estimate of reasonably possible loss in connection with these claims due to a number of factors, including (i) the early stage of the matter, (ii) the uncertainty as to the outcome of the pending motion to dismiss, and (iii) the presence of significant factual issues that would need to be resolved.  Legal proceedings are inherently uncertain, and we cannot assure you that an adverse decision in this dispute would not have a material adverse effect on the Company’s business, financial condition, liquidity or results of operations.  Furthermore, the Company’s directors’ and officers’ insurance carrier will be excluding any coverage for claims relating to this dispute.
	The Company is not currently subject to any other pending or, to its knowledge, threatened legal proceedings that it expects could have a material impact on its condensed consolidated financial statements.
	Lease Commitments
	The Company has entered into lease and sublease agreements with third parties for certain offices and equipment, which expire at various dates through March 31, 2020.  Rent expense of the Successor Company for the three- and nine-months ended September 30, 2013 was $319,390 and $926,711, respectively, $197,417 for the three-months ended September 30, 2012 and $323,028 for the period from April 24, 2012 to September 30, 2012.  Rent expense of the Predecessor Company for the three- and nine-months ended September 30, 2012 was $52,586 and $252,424, respectively.  These amounts are recorded as Rent in the accompanying condensed consolidated statements of operations.
	The Company recognizes rent expense for escalation clauses, rent holidays, leasehold improvement incentives and other concessions using the straight-line method over the minimum lease term.
	At September 30, 2013, minimum future rental commitments under non-cancellable operating leases are as follows:
	Year Ending December 31,
	2013	$	346,080
	2014		1,150,260
	2015		1,158,037
	2016		1,189,646
	2017		1,222,122
	Thereafter		1,098,934
	Total	$	6,165,079
	On August 12, 2013, the Company, entered into a lease agreement (the “Lease”) for approximately 13,200 rentable square feet of office space located in New York.  The Company intends to use a portion of the leased premises as its new corporate headquarters (the “HQ Space”), replacing the Company’s existing headquarters in the same building, and the remainder (the “BD/IB Space”) as offices for Prime and Futures, the Company’s broker dealer and introducing broker subsidiaries, respectively.  The Company will relocate, and payments on the Lease will commence, upon completion of work in the new space, which is expected to be during the fourth quarter of 2013. Upon commencement of occupancy, the two leases currently in place between the Company and the landlord and the lease in place between Prime and the Landlord will be terminated with no additional payments required to be made.  The initial base rent under the Lease will be $85,364 per month, increasing at 3% per annum.  In addition to the base rent, the Company will be responsible for certain costs and charges identified in the Lease, including certain utility expenses, real estate taxes, insurance and operating costs.  The term of the Lease for the HQ Space and the BD/IB Space will end ten and six years after occupancy, respectively.  The future minimum rental commitments under this lease are not included in the above table as the lease had not commenced as of September 30, 2013.

ShareBased_Compensation

Share-Based Compensation	9 Months Ended
	Sep. 30, 2013
Share-based Compensation [Abstract]	'
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	'
	(6) Share-Based Compensation
	On April 5, 2013, the board of managers of the Company approved the 2012 Amended and Restated Stock Incentive Plan (“2012 Amended Incentive Plan”).  Subject to adjustment for certain dilutive or related events, the maximum number of shares that may be issued under this amended plan shall not exceed the number of shares equal to 15% of the total number of common shares of the Company outstanding as of April 5, 2013.
	The Company currently intends to use authorized and unissued shares to satisfy share award exercises.
	At September 30, 2013, there were 1,230,698 additional shares available for the Company to grant under the 2012 Amended Incentive Plan.
	Restricted Stock Units
	The Company recognizes compensation expense on restricted stock units (“RSUs”) based on the grant date fair value per share over the applicable vesting period.  The Company determines the fair value of RSUs granted based on the closing market price of the shares underlying the awards on the grant date.  Prior to the Company’s IPO, fair value was determined with consideration given to valuation analyses performed by an unrelated third party valuation specialist retrospectively, utilizing a market approach based on third party purchases of the Company’s shares.
	The following table summarizes the activity of non-vested RSUs granted under the 2012 Amended Incentive Plan:
		Three Months Ended September 30, 2013				Nine Months Ended September 30, 2013
				Weighted Average			Weighted Average
				Grant Date			Grant Date
	Non-vested shares	Shares		Fair Value		Shares	Fair Value
	Balance at beginning of period	1,215,658		$	7.49	760,033	$	7.54
	Granted	216,558			9	925,529		7.82
	Vested	-44,894			7.51	-298,240		7.54
	Forfeited	-			-	-		-
	Balance at end of period	1,387,322		$	7.73	1,387,322	$	7.73
	At September 30, 2013, there was $8,249,260 of total unrecognized compensation costs related to non-vested RSUs granted under the 2012 Amended Incentive Plan.  This cost is expected to be recognized during the remainder of 2013 through 2016. The total fair value of shares vested during the three- and nine-months ended September 30, 2013 was $337,167 and $2,247,791, respectively.
	Non-Qualified Stock Options
	The Company recognizes compensation expense on non-qualified stock options (“NQSOs”) based on the grant date fair value per share over the applicable vesting period.  The Company determines the fair value of NQSOs granted using the Black-Scholes valuation model measured at the grant date.
	The Black-Scholes fair value of each NQSO grant was calculated using the following assumptions:
	Dividend yield	0	%
	Expected volatility	50	%
	Risk-free interest rate	1.7	%
	Expected term (years)	6
	The following table summarizes the activity of NQSOs granted under the 2012 Amended Incentive Plan:
		Three Months Ended September 30, 2013				Nine Months Ended September 30, 2013
					Weighted Average			Weighted Average
		Shares			Exercise Price	Shares		Exercise Price
	Balance at beginning of period	-		$	-	-	$	-
	Granted	420,505			9	420,505		9
	Exercised	-			-	-		-
	Forfeited	-			-	-		-
	Balance at end of period	420,505		$	9	420,505	$	9
	Exercisable at end of period	12,798		$	9	12,798	$	9
	Remaining weighted average contractual life of exercisable options (years)				9.8			9.8
	Aggregate intrinsic value			$	-		$	-
	At September 30, 2013, there was $1,644,556 of total unrecognized compensation costs related to NQSOs granted under the 2012 Amended Incentive Plan.  This cost is expected to be recognized during the remainder of 2013 through 2016. The total fair value of shares vested during the three- and nine-months ended September 30, 2013 was $56,094.

Members_Equity

Members' Equity	9 Months Ended
	Sep. 30, 2013
Members Equity [Abstract]	'
Members Equity Notes Disclosure [Text Block]	'
	(7) Members’ Equity
	Expenses Paid by Founders and Employees
	On January 9, 2013, one of the founders of the Company sold 43,577 common shares to a strategic partner of the Company for a purchase price of $300,000.  The Company estimated the fair value of the common shares sold utilizing the market approach, which amounted to $338,102.
	On January 15, 2013, one of the founders of the Company sold 90,786 common shares to a member of the Company’s Board of Directors for a purchase price of $375,000.  The Company estimated the fair value of the common shares sold utilizing the market approach, which amounted to $702,622.
	On February 28, 2013, two of the founders of the Company sold 18,193 common shares to a consultant for a purchase price of $100,000.  The Company estimated the fair value of the common shares sold utilizing the market approach, which amounted to $140,250.
	On March 12, 2013, two of the founders of the Company sold 46,096 common shares to a consultant for a purchase price of $250,000.  The Company estimated the fair value of the common shares sold utilizing the market approach, which amounted to $350,625.
	On May 1, 2013, the founders of the Company transferred 541,901 common shares to David Solimine and Orca Trading LLC as consideration for his previous commitment to the development and growth of the Company.  The Company estimated the fair value of the common shares transferred utilizing the market approach, which amounted to $3,973,750.
	On May 10, 2013, a founder of the Company transferred 191,616 common shares to another founder of the Company for no monetary consideration.  The Company estimated the fair value of the common shares transferred utilizing the market approach, which amounted to $1,445,000.
	On May 13, 2013, a founder of the Company sold 61,317 common shares to a consultant for a purchase price of $400,000.  The Company estimated the fair value of the common shares sold utilizing the market approach, which amounted to $462,400.
	On May 14, 2013, a founder of the Company sold 766,466 common shares to Brian Storms, the Company’s CEO, for a purchase price of $5,000,000.  The Company estimated the fair value of the common shares sold utilizing the market approach, which amounted to $5,780,000.
	On May 14, 2013, a founder of the Company sold 47,904 common shares to a member of the Company’s Board of Directors for a purchase price of $312,500.  The Company estimated the fair value of the common shares sold utilizing the market approach, which amounted to $361,250.
	On May 14, 2013, a founder of the Company, Mr. Storms and three employees transferred 104,431 common shares to D&L Partners for no monetary consideration.  The Company estimated the fair value of the common shares transferred utilizing the market approach, which amounted to $787,525.
	On May 14, 2013, a founder of the Company sold 70,898 common shares to a consultant for a purchase price of $500,000.  The Company estimated the fair value of the common shares sold utilizing the market approach, which amounted to $534,650.
	On May 15, 2013, a founder of the Company sold 191,616 common shares to D&L Partners for a purchase price of $1,350,000.  The Company estimated the fair value of the common shares sold utilizing the market approach, which amounted to $1,445,000.
	On May 16, 2013, a founder of the Company sold 15,329 common shares to a consultant for a purchase price of $100,000.  The Company estimated the fair value of the common shares sold utilizing the market approach, which amounted to $115,600.
	On May 29, 2013, two of the founders of the Company transferred 95,808 common shares to a consultant for no monetary consideration.  The Company estimated the fair value of the common shares transferred utilizing the market approach, which amounted to $722,500.
	On June 20, 2013, a founder of the Company transferred 191,558 common shares to another founder of the Company for no monetary consideration.  The Company estimated the fair value of the common shares transferred utilizing the market approach, which amounted to $1,445,000.
	On June 24, 2013, two of the founders of the Company transferred 67,035 shares to a consultant for no monetary consideration.  The Company estimated the fair value of the common shares transferred utilizing the market approach, which amounted to $505,750.
	As a result of these below market sales, the Company recorded share-based compensation expense of approximately $10.4 million during the nine months ended September 30, 2013, representing the difference between the aggregate fair value and the purchase price.
	The foregoing transactions were accounted for in accordance with ASC Paragraph 225-10-S99-4, Presentation, Income Statement—Accounting for Expenses or Liabilities Paid by Principal Stockholder(s) and ASC Paragraph 718-10-15-4, Compensation—Stock Compensation.  This guidance provides that share-based payments awarded to an employee of the reporting entity by a related party or other holder of an economic interest in the entity as compensation for services provided to the entity are share-based payment transactions unless the transfer is clearly for a purpose other than compensation for services to the reporting entity.  The substance of such a transaction is that the economic interest holder makes a capital contribution to the reporting entity, and the reporting entity makes a share-based payment to its employee in exchange for services rendered.  As such, the value of the shares transferred by the founders and employees were reflected as an expense in the Company’s condensed consolidated financial statements with a corresponding credit to contributed capital.
	Private Placements
	During the nine months ended September 30, 2013, the Company executed subscription agreements with private investors in the aggregate amount of $3,300,000 in exchange for 394,098 common shares of the Company.  The capital raised is being used for operations and to fund the Company’s working capital.
	On April 5, 2013, the Company issued to D&L Partners, LP (“D&L Partners”), an entity controlled by Douglas Von Allen, an additional 720,498 common shares of the Company in consideration of D&L Partners’ continued financial support and commitment to the development and growth of the Company.  The Company estimated the fair value of the common shares issued utilizing the market approach, which amounted to approximately $5.3 million.  The Company recorded a share-based payment charge of approximately $5.3 million during the nine months ended September 30, 2013 as a result of this transaction.

Income_Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2013
Income Tax Disclosure [Abstract]	'
Income Tax Disclosure [Text Block]	'
	(8) Income Taxes
	As previously discussed in Note 1, on July 24, 2013 the Company reorganized as a Delaware corporation from a limited liability company. The change in tax status required the Company to revalue its deferred tax assets and liabilities at current corporate Federal and state income tax rates. As a result, the change in our deferred tax assets and liabilities produced a net income tax expense of $1.3 million and $1.1 million, respectively, for the three- and nine-months ended September 30, 2013.
	Prior to July 24, 2013, the Company, as a limited liability company, was treated as a partnership for Federal and state income tax purposes. Accordingly, no provision had been made for Federal and state income taxes in the accompanying condensed consolidated financial statements, since all items of income or loss were required to be reported on the income tax returns of the members, who are responsible for any taxes thereon. The Company was, however, subject to the New York City Unincorporated Business Tax of 4%.
	The difference between the statutory tax rate of 35% and the effective tax rate of (3%) at September 30, 2013 is due primarily to the revaluation of the deferred tax assets and liabilities and the pre-July 24, 2013 (the period in which the Company was not a corporation) loss that is not subject to corporate taxes.
	The Company analyzed the recoverability of recorded deferred tax assets and established a valuation allowance of approximately $135,000.
	Management believes there are no tax positions requiring recognition or disclosure under ASC Topic 740-10—Accounting for Uncertainty in Income Taxes.

Net_Capital_Requirement

Net Capital Requirement	9 Months Ended
	Sep. 30, 2013
Regulatory Capital Requirements [Abstract]	'
Net Capital Requirement [Text Block]	'
	(9) Net Capital Requirement
	Effective March 26, 2013, Futures changed its regulatory status from a non-clearing FCM to an introducing broker.  This status change reduced the regulatory capital that Futures is required to maintain from $1,000,000 to $45,000.
	Institutional must maintain regulatory net capital of at least €50,000 in accordance with Financial Conduct Authority regulations.
	Prime is required to maintain a net capital of at least $100,000.
	In the aggregate, we were required to maintain at least approximately $213,000 in net capital across all jurisdictions.  Dividends or withdrawals of capital cannot be made if capital is needed to comply with regulatory requirements.
	Net capital balances and the amounts in excess of required net capital at September 30, 2013 and December 31, 2012 are as follows:
		(Unaudited)
		September 30, 2013				December 31, 2012
		Net Capital		Excess Net		Net Capital		Excess Net
				Capital				Capital
	Futures	$	67,205	$	22,205	$	1,139,663	$	139,663
	Institutional	$	200,086	$	132,486	$	200,297	$	134,222
	Prime	$	594,793	$	494,793	$	798,941	$	698,941

Computation_of_Earnings_per_Sh

Computation of Earnings per Share	9 Months Ended
	Sep. 30, 2013
Earnings Per Share [Abstract]	'
Earnings Per Share [Text Block]	'
	(10) Computation of Earnings per Share
	Basic earnings per share (“EPS”) is computed by dividing net income (loss) by the weighted average number of shares outstanding during the period.  Diluted EPS is computed using the same method as basic EPS, however, the computation reflects the potential dilution that would occur if outstanding in-the-money share awards were exercised and converted into common shares.
		Three Months Ended		Nine Months Ended
		September 30, 2013		September 30, 2013
	Net loss	$	-12,249,164	$	-39,025,668
	Loss applicable to common shares	$	-12,249,164	$	-39,025,668
	Weighted average common shares outstanding		23,533,756		21,470,866
	Basic and diluted loss per common share	$	-0.52	$	-1.82
	The calculation of diluted EPS excludes the effect of RSUs and NQSOs because they were determined to be anti-dilutive and, therefore, diluted EPS is the same as basic EPS.

Subsequent_Events

Subsequent Events	9 Months Ended
	Sep. 30, 2013
Subsequent Events [Abstract]	'
Subsequent Events [Text Block]	'
	(11) Subsequent Events
	The Company has evaluated subsequent events through the date the condensed consolidated financial statements were issued and has determined that there are no subsequent events that require disclosure except for the following:
	On October 1, 2013, the Company entered into a four-month sublease agreement (the “Sublease”) at a monthly rate of  $23,247 for approximately 7,200 square feet of office space in Hoboken, New Jersey to be used for certain back-office operations.  The Sublease included a transfer to the Company of the existing equipment located in the space and an agreement to allow the sublessor to use a portion of the space not being used by the Company for up to nine months.  The Sublease was entered into with an entity that the Company’s Chief Executive Officer and General Counsel have an interest in and on the board of which they serve as members.  The Company is currently in negotiations with the owner of the property for a new, multi-year lease which will commence when the Sublease term has expired.

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2013
Fair Value Disclosures [Abstract]	'
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	'
	The following table presents, for each level within the fair value hierarchy, the Company’s recurring fair value measurements for assets and liabilities:
				Fair Value Measurement Using
		December 31, 2012		Level 1		Level 2		Level 3
	Contingent consideration payable	$	1,561,000	$	-	$	-	$	1,561,000
Fair Value Measurements, Nonrecurring [Table Text Block]	'
	The following table presents, for each level within the fair value hierarchy, the Company’s non-recurring fair value measurements:
				Fair Value Measurement Using
		December 31, 2012		Level 1		Level 2		Level 3
	Other intangible assets	$	18,740,125	$	-	$	-	$	18,740,125
	Goodwill		13,182,936		-		-		13,182,936
		$	31,923,061	$	-	$	-	$	31,923,061
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	'
	The following table presents a summary of changes in the fair value of the Company’s Level 3 liabilities:
		Contingent Consideration Payable
		(Unaudited)
		September 30, 2013		December 31, 2012
	Opening Balance	$	1,561,000	$	-
	Transfers into Level 3		-		-
	Transfers out of Level 3		-		-
	Total gains or losses for the period included in earnings:
	Realized (gains) losses		649,688		-1,545,000
	Unrealized (gains) losses		-		-129,000
	Purchases, issues, sales and settlements:
	Purchases		-		-
	Issues		-		11,990,000
	Sales		-		-
	Settlements		-2,210,688		-8,755,000
	Closing balance	$	-	$	1,561,000
	Change in unrealized gains and losses for the period included in earnings at period end	$	-
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block]	'
	The following table summarizes the carrying amount and estimated fair value of the Company’s financial assets that are not measured at fair value either on a recurring or nonrecurring basis:
				Estimated Fair Value
	September 30, 2013 (Unaudited)	Carrying Amount		Level 1		Level 2		Level 3		Total
	Cash and cash equivalents	$	13,537,015	$	13,537,015	$	-	$	-	$	13,537,015
				Estimated Fair Value
	December 31, 2012	Carrying Amount		Level 1		Level 2		Level 3		Total
	Cash and cash equivalents	$	1,380,078	$	1,380,078	$	-	$	-	$	1,380,078
	Note receivable from related party	$	2,250,000	$	-	$	-	$	2,255,000	$	2,255,000

Goodwill_and_Other_Intangible_1

Goodwill and Other Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2013
Goodwill and Intangible Assets Disclosure [Abstract]	'
Schedule Of Intangible Assets Excluding Goodwill [Table Text Block]	'
					(Unaudited)
					September 30, 2013									December 31, 2012
			Amortization		Gross			Accumulated			Net Carrying			Gross		Accumulated		Net Carrying
			period		Carrying			Amortization			Amount			Carrying		Amortization		Amount
					Amount									Amount
	Amortizable Intangible Assets:
	Software and trading platform		3 years		$	19,374,098		$	-7,100,225		$	12,273,873		$	19,374,098	$	-2,244,378	$	17,129,720
	Customer		3 years			1,261,000			-490,389			770,611			1,261,000		-175,140		1,085,860
	relationships(1)
	Non-compete agreements(1)		Life of agreement, 24 months			646,000			-565,250			80,750			646,000		-323,000		323,000
	Total				$	21,281,098		$	-8,155,864		$	13,125,234		$	21,281,098	$	-2,742,518	$	18,538,580
	Indefinite-Lived Intangible Assets:
	Broker licenses		N/A		$	163,000		$	-		$	163,000		$	163,000	$	-	$	163,000
	Patents pending		N/A			36,545			-			36,545			36,545		-		36,545
	Trade names		N/A			2,000			-			2,000			2,000		-		2,000
	Total				$	201,545		$	-		$	201,545		$	201,545	$	-	$	201,545
		-1	Gross and net carrying amounts were reduced by $86,000 in total due to impairment during the year ended December 31, 2012.
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]	'
	As of September 30, 2013, the future estimated amortization expense related to amortizable intangible assets is expected to be as follows:
	Remainder of 2013		$	1,797,313
	2014			6,866,252
	2015			4,461,669
			$	13,125,234
Schedule of Goodwill [Table Text Block]	'
	The changes in the carrying amount of goodwill are as follows:
						Business						(Unaudited)
			Balance at			Combinations /						Balance at
			December 31, 2012			Asset Acquisitions			Impairment Losses			September 30, 2013
	Partners		$	7,115,505		$	-		$	-		$	7,115,505
	Fundsolve			206,328			-			-			206,328
	GMA			4,338,615			-			-			4,338,615
	LTI			1,515,968			-			-			1,515,968
	LPH			4,600			-			-			4,600
	Futures			1,240			-			-			1,240
	Institutional			680			-			-			680
	Total Goodwill		$	13,182,936		$	-		$	-		$	13,182,936
						Business
			Balance at			Combinations /						Balance at
			December 31, 2011			Asset Acquisitions			Impairment Losses			December 31, 2012
	Partners		$	-		$	8,580,157		$	-1,464,652		$	7,115,505
	Fundsolve			-			206,328			-			206,328
	GMA			-			4,338,615			-			4,338,615
	LTI			-			1,515,968			-			1,515,968
	LPH			-			4,600			-			4,600
	Futures			-			1,240			-			1,240
	Institutional			-			680			-			680
	Total Goodwill		$	-		$	14,647,588		$	-1,464,652		$	13,182,936

Certain_Relationships_and_Rela1

Certain Relationships and Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2013
Related Party Transactions [Abstract]	'
Schedule of Related Party Transactions [Table Text Block]	'
	Amounts recognized from transactions with related parties in the accompanying condensed consolidated balance sheets are as follows:
		(Unaudited)
		September 30, 2013		December 31, 2012
	Assets:
	Note receivable from QuantX Management, LLP	$	-	$	2,250,000
	Due from QuantX Management, LLP	$	243,030	$	243,030
	Due from Ferdinand Capital		116,000		116,000
	Due from shareholder		300,000		-
	Total due from related parties	$	659,030	$	359,030
	Liabilities:
	Due to related parties	$	43,930	$	61,873
	Total due to related parties	$	43,930	$	61,873

Commitment_and_Contingencies_T

Commitment and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2013
Commitments and Contingencies Disclosure [Abstract]	'
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	'
	At September 30, 2013, minimum future rental commitments under non-cancellable operating leases are as follows:
	Year Ending December 31,
	2013	$	346,080
	2014		1,150,260
	2015		1,158,037
	2016		1,189,646
	2017		1,222,122
	Thereafter		1,098,934
	Total	$	6,165,079

ShareBased_Compensation_Tables

Share-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2013
Share-based Compensation [Abstract]	'
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block]	'
	The following table summarizes the activity of non-vested RSUs granted under the 2012 Amended Incentive Plan:
		Three Months Ended September 30, 2013				Nine Months Ended September 30, 2013
				Weighted Average			Weighted Average
				Grant Date			Grant Date
	Non-vested shares	Shares		Fair Value		Shares	Fair Value
	Balance at beginning of period	1,215,658		$	7.49	760,033	$	7.54
	Granted	216,558			9	925,529		7.82
	Vested	-44,894			7.51	-298,240		7.54
	Forfeited	-			-	-		-
	Balance at end of period	1,387,322		$	7.73	1,387,322	$	7.73
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	'
	The Black-Scholes fair value of each NQSO grant was calculated using the following assumptions:
	Dividend yield	0	%
	Expected volatility	50	%
	Risk-free interest rate	1.7	%
	Expected term (years)	6
Schedule of Share-based Compensation, Activity [Table Text Block]	'
	The following table summarizes the activity of NQSOs granted under the 2012 Amended Incentive Plan:
		Three Months Ended September 30, 2013				Nine Months Ended September 30, 2013
					Weighted Average			Weighted Average
		Shares			Exercise Price	Shares		Exercise Price
	Balance at beginning of period	-		$	-	-	$	-
	Granted	420,505			9	420,505		9
	Exercised	-			-	-		-
	Forfeited	-			-	-		-
	Balance at end of period	420,505		$	9	420,505	$	9
	Exercisable at end of period	12,798		$	9	12,798	$	9
	Remaining weighted average contractual life of exercisable options (years)				9.8			9.8
	Aggregate intrinsic value			$	-		$	-

Net_Capital_Requirement_Tables

Net Capital Requirement (Tables)	9 Months Ended
	Sep. 30, 2013
Regulatory Capital Requirements [Abstract]	'
Schedule Of Net Capital Requirement [Table Text Block]	'
	Net capital balances and the amounts in excess of required net capital at September 30, 2013 and December 31, 2012 are as follows:
		(Unaudited)
		September 30, 2013				December 31, 2012
		Net Capital		Excess Net		Net Capital		Excess Net
				Capital				Capital
	Futures	$	67,205	$	22,205	$	1,139,663	$	139,663
	Institutional	$	200,086	$	132,486	$	200,297	$	134,222
	Prime	$	594,793	$	494,793	$	798,941	$	698,941

Recovered_Sheet1

Computation of Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2013
Earnings Per Share [Abstract]	'
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	'
		Three Months Ended		Nine Months Ended
		September 30, 2013		September 30, 2013
	Net loss	$	-12,249,164	$	-39,025,668
	Loss applicable to common shares	$	-12,249,164	$	-39,025,668
	Weighted average common shares outstanding		23,533,756		21,470,866
	Basic and diluted loss per common share	$	-0.52	$	-1.82

Organization_and_Basis_of_Pres1

Organization and Basis of Presentation (Details Textual) (USD $)	1 Months Ended	5 Months Ended	9 Months Ended		3 Months Ended
	Jul. 31, 2013	Sep. 30, 2012	Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2013
					IPO [Member]
Stock Issued During Period Shares Conversion Of Each Unit	10,606.81	'	'	'	'
Stock Issued During Period, Shares, New Issues	'	'	'	'	3,175,000
Sale of Stock, Price Per Share	'	'	'	'	$9
Proceeds from Issuance Initial Public Offering	'	$0	$26,017,625	'	$17,300,000
Underwriting Discounts And Commissions	'	'	'	'	2,600,000
Other Ownership Interests, Offering Costs	'	'	'	'	8,700,000
Accounts Receivable, Net, Total	'	'	652,171	467,507	'
Prepaid Expense and Other Assets, Current	'	'	$1,150,840	$1,288,985	'

Fair_Value_Measurements_Detail

Fair Value Measurements (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Contingent consideration payable	$0	$1,561,000
Fair Value, Inputs, Level 1 [Member]	'	'
Contingent consideration payable	'	0
Fair Value, Inputs, Level 2 [Member]	'	'
Contingent consideration payable	'	0
Fair Value, Inputs, Level 3 [Member]	'	'
Contingent consideration payable	'	$1,561,000

Fair_Value_Measurements_Detail1

Fair Value Measurements (Details 1) (USD $)	Dec. 31, 2012
Other intangible assets	$18,740,125
Goodwill	13,182,936
Assets, Fair Value Disclosure, Total	31,923,061
Fair Value, Inputs, Level 1 [Member]	'
Other intangible assets	0
Goodwill	0
Assets, Fair Value Disclosure, Total	0
Fair Value, Inputs, Level 2 [Member]	'
Other intangible assets	0
Goodwill	0
Assets, Fair Value Disclosure, Total	0
Fair Value, Inputs, Level 3 [Member]	'
Other intangible assets	18,740,125
Goodwill	13,182,936
Assets, Fair Value Disclosure, Total	$31,923,061

Fair_Value_Measurements_Detail2

Fair Value Measurements (Details 2) (USD $)	5 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2012	Sep. 30, 2013	Dec. 31, 2012
Opening Balance	'	$1,561,000	$0
Transfers into Level 3	'	0	0
Transfers out of Level 3	'	0	0
Total gains or losses for the period included in earnings:	'	'	'
Realized (gains) losses	'	649,688	-1,545,000
Unrealized (gains) losses	'	0	-129,000
Purchases, issues, sales and settlements:	'	'	'
Purchases	'	0	0
Issues	'	0	11,990,000
Sales	'	0	0
Settlements	0	-2,210,688	-8,755,000
Closing balance	'	0	1,561,000
Change in unrealized gains and losses for the period included in earnings at period end	'	$0	'

Fair_Value_Measurements_Detail3

Fair Value Measurements (Details 3) (USD $)	Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2012	Apr. 23, 2012
Cash and cash equivalents	$13,537,015	$1,380,078	'	'
Note receivable from related party	'	2,250,000	'	'
Cash and cash equivalents	13,537,015	1,380,078	2,712,240	0
Note receivable from related party	'	2,255,000	'	'
Fair Value, Inputs, Level 1 [Member]	'	'	'	'
Cash and cash equivalents	13,537,015	1,380,078	'	'
Note receivable from related party	'	0	'	'
Fair Value, Inputs, Level 2 [Member]	'	'	'	'
Cash and cash equivalents	0	0	'	'
Note receivable from related party	'	0	'	'
Fair Value, Inputs, Level 3 [Member]	'	'	'	'
Cash and cash equivalents	0	0	'	'
Note receivable from related party	'	$2,255,000	'	'

Goodwill_and_Other_Intangible_2

Goodwill and Other Intangible Assets (Details) (USD $)	9 Months Ended
	Sep. 30, 2013		Dec. 31, 2012
Gross Carrying Amount	$21,281,098		$21,281,098
Accumulated amortization	-8,155,864		-2,742,518
Net Carrying Amount	13,125,234		18,538,580
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract]	'		'
Indefinite-Lived Intangible Asset	201,545		201,545
Broker licenses [Member]	'		'
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract]	'		'
Indefinite-Lived Intangible Asset	163,000		163,000
Patents Pending [Member]	'		'
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract]	'		'
Indefinite-Lived Intangible Asset	36,545		36,545
Trade Names [Member]	'		'
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract]	'		'
Indefinite-Lived Intangible Asset	2,000		2,000
Software And Trading Platform [Member]	'		'
Amortization period	'3 years		'
Gross Carrying Amount	19,374,098		19,374,098
Accumulated amortization	-7,100,225		-2,244,378
Net Carrying Amount	12,273,873		17,129,720
Customer Relationships [Member]	'		'
Amortization period	'3 years	[1]	'
Gross Carrying Amount	1,261,000	[1]	1,261,000	[1]
Accumulated amortization	-490,389	[1]	-175,140	[1]
Net Carrying Amount	770,611	[1]	1,085,860	[1]
Noncompete Agreements [Member]	'		'
Amortization period	'24 months	[1]	'
Gross Carrying Amount	646,000	[1]	646,000	[1]
Accumulated amortization	-565,250	[1]	-323,000	[1]
Net Carrying Amount	$80,750	[1]	$323,000	[1]
[1]	Gross and net carrying amounts were reduced by $86,000 in total due to impairment during the year ended December 31, 2012.

Goodwill_and_Other_Intangible_3

Goodwill and Other Intangible Assets (Details1) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Remainder of 2013	$1,797,313	'
2014	6,866,252	'
2015	4,461,669	'
Net Carrying Amount	$13,125,234	$18,538,580

Goodwill_and_Other_Intangible_4

Goodwill and Other Intangible Assets (Details 2) (USD $)	9 Months Ended	12 Months Ended
	Sep. 30, 2013	Dec. 31, 2012
Goodwill, Opening Balance	$13,182,936	$0
Business Combinations / Asset Acquisitions	0	14,647,588
Impairment Losses	0	-1,464,652
Goodwill, Closing Balance	13,182,936	13,182,936
Partners [Member]	'	'
Goodwill, Opening Balance	7,115,505	0
Business Combinations / Asset Acquisitions	0	8,580,157
Impairment Losses	0	-1,464,652
Goodwill, Closing Balance	7,115,505	7,115,505
Fundsolve Ltd [Member]	'	'
Goodwill, Opening Balance	206,328	0
Business Combinations / Asset Acquisitions	0	206,328
Impairment Losses	0	0
Goodwill, Closing Balance	206,328	206,328
Green Mountain Analytics, LLC [Member]	'	'
Goodwill, Opening Balance	4,338,615	0
Business Combinations / Asset Acquisitions	0	4,338,615
Impairment Losses	0	0
Goodwill, Closing Balance	4,338,615	4,338,615
LTI, LLC [Member]	'	'
Goodwill, Opening Balance	1,515,968	0
Business Combinations / Asset Acquisitions	0	1,515,968
Impairment Losses	0	0
Goodwill, Closing Balance	1,515,968	1,515,968
Liquid Prime Holdings, LLC [Member]	'	'
Goodwill, Opening Balance	4,600	0
Business Combinations / Asset Acquisitions	0	4,600
Impairment Losses	0	0
Goodwill, Closing Balance	4,600	4,600
Liquid Futures LLC [Member]	'	'
Goodwill, Opening Balance	1,240	0
Business Combinations / Asset Acquisitions	0	1,240
Impairment Losses	0	0
Goodwill, Closing Balance	1,240	1,240
Liquid Trading Institutional LLP [Member]	'	'
Goodwill, Opening Balance	680	0
Business Combinations / Asset Acquisitions	0	680
Impairment Losses	0	0
Goodwill, Closing Balance	$680	$680

Goodwill_and_Other_Intangible_5

Goodwill and Other Intangible Assets (Details Textual) (USD $)	3 Months Ended		5 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2012	Sep. 30, 2013	Dec. 31, 2012
Impairment of Intangible Assets, Finite-lived	'	'	'	'	$86,000
Amortization of Intangible Assets	$1,808,618	$751,040	$935,790	$5,406,604	'

Certain_Relationships_and_Rela2

Certain Relationships and Related Party Transactions (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Assets:	'	'
Note receivable	$0	$2,250,000
Due from related parties	659,030	359,030
Due from shareholder	300,000	0
Total due from related parties	659,030	359,030
Liabilities:	'	'
Due to related parties	43,930	61,873
Total due to related parties	43,930	61,873
QuantX Management, LLP [Member]	'	'
Assets:	'	'
Note receivable	0	2,250,000
Due from related parties	243,030	243,030
Ferdinand Capital [Member]	'	'
Assets:	'	'
Due from related parties	$116,000	$116,000

Certain_Relationships_and_Rela3

Certain Relationships and Related Party Transactions (Details Textual) (USD $)

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

15-May-13

Sep. 30, 2013

Dec. 31, 2012

Aug. 31, 2013

Aug. 31, 2013

Sep. 30, 2013

Jul. 11, 2013

Sep. 30, 2013

Jun. 30, 2013

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Jun. 13, 2013

QuantX Management, LLP [Member]

QuantX Management, LLP [Member]

QuantX Management, LLP [Member]

Ferdinand Capital [Member]

Ferdinand Capital [Member]

Mr. Richard Schaeffer [Member]

Thomas Ross [Member]

Thomas Ross [Member]

Thomas Ross [Member]

Ferdinand Holdings, LLC [Member]

Ferdinand Holdings, LLC [Member]

Management [Member]

Management [Member]

Board of Directors Chairman [Member]

Board of Directors Chairman [Member]

Notes Receivable, Related Parties, Current

$0

$2,250,000

$0

$2,250,000

$5,000,000

'

'

'

'

'

'

'

'

'

'

'

'

Debt Instrument, Interest Rate, Stated Percentage

'

'

'

'

'

'

'

'

'

'

4.00%

'

4.00%

'

'

'

4.00%

Notes Receivable Interest Rate Stated Percentage

'

'

'

'

3.00%

'

'

'

'

'

'

'

'

'

'

'

'

Proceeds from Collection of Notes Receivable

'

'

'

2,750,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest Income, Related Party

'

'

74,416

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Due from Related Parties, Noncurrent

659,030

359,030

243,030

243,030

'

116,000

116,000

'

'

'

'

'

'

'

'

'

'

Due To Related Parties Current

43,930

61,873

'

'

'

'

'

'

'

'

'

250,000

'

43,930

61,873

'

'

Due to Officers or Stockholders, Current

'

'

'

'

'

'

'

'

'

'

250,000

'

'

'

'

'

250,000

Interest Paid, Net

'

'

'

'

'

'

'

$1,370

$603

'

'

'

'

'

'

$877

'

Debt Instrument, Maturity Date

'

'

'

'

'

'

'

'

'

10-Jan-14

'

31-Dec-13

'

'

'

'

'

Commitments_and_Contingencies_

Commitments and Contingencies (Details) (USD $)	Sep. 30, 2013
2013	$346,080
2014	1,150,260
2015	1,158,037
2016	1,189,646
2017	1,222,122
Thereafter	1,098,934
Total	$6,165,079

Commitments_and_Contingencies_1

Commitments and Contingencies (Details Textual) (USD $)

1 Months Ended

9 Months Ended

1 Months Ended

3 Months Ended

9 Months Ended

18 Months Ended

3 Months Ended

9 Months Ended

1 Months Ended

Jul. 31, 2013

Apr. 30, 2013

Mar. 19, 2013

Sep. 30, 2013

Dec. 31, 2012

Aug. 31, 2013

Aug. 12, 2013

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2012

Jul. 31, 2013

Lease Agreements [Member]

Lease Agreements [Member]

Successor [Member]

Successor [Member]

Successor [Member]

Successor [Member]

Predecessor [Member]

Predecessor [Member]

Settlement Agreement [Member]

sqft

Litigation Settlement, Amount

'

'

$1,000,000

'

'

'

'

'

'

'

'

'

'

'

Loss Contingency Accrual, Beginning Balance

'

'

'

'

250,000

'

'

'

'

'

'

'

'

'

Loss Contingency, Settlement Agreement, Terms

'

'The Settlement Agreement calls for consideration in the amount of $1 million to be paid as follows: $250,000 at the time of execution of the Settlement Agreement and the remaining $750,000 paid within 90 days from said execution.

'

'

'

'

'

'

'

'

'

'

'

'

Loss Contingency Accrual, Payments

'

250,000

'

'

'

'

'

'

'

'

'

'

'

750,000

Operating Leases, Rent Expense

'

'

'

'

'

'

'

319,390

197,417

926,711

323,028

52,586

252,424

'

Legal Fees

300,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Loss Contingency, Damages Sought

'

'

'

'3 million

'

'

'

'

'

'

'

'

'

'

Operating Leases, Rent Expense, Minimum Rentals

'

'

'

'

'

$85,364

'

'

'

'

'

'

'

'

Operating Leases Initial Base Rent Percentage

'

'

'

'

'

'

3.00%

'

'

'

'

'

'

'

Net Rentable Area

'

'

'

'

'

'

13,200

'

'

'

'

'

'

'

ShareBased_Compensation_Detail

Share-Based Compensation (Details) (Restricted Stock Units (RSUs) [Member], USD $)	3 Months Ended	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2013
Restricted Stock Units (RSUs) [Member]	'	'
Balance at beginning of period, Shares	1,215,658	760,033
Granted, Shares	216,558	925,529
Vested, Shares	-44,894	-298,240
Forfeited, Shares	0	0
Balance at end of period, Shares	1,387,322	1,387,322
Balance at beginning of period, Weighted Average Grant Date Fair Value	$7.49	$7.54
Granted, Weighted Average Grant Date Fair Value	$9	$7.82
Vested, Weighted Average Grant Date Fair Value	$7.51	$7.54
Forfeited, Weighted Average Grant Date Fair Value	$0	$0
Balance at end of period, Weighted Average Grant Date Fair Value	$7.73	$7.73

ShareBased_Compensation_Detail1

Share-Based Compensation (Details 1)	9 Months Ended
	Sep. 30, 2013
Dividend yield	0.00%
Expected volatility	50.00%
Risk-free interest rate	1.70%
Expected term (years)	'6 years

ShareBased_Compensation_Detail2

Share-Based Compensation (Details 2) (USD $)	3 Months Ended	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2013
Balance at beginning of period, Shares	0	0
Granted	420,505	420,505
Exercised	0	0
Forfeited	0	0
Balance at end of period, Shares	420,505	420,505
Exercisable at end of period, Shares	12,798	12,798
Balance at beginning of period, Weighted Average Exercise Price	$0	$0
Granted, Weighted Average Exercise Price	$9	$9
Exercised, Weighted Average Exercise Price	$0	$0
Forfeited, Weighted Average Exercise Price	$0	$0
Balance at end of period, Weighted Average Exercise Price	$9	$9
Exercisable at end of period, Weighted Average Exercise Price	$9	$9
Remaining weighted average contractual life of exercisable options (years)	'9 years 9 months 18 days	'9 years 9 months 18 days
Aggregate intrinsic value	$0	$0

ShareBased_Compensation_Detail3

Share-Based Compensation (Details Textual) (USD $)	3 Months Ended	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013	Apr. 05, 2013
	Restricted Stock Units (RSUs) [Member]	Restricted Stock Units (RSUs) [Member]	Amended Incentive Plan [Member]	Amended Incentive Plan [Member]
Percentage Of Common Shares Outstanding	'	'	'	15.00%
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total	'	'	$8,249,260	'
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value	337,167	2,247,791	56,094	'
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	'	'	1,230,698	'
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options	'	'	$1,644,556	'
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition Period	'	'	'2013 through 2016	'

Members_Equity_Details_Textual

Members' Equity (Details Textual) (USD $)

9 Months Ended

1 Months Ended

9 Months Ended

Sep. 30, 2013

Jun. 24, 2013

Jun. 20, 2013

29-May-13

16-May-13

14-May-13

13-May-13

10-May-13

1-May-13

Mar. 12, 2013

Feb. 28, 2013

Jan. 15, 2013

Jan. 09, 2013

Apr. 30, 2013

Sep. 30, 2013

14-May-13

Jan. 15, 2013

14-May-13

15-May-13

14-May-13

Private Placement [Member]

Private Placement [Member]

Director [Member]

Director [Member]

Chief Executive Officer [Member]

D&L Partners [Member]

D&L Partners [Member]

Number Of Common Stock Shares Sold

'

'

'

'

15,329

70,898

61,317

'

'

46,096

18,193

90,786

43,577

'

'

47,904

'

766,466

191,616

'

Value Of Common Shares Sold

'

'

'

'

$100,000

$500,000

$400,000

'

'

$250,000

$100,000

'

$300,000

'

'

$312,500

$375,000

$5,000,000

$1,350,000

'

Fair Value Of Common Shares Sold

'

'

'

'

115,600

534,650

462,400

'

'

350,625

140,250

'

338,102

'

'

361,250

702,622

5,780,000

1,445,000

'

Common Shares Transferred

'

67,035

191,558

95,808

'

'

'

191,616

541,901

'

'

'

'

'

'

'

'

'

'

104,431

Fair Value Of Common Shares Transferred

'

505,750

1,445,000

722,500

'

'

'

1,445,000

3,973,750

'

'

'

'

'

'

'

'

'

'

787,525

Proceeds from Issuance of Private Placement

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3,300,000

'

'

'

'

'

Number Of Common Shares Exchanged

'

'

'

'

'

'

'

'

'

'

'

'

'

'

394,098

'

'

'

'

'

Stock Issued During Period, Shares, New Issues

'

'

'

'

'

'

'

'

'

'

'

'

'

720,498

'

'

'

'

'

'

Stock Issued During Period, Value, New Issues

'

'

'

'

'

'

'

'

'

'

'

'

'

5,300,000

'

'

'

'

'

'

Allocated Share-based Compensation Expense

$10,400,000

'

'

'

'

'

'

'

'

'

'

'

'

'

$5,300,000

'

'

'

'

'

Income_Taxes_Details_Textual

Income Taxes (Details Textual) (USD $)	1 Months Ended	3 Months Ended		5 Months Ended	9 Months Ended
	Jul. 24, 2013	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2012	Sep. 30, 2013
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	4.00%	'	'	'	'
Income Tax Expense (Benefit)	'	$1,309,903	($4,404)	($38,682)	$1,125,697
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent	'	'	'	'	35.00%
Effective Income Tax Rate Reconciliation, Percent, Total	'	'	'	'	3.00%
Deferred Tax Assets, Valuation Allowance, Current	'	$135,000	'	'	$135,000

Net_Capital_Requirement_Detail

Net Capital Requirement (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Future [Member]	'	'
Net Capital	$67,205	$1,139,663
Excess Net Capital	22,205	139,663
Institutional [Member]	'	'
Net Capital	200,086	200,297
Excess Net Capital	132,486	134,222
Prime [Member]	'	'
Net Capital	594,793	798,941
Excess Net Capital	$494,793	$698,941

Net_Capital_Requirement_Detail1

Net Capital Requirement (Details Textual)	Sep. 30, 2013	Mar. 26, 2013	Mar. 26, 2013	Mar. 26, 2013	Mar. 26, 2013
	USD ($)	Future [Member]	Future [Member]	institutional [Member]	Prime [Member]
		Maximum [Member]	Minimum [Member]	EUR (€)	USD ($)
		USD ($)	USD ($)
Minimum Net Capital Required For Entity	'	$1,000,000	$45,000	€ 50,000	$100,000
Minimum Net Capital Required	$213,000	'	'	'	'

Computation_of_Earnings_per_Sh1

Computation of Earnings per Share (Details) (USD $)	3 Months Ended		5 Months Ended	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Net loss	($12,249,164)	($1,626,772)	($14,288,062)	($39,025,668)	($14,288,062)
Loss applicable to common shares	($12,249,164)	'	'	($39,025,668)	'
Weighted average common shares outstanding	23,533,756	15,136,725	14,009,224	21,470,866	'
Basic and diluted loss per common share	($0.52)	($0.11)	($1.02)	($1.82)	'

Subsequent_Events_Details_Text

Subsequent Events (Details Textual) (Subsequent Event [Member], USD $)	1 Months Ended
	Oct. 31, 2013
	sqft
Subsequent Event [Member]	'
Operating Leases, Rent Expense, Sublease Rentals	$23,247
Office Space	7,200