Oppenheimer (OPY) 10-Q 30 Oct 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Oct. 30, 2015
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Entity Registrant Name	OPPENHEIMER HOLDINGS INC
Entity Central Index Key	791,963
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Class A Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		13,333,368
Class B Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		99,680

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
ASSETS
Cash and cash equivalents	$ 47,311	$ 63,807
Cash segregated for regulatory and other purposes	855	18,594
Deposits with clearing organizations	61,370	36,510
Receivable from brokers, dealers and clearing organizations	398,808	314,475
Receivable from customers, net of allowance for credit losses of $2,504 ($2,427 in 2014)	896,060	864,189
Income tax receivable	6,105	4,240
Securities purchased under agreements to resell	0	251,606
Securities owned, including amounts pledged of $752,758 ($518,123 in 2014), at fair value	1,040,631	843,155
Notes receivable, net of accumulated amortization and allowance for uncollectibles of $53,241 and $8,555, respectively ($42,211 and $8,606, respectively, in 2014)	33,624	34,932
Office facilities, net of accumulated depreciation of $102,640 ($103,547 in 2014)	27,731	29,589
Loans held for sale, at fair value	34,050	19,243
Mortgage servicing rights	29,594	30,140
Intangible assets	31,700	31,700
Goodwill	137,889	137,889
Other assets	108,524	107,386
Total assets	2,854,252	2,787,455
Liabilities
Drafts payable	24,002	35,373
Bank call loans	147,700	59,400
Payable to brokers, dealers and clearing organizations	250,513	257,161
Payable to customers	692,416	652,256
Securities sold under agreements to repurchase	463,074	687,440
Securities sold, but not yet purchased, at fair value	311,664	92,510
Accrued compensation	125,129	165,134
Accounts payable and other liabilities	145,777	141,352
Senior secured notes	150,000	150,000
Deferred tax liabilities, net of deferred tax assets of $63,130 ($68,622 in 2014)	14,200	13,097
Total liabilities	$ 2,324,475	$ 2,253,723
Contingencies
Share capital
Common stock	$ 59,152	$ 62,397
Contributed capital	43,116	45,118
Retained earnings	421,622	421,047
Accumulated other comprehensive loss	(1,084)	(918)
Total Oppenheimer Holdings Inc. stockholders’ equity	522,806	527,644
Noncontrolling interest	6,971	6,088
Total stockholders’ equity	529,777	533,732
Total liabilities and stockholders’ equity	2,854,252	2,787,455
Class A Stock [Member]
Share capital
Common stock	59,019	62,264
Class B Stock [Member]
Share capital
Common stock	$ 133	$ 133

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Allowance for credit losses	$ 2,504	$ 2,427
Amounts pledged	752,758	518,123
Accumulated amortization	53,241	42,211
Accumulated allowance	8,555	8,606
Net accumulated depreciation	102,640	103,547
Deferred tax assets, gross	$ 63,130	$ 68,622
Class A Stock [Member]
Common stock, shares authorized (in shares)	50,000,000	50,000,000
Common stock, shares issued (in shares)	13,333,368	13,530,688
Common stock, shares outstanding (in shares)	13,333,368	13,530,688
Common stock, par value (dollars per share)	$ 0.001	$ 0.001
Class B Stock [Member]
Common stock, shares authorized (in shares)	99,680	99,680
Common stock, shares issued (in shares)	99,680	99,680
Common stock, shares outstanding (in shares)	99,680	99,680
Common stock, par value (dollars per share)	$ 0.001	$ 0.001

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
REVENUE
Commissions	$ 101,243	$ 110,862	$ 314,494	$ 349,062
Advisory fees	69,557	70,957	212,766	209,592
Investment banking	16,548	33,841	72,873	94,164
Interest	14,384	12,449	37,449	37,387
Principal transactions, net	(3,339)	4,272	16,926	24,883
Other	15,143	12,298	43,517	34,448
Total revenue	213,536	244,679	698,025	749,536
EXPENSES
Compensation and related expenses	142,746	161,334	464,051	493,135
Communications and technology	16,475	15,991	50,050	50,261
Occupancy and equipment costs	16,158	15,801	47,920	47,105
Clearing and exchange fees	6,909	5,969	19,542	17,885
Interest	4,541	4,127	12,956	13,703
Other	28,234	30,561	92,552	111,306
Total expenses	215,063	233,783	687,071	733,395
Income (loss) before income tax provision (benefit)	(1,527)	10,896	10,954	16,141
Income tax provision (benefit)	(750)	6,271	4,965	9,349
Net income (loss) for the period	(777)	4,625	5,989	6,792
Less net income attributable to noncontrolling interest	131	155	883	652
Net income (loss) attributable to Oppenheimer Holdings Inc.	$ (908)	$ 4,470	$ 5,106	$ 6,140
Earnings (loss) per share attributable to Oppenheimer Holdings Inc.
Basic (in dollars per share)	$ (0.07)	$ 0.33	$ 0.37	$ 0.45
Diluted (in dollars per share)	(0.07)	0.31	0.36	0.43
Dividends declared per share (in dollars per share)	$ 0.11	$ 0.11	$ 0.33	$ 0.33
Weighted average shares
Basic (in shares)	13,690,698	13,630,368	13,713,578	13,595,458
Diluted (in shares)	13,690,698	14,297,442	14,339,205	14,217,247

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2015		Sep. 30, 2014		Sep. 30, 2015	Sep. 30, 2014
Statement of Comprehensive Income [Abstract]
Net income (loss) for the period	$ (777)		$ 4,625		$ 5,989	$ 6,792
Other comprehensive income (loss), net of tax
Currency translation adjustment	(916)		(1,608)		(166)	(1,356)
Comprehensive income (loss) for the period	(1,693)	[1]	3,017	[1]	5,823	5,436
Less net income attributable to noncontrolling interests	131		155		883	652
Comprehensive income (loss) attributable to Oppenheimer Holdings Inc.	$ (1,824)		$ 2,862		$ 4,940	$ 4,784
[1]	Other comprehensive loss is attributable to Oppenheimer Holdings Inc. No other comprehensive loss is attributable to noncontrolling interests.

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Share Capital [Member]	Share Capital [Member]Class A Stock [Member]	Contributed Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income [Member]	Parent [Member]	Non-Controlling Interest [Member]
Balance at beginning of period at Dec. 31, 2013		$ 60,198		$ 42,407	$ 418,204	$ 1,709		$ 5,353
Issuance of Class A non-voting common stock			$ 2,199
Repurchase of Class A non-voting common stock for cancellation			0
Tax benefit (deficiency) from share-based awards				1,275
Share-based expense				4,445
Vested employee share plan awards				(4,177)
Net income for the period attributable to Oppenheimer Holdings Inc.	$ 6,140				6,140
Dividends paid ($0.33 per share)					(4,483)
Currency translation adjustment	(1,356)					(1,356)
Net income attributable to noncontrolling interest	(652)							652
Balance at end of period at Sep. 30, 2014	532,566	62,397		43,950	419,861	353	$ 526,561	6,005
Balance at beginning of period at Dec. 31, 2014	533,732	62,397		45,118	421,047	(918)		6,088
Issuance of Class A non-voting common stock			3,373
Repurchase of Class A non-voting common stock for cancellation			$ 6,618
Tax benefit (deficiency) from share-based awards				(235)
Share-based expense				3,289
Vested employee share plan awards				(5,056)
Net income for the period attributable to Oppenheimer Holdings Inc.	5,106				5,106
Dividends paid ($0.33 per share)					(4,531)
Currency translation adjustment	(166)					(166)
Net income attributable to noncontrolling interest	(883)							883
Balance at end of period at Sep. 30, 2015	$ 529,777	$ 59,152		$ 43,116	$ 421,622	$ (1,084)	$ 522,806	$ 6,971

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Retained Earnings [Member]
Dividends (in US dollars per share)	$ 0.33	$ 0.33

Condensed Consolidated Stateme8

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities
Net income (loss) for the period	$ 5,989	$ 6,792
Adjustments to reconcile net income to net cash used in operating activities
Payment of taxes due for vested share-based awards related to amounts the Company withheld on behalf of its employees to meet minimum statutory tax withholding requirements	(1,683)	(2,074)
Depreciation and amortization of office facilities and leasehold improvements	5,471	5,787
Deferred income taxes	1,103	6,423
Amortization of notes receivable	9,742	12,393
Amortization of debt issuance costs	364	408
Write-off of debt issuance costs	0	588
Amortization of mortgage servicing rights	829	2,025
Provision for credit losses	77	28
Share-based compensation	2,569	3,682
Decrease (increase) in operating assets:
Cash segregated for regulatory and other purposes	17,739	17,217
Deposits with clearing organizations	(24,860)	(7,932)
Receivable from brokers, dealers and clearing organizations	(84,333)	(16,070)
Receivable from customers	(31,948)	(14,292)
Income tax receivable	(1,865)	(1,239)
Securities purchased under agreements to resell	251,606	(65,175)
Securities owned	(197,476)	49,316
Notes receivable	(8,434)	(9,315)
Loans held for sale	(14,807)	55,894
Mortgage servicing rights	(283)	(2,642)
Other assets	(1,668)	31,644
Increase (decrease) in operating liabilities:
Drafts payable	(11,371)	(23,882)
Payable to brokers, dealers and clearing organizations	(6,648)	(18,365)
Payable to customers	40,160	62,799
Securities sold under agreements to repurchase	(224,366)	(69,181)
Securities sold, but not yet purchased	219,154	51,948
Accrued compensation	(39,285)	(40,574)
Accounts payable and other liabilities	4,425	(22,466)
Cash provided by (used in) operating activities	(89,799)	13,737
Cash flows from investing activities
Purchase of office facilities	(3,613)	(3,366)
Cash used in investing activities	(3,613)	(3,366)
Cash flows from financing activities
Cash dividends paid on Class A non-voting and Class B voting common stock	(4,531)	(4,483)
Issuance of Class A non-voting common stock	0	185
Repurchase of Class A non-voting common stock for cancellation	(6,618)	0
Tax benefit (deficiency) from share-based awards	(235)	1,275
Redemption of senior secured notes	0	(45,000)
Increase in bank call loans, net	88,300	17,300
Cash provided by (used in) financing activities	76,916	(30,723)
Net decrease in cash and cash equivalents	(16,496)	(20,352)
Cash and cash equivalents, beginning of period	63,807	98,294
Cash and cash equivalents, end of period	47,311	77,942
Schedule of non-cash financing activities
Employee share plan issuance	3,373	2,014
Supplemental disclosure of cash flow information
Cash paid during the period for interest	9,568	11,400
Cash paid during the period for income taxes, net of refunds	$ 5,972	$ 4,103

Organization and Basis of Prese

Organization and Basis of Presentation	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and basis of presentation Organization Oppenheimer Holdings Inc. ("OPY") is incorporated under the laws of the State of Delaware. The condensed consolidated financial statements include the accounts of OPY and its subsidiaries (together, the "Company"). The Company engages in a broad range of activities in the financial services industry, including retail securities brokerage, institutional sales and trading, investment banking (both corporate and public finance), research, market-making, trust services, mortgage banking and investment advisory and asset management services. The principal subsidiaries of OPY are Oppenheimer & Co. Inc. ("Oppenheimer"), a registered broker dealer in securities and investment adviser under the Investment Advisers Act of 1940, Oppenheimer Asset Management Inc. ("OAM") and its wholly owned subsidiary, Oppenheimer Investment Management Inc. ("OIM"), both registered investment advisers under the Investment Advisers Act of 1940, Oppenheimer Trust Company of Delaware ("Oppenheimer Trust"), a limited purpose trust company that provides fiduciary services such as trust and estate administration and investment management, Oppenheimer Multifamily Housing & Healthcare Finance, Inc. ("OMHHF"), which is engaged in commercial mortgage origination and servicing, OPY Credit Corp., which offers syndication as well as trading of issued corporate loans, Oppenheimer Europe Ltd., based in the United Kingdom, with offices in the Isle of Jersey and Switzerland, which provides institutional equities and fixed income brokerage and corporate financial services and is regulated by the Financial Conduct Authority, and Oppenheimer Investments Asia Limited, based in Hong Kong, China, which provides assistance in accessing the U.S. equities markets and limited mergers and acquisitions advisory services to Asia-based companies, as well as offering fixed income brokerage services to institutional investors, and is regulated by the Securities and Futures Commission. Oppenheimer provides its services from 90 offices in 24 states located throughout the United States and in 6 foreign jurisdictions. Oppenheimer owns Freedom Investments, Inc. ("Freedom"), a registered broker dealer in securities, which provides discount brokerage services, and Oppenheimer Israel (OPCO) Ltd., which is engaged in offering investment services in the State of Israel. Oppenheimer holds a trading permit on the New York Stock Exchange and is a member of several other regional exchanges in the United States. Basis of Presentation The accompanying condensed consolidated financial statements of the Company have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the "SEC") regarding interim financial reporting. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States of America ("U.S. GAAP") for complete financial statements and should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 (the "Form 10-K"). The accompanying December 31, 2014 condensed consolidated balance sheet data was derived from the audited consolidated financial statements, but does not include all disclosures required by U.S. GAAP for annual financial statement purposes. The accompanying condensed consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods presented. Preparing financial statements requires management to make estimates and assumptions that affect the amounts that are reported in the financial statements and the accompanying disclosures. Although these estimates are based on management’s knowledge of current events and actions that the Company may undertake in the future, actual results may differ materially from the estimates. The condensed consolidated results of operations for the nine month period ended September 30, 2015 are not necessarily indicative of the results to be expected for any future interim or annual period. Certain prior period amounts have been reclassified to conform to the current period presentation. Accounting standards require the Company to present noncontrolling interests as a separate component of stockholders’ equity on the Company’s condensed consolidated balance sheet. As of September 30, 2015 , the Company owned 83.68% of OMHHF and the noncontrolling interest recorded in the condensed consolidated balance sheet was $7.0 million .

New Accounting Pronouncements

New Accounting Pronouncements	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
New Accounting Pronouncements	New accounting pronouncements Recently Adopted In April 2014, the FASB issued ASU No. 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." Under this ASU, a discontinued operation is defined as a disposal of a component or group of components that is disposed of and represents a strategic shift that has or will have a major effect on an entity’s operation. The ASU also modified related disclosure requirements. The ASU became effective for the annual reporting period in the fiscal year that begins after December 15, 2014. The adoption of this accounting guidance did not have a material impact on the Company’s condensed consolidated financial statements. In June 2014, the FASB issued ASU No. 2014-11, "Transfers and Servicing – Repurchase-to-Maturity Transactions, Repurchase Financing, and Disclosures," which makes amendments to the guidance in Accounting Standards Codification 860 on accounting for certain repurchase agreements. The ASU is effective for the annual reporting period in the fiscal year that begins after December 15, 2015, except for the disclosures related to transactions accounted for as secured borrowings, which became effective for the period beginning on or after March 15, 2015. The adoption of this accounting guidance did not have a material impact on the Company’s condensed consolidated financial statements. See Note 6, Collateralized transactions, below. In November 2014, the FASB issued ASU No. 2014-17, "Business Combination - Pushdown Accounting." The ASU gives the acquired entity the option of applying pushdown accounting in its stand-alone financial statements upon a change-in-control event. The ASU became effective upon issuance. The adoption of this accounting guidance did not have a material impact on the Company’s condensed consolidated financial statements. Recently Issued In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers." The ASU outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. Additionally, the ASU expands the disclosure requirements for revenue recognition. The ASU will be effective for the annual reporting period in the fiscal year that begins after December 15, 2017 and early adoption is permitted as of the original effective date. The Company is currently evaluating the impact, if any, that the ASU will have on its condensed consolidated financial statements. In June 2014, the FASB issued ASU No. 2014-12, "Compensation - Stock Compensation." The ASU clarifies that entities should treat performance targets that can be met after the requisite service period of a share-based award as performance conditions that affect vesting. The ASU is effective for the annual reporting period in the fiscal year that begins after December 15, 2015 and early adoption is permitted. The Company will not early adopt this ASU. The Company is currently evaluating the impact, if any, that the ASU will have on its condensed consolidated financial statements. In August 2014, the FASB issued ASU No. 2014-15, "Disclosure of Uncertainties About an Entity's Ability to Continue as a Going Concern," which provides guidance on determining when and how reporting entities must disclose going-concern uncertainties in their financial statements. The ASU requires management of an entity to perform interim and annual assessments of an entity's ability to continue as a going concern within one year of the date of issuance of the entity's financial statements and also provide disclosures if there is "substantial doubt about the entity's ability to continue as a going concern." The ASU is effective for the annual reporting period in the fiscal year that begins after December 15, 2016 and early adoption is permitted. The Company will not early adopt this ASU. The Company is currently evaluating the impact on its disclosure. In January 2015, the FASB issued ASU No. 2015-01, "Income Statement - Extraordinary and Unusual Items," to simplify income statement classification by removing the concept of extraordinary items. Under the existing guidance, an entity is required to separately disclose extraordinary items, net of tax, in the income statement after income from continuing operations if an event or transaction is of an unusual nature and occurs infrequently. This separate, net-of-tax presentation (and corresponding earnings per share impact) will no longer be allowed. However, the existing requirement to separately present items that are of an unusual nature or occur infrequently on a pre-tax basis within income from continuing operations has been retained. The ASU is effective for the annual reporting period in the fiscal year that begins after December 15, 2015. Early adoption is permitted, but only as of the beginning of the fiscal year of adoption. Upon adoption, a reporting entity may elect prospective or retrospective application. If adopted prospectively, both the nature and amount of any subsequent adjustments to previously reported extraordinary items must be disclosed. The Company will not early adopt this ASU. The Company is currently evaluating the impact, if any, that the ASU will have on its condensed consolidated financial statements. In February 2015, the FASB issued ASU No. 2015-02, "Consolidation - Amendments to the Consolidation Analysis," to eliminate the deferral of the application of the revised consolidation rules and make changes to both the variable interest model and the voting model. Under this ASU, a general partner will not consolidate a partnership or similar entity under the voting model. The ASU is effective for the annual reporting period in the fiscal year that begins after December 15, 2015 and early adoption is permitted. The Company will not early adopt this ASU. The Company is currently evaluating the impact, if any, that the ASU will have on its condensed consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-03, "Simplifying the Presentation of Debt Issuance Costs," which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability. The ASU is effective for the annual reporting period in the fiscal year that begins after December 15, 2015 and early adoption is permitted. The Company will not early adopt this ASU. The Company is currently evaluating the impact, if any, that the ASU will have on its condensed consolidated financial statements. In May 2015, the FASB issued ASU No. 2015-07, “Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent),” which removes the requirement to categorize within the fair value hierarchy all investments measured using the net asset value per share practical expedient and related disclosures. The ASU is effective for the annual reporting periods in the fiscal year that begins after December 15, 2015 and early adoption is permitted. The Company will not early adopt this ASU. The Company is currently evaluating the impact, if any, that the ASU will have on its condensed consolidated financial statements.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Earnings Per Share	Earnings per share Basic earnings per share is computed by dividing net income attributable to Oppenheimer Holdings Inc. by the weighted average number of shares of Class A non-voting common stock ("Class A Stock") and Class B voting common stock ("Class B Stock") outstanding. Diluted earnings per share includes the weighted average number of shares of Class A Stock and Class B Stock outstanding and unvested restricted stock awards of Class A Stock using the treasury stock method. Earnings per share have been calculated as follows: (Expressed in thousands, except number of shares and per share amounts) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2015 2014 2015 2014 Basic weighted average number of shares outstanding 13,690,698 13,630,368 13,713,578 13,595,458 Net dilutive effect of share-based awards, treasury method (1) — 667,074 625,627 621,789 Diluted weighted average number of shares outstanding 13,690,698 14,297,442 14,339,205 14,217,247 Net income (loss) for the period $ (777 ) $ 4,625 $ 5,989 $ 6,792 Net income attributable to noncontrolling interest, net of tax 131 155 883 652 Net income (loss) attributable to Oppenheimer Holdings Inc. $ (908 ) $ 4,470 $ 5,106 $ 6,140 Basic earnings (loss) per share $ (0.07 ) $ 0.33 $ 0.37 $ 0.45 Diluted earnings (loss) per share $ (0.07 ) $ 0.31 $ 0.36 $ 0.43 (1) For the three and nine months ended September 30, 2015 , the diluted earnings per share computation does not include the anti-dilutive effect of 1,304,185 and 40,309 shares of Class A Stock granted under share-based compensation arrangements, respectively ( 58,008 for both the three and nine months ended September 30, 2014 ).

Receivable from and Payable to

Receivable from and Payable to Brokers, Dealers and Clearing Organizations	9 Months Ended
	Sep. 30, 2015
Brokers and Dealers [Abstract]
Receivable from and Payable to Brokers, Dealers and Clearing Organizations	Receivable from and payable to brokers, dealers and clearing organizations (Expressed in thousands) As of September 30, 2015 December 31, 2014 Receivable from brokers, dealers and clearing organizations consist of: Securities borrowed $ 296,362 $ 242,172 Receivable from brokers 53,550 38,149 Securities failed to deliver 16,380 11,055 Clearing organizations 23,766 21,106 Other 8,750 1,993 Total $ 398,808 $ 314,475 Payable to brokers, dealers and clearing organizations consist of: Securities loaned $ 209,125 $ 137,892 Payable to brokers 4,380 4,559 Securities failed to receive 31,266 23,573 Other 5,742 91,137 Total $ 250,513 $ 257,161

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Financial Instruments	Fair value measurements Securities owned and securities sold but not yet purchased, investments and derivative contracts are carried at fair value with changes in fair value recognized in earnings each period. The Company’s other financial instruments are generally short-term in nature or have variable interest rates and as such their carrying values approximate fair value. Securities Owned and Securities Sold, But Not Yet Purchased at Fair Value (Expressed in thousands) As of September 30, 2015 As of December 31, 2014 Owned Sold Owned Sold U.S. Government, agency and sovereign obligations $ 750,031 $ 259,810 $ 570,607 $ 30,615 Corporate debt and other obligations 15,475 7,070 19,795 2,646 Mortgage and other asset-backed securities 7,276 28 6,689 255 Municipal obligations 74,365 50 60,833 51 Convertible bonds 54,946 9,539 49,813 11,369 Corporate equities 41,209 35,167 42,751 47,574 Money markets 846 — 1,245 — Auction rate securities 96,483 — 91,422 — Total $ 1,040,631 $ 311,664 $ 843,155 $ 92,510 Securities owned and securities sold, but not yet purchased, consist of trading and investment securities at fair values. Included in securities owned at September 30, 2015 are corporate equities with estimated fair values of approximately $13.4 million ( $15.7 million at December 31, 2014 ), which are related to deferred compensation liabilities to certain employees included in accrued compensation on the condensed consolidated balance sheet. Valuation Techniques A description of the valuation techniques applied and inputs used in measuring the fair value of the Company’s financial instruments is as follows: U.S. Government Obligations U.S. Treasury securities are valued using quoted market prices obtained from active market makers and inter-dealer brokers. U.S. Agency Obligations U.S. agency securities consist of agency issued debt securities and mortgage pass-through securities. Non-callable agency issued debt securities are generally valued using quoted market prices. Callable agency issued debt securities are valued by benchmarking model-derived prices to quoted market prices and trade data for identical or comparable securities. The fair value of mortgage pass-through securities are model driven with respect to spreads of the comparable To-be-announced ("TBA") security. Sovereign Obligations The fair value of sovereign obligations is determined based on quoted market prices when available or a valuation model that generally utilizes interest rate yield curves and credit spreads as inputs. Corporate Debt and Other Obligations The fair value of corporate bonds is estimated using recent transactions, broker quotations and bond spread information. Mortgage and Other Asset-Backed Securities The Company holds non-agency securities collateralized by home equity and various other types of collateral which are valued based on external pricing and spread data provided by independent pricing services. When specific external pricing is not observable, the valuation is based on yields and spreads for comparable bonds. Municipal Obligations The fair value of municipal obligations is estimated using recently executed transactions, broker quotations, and bond spread information. Convertible Bonds The fair value of convertible bonds is estimated using recently executed transactions and dollar-neutral price quotations, where observable. When observable price quotations are not available, fair value is determined based on cash flow models using yield curves and bond spreads as key inputs. Corporate Equities Equity securities and options are generally valued based on quoted prices from the exchange or market where traded. To the extent quoted prices are not available, fair values are generally derived using bid/ask spreads. Loans Held for Sale The Company elected the fair value option for loans held for sale and determines the fair value using both a discounted cash flow model (see key assumptions used in determining mortgage servicing rights below) and quoted observable prices from market participants. Interest Rate Lock Commitments OMHHF records an interest rate lock commitment upon the commitment to originate a loan with a borrower. This commitment, which can be an asset or a liability, is recognized at fair value, which reflects the fair value of the contractual loan origination related fees and sale premiums, net of co-broker fees, and the estimated fair value of the expected net future cash flows associated with the servicing of the loan. The interest rate lock commitments are valued using a discounted cash flow model developed based on U.S. Treasury rate changes and other observable market data. The fair value is determined after considering the potential impact of collateralization. To-Be-Announced ("TBA") sale contracts TBA sale contracts of permanent loans originated or purchased by OMHHF are based on observable market prices of recently executed purchases of similar loans which are then used to derive a market implied spread, which in turn is used as the primary input in estimating the fair value of loans at the measurement date. TBA sale contracts of construction loans originated or purchased by OMHHF are based on observable market prices of recently executed purchases. Mortgage Servicing Rights ("MSRs") The Company’s MSRs are measured at fair value on a nonrecurring basis. The MSRs are initially measured at fair value on the loan securitization date and subsequently measured on the amortized cost basis subject to quarterly impairment testing. MSRs do not trade in active open markets with readily observable pricing. Therefore the Company uses a discounted cash flow model to estimate the fair value of MSRs. The discounted cash flow model calculates the present value of estimated future net servicing income using inputs such as contractually specified servicing fees, prepayment assumptions, delinquency rates, late charges, other ancillary revenue, costs to service and other economic factors. The Company reassesses and periodically adjusts the underlying inputs and assumptions used in the model to reflect observable and unobservable market conditions and assumptions that a market participant would consider in valuing a MSR asset. MSRs are carried at the lower of amortized cost or estimated fair value. The following key assumptions were used in determining the initial fair value of MSRs: Discount Rate – The discount rate used for originated permanent and construction loans averaged approximately 12% . Estimated Life – The estimated life of the MSRs is derived using a continuous prepayment ("CPR") assumption which estimates projected prepayments of the loan portfolio by considering factors such as note rates, lockouts, and prepayment penalties at the loan level. The CPR rates used are 0% until such time that a loan's prepayment penalty rate hits 4% of the unpaid principal balance of the loan with the vast majority of CPR speeds ranging from 10% to 15% thereafter, with an average of 12% . Servicing Costs – The estimated future cost to service the loans on an annual basis per loan averages approximately $1,250 for a permanent loan, with a considerably higher cost to service during the construction phase. The Company does not anticipate any credit losses on the commercial mortgages it services since all of the mortgages are insured for and guaranteed against credit losses by the Federal Housing Administration ("FHA") and the Government National Mortgage Association ("GNMA") and are thus guaranteed by the U.S. government. Auction Rate Securities ("ARS") In February 2010, Oppenheimer finalized settlements with each of the New York Attorney General’s office ("NYAG") and the Massachusetts Securities Division ("MSD" and, together with the NYAG, the "Regulators") concluding investigations and administrative proceedings by the Regulators concerning Oppenheimer’s marketing and sale of ARS. Pursuant to the settlements with the Regulators, Oppenheimer agreed to extend offers to repurchase ARS from certain of its clients subject to certain terms and conditions more fully described below. As of September 30, 2015 , the Company had $75,000 of outstanding ARS purchase commitments related to the settlements with the Regulators. In addition to the settlements with the Regulators, Oppenheimer has also reached settlements of and received adverse awards in legal proceedings with various clients where the Company is obligated to purchase ARS. Pursuant to completed Purchase Offers (as defined) under the settlements with the Regulators and client related legal settlements and awards to purchase ARS, as of September 30, 2015 , the Company purchased and holds (net of redemptions) approximately $101.9 million in ARS from its clients. In addition, the Company is committed to purchase another $9.5 million in ARS from clients through 2017 under legal settlements and awards. The ARS positions that the Company owns and is committed to purchase primarily represent auction rate preferred securities issued by closed-end funds and, to a lesser extent, municipal auction rate securities which are municipal bonds wrapped by municipal bond insurance and student loan auction rate securities which are asset-backed securities backed by student loans. Interest rates on ARS typically reset through periodic auctions. Due to the auction mechanism and generally liquid markets, ARS have historically been categorized as Level 1 of the fair value hierarchy. Beginning in February 2008, uncertainties in the credit markets resulted in substantially all of the ARS market experiencing failed auctions. Once the auctions failed, the ARS could no longer be valued using observable prices set in the auctions. The Company has used less observable determinants of the fair value of ARS, including the strength in the underlying credits, announced issuer redemptions, completed issuer redemptions, and announcements from issuers regarding their intentions with respect to their outstanding ARS. The Company has also developed an internal methodology to discount for the lack of liquidity and non-performance risk of the failed auctions. Due to liquidity problems associated with the ARS market, ARS that lack liquidity are setting their interest rates according to a maximum rate formula. For example, an auction rate preferred security maximum rate may be set at 200% of a short-term index such as LIBOR or U.S. Treasury yield. For fair value purposes, the Company has determined that the maximum spread would be an adequate risk premium to account for illiquidity in the market. Accordingly, the Company applies a spread to the short-term index for each asset class to derive the discount rate. The Company uses short-term U.S. Treasury yields as its benchmark short-term index. The risk of non-performance is typically reflected in the prices of ARS positions where the fair value is derived from recent trades in the secondary market. The ARS purchase commitment, or derivative liability, arises from both the settlements with the Regulators and legal settlements and awards. The ARS purchase commitment represents the difference between the principal value and the fair value of the ARS the Company is committed to purchase. The Company utilizes the same valuation methodology for the ARS purchase commitment as it does for the ARS it owns. Additionally, the present value of the future principal value of ARS purchase commitments under legal settlements and awards is used in the discounted valuation model to reflect the time value of money over the period of time that the commitments are outstanding. The amount of the ARS purchase commitment only becomes determinable once the Company has met with its primary regulator and the NYAG and agreed upon a buyback amount, commenced the ARS buyback offer to clients, and received notice from its clients which ARS they are tendering. As a result, it is not possible to observe the current yields actually paid on the ARS until all of these events have happened which is typically very close to the time that the Company actually purchases the ARS. For ARS purchase commitments pursuant to legal settlements and awards, the criteria for purchasing ARS from clients is based on the nature of the settlement or award which will stipulate a time period and amount for each repurchase. The Company will not know which ARS will be tendered by the client until the stipulated time for repurchase is reached. Therefore, the Company uses the current yields of ARS owned in its discounted valuation model to determine a fair value of ARS purchase commitments. The Company also uses these current yields by asset class (i.e., auction rate preferred securities, municipal auction rate securities, and student loan auction rate securities) in its discounted valuation model to determine the fair value of ARS purchase commitments. In addition, the Company uses the discount rate and duration of ARS owned, by asset class, as a proxy for the duration of ARS purchase commitments. Additional information regarding the valuation technique and inputs for ARS used is as follows: (Expressed in thousands) Quantitative Information about Level 3 Fair Value Measurements at September 30, 2015 Product Principal Valuation Adjustment Fair Value Valuation Technique Unobservable Input Range Weighted Average Auction Rate Securities Owned (1) Auction Rate Preferred Securities $ 89,600 $ 3,965 $ 85,635 Discounted Cash Flow Discount Rate (2) 1.26% to 1.72% 1.48% Duration 4.0 years 4.0 years Current Yield (3) 0.16% to 0.52% 0.33% Municipal Auction Rate Securities 8,150 705 7,445 Discounted Cash Flow Discount Rate (4) 2.21% 2.21% Duration 4.5 years 4.5 years Current Yield (3) 0.16% 0.16% Student Loan Auction Rate Securities 500 41 459 Discounted Cash Flow Discount Rate (5) 2.95% 2.95% Duration 7.0 years 7.0 years Current Yield (3) 1.64% 1.64% Other (7) 3,625 681 2,944 Secondary Market Trading Activity Observable trades in inactive market for in portfolio securities 81.22% of par 81.22% of par $ 101,875 $ 5,392 $ 96,483 Auction Rate Securities Commitments to Purchase (6) Auction Rate Preferred Securities $ 8,065 $ 344 $ 7,721 Discounted Cash Flow Discount Rate (2) 1.26% to 1.72% 1.48% Duration 4.0 years 4.0 years Current Yield (3) 0.16% to 0.52% 0.33% Municipal Auction Rate Securities 1,535 133 1,402 Discounted Cash Flow Discount Rate (4) 2.21% 2.21% Duration 4.5 years 4.5 years Current Yield (3) 0.16% 0.16% Student Loan Auction Rate Securities 1 — 1 Discounted Cash Flow Discount Rate (5) 2.95% 2.95% Duration 7.0 years 7.0 years Current Yield (3) 1.64% 1.64% $ 9,601 $ 477 $ 9,124 Total $ 111,476 $ 5,869 $ 105,607 (1) Principal amount represents the par value of the ARS and is included in securities owned in the condensed consolidated balance sheet at September 30, 2015 . The valuation adjustment amount is included as a reduction to securities owned in the condensed consolidated balance sheet as well as principal transactions revenue in the statement of operations at September 30, 2015 . (2) Derived by applying a multiple to the spread between 110% to 150% to the U.S. Treasury rate of 1.15% . (3) Based on current auctions in comparable securities that have not failed. (4) Derived by applying a multiple to the spread of 175% to the U.S. Treasury rate of 1.26% . (5) Derived by applying the sum of the spread of 1.20% to the U.S. Treasury rate of 1.75% . (6) Principal amount represents the present value of the ARS par value that the Company is committed to purchase at a future date. This principal amount is presented as an off-balance sheet item. The valuation adjustment amount is included in accounts payable and other liabilities on the condensed consolidated balance sheet at September 30, 2015 . (7) Represents ARS issued by a credit default obligation structure that the Company has purchased and is committed to purchase as a result of a legal settlement. The fair value of ARS and ARS purchase commitments is particularly sensitive to movements in interest rates. Increases in short-term interest rates would increase the discount rate input used in the ARS valuation and thus reduce the fair value of the ARS (increase the valuation adjustment). Conversely, decreases in short-term interest rates would decrease the discount rate and thus increase the fair value of ARS (decrease the valuation adjustment). However, an increase (decrease) in the discount rate input would be partially mitigated by an increase (decrease) in the current yield earned on the underlying ARS asset increasing the cash flows and thus the fair value. Furthermore, movements in short term interest rates would likely impact the ARS duration (i.e., sensitivity of the price to a change in interest rates), which would also have a mitigating effect on interest rate movements. For example, as interest rates increase, issuers of ARS have an incentive to redeem outstanding securities as servicing the interest payments gets prohibitively expensive which would lower the duration assumption thereby increasing the ARS fair value. Alternatively, ARS issuers are less likely to redeem ARS in a lower interest rate environment as it is a relatively inexpensive source of financing which would increase the duration assumption thereby decreasing the ARS fair value. For example, see the following sensitivities: • The impact of a 25 basis point increase in the discount rate at September 30, 2015 would result in a decrease in the fair value of $1.0 million (does not consider a corresponding reduction in duration as discussed above). • The impact of a 50 basis point increase in the discount rate at September 30, 2015 would result in a decrease in the fair value of $2.0 million (does not consider a corresponding reduction in duration as discussed above). These sensitivities are hypothetical and are based on scenarios where they are "stressed" and should be used with caution. These estimates do not include all of the interplay among assumptions and are estimated as a portfolio rather than as individual assets. Due to the less observable nature of these inputs, the Company categorizes ARS in Level 3 of the fair value hierarchy. As of September 30, 2015 , the Company had a valuation adjustment (unrealized loss) of $5.4 million for ARS owned which is included as a reduction to securities owned on the condensed consolidated balance sheet. As of September 30, 2015 , the Company also had a valuation adjustment of $477,000 on ARS purchase commitments from settlements with the Regulators and legal settlements and awards which is included in other liabilities on the condensed consolidated balance sheet. The total valuation adjustment was $5.9 million as of September 30, 2015 . The valuation adjustment represents the difference between the principal value and the fair value of the ARS owned and ARS purchase commitments. Investments In its role as general partner in certain hedge funds and private equity funds, the Company, through its subsidiaries, holds direct investments in such funds. The Company uses the net asset value of the underlying funds as a basis for estimating the fair value of its investment. Due to the illiquid nature of these investments and difficulties in obtaining observable inputs, these investments are included in Level 3 of the fair value hierarchy. The following table provides information about the Company’s investments in Company-sponsored funds at September 30, 2015 : (Expressed in thousands) Fair Value Unfunded Commitments Redemption Frequency Redemption Notice Period Hedge funds (1) $ 2,304 $ — Quarterly - Annually 30 - 120 Days Private equity funds (2) 5,662 1,251 N/A N/A $ 7,966 $ 1,251 (1) Includes investments in hedge funds and hedge fund of funds that pursue long/short, event-driven, and activist strategies. Each hedge fund has various restrictions regarding redemption; no investment is locked-up for a period greater than one year. (2) Includes private equity funds and private equity fund of funds with a focus on diversified portfolios, real estate and global natural resources. Due to the illiquid nature of these funds, investors are not permitted to make withdrawals without the consent of the general partner. The lock-up period of the private equity funds can extend to 10 years. Valuation Process The Finance & Accounting ("F&A") group is responsible for the Company’s fair value policies, processes and procedures. F&A is independent from the business units and trading desks and is headed by the Company’s Chief Financial Officer ("CFO"), who has final authority over the valuation of the Company’s financial instruments. The Finance Control Group ("FCG") within F&A is responsible for daily profit and loss reporting, front-end trading system position reconciliations, monthly profit and loss reporting, and independent price verification procedures. For financial instruments categorized in Levels 1 and 2 of the fair value hierarchy, the FCG performs a monthly independent price verification to determine the reasonableness of the prices provided by the Company’s independent pricing vendor. The FCG uses its third-party pricing vendor, executed transactions, and broker-dealer quotes for validating the fair values of financial instruments. For financial instruments categorized in Level 3 of the fair value hierarchy measured on a recurring basis, primarily for ARS, a group comprised of the CFO, the Controller, and an Operations Director are responsible for the ARS valuation model and resulting fair valuations. Procedures performed include aggregating all ARS owned by type from firm inventory accounts and ARS purchase commitments from regulatory and legal settlements and awards provided by the Legal Department. Observable and unobservable inputs are aggregated from various sources and entered into the ARS valuation model. For unobservable inputs, the group reviews the appropriateness of the inputs to ensure consistency with how a market participant would arrive at the unobservable input. For example, for the duration assumption, the group would consider recent policy statements regarding short-term interest rates by the Federal Reserve and recent ARS issuer redemptions and announcements for future redemptions. The model output is reviewed for reasonableness and consistency. Where available, comparisons are performed between ARS owned or committed to purchase to ARS that are trading in the secondary market. For financial instruments categorized in Level 3 of the fair value hierarchy measured on a non-recurring basis, primarily for MSRs, the OMHHF Valuation Committee, which is comprised of the OMHHF President & Chief Executive Officer, OMHHF CFO, OMHHF Chief Operating Officer, and OMHHF Asset Manager, is responsible for the MSR model and resulting fair valuations. The OMHHF Valuation Committee performs its review of the model and assumptions and its impairment analysis on a quarterly basis. On an annual basis, the Company utilizes an external valuation consultant to validate that the internal MSR model is functioning appropriately. The OMHHF Valuation Committee compares assumptions used for unobservable inputs, such as for discount rates, estimated life, and costs of servicing, to that used by the external valuation consultant for reasonableness. The model output and resulting valuation multiples are reviewed for reasonableness and consistency. Where available, comparisons are performed to recent MSR sales in the secondary market. The Company’s management reviews the results of both the quarterly reviews and annual impairment analysis. Assets and Liabilities Measured at Fair Value The Company’s assets and liabilities, recorded at fair value on a recurring basis as of September 30, 2015 and December 31, 2014 , have been categorized based upon the above fair value hierarchy as follows: Assets and liabilities measured at fair value on a recurring basis as of September 30, 2015 (Expressed in thousands) Fair Value Measurements at September 30, 2015 Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 328 $ — $ — $ 328 Deposits with clearing organizations 43,497 — — 43,497 Securities owned: U.S. Treasury securities 727,722 — — 727,722 U.S. Agency securities 461 18,223 — 18,684 Sovereign obligations — 3,625 — 3,625 Corporate debt and other obligations — 15,475 — 15,475 Mortgage and other asset-backed securities — 7,276 — 7,276 Municipal obligations — 74,300 65 74,365 Convertible bonds — 54,946 — 54,946 Corporate equities 41,209 — — 41,209 Money markets 846 — — 846 Auction rate securities — — 96,483 96,483 Securities owned, at fair value 770,238 173,845 96,548 1,040,631 Investments (1) — 3,088 8,633 11,721 Loans held for sale — 34,050 — 34,050 Derivative contracts: TBAs — 344 — 344 Interest rate lock commitments — — 10,808 10,808 Derivative contracts, total — 344 10,808 11,152 Total $ 814,063 $ 211,327 $ 115,989 $ 1,141,379 Liabilities Securities sold, but not yet purchased: U.S. Treasury securities $ 259,730 $ — $ — $ 259,730 U.S. Agency securities — 20 — 20 Sovereign obligations — 60 — 60 Corporate debt and other obligations — 7,070 — 7,070 Mortgage and other asset-backed securities — 28 — 28 Municipal obligations — 50 — 50 Convertible bonds — 9,539 — 9,539 Corporate equities 35,167 — — 35,167 Securities sold, but not yet purchased, at fair value 294,897 16,767 — 311,664 Derivative contracts: Futures 870 — — 870 Foreign currency forward contracts 5 — — 5 TBAs — 7,161 — 7,161 Interest rate lock commitments — — 187 187 ARS purchase commitments — — 477 477 Derivative contracts, total 875 7,161 664 8,700 Total $ 295,772 $ 23,928 $ 664 $ 320,364 (1) Included in other assets on the condensed consolidated balance sheet. Assets and liabilities measured at fair value on a recurring basis as of December 31, 2014 (Expressed in thousands) Fair Value Measurements at December 31, 2014 Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 31,175 $ — $ — $ 31,175 Deposits with clearing organizations 24,188 — — 24,188 Securities owned: U.S. Treasury securities 540,223 — — 540,223 U.S. Agency securities — 26,261 — 26,261 Sovereign obligations — 4,123 — 4,123 Corporate debt and other obligations — 19,795 — 19,795 Mortgage and other asset-backed securities — 6,689 — 6,689 Municipal obligations — 60,669 164 60,833 Convertible bonds — 49,813 — 49,813 Corporate equities 42,751 — — 42,751 Money markets 1,245 — — 1,245 Auction rate securities — — 91,422 91,422 Securities owned, at fair value 584,219 167,350 91,586 843,155 Investments (1) — 698 9,508 10,206 Loans held for sale — 19,243 — 19,243 Securities purchased under agreements to resell (2) — 250,000 — 250,000 Derivative contracts: TBAs — 4,535 — 4,535 Interest rate lock commitments — — 7,576 7,576 Derivative contracts, total — 4,535 7,576 12,111 Total $ 639,582 $ 441,826 $ 108,670 $ 1,190,078 Liabilities Securities sold, but not yet purchased: U.S. Treasury securities $ 30,581 $ — $ — $ 30,581 U.S. Agency securities — 34 — 34 Corporate debt and other obligations — 2,646 — 2,646 Mortgage and other asset-backed securities — 255 — 255 Municipal obligations — 51 — 51 Convertible bonds — 11,369 — 11,369 Corporate equities 47,574 — — 47,574 Securities sold, but not yet purchased, at fair value 78,155 14,355 — 92,510 Derivative contracts: Futures 353 — — 353 Foreign currency forward contracts 10 — — 10 TBAs — 1,018 — 1,018 Interest rate lock commitments — — 1,222 1,222 ARS purchase commitments — — 902 902 Derivative contracts, total 363 1,018 2,124 3,505 Total $ 78,518 $ 15,373 $ 2,124 $ 96,015 (1) Included in other assets on the condensed consolidated balance sheet. (2) Included in securities purchased under agreements to resell where the Company has elected fair value option treatment. There were no transfers between Level 1 and Level 2 financial assets and liabilities in the three and nine months ended September 30, 2015 . The following tables present changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the three months ended September 30, 2015 and 2014 : (Expressed in thousands) Level 3 Assets and Liabilities For the Three Months Ended September 30, 2015 Total Realized and Unrealized Beginning Gains Purchases Sales and Transfers Ending Balance (Losses) (5)(6) and Issuances Settlements In (Out) Balance Assets Municipals $ 62 $ 3 $ — $ — $ — $ 65 Auction rate securities (1)(7)(8) 100,384 1,799 5,600 (11,300 ) — 96,483 Interest rate lock commitments (2) 5,060 5,748 — — 10,808 Investments (3) 9,114 (427 ) 29 (83 ) — 8,633 Liabilities Interest rate lock commitments (2) 683 496 — — — 187 ARS purchase commitments (4) 1,034 557 — — — 477 (1) Represents auction rate preferred securities, municipal auction rate securities and student loan auction rate securities that failed in the auction rate market. (2) Interest rate lock commitment assets and liabilities are recorded upon the commitment to originate a loan with a borrower and sell the loan to an investor. The commitment assets and liabilities are recognized at fair value, which reflects the fair value of the contractual loan origination related fees and sale premiums, net of co-broker fees, and the estimated fair value of the expected net future cash flows associated with the servicing of the loan. (3) Primarily represents general partner ownership and limited partner interests in hedge funds and private equity funds sponsored by the Company. (4) Represents the difference in principal and fair value for auction rate securities purchase commitments outstanding at the end of the period. (5) Included in principal transactions on the condensed consolidated statement of operations, except for investments which are included in other income on the condensed consolidated statement of operations. (6) Unrealized gains (losses) are attributable to assets or liabilities that are still held at the reporting date. (7) Purchases and issuances in connection with ARS purchase commitments represent instances in which the Company purchased ARS securities from clients during the period pursuant to regulatory and legal settlements and awards that satisfy the outstanding commitment to purchase obligation. This also includes instances where the ARS issuer has redeemed ARS where the Company had an outstanding purchase commitment prior to the Company purchasing those ARS. (8) Sales and settlements for the ARS purchase commitments represent additional purchase commitments made during the period for regulatory and legal ARS settlements and awards. (Expressed in thousands) Level 3 Assets and Liabilities For the Three Months Ended September 30, 2014 Total Realized and Unrealized Beginning Gains Purchases Sales and Transfers Ending Balance (Losses) (5)(6) and Issuances Settlements In (Out) Balance Assets Municipals $ 52 $ 77 $ — $ — $ — $ 129 Auction rate securities (1)(7)(8) 92,548 (645 ) 2,375 (6,955 ) — 87,323 Interest rate lock commitments (2) 10,528 (5,017 ) — — — 5,511 Investments (3) 8,779 (254 ) 180 (282 ) — 8,423 Liabilities Interest rate lock commitments (2) 3,833 645 — — — 3,188 ARS purchase commitments (4) 1,514 477 — — — 1,037 (1) Represents auction rate preferred securities, municipal auction rate securities and student loan auction rate securities that failed in the auction rate market. (2) Interest rate lock commitment assets and liabilities are recorded upon the commitment to originate a loan with a borrower and sell the loan to an investor. The commitment assets and liabilities are recognized at fair value, which reflects the fair value of the contractual loan origination related fees and sale premiums, net of co-broker fees, and the estimated fair value of the expected net future cash flows associated with the servicing of the loan. (3) Primarily represents general partner ownership and limited partner interests in hedge funds and private equity funds sponsored by the Company. (4) Represents the difference in principal and fair value for auction rate securities purchase commitments outstanding at the end of the period. (5) Included in principal transactions on the condensed consolidated statement of operations, except for investments which are included in other income on the condensed consolidated statement of operations. (6) Unrealized gains (losses) are attributable to assets or liabilities that are still held at the reporting date. (7) Purchases and issuances in connection with ARS purchase commitments represent instances in which the Company purchased ARS securities from clients during the period pursuant to regulatory and legal settlements and awards that satisfy the outstanding commitment to purchase obligation. This also includes instances where the ARS issuer has redeemed ARS where the Company had an outstandin

Collateralized Transactions

Collateralized Transactions	9 Months Ended
	Sep. 30, 2015
Brokers and Dealers [Abstract]
Collateralized Transactions	Collateralized transactions The Company enters into collateralized borrowing and lending transactions in order to meet customers’ needs and earn residual interest rate spreads, obtain securities for settlement and finance trading inventory positions. Under these transactions, the Company either receives or provides collateral, including U.S. government and agency, asset-backed, corporate debt, equity, and non-U.S. government and agency securities. The Company obtains short-term borrowings primarily through bank call loans. Bank call loans are generally payable on demand and bear interest at various rates but not exceeding the broker call rate. At September 30, 2015 , bank call loans were $147.7 million ( $59.4 million at December 31, 2014 ). At September 30, 2015 , such loans, collateralized by firm and customer securities with market values of approximately $216.1 million and $335.4 million , respectively, were with commercial banks. At September 30, 2015 , the Company had approximately $1.4 billion of customer securities under customer margin loans that are available to be pledged, of which the Company has re-pledged approximately $150.0 million under securities loan agreements. At September 30, 2015 , the Company had deposited $741.9 million of customer securities directly with the Options Clearing Corporation to secure obligations and margin requirements under option contracts written by customers. At September 30, 2015 , the Company had no outstanding letters of credit. The Company enters into reverse repurchase agreements, repurchase agreements, securities borrowed and securities loaned transactions to, among other things, acquire securities to cover short positions and settle other securities obligations, to accommodate customers’ needs and to finance the Company’s inventory positions. Except as described below, repurchase and reverse repurchase agreements, principally involving government and agency securities, are carried at amounts at which the securities subsequently will be resold or reacquired as specified in the respective agreements and include accrued interest. Repurchase and reverse repurchase agreements are presented on a net-by-counterparty basis, when the repurchase and reverse repurchase agreements are executed with the same counterparty, have the same explicit settlement date, are executed in accordance with a master netting arrangement, the securities underlying the repurchase and reverse repurchase agreements exist in “book entry” form and certain other requirements are met. The following table presents a disaggregation of the gross obligation by the class of collateral pledged and the remaining contractual maturity of the repurchase agreements and securities loaned transactions as of September 30, 2015 : (Expressed in thousands) Overnight and Open Up to 30 Days Total Repurchase agreements: U.S. Treasury and agency securities $ 867,667 $ — $ 867,667 Securities loaned: Equity securities 209,125 — 209,125 Gross amount of recognized liabilities for repurchase agreements and securities loaned $ 1,076,792 $ — $ 1,076,792 The following tables present the gross amounts and the offsetting amounts of reverse repurchase agreements, repurchase agreements, securities borrowed and securities loaned transactions as of September 30, 2015 and December 31, 2014 : As of September 30, 2015 (Expressed in thousands) Gross Amounts Not Offset on the Balance Sheet Gross Amounts of Recognized Assets Gross Amounts Offset in the Balance Sheet Net Amounts of Assets Presented on the Balance Sheet Financial Instruments Cash Collateral Received Net Amount Reverse repurchase agreements $ 404,593 $ (404,593 ) $ — $ — $ — $ — Securities borrowed (1) 296,362 — 296,362 (291,040 ) — 5,322 Total $ 700,955 $ (404,593 ) $ 296,362 $ (291,040 ) $ — $ 5,322 (1) Included in receivable from brokers, dealers and clearing organizations on the condensed consolidated balance sheet. Gross Amounts Not Offset on the Balance Sheet Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Balance Sheet Net Amounts of Liabilities Presented on the Balance Sheet Financial Instruments Cash Collateral Pledged Net Amount Repurchase agreements $ 867,667 $ (404,593 ) $ 463,074 $ (454,495 ) $ — $ 8,579 Securities loaned (2) 209,125 — 209,125 (205,458 ) — 3,667 Total $ 1,076,792 $ (404,593 ) $ 672,199 $ (659,953 ) $ — $ 12,246 (2) Included in payable to brokers, dealers and clearing organizations on the condensed consolidated balance sheet. As of December 31, 2014 (Expressed in thousands) Gross Amounts Not Offset on the Balance Sheet Gross Amounts of Recognized Assets Gross Amounts Offset in the Balance Sheet Net Amounts of Assets Presented on the Balance Sheet Financial Instruments Cash Collateral Received Net Amount Reverse repurchase agreements $ 314,266 $ (62,660 ) $ 251,606 $ (250,000 ) $ — $ 1,606 Securities borrowed (1) 242,172 — 242,172 (234,376 ) — 7,796 Total $ 556,438 $ (62,660 ) $ 493,778 $ (484,376 ) $ — $ 9,402 (1) Included in receivable from brokers, dealers and clearing organizations on the condensed consolidated balance sheet. Gross Amounts Not Offset on the Balance Sheet Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Balance Sheet Net Amounts of Liabilities Presented on the Balance Sheet Financial Instruments Cash Collateral Pledged Net Amount Repurchase agreements $ 750,100 $ (62,660 ) $ 687,440 $ (686,119 ) $ — $ 1,321 Securities loaned (2) 137,892 — 137,892 (132,258 ) — 5,634 Total $ 887,992 $ (62,660 ) $ 825,332 $ (818,377 ) $ — $ 6,955 (2) Included in payable to brokers, dealers and clearing organizations on the condensed consolidated balance sheet. Certain of the Company’s repurchase agreements and reverse repurchase agreements are carried at fair value as a result of the Company’s fair value option election. The Company elected the fair value option for those repurchase agreements and reverse repurchase agreements that do not settle overnight or have an open settlement date. The Company has elected the fair value option for these instruments to more accurately reflect market and economic events in its earnings and to mitigate a potential imbalance in earnings caused by using different measurement attributes (i.e. fair value versus carrying value) for certain assets and liabilities. At September 30, 2015 , the Company did not have any reverse repurchase agreements and repurchase agreements that elected the fair value option. The Company receives collateral in connection with securities borrowed and reverse repurchase agreement transactions and customer margin loans. Under many agreements, the Company is permitted to sell or re-pledge the securities received (e.g., use the securities to enter into securities lending transactions, or deliver to counterparties to cover short positions). At September 30, 2015 , the fair value of securities received as collateral under securities borrowed transactions and reverse repurchase agreements was $290.6 million ( $235.1 million at December 31, 2014 ) and $404.7 million ( $314.1 million at December 31, 2014 ), respectively, of which the Company has sold and re-pledged approximately $55.3 million ( $4.4 million at December 31, 2014 ) under securities loaned transactions and $404.7 million under repurchase agreements ( $312.6 million at December 31, 2014 ). The Company pledges certain of its securities owned for securities lending and repurchase agreements and to collateralize bank call loan transactions. The carrying value of pledged securities owned that can be sold or re-pledged by the counterparty was $752.8 million , as presented on the face of the condensed consolidated balance sheet at September 30, 2015 ( $518.1 million at December 31, 2014 ). The carrying value of securities owned by the Company that have been loaned or pledged to counterparties where those counterparties do not have the right to sell or re-pledge the collateral was $216.6 million at September 30, 2015 ( $149.1 million at December 31, 2014 ). The Company manages credit exposure arising from repurchase and reverse repurchase agreements by, in appropriate circumstances, entering into master netting agreements and collateral arrangements with counterparties that provide the Company, in the event of a customer default, the right to liquidate and the right to offset a counterparty’s rights and obligations. The Company manages market risk of repurchase agreements and securities loaned by monitoring the market value of collateral held and the market value of securities receivable from others. It is the Company’s policy to request and obtain additional collateral when exposure to loss exists. In the event the counterparty is unable to meet its contractual obligation to return the securities, the Company may be exposed to off-balance sheet risk of acquiring securities at prevailing market prices. As of December 31, 2011, the interest in securities formerly held by one of the Company’s funds which utilized Lehman Brothers International (Europe) ("LBIE") as a prime broker was transferred to an investment trust. On September 26, 2013, a first interim distribution in the amount of $9.5 million was received by the trust and distributed to its members. During the first quarter of 2014, a second distribution in the amount of $600,000 was received by the trust and distributed to its members. During the second quarter of 2015, the trust received and distributed a third distribution in the amount of $437,000 . LBIE expects that the third distribution will represent all the remaining value held in the pool of funds to be allocated to consenting beneficiaries, and so it is expected to be the final common terms distribution. Credit Concentrations Credit concentrations may arise from trading, investing, underwriting and financing activities and may be impacted by changes in economic, industry or political factors. In the normal course of business, the Company may be exposed to risk in the event customers, counterparties including other brokers and dealers, issuers, banks, depositories or clearing organizations are unable to fulfill their contractual obligations. The Company seeks to mitigate these risks by actively monitoring exposures and obtaining collateral as deemed appropriate. Included in receivable from brokers, dealers and clearing organizations as of September 30, 2015 are receivables from two major U.S. broker-dealers totaling approximately $147.5 million . Warehouse Facilities The Company reached an agreement with RBS Citizens, NA (“Citizens”) that was announced in July 2012, whereby the Company, through OPY Credit Corp., will introduce lending opportunities to Citizens, which Citizens can elect to accept and in which the Company will participate in the fees earned from any related commitment by Citizens. The Company can also in certain circumstances assume a portion of Citizen’s syndication and lending risk under such loans, and if it does so it shall be obligated to secure such obligations via a cash deposit determined through risk-based formulas. Neither the Company nor Citizens is obligated to make any specific loan or to commit any minimum amount of lending capacity to the relationship. The agreement also calls for Citizens and the Company at their option to jointly participate in the arrangement of various loan syndications. At September 30, 2015 , there were no loans in place. The Company is obligated to settle transactions with brokers and other financial institutions even if its clients fail to meet their obligations to the Company. Clients are required to complete their transactions on the settlement date, generally 1 to 3 business days after the trade date. If clients do not fulfill their contractual obligations, the Company may incur losses. The Company has clearing/participating arrangements with the National Securities Clearing Corporation (“NSCC”), the Fixed Income Clearing Corporation (“FICC”), R.J. O’Brien & Associates (commodities transactions), Mortgage-Backed Securities and Clearing Corporation and others. With respect to its business in reverse repurchase and repurchase agreements, substantially all open contracts at September 30, 2015 are with the FICC. In addition, the Company began clearing its non-U.S. international equities business carried on by Oppenheimer Europe Ltd. through BNP Paribas Securities Services. The clearing organizations have the right to charge the Company for losses that result from a client’s failure to fulfill its contractual obligations. Accordingly, the Company has credit exposures with these clearing brokers. The clearing brokers can re-hypothecate the securities held on behalf of the Company. As the right to charge the Company has no maximum amount and applies to all trades executed through the clearing brokers, the Company believes there is no maximum amount assignable to this right. At September 30, 2015 , the Company had recorded no liabilities with regard to this right. The Company’s policy is to monitor the credit standing of the clearing brokers and banks with which it conducts business. OMHHF, which is engaged in commercial mortgage origination and servicing, has obtained an uncommitted warehouse facility line through PNC Bank (“PNC”) under which OMHHF pledges FHA-guaranteed mortgages for a period averaging 15 business days and PNC table funds the principal payment to the mortgagee. Warehouse payable represents the warehouse line amount outstanding with PNC and is included in accounts payable and other liabilities on the condensed consolidated balance sheet and cash flows from operating activities on the condensed consolidated statement of cash flows. OMHHF repays PNC upon the securitization of the mortgage by the GNMA and the delivery of the security to the counter-party for payment pursuant to a contemporaneous sale on the date the mortgage is securitized. At September 30, 2015 , OMHHF had $30.9 million outstanding under the warehouse facility line at a variable interest rate of 1 month LIBOR plus a spread. The Company earns a spread between the interest earned on the loans originated by the Company and the interest incurred on amounts drawn from the warehouse facility. Interest expense for the three and nine months ended September 30, 2015 was $280,000 and $790,000 , respectively ( $181,000 and $400,000 , respectively, for the three and nine months ended September 30, 2014 ). The Company’s ability to originate mortgage loans depends upon its ability to secure and maintain these types of short-term financings on acceptable terms. As discussed in Note 5, Fair value measurements, the Company enters into TBA sale contracts to offset exposures related to commitments to provide funding for FHA loans at OMHHF. In the normal course of business, the Company may be exposed to the risk that counterparties to these TBA sale contracts are unable to fulfill their contractual obligations.

Variable Interest Entities ("VI

Variable Interest Entities ("VIEs")	9 Months Ended
	Sep. 30, 2015
Noncontrolling Interest [Abstract]
Variable Interest Entities (VIE's)	Variable interest entities ("VIEs") The Company’s policy is to consolidate all subsidiaries in which it has a controlling financial interest, as well as any VIEs where the Company is deemed to be the primary beneficiary, when it has the power to make the decisions that most significantly affect the economic performance of the VIE and has the obligation to absorb significant losses or the right to receive benefits that could potentially be significant to the VIE. For funds that the Company has concluded are not VIEs, the Company then evaluates whether the fund is a partnership or similar entity. If the fund is a partnership or similar entity, the Company evaluates the fund under the partnership consolidation guidance. Pursuant to that guidance, the Company consolidates funds in which it is the general partner, unless presumption of control by the Company can be overcome. This presumption is overcome only when unrelated investors in the fund have the substantive ability to liquidate the fund or otherwise remove the Company as the general partner without cause, based on a simple majority vote of unaffiliated investors, or have other substantive participating rights. If the presumption of control can be overcome, the Company accounts for its interest in the fund pursuant to the equity method of accounting. The Company serves as general partner of hedge funds and private equity funds that were established for the purpose of providing investment alternatives to both its institutional and qualified retail clients. The Company holds variable interests in these funds as a result of its right to receive management and incentive fees. The Company’s investment in and additional capital commitments to these hedge funds and private equity funds are also considered variable interests. The Company’s additional capital commitments are subject to call at a later date and are limited in amount. The Company assesses whether it is the primary beneficiary of the hedge funds and private equity funds in which it holds a variable interest in the form of general and limited partner interests. In each instance, the Company has determined that it is not the primary beneficiary and therefore need not consolidate the hedge funds or private equity funds. The subsidiaries’ general and limited partnership interests, additional capital commitments, and management fees receivable represent their maximum exposure to loss. The subsidiaries’ general and limited partnership interests and management fees receivable are included in other assets on the condensed consolidated balance sheet. The following tables set forth the total VIE assets, the carrying value of the subsidiaries’ variable interests, and the Company’s maximum exposure to loss in Company-sponsored non-consolidated VIEs in which the Company holds variable interests and other non-consolidated VIEs in which the Company holds variable interests at September 30, 2015 and December 31, 2014 : (Expressed in thousands) At September 30, 2015 Maximum Exposure to Loss in Non-consolidated VIEs Carrying Value of the Total Company’s Variable Interest Capital VIE Assets (1) Assets (2) Liabilities Commitments Hedge funds $ 1,635,496 $ 1,428 $ — $ — $ 1,428 Private equity funds 54,800 27 — 2 29 Total $ 1,690,296 $ 1,455 $ — $ 2 $ 1,457 (1) Represents the total assets of the VIEs and does not represent the Company’s interests in the VIEs. (2) Represents the Company’s interests in the VIEs and is included in other assets on the condensed consolidated balance sheet. (Expressed in thousands) At December 31, 2014 Maximum Exposure to Loss in Non-consolidated VIEs Carrying Value of the Total Company’s Variable Interest Capital VIE Assets (1) Assets (2) Liabilities Commitments Hedge funds $ 1,955,515 $ 1,584 $ — $ — $ 1,584 Private equity funds 66,400 27 — 2 29 Total $ 2,021,915 $ 1,611 $ — $ 2 $ 1,613 (1) Represents the total assets of the VIEs and does not represent the Company’s interests in the VIEs. (2) Represents the Company’s interests in the VIEs and is included in other assets on the condensed consolidated balance sheet.

Commercial Mortgage Banking

Commercial Mortgage Banking	9 Months Ended
	Sep. 30, 2015
Transfers and Servicing [Abstract]
Commercial Mortgage Banking	Commercial mortgage banking OMHHF is engaged in the business of originating and servicing FHA-insured multifamily and healthcare facility loans and securitizing these loans into GNMA mortgage backed securities. OMHHF also offers mortgage services to developers of commercial properties including apartments, elderly housing and nursing homes that satisfy FHA criteria. OMHHF maintains a mortgage servicing portfolio for which it provides a full array of services, including the collection of mortgage payments from mortgagors which are passed on to the mortgage holders, construction loan management and asset management. The Company owns an 83.68% controlling interest in OMHHF. The 16.32% noncontrolling interest belongs to one related third party who is the President and Chief Executive Officer of OMHHF. Loan Origination Fees OMHHF recognizes origination fees and other direct origination costs when it enters into a rate lock commitment with the borrower. The origination fees and other direct origination costs are recognized when OMHHF enters into a commitment to sell loans to third parties. In accordance with Housing and Urban Development ("HUD") guidelines, OMHHF will, with HUD's approval and for certain loan programs, apply the premium income towards the payment of prepayment costs that customers will incur on their prior mortgage. These costs are netted with revenues from premium income that are otherwise earned from these loan refinancings or modifications. Prepayment costs recorded as contra-revenue against premium income were $4.9 million and $20.9 million for the three and nine months ended September 30, 2015 , respectively ( $2.6 million and $4.5 million for the three and nine months ended September 30, 2014 , respectively). Funding Commitments OMHHF provides its clients with commitments to fund FHA-insured permanent or constructions loans. Upon providing these commitments to fund, OMHHF enters into TBA sale contracts directly or indirectly with counterparties to offset its exposures related to these funding commitments. See Note 5, Fair value measurements, for more information. Loans Held For Sale OMHHF advances funds from its own cash reserves in addition to obtaining financing through warehouse facilities in order to fund initial loan closing and subsequent construction loan draws. Prior to the GNMA securitization of a loan, a loan held for sale is recorded on the condensed consolidated balance sheet. Loans held for sale are recorded at fair value through earnings. Escrows Held in Trust Custodial escrow accounts relating to loans serviced by OMHHF totaled $309.1 million at September 30, 2015 ( $285.5 million at December 31, 2014 ). These amounts are not included on the condensed consolidated balance sheet as such amounts are not OMHHF’s assets. Certain cash deposits at financial institutions exceeded the FDIC insured limits. The combined uninsured balance with relation to escrow accounts at September 30, 2015 was approximately $186.1 million . OMHHF places these deposits with major financial institutions where it believes the risk is minimal and that meet or exceed GNMA required credit ratings. The total unpaid principal balance of loans the Company was servicing for various institutional investors as of September 30, 2015 and December 31, 2014 was as follows: (Expressed in thousands) As of September 30, 2015 As of December 31, 2014 Unpaid principal balance of loans $ 4,090,937 $ 4,134,894 Mortgage Servicing Rights (“MSRs”) OMHHF purchases commitments or originates mortgage loans that are sold and securitized into GNMA mortgage backed securities. OMHHF retains the servicing responsibilities for the loans securitized and recognizes either a MSR asset or a MSR liability for that servicing contract. OMHHF receives monthly servicing fees equal to a percentage of the outstanding principal balance of the loans being serviced. OMHHF estimates the initial fair value of the servicing rights based on the present value of future net servicing income, adjusted for factors such as discount rate and prepayment. OMHHF uses the amortization method for subsequent measurement, subject to annual impairment. See Note 5, Fair value measurements, for more information. The fair value of the servicing rights on the loan portfolio was $43.8 million and $42.3 million at September 30, 2015 and December 31, 2014 , respectively (carrying value of $29.6 million and $30.1 million at September 30, 2015 and December 31, 2014 , respectively). The following table summarizes the changes in carrying value of MSRs for the nine months ended September 30, 2015 and 2014 : (Expressed in thousands) For the Nine Months Ended September 30, 2015 2014 Balance at beginning of period $ 30,140 $ 28,879 Originations (1) 5,726 4,252 Purchases 675 144 Disposals (1) (6,118 ) (1,754 ) Amortization expense (829 ) (2,025 ) Balance at end of period $ 29,594 $ 29,496 (1) Includes refinancings. Servicing rights are amortized using the straight-line method over 10 years. Estimated amortization expense for the next five years and thereafter is as follows: (Expressed in thousands) Originated MSRs Purchased MSRs Total MSRs 2015 $ 773 $ 295 $ 1,068 2016 3,089 1,181 4,270 2017 3,083 1,179 4,262 2018 3,059 1,173 4,232 2019 2,963 1,112 4,075 Thereafter 9,488 2,199 11,687 $ 22,455 $ 7,139 $ 29,594 The Company receives fees during the course of servicing the mortgage loans. The fees for the three and nine months ended September 30, 2015 and 2014 were as follows: (Expressed in thousands) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2015 2014 2015 2014 Servicing fees $ 1,463 $ 1,402 $ 4,384 $ 4,121 Ancillary fees 47 86 241 259 Total MSR fees $ 1,510 $ 1,488 $ 4,625 $ 4,380

Long-term Debt

Long-term Debt	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Long-term Debt	Long-term debt (Expressed in thousands) Issued Maturity Date At September 30, 2015 At December 31, 2014 Senior Secured Notes 4/15/2018 $ 150,000 $ 150,000 On April 12, 2011 , the Company completed the private placement of $200.0 million in aggregate principal amount of 8.75% Senior Secured Notes due April 15, 2018 (the “Notes”) at par. The interest on the Notes is payable semi-annually on April 15 th and October 15 th . The indenture for the Notes contains covenants which place restrictions on the incurrence of indebtedness, the payment of dividends, sale of assets, mergers and acquisitions and the granting of liens. The Notes provide for events of default including nonpayment, misrepresentation, breach of covenants and bankruptcy. The Company’s obligations under the Notes are guaranteed, subject to certain limitations. These guarantees may be shared, on a senior basis, under certain circumstances, with newly incurred debt outstanding in the future. At September 30, 2015 , the Company was in compliance with all of its covenants. On April 15, 2014, the Company retired early a total of $50.0 million ( 25% ) of the Notes. The Company redeemed $45.0 million aggregate principal amount of the outstanding Notes at a redemption price equal to 106.563% of the principal amount of the Notes, plus accrued and unpaid interest. In addition, the Company retired the $5.0 million aggregate principal amount of the Notes that it held. Upon completion of the redemption and retirement on April 15, 2014, $150.0 million aggregate principal amount of the Notes remained outstanding. The retirement of the Notes reduced the Company’s interest costs by $3.9 million annually beginning in the second quarter of 2014. Interest expense for the three and nine months ended September 30, 2015 on the Notes was $3.3 million and $9.8 million , respectively ( $3.3 million and $11.0 million for the three and nine months ended September 30, 2014 , respectively).

Share Capital

Share Capital	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Share Capital	Share capital The Company’s authorized share capital consists of (a) 50,000,000 shares of Preferred Stock, par value $0.001 per share; (b) 50,000,000 shares of Class A non-voting common stock, par value $0.001 per share; and (c) 99,680 shares of Class B voting common stock, par value $0.001 per share. No Preferred Stock has been issued. 99,680 shares of Class B Stock have been issued and are outstanding. The Class A Stock and the Class B Stock are equal in all respects except that the Class A Stock is non-voting. The following table reflects changes in the number of shares of Class A Stock outstanding for the periods indicated: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2015 2014 2015 2014 Class A Stock outstanding, beginning of period 13,650,149 13,519,126 13,530,688 13,377,967 Issued pursuant to shared-based compensation plans 12,063 11,562 131,524 152,721 Repurchased and canceled pursuant to the stock buy-back (328,844 ) — (328,844 ) — Class A Stock outstanding, end of period 13,333,368 13,530,688 13,333,368 13,530,688 Stock buy-back On September 15, 2015, the Company announced that its board of directors approved a share repurchase program that authorizes the Company to purchase up to 665,000 shares of the Company's Class A Stock, representing approximately 5% of its 13,348,369 then issued and outstanding shares of Class A Stock ("New Program"). This authorization replaces the share repurchase program covering up to 675,000 shares of the Company's Class A Stock, which was announced on October 7, 2011 ("Previous Program"), pursuant to which 322,177 shares of the Company’s Class A Stock were repurchased and canceled prior to December 31, 2014. During the nine months ended September 30, 2015 , the Company purchased and canceled an additional 328,844 shares of Class A Stock for a total consideration of $6.6 million ( $20.12 per share) under the Previous Program. The 23,979 remaining shares available under the Previous Program have been replaced by the shares available under the New Program. As of September 30, 2015 , 665,000 shares were available to be purchased under the New Program. Any such share purchases will be made by the Company from time to time in the open market at the prevailing open market price using cash on hand, in compliance with the applicable rules and regulations of the New York Stock Exchange and federal and state securities laws and the terms of the Company's senior secured debt. All shares purchased will be canceled. The share repurchase program is expected to continue indefinitely. The timing and amounts of any purchases will be based on market conditions and other factors including price, regulatory requirements and capital availability. The share repurchase program does not obligate the Company to repurchase any dollar amount or number of Class A non-voting common shares. Depending on market conditions and other factors, these repurchases may be commenced or suspended from time to time without prior notice.

Contingencies

Contingencies	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies Many aspects of the Company's business involve substantial risks of liability. In the normal course of business, the Company has been named as defendant or co-defendant in various legal actions, including arbitrations, class actions, and other litigation, creating substantial exposure. Certain of the actual or threatened legal matters include claims for substantial compensatory and/or punitive damages or claims for indeterminate amounts of damages. These proceedings arise primarily from securities brokerage, asset management and investment banking activities. The Company is also involved, from time to time, in other reviews, investigations and proceedings (both formal and informal) by governmental and self-regulatory agencies regarding the Company's business which may result in adverse judgments, settlements, fines, penalties, injunctions or other relief. The investigations include, among other things, inquiries from the Securities and Exchange Commission (the “SEC”), the Financial Industry Regulatory Authority (“FINRA”) and various state regulators. The Company is named as a respondent in a number of arbitrations by its current or former clients as well as lawsuits related to its sale of ARS. The Company accrues for estimated loss contingencies related to legal and regulatory matters when available information indicates that it is probable a liability had been incurred at the date of the condensed consolidated financial statements and the Company can reasonably estimate the amount of that loss. In many proceedings, however, it is inherently difficult to determine whether any loss is probable or even possible or to estimate the amount of any loss. In addition, even where loss is possible or an exposure to loss exists in excess of the liability already accrued with respect to a previously recognized loss contingency, it is often not possible to reasonably estimate the size of the possible loss or range of loss or possible additional losses or range of additional losses. For certain legal and regulatory proceedings, the Company cannot reasonably estimate such losses, particularly for proceedings that are in their early stages of development or where plaintiffs seek substantial, indeterminate or special damages. Numerous issues may need to be reviewed, analyzed or resolved, including through potentially lengthy discovery and determination of important factual matters, and by addressing novel or unsettled legal questions relevant to the proceedings in question, before a loss or range of loss or additional loss can be reasonably estimated for any proceeding. Even after lengthy review and analysis, the Company, in many legal and regulatory proceedings, may not be able to reasonably estimate possible losses or range of loss. For certain other legal and regulatory proceedings, the Company can estimate possible losses, or range of loss in excess of amounts accrued, but does not believe, based on current knowledge and after consultation with counsel, that such losses individually, or in the aggregate, will have a material adverse effect on the Company's condensed consolidated financial statements as a whole. For legal and regulatory proceedings where there is at least a reasonable possibility that a loss or an additional loss may be incurred, the Company estimates a range of aggregate loss in excess of amounts accrued of $0 to approximately $50.0 million . This estimated aggregate range is based upon currently available information for those legal proceedings in which the Company is involved, where an estimate for such losses can be made. For certain cases, the Company does not believe that an estimate can currently be made. The foregoing estimate is based on various factors, including the varying stages of the proceedings (including the fact that many are currently in preliminary stages), the numerous yet-unresolved issues in many of the proceedings and the attendant uncertainty of the various potential outcomes of such proceedings. Accordingly, the Company's estimate will change from time to time, and actual losses may be more than the current estimate. In February 2010, Oppenheimer finalized settlements with the Regulators concluding investigations and administrative proceedings by the Regulators concerning Oppenheimer's marketing and sale of ARS. Pursuant to the settlements with the Regulators, Oppenheimer agreed to extend offers to repurchase ARS from certain of its clients subject to certain terms and conditions more fully described below. As of September 30, 2015 , the Company had $75,000 of outstanding ARS purchase commitments related to the settlements with the Regulators. In addition to the settlements with the Regulators, Oppenheimer has also reached settlements of and received adverse awards in legal proceedings with various clients where the Company is obligated to purchase ARS. Pursuant to completed Purchase Offers (as defined) under the settlements with the Regulators and client related legal settlements and awards to purchase ARS, as of September 30, 2015 , the Company purchased and holds (net of redemptions) approximately $101.9 million in ARS from its clients. In addition, the Company is committed to purchase another $9.5 million in ARS from clients through 2017 under legal settlements and awards. The Company's purchases of ARS from its clients holding ARS eligible for repurchase will, subject to the terms and conditions of the settlements with the Regulators, continue on a periodic basis. Pursuant to these terms and conditions, the Company is required to conduct a financial review every six months, until the Company has extended Purchase Offers to all Eligible Investors (as defined), to determine whether it has funds available, after giving effect to the financial and regulatory capital constraints applicable to the Company, to extend additional Purchase Offers. The financial review is based on the Company's operating results, regulatory net capital, liquidity, and other ARS purchase commitments outstanding under legal settlements and awards (described below). There are no predetermined quantitative thresholds or formulas used for determining the final agreed upon amount for the Purchase Offers. Upon completion of the financial review, the Company first meets with its primary regulator, FINRA, and then with representatives of the NYAG and other regulators to present the results of the review and to finalize the amount of the next Purchase Offer. Various offer scenarios are discussed in terms of which Eligible Investors should receive a Purchase Offer. The primary criteria to date in terms of determining which Eligible Investors should receive a Purchase Offer has been the amount of household account equity each Eligible Investor had with the Company in February 2008. Once various Purchase Offer scenarios have been discussed, the regulators, not the Company, make the final determination of which Purchase Offer scenario to implement. The terms of settlements provide that the amount of ARS to be purchased during any period shall not risk placing the Company in violation of regulatory requirements. Eligible Investors for future buybacks continued to hold approximately $78.5 million of principal value of ARS as of September 30, 2015 . It is reasonably possible that some ARS Purchase Offers will need to be extended to Eligible Investors holding ARS prior to redemptions (or tender offers) by issuers of the full amount that remains outstanding. The potential additional losses that may result from entering into ARS purchase commitments with Eligible Investors for future buybacks represents the estimated difference between the principal value and the fair value. It is possible that the Company could sustain a loss of all or substantially all of the principal value of ARS still held by Eligible Investors but such an outcome is highly unlikely. The amount of potential additional losses resulting from entering into these commitments cannot be reasonably estimated due to the uncertainties surrounding the amounts and timing of future buybacks that result from the six-month financial review and the amounts, scope, and timing of future issuer redemptions and tender offers of ARS held by Eligible Investors. The range of potential additional losses related to valuation adjustments is between $0 and the amount of the estimated differential between the principal value and the fair value of ARS held by Eligible Investors for future buybacks that were not yet purchased or committed to be purchased by the Company at any point in time. The range of potential additional losses described here is not included in the estimated range of aggregate loss in excess of amounts accrued for legal and regulatory proceedings described above. Outside of the settlements with the Regulators, the Company has also reached various legal settlements with clients and received unfavorable legal awards requiring it to purchase ARS. The terms and conditions including the ARS amounts committed to be purchased under legal settlements and awards are based on the specific facts and circumstances of each legal proceeding. In most instances, the purchase commitments are in increments and extend over a period of time. At September 30, 2015 , no ARS purchase commitments related to legal settlements extended past 2017. To the extent the Company receives an unfavorable award, the Company usually must purchase the ARS provided for by the award within 30 days of the rendering of the award. The Company has also been named as a respondent in a number of arbitrations by its current or former clients as well as lawsuits related to its sale of ARS. If the ARS market remains frozen, the Company may likely be further subject to claims by its clients. There can be no guarantee that the Company will be successful in defending any or all of the current actions against it or any subsequent actions filed in the future. Any such failure could, and in certain current ARS actions would, have a material adverse effect on the results of operations and financial condition of the Company including its cash position. The Company has sought, with limited success, financing from a number of sources to try to find a means for all its clients to find liquidity from their ARS holdings and will continue to do so. There can be no assurance that the Company will be successful in finding a liquidity solution for all its clients' ARS. On January 27, 2015, the SEC approved an Offer of Settlement from Oppenheimer and issued an Order Instituting Administrative and Cease and Desist Proceedings (the "Order") relating to Oppenheimer's failure to report a customer's suspicious activities which occurred through its Oppenheimer account in violation of the Exchange Act; violating the Exchange Act provisions requiring broker-dealers to maintain ledgers accurately reflecting liabilities and expenses; failing to accurately maintain records for each account showing the true beneficial owner as required by Exchange Act rule; and violating the securities registration provisions contained in Section 5 of the Securities Act and failing to prevent and detect such violations of Section 5 of the Securities Act as required by the Exchange Act. Pursuant to the Order, Oppenheimer was ordered to (i) cease and desist from committing or causing any violations of the relevant provisions of the federal securities laws; (ii) be censured; (iii) pay to the SEC $10.0 million comprised of $4.2 million in disgorgement, $753,500 in prejudgment interest and $5.1 million in civil penalties; and (iv) retain an independent consultant to review Oppenheimer's policies and procedures relating to anti-money laundering and Section 5 of the Securities Act. Oppenheimer made a payment of $5.0 million to the SEC on February 17, 2015 and agreed to make a second payment of $5.0 million to the SEC before January 27, 2017. On the same date the Order was issued, a division of the United States Department of the Treasury ("FinCEN") issued a Civil Monetary Assessment (the "Assessment") against Oppenheimer relating to potential violations of the Bank Secrecy Act and the regulations promulgated thereunder related primarily to, in the Company's view, the SEC matter discussed immediately above. Pursuant to the terms of the Assessment, Oppenheimer admitted that it violated the Bank Secrecy Act and consented to the payment of a civil money penalty, which, as a result of the payments to the SEC described above, obligates Oppenheimer to make an aggregate payment of $10.0 million to FinCEN. On February 9, 2015, Oppenheimer made a payment of $5.0 million to FinCEN and has agreed to make a second payment of $5.0 million before January 27, 2017. Oppenheimer further agreed to provide FinCEN copies of any reports or other recommendations prepared by the independent compliance consultant retained pursuant to the SEC settlement described above. The Company had fully reserved the $20.0 million related to the aforementioned matters through the period ended June 30, 2014. As a result of the resolution of the SEC action, Oppenheimer consented to be enjoined, in order to avoid a disqualification that would have negatively impacted the Company's business and its results of operations. The Company sought and on January 27, 2015, received a waiver from the disqualification that would have prohibited the sale of certain privately-placed securities, including third party alternative investments. Oppenheimer believes that any disqualification resulting from the issuance of the Order for which Oppenheimer has not received a waiver or similar relief is not material to the business of Oppenheimer or its affiliates. Since early 2014, Oppenheimer has been responding to information requests from FINRA regarding the supervision of one of its former financial advisers who was indicted by the United States Attorney's Office for the District of New Jersey in March 2014 on allegations of insider trading. In August 2014, Oppenheimer received information requests from the SEC regarding supervision of the same financial adviser. A number of Oppenheimer employees have provided on-the-record testimony in connection with the SEC inquiry. Oppenheimer is continuing to cooperate with both the FINRA and SEC inquiries. In November 2014, Oppenheimer received a Notice of Contemplated Action ("Action") from the New Mexico Securities Division (the "Division") alleging that certain federal agency bonds purchased by Bernalillo County, New Mexico in 2012 and 2013 were not suitable. Oppenheimer and a former registered representative were both named as respondents. On July 7, 2015, the Division issued a scheduling order stating that discovery in the matter must conclude by August 7, 2015 and set an initial hearing date for August 31, 2015. On August 21, 2015, the hearing was adjourned and no new hearing date has been scheduled. On October 19, 2015, Oppenheimer and the Division entered into a Stipulation pursuant to which Oppenheimer, without admitting or denying liability, agreed to pay an aggregate amount of $215,000 , all of which will be paid into the New Mexico Investor Education Fund.

Regulatory Requirements

Regulatory Requirements	9 Months Ended
	Sep. 30, 2015
Regulated Operations [Abstract]
Regulatory Requirements	Regulatory requirements The Company’s U.S. broker dealer subsidiaries, Oppenheimer and Freedom, are subject to the uniform net capital requirements of the SEC under Rule 15c3-1 (the "Rule") promulgated under the Exchange Act. Oppenheimer computes its net capital requirements under the alternative method provided for in the Rule which requires that Oppenheimer maintain net capital equal to two percent of aggregate customer-related debit items, as defined in SEC Rule 15c3-3. At September 30, 2015 , the net capital of Oppenheimer as calculated under the Rule was $143.4 million or 9.01% of Oppenheimer’s aggregate debit items. This was $111.6 million in excess of the minimum required net capital at that date. Freedom computes its net capital requirement under the basic method provided for in the Rule, which requires that Freedom maintain net capital equal to the greater of $250,000 or 6-2/3% of aggregate indebtedness, as defined. At September 30, 2015 , Freedom had net capital of $5.8 million , which was $5.6 million in excess of the $250,000 required to be maintained at that date. New Basel III requirements being implemented in the European Union have changed how capital adequacy is reported under the Capital Requirements Directive (CRD IV), effective January 1, 2014, for Oppenheimer Europe Ltd. At September 30, 2015 , the capital required and held under CRD IV was as follows: • Common Equity Tier 1 ratio 9.56% (required 4.5% ); • Tier 1 Capital ratio 9.55% (required 6.0% ); and • Total Capital ratio 10.97% (required 8.0% ). At September 30, 2015 , the regulatory capital of Oppenheimer Investments Asia Limited was $3.0 million , which was $2.6 million in excess of the $387,000 required to be maintained on that date. Oppenheimer Investments Asia Limited computes its regulatory capital pursuant to the requirements of the Securities and Futures Commission in Hong Kong.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Segment Information	Segment information The Company has determined its reportable segments based on the Company’s method of internal reporting, which disaggregates its retail business by branch and its proprietary and investment banking businesses by product. The Company evaluates the performance of its reportable segments and allocates resources to them based upon profitability. The Company’s reportable segments are: Private Client — includes commissions and a proportionate amount of fee income earned on assets under management ("AUM"), net interest earnings on client margin loans and cash balances, fees from money market funds, net contributions from stock loan activities and financing activities, and direct expenses associated with this segment; Asset Management —includes a proportionate amount of fee income earned on AUM from investment management services of Oppenheimer Asset Management Inc. Oppenheimer’s asset management divisions employ various programs to professionally manage client assets either in individual accounts or in funds, and includes direct expenses associated with this segment; Capital Markets —includes investment banking, institutional equities sales, trading, and research, taxable fixed income sales, trading, and research, public finance and municipal trading, as well as the Company’s operations in the United Kingdom, Hong Kong and Israel, and direct expenses associated with this segment; Commercial Mortgage Banking —includes loan origination and servicing fees from the Company’s subsidiary, OMHHF; and Corporate/Other —The Company does not allocate costs associated with certain infrastructure support groups that are centrally managed for its reportable segments. These areas include, but are not limited to, legal, compliance, operations, accounting, and internal audit. Costs associated with these groups are separately reported in a Corporate/Other category and primarily include compensation and benefits. The table below presents information about the reported revenue and net income before taxes of the Company for the three and nine months ended September 30, 2015 and 2014 . The information on total assets by reportable segment is not reported, since the Company does not produce such information for internal use by the chief operating decision maker. (Expressed in thousands) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2015 2014 2015 2014 Revenue Private client (1) $ 122,324 $ 142,606 $ 396,039 $ 435,770 Asset management (1) 23,849 24,801 73,654 74,443 Capital markets 60,585 71,226 202,282 221,324 Commercial mortgage banking 6,058 6,349 25,413 18,179 Corporate/Other 720 (303 ) 637 (180 ) Total $ 213,536 $ 244,679 $ 698,025 $ 749,536 Income (loss) before income tax provision (benefit) Private client (1) $ 14,905 $ 18,898 $ 45,064 $ 36,766 Asset management (1) 7,563 8,264 23,250 24,300 Capital markets (2,016 ) 5,699 8,342 23,965 Commercial mortgage banking 1,046 1,815 8,814 7,269 Corporate/Other (23,025 ) (23,780 ) (74,516 ) (76,159 ) Total $ (1,527 ) $ 10,896 $ 10,954 $ 16,141 (1) Asset management fees are allocated 22.5% to the Asset Management and 77.5% to the Private Client segments. Revenue, classified by the major geographic areas in which it was earned for the three and nine months ended September 30, 2015 and 2014 , was as follows: (Expressed in thousands) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2015 2014 2015 2014 United States $ 204,031 $ 234,317 $ 666,779 $ 711,529 United Kingdom/Israel 8,715 9,106 28,019 32,983 China 790 1,256 3,227 5,024 Total $ 213,536 $ 244,679 $ 698,025 $ 749,536

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	Subsequent events On October 30, 2015 , the Company announced a quarterly dividend in the amount of $0.11 per share, payable on November 27, 2015 to holders of Class A Stock and Class B Stock of record on November 13, 2015 .

Condensed Consolidating Financi

Condensed Consolidating Financial Information	9 Months Ended
	Sep. 30, 2015
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Condensed Consolidating Financial Information	Condensed consolidating financial information The Company’s Notes are jointly and severally and fully and unconditionally guaranteed on a senior basis by E.A. Viner International Co. and Viner Finance Inc. (together, the “Guarantors”), unless released as described below. Each of the Guarantors is 100% owned by the Company. The indenture for the Notes contains covenants with restrictions which are discussed in Note 9. The following condensed consolidating financial information presents the financial position, results of operations and cash flows of the Company (referred to as “Parent” for purposes of this note only), the Guarantor subsidiaries, the Non-Guarantor subsidiaries and elimination entries necessary to consolidate the Company. Each Guarantor will be automatically and unconditionally released and discharged upon: the sale, exchange or transfer of the capital stock of a Guarantor and the Guarantor ceasing to be a direct or indirect subsidiary of the Company if such sale does not constitute an asset sale under the indenture for the Notes or does not constitute an asset sale effected in compliance with the asset sale and merger covenants of the indenture for the Notes; a Guarantor being dissolved or liquidated; a Guarantor being designated unrestricted in compliance with the applicable provisions of the Notes; or the exercise by the Company of its legal defeasance option or covenant defeasance option or the discharge of the Company’s obligations under the indenture for the Notes in accordance with the terms of such indenture. OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING BALANCE SHEET AS OF SEPTEMBER 30, 2015 (Expressed in thousands) Parent Guarantor subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated ASSETS Cash and cash equivalents $ 603 $ 1,377 $ 45,331 $ — $ 47,311 Cash and securities segregated for regulatory and other purposes — — 855 — 855 Deposits with clearing organizations — — 61,370 — 61,370 Receivable from brokers, dealers and clearing organizations — — 398,808 — 398,808 Receivable from customers, net of allowance for credit losses of $2,504 — — 896,060 — 896,060 Income tax receivable 32,331 27,280 — (53,506 ) 6,105 Securities owned, including amounts pledged of $752,758, at fair value — 4,941 1,035,690 — 1,040,631 Notes receivable, net of accumulated amortization and allowance for uncollectibles of $53,241 and $8,555, respectively — — 33,624 — 33,624 Office facilities, net of accumulated depreciation of $102,640 — 19,704 8,027 — 27,731 Loans held for sale, at fair value — — 34,050 — 34,050 Mortgage servicing rights — — 29,594 — 29,594 Subordinated loan receivable — 112,558 — (112,558 ) — Intangible assets — — 31,700 — 31,700 Goodwill — — 137,889 — 137,889 Other assets 1,378 3,224 103,922 — 108,524 Deferred tax assets 101 324 29,900 (30,325 ) — Investment in subsidiaries 577,400 535,950 — (1,113,350 ) — Intercompany receivables 69,524 8,635 — (78,159 ) — Total assets $ 681,337 $ 713,993 $ 2,846,820 $ (1,387,898 ) $ 2,854,252 LIABILITIES AND STOCKHOLDERS’ EQUITY Liabilities Drafts payable $ — $ — $ 24,002 $ — $ 24,002 Bank call loans — — 147,700 — 147,700 Payable to brokers, dealers and clearing organizations — — 250,513 — 250,513 Payable to customers — — 692,416 — 692,416 Securities sold under agreements to repurchase — — 463,074 — 463,074 Securities sold, but not yet purchased, at fair value — — 311,664 — 311,664 Accrued compensation — — 125,129 — 125,129 Accounts payable and other liabilities 6,091 35,724 103,962 — 145,777 Income tax payable 2,440 22,189 28,877 (53,506 ) — Senior secured notes 150,000 — — — 150,000 Subordinated indebtedness — — 112,558 (112,558 ) — Deferred tax liabilities — — 44,525 (30,325 ) 14,200 Intercompany payables — 62,203 15,956 (78,159 ) — Total liabilities 158,531 120,116 2,320,376 (274,548 ) 2,324,475 Stockholders’ equity Stockholders’ equity attributable to Oppenheimer Holdings Inc. 522,806 593,877 519,473 (1,113,350 ) 522,806 Noncontrolling interest — — 6,971 — 6,971 Total stockholders’ equity 522,806 593,877 526,444 (1,113,350 ) 529,777 Total liabilities and stockholders’ equity $ 681,337 $ 713,993 $ 2,846,820 $ (1,387,898 ) $ 2,854,252 OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING BALANCE SHEET AS OF DECEMBER 31, 2014 (Expressed in thousands) Parent Guarantor subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated ASSETS Cash and cash equivalents $ 439 $ 1,557 $ 61,811 $ — $ 63,807 Cash and securities segregated for regulatory and other purposes — — 18,594 — 18,594 Deposits with clearing organizations — — 36,510 — 36,510 Receivable from brokers, dealers and clearing organizations — — 314,475 — 314,475 Receivable from customers, net of allowance for credit losses of $2,427 — — 864,189 — 864,189 Income tax receivable 28,070 27,304 — (51,134 ) 4,240 Securities purchased under agreements to resell — — 251,606 — 251,606 Securities owned, including amounts pledged of $518,123, at fair value — 5,806 837,349 — 843,155 Notes receivable, net of accumulated amortization and allowance for uncollectibles of $42,211 and $8,606, respectively — — 34,932 — 34,932 Office facilities, net of accumulated depreciation of $103,547 — 20,181 9,408 — 29,589 Loans held for sale, at fair value — — 19,243 — 19,243 Mortgage servicing rights — — 30,140 — 30,140 Subordinated loan receivable — 112,558 — (112,558 ) — Intangible assets — — 31,700 — 31,700 Goodwill — — 137,889 — 137,889 Other assets 1,686 3,803 101,897 — 107,386 Deferred tax assets 18 309 27,973 (28,300 ) — Investment in subsidiaries 565,257 544,576 — (1,109,833 ) — Intercompany receivables 87,442 — — (87,442 ) — Total assets $ 682,912 $ 716,094 $ 2,777,716 $ (1,389,267 ) $ 2,787,455 LIABILITIES AND STOCKHOLDERS’ EQUITY Liabilities Drafts payable $ — $ — $ 35,373 $ — $ 35,373 Bank call loans — — 59,400 — 59,400 Payable to brokers, dealers and clearing organizations — — 257,161 — 257,161 Payable to customers — — 652,256 — 652,256 Securities sold under agreements to repurchase — — 687,440 — 687,440 Securities sold, but not yet purchased, at fair value — — 92,510 — 92,510 Accrued compensation — — 165,134 — 165,134 Accounts payable and other liabilities 2,828 35,800 102,724 — 141,352 Income tax payable 2,440 22,189 26,505 (51,134 ) — Senior secured notes 150,000 — — — 150,000 Subordinated indebtedness — — 112,558 (112,558 ) — Deferred tax liabilities — 88 41,309 (28,300 ) 13,097 Intercompany payables — 76,492 10,950 (87,442 ) — Total liabilities 155,268 134,569 2,243,320 (279,434 ) 2,253,723 Stockholders’ equity Stockholders’ equity attributable to Oppenheimer Holdings Inc. 527,644 581,525 528,308 (1,109,833 ) 527,644 Noncontrolling interest — — 6,088 — 6,088 Total stockholders’ equity 527,644 581,525 534,396 (1,109,833 ) 533,732 Total liabilities and stockholders’ equity $ 682,912 $ 716,094 $ 2,777,716 $ (1,389,267 ) $ 2,787,455 OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2015 (Expressed in thousands) Parent Guarantor subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated REVENUES Commissions $ — $ — $ 101,243 $ — $ 101,243 Advisory fees — — 69,938 (381 ) 69,557 Investment banking — — 16,548 — 16,548 Interest — 2,557 14,392 (2,565 ) 14,384 Principal transactions, net — — (3,100 ) (239 ) (3,339 ) Other — 96 15,121 (74 ) 15,143 Total revenue — 2,653 214,142 (3,259 ) 213,536 EXPENSES Compensation and related expenses 254 — 142,492 — 142,746 Communications and technology 27 — 16,448 — 16,475 Occupancy and equipment costs — — 16,232 (74 ) 16,158 Clearing and exchange fees — — 6,909 — 6,909 Interest 3,282 — 3,824 (2,565 ) 4,541 Other 234 252 28,368 (620 ) 28,234 Total expenses 3,797 252 214,273 (3,259 ) 215,063 Income (loss) before income tax provision (benefit) (3,797 ) 2,401 (131 ) — (1,527 ) Income tax provision (benefit) (1,343 ) 1,360 (767 ) — (750 ) Equity in earnings of subsidiaries 1,546 505 — (2,051 ) — Net income (loss) for the period (908 ) 1,546 636 (2,051 ) (777 ) Less net income attributable to non-controlling interest, net of tax — — 131 — 131 Net income (loss) attributable to Oppenheimer Holdings Inc. (908 ) 1,546 505 (2,051 ) (908 ) Other comprehensive loss — — (916 ) — (916 ) Total comprehensive income (loss) $ (908 ) $ 1,546 $ (411 ) $ (2,051 ) $ (1,824 ) OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2015 (Expressed in thousands) Parent Guarantor subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated REVENUES Commissions $ — $ — $ 314,494 $ — $ 314,494 Advisory fees — — 214,012 (1,246 ) 212,766 Investment banking — — 72,873 — 72,873 Interest — 7,680 37,463 (7,694 ) 37,449 Principal transactions, net — — 17,249 (323 ) 16,926 Other — 287 43,455 (225 ) 43,517 Total revenue — 7,967 699,546 (9,488 ) 698,025 EXPENSES Compensation and related expenses 829 — 463,222 — 464,051 Communications and technology 94 — 49,956 — 50,050 Occupancy and equipment costs — — 48,145 (225 ) 47,920 Clearing and exchange fees — — 19,542 — 19,542 Interest 9,844 — 10,806 (7,694 ) 12,956 Other 780 365 92,976 (1,569 ) 92,552 Total expenses 11,547 365 684,647 (9,488 ) 687,071 Income (loss) before income tax provision (benefit) (11,547 ) 7,602 14,899 — 10,954 Income tax provision (benefit) (4,344 ) 3,130 6,179 — 4,965 Equity in earnings of subsidiaries 12,309 7,837 — (20,146 ) — Net income for the period 5,106 12,309 8,720 (20,146 ) 5,989 Less net income attributable to noncontrolling interest, net of tax — — 883 — 883 Net income attributable to Oppenheimer Holdings Inc. 5,106 12,309 7,837 (20,146 ) 5,106 Other comprehensive loss — — (166 ) — (166 ) Total comprehensive income $ 5,106 $ 12,309 $ 7,671 $ (20,146 ) $ 4,940 OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2014 (Expressed in thousands) Parent Guarantor subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated REVENUES Commissions $ — $ — $ 110,862 $ — $ 110,862 Advisory fees — — 71,278 (321 ) 70,957 Investment banking — — 33,841 — 33,841 Interest — 2,580 12,434 (2,565 ) 12,449 Principal transactions, net — — 4,433 (161 ) 4,272 Other — 85 12,279 (66 ) 12,298 Total revenue — 2,665 245,127 (3,113 ) 244,679 EXPENSES Compensation and related expenses 207 — 161,127 — 161,334 Communications and technology 37 — 15,954 — 15,991 Occupancy and equipment costs — — 15,867 (66 ) 15,801 Clearing and exchange fees — — 5,969 — 5,969 Interest 3,281 8 3,403 (2,565 ) 4,127 Other 235 178 30,630 (482 ) 30,561 Total expenses 3,760 186 232,950 (3,113 ) 233,783 Income (loss) before income tax provision (benefit) (3,760 ) 2,479 12,177 — 10,896 Income tax provision (benefit) (1,816 ) 1,326 6,761 — 6,271 Equity in earnings of subsidiaries (1) 6,414 5,261 — (11,675 ) — Net income (loss) for the period 4,470 6,414 5,416 (11,675 ) 4,625 Less net income attributable to non-controlling interest, net of tax — — 155 — 155 Net income (loss) attributable to Oppenheimer Holdings Inc. 4,470 6,414 5,261 (11,675 ) 4,470 Other comprehensive income — — (1,608 ) — (1,608 ) Total comprehensive income (loss) $ 4,470 $ 6,414 $ 3,653 $ (11,675 ) $ 2,862 (1) The Company revised amounts in Equity in Earnings of Subsidiaries in the Condensed Consolidating Statement of Operations to properly reflect investments in subsidiaries. Offsetting amounts were adjusted in the eliminations column. OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2014 (Expressed in thousands) Parent Guarantor subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated REVENUES Commissions $ — $ — $ 349,062 $ — $ 349,062 Advisory fees — — 210,594 (1,002 ) 209,592 Investment banking — — 94,164 — 94,164 Interest — 7,901 37,347 (7,861 ) 37,387 Principal transactions, net — 10 24,873 — 24,883 Other — 375 34,419 (346 ) 34,448 Total revenue — 8,286 750,459 (9,209 ) 749,536 EXPENSES Compensation and related expenses 822 — 492,313 — 493,135 Communications and technology 111 — 50,150 — 50,261 Occupancy and equipment costs — — 47,451 (346 ) 47,105 Clearing and exchange fees — — 17,885 — 17,885 Interest 11,120 8 10,436 (7,861 ) 13,703 Other 4,396 30 107,882 (1,002 ) 111,306 Total expenses 16,449 38 726,117 (9,209 ) 733,395 Income (loss) before income tax provision (benefit) (16,449 ) 8,248 24,342 — 16,141 Income tax provision (benefit) (6,450 ) 2,457 13,342 — 9,349 Equity in earnings of subsidiaries (1) 16,139 10,348 — (26,487 ) — Net income for the period 6,140 16,139 11,000 (26,487 ) 6,792 Less net income attributable to noncontrolling interest, net of tax — — 652 — 652 Net income attributable to Oppenheimer Holdings Inc. 6,140 16,139 10,348 (26,487 ) 6,140 Other comprehensive income — — (1,356 ) — (1,356 ) Total comprehensive income $ 6,140 $ 16,139 $ 8,992 $ (26,487 ) $ 4,784 (1) The Company revised amounts in Equity in Earnings of Subsidiaries in the Condensed Consolidating Statement of Operations to properly reflect investments in subsidiaries. Offsetting amounts were adjusted in the eliminations column. OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2015 (Expressed in thousands) Parent Guarantor subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities: Cash provided by (used in) operating activities $ 11,548 $ (180 ) $ (101,167 ) $ — $ (89,799 ) Cash flows from investing activities: Purchase of office facilities — — (3,613 ) — (3,613 ) Cash used in investing activities — — (3,613 ) — (3,613 ) Cash flows from financing activities: Cash dividends paid on Class A non-voting and Class B voting common stock (4,531 ) — — — (4,531 ) Repurchase of Class A non-voting common stock for cancellation (6,618 ) — — — (6,618 ) Tax deficiency from share-based awards (235 ) — — — (235 ) Increase in bank call loans, net — — 88,300 — 88,300 Cash flow provided by (used in) financing activities (11,384 ) — 88,300 — 76,916 Net increase (decrease) in cash and cash equivalents 164 (180 ) (16,480 ) — (16,496 ) Cash and cash equivalents, beginning of the period 439 1,557 61,811 — 63,807 Cash and cash equivalents, end of the period $ 603 $ 1,377 $ 45,331 $ — $ 47,311 OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2014 (Expressed in thousands) Parent Guarantor subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities: Cash provided by (used in) operating activities $ 48,737 $ (25,778 ) $ (9,222 ) $ — $ 13,737 Cash flows from investing activities: Purchase of office facilities — — (3,366 ) — (3,366 ) Cash used in investing activities — — (3,366 ) — (3,366 ) Cash flows from financing activities: Cash dividends paid on Class A non-voting and Class B voting common stock (4,483 ) — — — (4,483 ) Issuance of Class A non-voting common stock 185 — — — 185 Tax benefit from share-based awards 1,275 — — — 1,275 Redemption of senior secured notes (45,000 ) — — — (45,000 ) Increase in bank call loans, net — — 17,300 — 17,300 Cash flow provided by (used in) financing activities (48,023 ) — 17,300 — (30,723 ) Net increase (decrease) in cash and cash equivalents 714 (25,778 ) 4,712 — (20,352 ) Cash and cash equivalents, beginning of the period 448 30,901 66,945 — 98,294 Cash and cash equivalents, end of the period $ 1,162 $ 5,123 $ 71,657 $ — $ 77,942

New Accounting Pronouncements (

New Accounting Pronouncements (Policies)	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
New Accounting Pronouncements	Recently Adopted In April 2014, the FASB issued ASU No. 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." Under this ASU, a discontinued operation is defined as a disposal of a component or group of components that is disposed of and represents a strategic shift that has or will have a major effect on an entity’s operation. The ASU also modified related disclosure requirements. The ASU became effective for the annual reporting period in the fiscal year that begins after December 15, 2014. The adoption of this accounting guidance did not have a material impact on the Company’s condensed consolidated financial statements. In June 2014, the FASB issued ASU No. 2014-11, "Transfers and Servicing – Repurchase-to-Maturity Transactions, Repurchase Financing, and Disclosures," which makes amendments to the guidance in Accounting Standards Codification 860 on accounting for certain repurchase agreements. The ASU is effective for the annual reporting period in the fiscal year that begins after December 15, 2015, except for the disclosures related to transactions accounted for as secured borrowings, which became effective for the period beginning on or after March 15, 2015. The adoption of this accounting guidance did not have a material impact on the Company’s condensed consolidated financial statements. See Note 6, Collateralized transactions, below. In November 2014, the FASB issued ASU No. 2014-17, "Business Combination - Pushdown Accounting." The ASU gives the acquired entity the option of applying pushdown accounting in its stand-alone financial statements upon a change-in-control event. The ASU became effective upon issuance. The adoption of this accounting guidance did not have a material impact on the Company’s condensed consolidated financial statements. Recently Issued In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers." The ASU outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. Additionally, the ASU expands the disclosure requirements for revenue recognition. The ASU will be effective for the annual reporting period in the fiscal year that begins after December 15, 2017 and early adoption is permitted as of the original effective date. The Company is currently evaluating the impact, if any, that the ASU will have on its condensed consolidated financial statements. In June 2014, the FASB issued ASU No. 2014-12, "Compensation - Stock Compensation." The ASU clarifies that entities should treat performance targets that can be met after the requisite service period of a share-based award as performance conditions that affect vesting. The ASU is effective for the annual reporting period in the fiscal year that begins after December 15, 2015 and early adoption is permitted. The Company will not early adopt this ASU. The Company is currently evaluating the impact, if any, that the ASU will have on its condensed consolidated financial statements. In August 2014, the FASB issued ASU No. 2014-15, "Disclosure of Uncertainties About an Entity's Ability to Continue as a Going Concern," which provides guidance on determining when and how reporting entities must disclose going-concern uncertainties in their financial statements. The ASU requires management of an entity to perform interim and annual assessments of an entity's ability to continue as a going concern within one year of the date of issuance of the entity's financial statements and also provide disclosures if there is "substantial doubt about the entity's ability to continue as a going concern." The ASU is effective for the annual reporting period in the fiscal year that begins after December 15, 2016 and early adoption is permitted. The Company will not early adopt this ASU. The Company is currently evaluating the impact on its disclosure. In January 2015, the FASB issued ASU No. 2015-01, "Income Statement - Extraordinary and Unusual Items," to simplify income statement classification by removing the concept of extraordinary items. Under the existing guidance, an entity is required to separately disclose extraordinary items, net of tax, in the income statement after income from continuing operations if an event or transaction is of an unusual nature and occurs infrequently. This separate, net-of-tax presentation (and corresponding earnings per share impact) will no longer be allowed. However, the existing requirement to separately present items that are of an unusual nature or occur infrequently on a pre-tax basis within income from continuing operations has been retained. The ASU is effective for the annual reporting period in the fiscal year that begins after December 15, 2015. Early adoption is permitted, but only as of the beginning of the fiscal year of adoption. Upon adoption, a reporting entity may elect prospective or retrospective application. If adopted prospectively, both the nature and amount of any subsequent adjustments to previously reported extraordinary items must be disclosed. The Company will not early adopt this ASU. The Company is currently evaluating the impact, if any, that the ASU will have on its condensed consolidated financial statements. In February 2015, the FASB issued ASU No. 2015-02, "Consolidation - Amendments to the Consolidation Analysis," to eliminate the deferral of the application of the revised consolidation rules and make changes to both the variable interest model and the voting model. Under this ASU, a general partner will not consolidate a partnership or similar entity under the voting model. The ASU is effective for the annual reporting period in the fiscal year that begins after December 15, 2015 and early adoption is permitted. The Company will not early adopt this ASU. The Company is currently evaluating the impact, if any, that the ASU will have on its condensed consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-03, "Simplifying the Presentation of Debt Issuance Costs," which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability. The ASU is effective for the annual reporting period in the fiscal year that begins after December 15, 2015 and early adoption is permitted. The Company will not early adopt this ASU. The Company is currently evaluating the impact, if any, that the ASU will have on its condensed consolidated financial statements. In May 2015, the FASB issued ASU No. 2015-07, “Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent),” which removes the requirement to categorize within the fair value hierarchy all investments measured using the net asset value per share practical expedient and related disclosures. The ASU is effective for the annual reporting periods in the fiscal year that begins after December 15, 2015 and early adoption is permitted. The Company will not early adopt this ASU. The Company is currently evaluating the impact, if any, that the ASU will have on its condensed consolidated financial statements.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Summary of Earnings Per Share	Earnings per share have been calculated as follows: (Expressed in thousands, except number of shares and per share amounts) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2015 2014 2015 2014 Basic weighted average number of shares outstanding 13,690,698 13,630,368 13,713,578 13,595,458 Net dilutive effect of share-based awards, treasury method (1) — 667,074 625,627 621,789 Diluted weighted average number of shares outstanding 13,690,698 14,297,442 14,339,205 14,217,247 Net income (loss) for the period $ (777 ) $ 4,625 $ 5,989 $ 6,792 Net income attributable to noncontrolling interest, net of tax 131 155 883 652 Net income (loss) attributable to Oppenheimer Holdings Inc. $ (908 ) $ 4,470 $ 5,106 $ 6,140 Basic earnings (loss) per share $ (0.07 ) $ 0.33 $ 0.37 $ 0.45 Diluted earnings (loss) per share $ (0.07 ) $ 0.31 $ 0.36 $ 0.43 (1) For the three and nine months ended September 30, 2015 , the diluted earnings per share computation does not include the anti-dilutive effect of 1,304,185 and 40,309 shares of Class A Stock granted under share-based compensation arrangements, respectively ( 58,008 for both the three and nine months ended September 30, 2014 ).

Receivable from and Payable t26

Receivable from and Payable to Brokers, Dealers and Clearing Organizations (Tables)	9 Months Ended
	Sep. 30, 2015
Brokers and Dealers [Abstract]
Schedule of Receivable from and Payable to Brokers, Dealers and Clearing Organizations	(Expressed in thousands) As of September 30, 2015 December 31, 2014 Receivable from brokers, dealers and clearing organizations consist of: Securities borrowed $ 296,362 $ 242,172 Receivable from brokers 53,550 38,149 Securities failed to deliver 16,380 11,055 Clearing organizations 23,766 21,106 Other 8,750 1,993 Total $ 398,808 $ 314,475 Payable to brokers, dealers and clearing organizations consist of: Securities loaned $ 209,125 $ 137,892 Payable to brokers 4,380 4,559 Securities failed to receive 31,266 23,573 Other 5,742 91,137 Total $ 250,513 $ 257,161

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Securities Owned and Securities Sold, But Not Yet Purchased at Fair Value	Securities Owned and Securities Sold, But Not Yet Purchased at Fair Value (Expressed in thousands) As of September 30, 2015 As of December 31, 2014 Owned Sold Owned Sold U.S. Government, agency and sovereign obligations $ 750,031 $ 259,810 $ 570,607 $ 30,615 Corporate debt and other obligations 15,475 7,070 19,795 2,646 Mortgage and other asset-backed securities 7,276 28 6,689 255 Municipal obligations 74,365 50 60,833 51 Convertible bonds 54,946 9,539 49,813 11,369 Corporate equities 41,209 35,167 42,751 47,574 Money markets 846 — 1,245 — Auction rate securities 96,483 — 91,422 — Total $ 1,040,631 $ 311,664 $ 843,155 $ 92,510
Quantitative Information about Level 3 Fair Value Measurements	Additional information regarding the valuation technique and inputs for ARS used is as follows: (Expressed in thousands) Quantitative Information about Level 3 Fair Value Measurements at September 30, 2015 Product Principal Valuation Adjustment Fair Value Valuation Technique Unobservable Input Range Weighted Average Auction Rate Securities Owned (1) Auction Rate Preferred Securities $ 89,600 $ 3,965 $ 85,635 Discounted Cash Flow Discount Rate (2) 1.26% to 1.72% 1.48% Duration 4.0 years 4.0 years Current Yield (3) 0.16% to 0.52% 0.33% Municipal Auction Rate Securities 8,150 705 7,445 Discounted Cash Flow Discount Rate (4) 2.21% 2.21% Duration 4.5 years 4.5 years Current Yield (3) 0.16% 0.16% Student Loan Auction Rate Securities 500 41 459 Discounted Cash Flow Discount Rate (5) 2.95% 2.95% Duration 7.0 years 7.0 years Current Yield (3) 1.64% 1.64% Other (7) 3,625 681 2,944 Secondary Market Trading Activity Observable trades in inactive market for in portfolio securities 81.22% of par 81.22% of par $ 101,875 $ 5,392 $ 96,483 Auction Rate Securities Commitments to Purchase (6) Auction Rate Preferred Securities $ 8,065 $ 344 $ 7,721 Discounted Cash Flow Discount Rate (2) 1.26% to 1.72% 1.48% Duration 4.0 years 4.0 years Current Yield (3) 0.16% to 0.52% 0.33% Municipal Auction Rate Securities 1,535 133 1,402 Discounted Cash Flow Discount Rate (4) 2.21% 2.21% Duration 4.5 years 4.5 years Current Yield (3) 0.16% 0.16% Student Loan Auction Rate Securities 1 — 1 Discounted Cash Flow Discount Rate (5) 2.95% 2.95% Duration 7.0 years 7.0 years Current Yield (3) 1.64% 1.64% $ 9,601 $ 477 $ 9,124 Total $ 111,476 $ 5,869 $ 105,607 (1) Principal amount represents the par value of the ARS and is included in securities owned in the condensed consolidated balance sheet at September 30, 2015 . The valuation adjustment amount is included as a reduction to securities owned in the condensed consolidated balance sheet as well as principal transactions revenue in the statement of operations at September 30, 2015 . (2) Derived by applying a multiple to the spread between 110% to 150% to the U.S. Treasury rate of 1.15% . (3) Based on current auctions in comparable securities that have not failed. (4) Derived by applying a multiple to the spread of 175% to the U.S. Treasury rate of 1.26% . (5) Derived by applying the sum of the spread of 1.20% to the U.S. Treasury rate of 1.75% . (6) Principal amount represents the present value of the ARS par value that the Company is committed to purchase at a future date. This principal amount is presented as an off-balance sheet item. The valuation adjustment amount is included in accounts payable and other liabilities on the condensed consolidated balance sheet at September 30, 2015 . (7) Represents ARS issued by a credit default obligation structure that the Company has purchased and is committed to purchase as a result of a legal settlement.
Investments in Company-Sponsored Funds	The following table provides information about the Company’s investments in Company-sponsored funds at September 30, 2015 : (Expressed in thousands) Fair Value Unfunded Commitments Redemption Frequency Redemption Notice Period Hedge funds (1) $ 2,304 $ — Quarterly - Annually 30 - 120 Days Private equity funds (2) 5,662 1,251 N/A N/A $ 7,966 $ 1,251 (1) Includes investments in hedge funds and hedge fund of funds that pursue long/short, event-driven, and activist strategies. Each hedge fund has various restrictions regarding redemption; no investment is locked-up for a period greater than one year. (2) Includes private equity funds and private equity fund of funds with a focus on diversified portfolios, real estate and global natural resources. Due to the illiquid nature of these funds, investors are not permitted to make withdrawals without the consent of the general partner. The lock-up period of the private equity funds can extend to 10 years.
Assets and Liabilities Measured at Fair Value on Recurring Basis	The Company’s assets and liabilities, recorded at fair value on a recurring basis as of September 30, 2015 and December 31, 2014 , have been categorized based upon the above fair value hierarchy as follows: Assets and liabilities measured at fair value on a recurring basis as of September 30, 2015 (Expressed in thousands) Fair Value Measurements at September 30, 2015 Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 328 $ — $ — $ 328 Deposits with clearing organizations 43,497 — — 43,497 Securities owned: U.S. Treasury securities 727,722 — — 727,722 U.S. Agency securities 461 18,223 — 18,684 Sovereign obligations — 3,625 — 3,625 Corporate debt and other obligations — 15,475 — 15,475 Mortgage and other asset-backed securities — 7,276 — 7,276 Municipal obligations — 74,300 65 74,365 Convertible bonds — 54,946 — 54,946 Corporate equities 41,209 — — 41,209 Money markets 846 — — 846 Auction rate securities — — 96,483 96,483 Securities owned, at fair value 770,238 173,845 96,548 1,040,631 Investments (1) — 3,088 8,633 11,721 Loans held for sale — 34,050 — 34,050 Derivative contracts: TBAs — 344 — 344 Interest rate lock commitments — — 10,808 10,808 Derivative contracts, total — 344 10,808 11,152 Total $ 814,063 $ 211,327 $ 115,989 $ 1,141,379 Liabilities Securities sold, but not yet purchased: U.S. Treasury securities $ 259,730 $ — $ — $ 259,730 U.S. Agency securities — 20 — 20 Sovereign obligations — 60 — 60 Corporate debt and other obligations — 7,070 — 7,070 Mortgage and other asset-backed securities — 28 — 28 Municipal obligations — 50 — 50 Convertible bonds — 9,539 — 9,539 Corporate equities 35,167 — — 35,167 Securities sold, but not yet purchased, at fair value 294,897 16,767 — 311,664 Derivative contracts: Futures 870 — — 870 Foreign currency forward contracts 5 — — 5 TBAs — 7,161 — 7,161 Interest rate lock commitments — — 187 187 ARS purchase commitments — — 477 477 Derivative contracts, total 875 7,161 664 8,700 Total $ 295,772 $ 23,928 $ 664 $ 320,364 (1) Included in other assets on the condensed consolidated balance sheet. Assets and liabilities measured at fair value on a recurring basis as of December 31, 2014 (Expressed in thousands) Fair Value Measurements at December 31, 2014 Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 31,175 $ — $ — $ 31,175 Deposits with clearing organizations 24,188 — — 24,188 Securities owned: U.S. Treasury securities 540,223 — — 540,223 U.S. Agency securities — 26,261 — 26,261 Sovereign obligations — 4,123 — 4,123 Corporate debt and other obligations — 19,795 — 19,795 Mortgage and other asset-backed securities — 6,689 — 6,689 Municipal obligations — 60,669 164 60,833 Convertible bonds — 49,813 — 49,813 Corporate equities 42,751 — — 42,751 Money markets 1,245 — — 1,245 Auction rate securities — — 91,422 91,422 Securities owned, at fair value 584,219 167,350 91,586 843,155 Investments (1) — 698 9,508 10,206 Loans held for sale — 19,243 — 19,243 Securities purchased under agreements to resell (2) — 250,000 — 250,000 Derivative contracts: TBAs — 4,535 — 4,535 Interest rate lock commitments — — 7,576 7,576 Derivative contracts, total — 4,535 7,576 12,111 Total $ 639,582 $ 441,826 $ 108,670 $ 1,190,078 Liabilities Securities sold, but not yet purchased: U.S. Treasury securities $ 30,581 $ — $ — $ 30,581 U.S. Agency securities — 34 — 34 Corporate debt and other obligations — 2,646 — 2,646 Mortgage and other asset-backed securities — 255 — 255 Municipal obligations — 51 — 51 Convertible bonds — 11,369 — 11,369 Corporate equities 47,574 — — 47,574 Securities sold, but not yet purchased, at fair value 78,155 14,355 — 92,510 Derivative contracts: Futures 353 — — 353 Foreign currency forward contracts 10 — — 10 TBAs — 1,018 — 1,018 Interest rate lock commitments — — 1,222 1,222 ARS purchase commitments — — 902 902 Derivative contracts, total 363 1,018 2,124 3,505 Total $ 78,518 $ 15,373 $ 2,124 $ 96,015 (1) Included in other assets on the condensed consolidated balance sheet. (2) Included in securities purchased under agreements to resell where the Company has elected fair value option treatment.
Changes in Level 3 Assets and Liabilities Measured at Fair Value on Recurring Basis	The following tables present changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the three months ended September 30, 2015 and 2014 : (Expressed in thousands) Level 3 Assets and Liabilities For the Three Months Ended September 30, 2015 Total Realized and Unrealized Beginning Gains Purchases Sales and Transfers Ending Balance (Losses) (5)(6) and Issuances Settlements In (Out) Balance Assets Municipals $ 62 $ 3 $ — $ — $ — $ 65 Auction rate securities (1)(7)(8) 100,384 1,799 5,600 (11,300 ) — 96,483 Interest rate lock commitments (2) 5,060 5,748 — — 10,808 Investments (3) 9,114 (427 ) 29 (83 ) — 8,633 Liabilities Interest rate lock commitments (2) 683 496 — — — 187 ARS purchase commitments (4) 1,034 557 — — — 477 (1) Represents auction rate preferred securities, municipal auction rate securities and student loan auction rate securities that failed in the auction rate market. (2) Interest rate lock commitment assets and liabilities are recorded upon the commitment to originate a loan with a borrower and sell the loan to an investor. The commitment assets and liabilities are recognized at fair value, which reflects the fair value of the contractual loan origination related fees and sale premiums, net of co-broker fees, and the estimated fair value of the expected net future cash flows associated with the servicing of the loan. (3) Primarily represents general partner ownership and limited partner interests in hedge funds and private equity funds sponsored by the Company. (4) Represents the difference in principal and fair value for auction rate securities purchase commitments outstanding at the end of the period. (5) Included in principal transactions on the condensed consolidated statement of operations, except for investments which are included in other income on the condensed consolidated statement of operations. (6) Unrealized gains (losses) are attributable to assets or liabilities that are still held at the reporting date. (7) Purchases and issuances in connection with ARS purchase commitments represent instances in which the Company purchased ARS securities from clients during the period pursuant to regulatory and legal settlements and awards that satisfy the outstanding commitment to purchase obligation. This also includes instances where the ARS issuer has redeemed ARS where the Company had an outstanding purchase commitment prior to the Company purchasing those ARS. (8) Sales and settlements for the ARS purchase commitments represent additional purchase commitments made during the period for regulatory and legal ARS settlements and awards. (Expressed in thousands) Level 3 Assets and Liabilities For the Three Months Ended September 30, 2014 Total Realized and Unrealized Beginning Gains Purchases Sales and Transfers Ending Balance (Losses) (5)(6) and Issuances Settlements In (Out) Balance Assets Municipals $ 52 $ 77 $ — $ — $ — $ 129 Auction rate securities (1)(7)(8) 92,548 (645 ) 2,375 (6,955 ) — 87,323 Interest rate lock commitments (2) 10,528 (5,017 ) — — — 5,511 Investments (3) 8,779 (254 ) 180 (282 ) — 8,423 Liabilities Interest rate lock commitments (2) 3,833 645 — — — 3,188 ARS purchase commitments (4) 1,514 477 — — — 1,037 (1) Represents auction rate preferred securities, municipal auction rate securities and student loan auction rate securities that failed in the auction rate market. (2) Interest rate lock commitment assets and liabilities are recorded upon the commitment to originate a loan with a borrower and sell the loan to an investor. The commitment assets and liabilities are recognized at fair value, which reflects the fair value of the contractual loan origination related fees and sale premiums, net of co-broker fees, and the estimated fair value of the expected net future cash flows associated with the servicing of the loan. (3) Primarily represents general partner ownership and limited partner interests in hedge funds and private equity funds sponsored by the Company. (4) Represents the difference in principal and fair value for auction rate securities purchase commitments outstanding at the end of the period. (5) Included in principal transactions on the condensed consolidated statement of operations, except for investments which are included in other income on the condensed consolidated statement of operations. (6) Unrealized gains (losses) are attributable to assets or liabilities that are still held at the reporting date. (7) Purchases and issuances in connection with ARS purchase commitments represent instances in which the Company purchased ARS securities from clients during the period pursuant to regulatory and legal settlements and awards that satisfy the outstanding commitment to purchase obligation. This also includes instances where the ARS issuer has redeemed ARS where the Company had an outstanding purchase commitment prior to the Company purchasing those ARS. (8) Sales and settlements for the ARS purchase commitments represent additional purchase commitments made during the period for regulatory and legal ARS settlements and awards. The following tables present changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the nine months ended September 30, 2015 and 2014 : (Expressed in thousands) Level 3 Assets and Liabilities For the Nine Months Ended September 30, 2015 Total Realized and Unrealized Beginning Gains Purchases Sales and Transfers Ending Balance (Losses) (5)(6) and Issuances Settlements In (Out) Balance Assets Municipals $ 164 $ (79 ) $ — $ (20 ) $ — $ 65 Auction rate securities (1)(7)(8) 91,422 1,736 16,325 (13,000 ) — 96,483 Interest rate lock commitments (2) 7,576 3,232 — — — 10,808 Investments (3) 9,508 (812 ) 417 (369 ) (111 ) 8,633 Liabilities Interest rate lock commitments (2) 1,222 1,035 — — — 187 ARS purchase commitments (4) 902 425 — — — 477 (1) Represents auction rate preferred securities, municipal auction rate securities and student loan auction rate securities that failed in the auction rate market. (2) Interest rate lock commitment assets and liabilities are recorded upon the commitment to originate a loan with a borrower and sell the loan to an investor. The commitment assets and liabilities are recognized at fair value, which reflects the fair value of the contractual loan origination related fees and sale premiums, net of co-broker fees, and the estimated fair value of the expected net future cash flows associated with the servicing of the loan. (3) Primarily represents general partner ownership and limited partner interests in hedge funds and private equity funds sponsored by the Company. (4) Represents the difference in principal and fair value for auction rate securities purchase commitments outstanding at the end of the period. (5) Included in principal transactions on the condensed consolidated statement of operations, except for investments which are included in other income on the condensed consolidated statement of operations. (6) Unrealized gains (losses) are attributable to assets or liabilities that are still held at the reporting date. (7) Purchases and issuances in connection with ARS purchase commitments represent instances in which the Company purchased ARS securities from clients during the period pursuant to regulatory and legal settlements and awards that satisfy the outstanding commitment to purchase obligation. This also includes instances where the ARS issuer has redeemed ARS where the Company had an outstanding purchase commitment prior to the Company purchasing those ARS. (8) Sales and settlements for the ARS purchase commitments represent additional purchase commitments made during the period for regulatory and legal ARS settlements and awards. (Expressed in thousands) Level 3 Assets and Liabilities For the Nine Months Ended September 30, 2014 Total Realized and Unrealized Beginning Gains Purchases Sales and Transfers Ending Balance (Losses) (5)(6) and Issuances Settlements In (Out) Balance Assets Municipals $ 236 $ (107 ) $ — $ — $ — $ 129 Auction rate securities (1)(7)(8) 85,124 (971 ) 16,550 (13,380 ) — 87,323 Interest rate lock commitments (2) 2,375 3,136 — — — 5,511 Investments (3) 5,946 (341 ) 4,444 (1,006 ) (620 ) 8,423 Liabilities Interest rate lock commitments (2) 3,653 465 — — — 3,188 ARS purchase commitments (4) 2,600 1,563 — — — 1,037 (1) Represents auction rate preferred securities, municipal auction rate securities and student loan auction rate securities that failed in the auction rate market. (2) Interest rate lock commitment assets and liabilities are recorded upon the commitment to originate a loan with a borrower and sell the loan to an investor. The commitment assets and liabilities are recognized at fair value, which reflects the fair value of the contractual loan origination related fees and sale premiums, net of co-broker fees, and the estimated fair value of the expected net future cash flows associated with the servicing of the loan. (3) Primarily represents general partner ownership and limited partner interests in hedge funds and private equity funds sponsored by the Company. (4) Represents the difference in principal and fair value for auction rate securities purchase commitments outstanding at the end of the period. (5) Included in principal transactions on the condensed consolidated statement of operations, except for investments which are included in other income on the condensed consolidated statement of operations. (6) Unrealized gains (losses) are attributable to assets or liabilities that are still held at the reporting date. (7) Purchases and issuances in connection with ARS purchase commitments represent instances in which the Company purchased ARS securities from clients during the period pursuant to regulatory and legal settlements and awards that satisfy the outstanding commitment to purchase obligation. This also includes instances where the ARS issuer has redeemed ARS where the Company had an outstanding purchase commitment prior to the Company purchasing those ARS. (8) Sales and settlements for the ARS purchase commitments represent additional purchase commitments made during the period for regulatory and legal ARS settlements and awards.
Assets and Liabilities Not Measured at Fair Value on Recurring Basis	Assets and liabilities not measured at fair value on a recurring basis as of September 30, 2015 (Expressed in thousands) Fair Value Measurement: Assets As of September 30, 2015 As of September 30, 2015 Carrying Value Fair Value Level 1 Level 2 Level 3 Total Cash $ 46,983 $ 46,983 $ 46,983 $ — $ — $ 46,983 Cash segregated for regulatory and other purposes 855 855 855 — — 855 Deposits with clearing organization 17,873 17,873 17,873 — — 17,873 Receivable from brokers, dealers and clearing organizations: Securities borrowed 296,362 296,362 — 296,362 — 296,362 Receivables from brokers 53,550 53,550 — 53,550 — 53,550 Securities failed to deliver 16,380 16,380 — 16,380 — 16,380 Clearing organizations 23,766 23,766 — 23,766 — 23,766 Other 8,750 8,750 — 8,750 — 8,750 398,808 398,808 — 398,808 — 398,808 Receivable from customers 896,060 896,060 — 896,060 — 896,060 Mortgage servicing rights 29,594 43,750 — — 43,750 43,750 Investments (1) 48,032 48,032 — 48,032 — 48,032 (1) Included in other assets on the condensed consolidated balance sheet. (Expressed in thousands) Fair Value Measurement: Liabilities As of September 30, 2015 As of September 30, 2015 Carrying Value Fair Value Level 1 Level 2 Level 3 Total Drafts payable $ 24,002 $ 24,002 $ 24,002 $ — $ — $ 24,002 Bank call loans 147,700 147,700 — 147,700 — 147,700 Payables to brokers, dealers and clearing organizations: Securities loaned 209,125 209,125 — 209,125 — 209,125 Payable to brokers 4,380 4,380 — 4,380 — 4,380 Securities failed to receive 31,266 31,266 — 31,266 — 31,266 Other 5,742 5,742 — 5,742 — 5,742 250,513 250,513 — 250,513 — 250,513 Payables to customers 692,416 692,416 — 692,416 — 692,416 Securities sold under agreements to repurchase 463,074 463,074 — 463,074 — 463,074 Warehouse payable 30,856 30,856 — 30,856 — 30,856 Senior secured notes 150,000 155,250 — 155,250 — 155,250 Assets and liabilities not measured at fair value on a recurring basis as of December 31, 2014 (Expressed in thousands) Fair Value Measurement: Assets As of December 31, 2014 As of December 31, 2014 Carrying Value Fair Value Level 1 Level 2 Level 3 Total Cash $ 32,632 $ 32,632 $ 32,632 $ — $ — $ 32,632 Cash segregated for regulatory and other purposes 18,594 18,594 18,594 — — 18,594 Deposits with clearing organization 12,322 12,322 12,322 — — 12,322 Receivable from brokers, dealers and clearing organizations: Securities borrowed 242,172 242,172 — 242,172 — 242,172 Receivables from brokers 38,149 38,149 — 38,149 — 38,149 Securities failed to deliver 11,055 11,055 — 11,055 — 11,055 Clearing organizations 21,106 21,106 — 21,106 — 21,106 Other 1,993 1,993 — 1,993 — 1,993 314,475 314,475 — 314,475 — 314,475 Receivable from customers 864,189 864,189 — 864,189 — 864,189 Securities purchased under agreements to resell 1,606 1,606 1,606 — — 1,606 Mortgage servicing rights 30,140 42,279 — — 42,279 42,279 Investments (1) 50,548 50,548 — 50,548 — 50,548 (1) Included in other assets on the condensed consolidated balance sheet. (Expressed in thousands) Fair Value Measurement: Liabilities As of December 31, 2014 As of December 31, 2014 Carrying Value Fair Value Level 1 Level 2 Level 3 Total Drafts payable $ 35,373 $ 35,373 $ 35,373 $ — $ — $ 35,373 Bank call loans 59,400 59,400 — 59,400 — 59,400 Payables to brokers, dealers and clearing organizations: Securities loaned 137,892 137,892 — 137,892 — 137,892 Payable to brokers 4,559 4,559 — 4,559 — 4,559 Securities failed to receive 23,573 23,573 — 23,573 — 23,573 Other 91,137 91,137 — 91,137 — 91,137 257,161 257,161 — 257,161 — 257,161 Payables to customers 652,256 652,256 — 652,256 — 652,256 Securities sold under agreements to repurchase 687,440 687,440 — 687,440 — 687,440 Warehouse payable 16,683 16,683 — 16,683 — 16,683 Senior secured notes 150,000 157,782 — 157,782 — 157,782
Notional Amounts and Fair Values of Derivatives by Product	The notional amounts and fair values of the Company’s derivatives at September 30, 2015 and December 31, 2014 by product were as follows: (Expressed in thousands) Fair Value of Derivative Instruments at September 30, 2015 Description Notional Fair Value Assets Derivatives not designated as hedging instruments (1) Other contracts TBAs $ 57,490 $ 344 Interest rate lock commitments 265,717 10,808 $ 323,207 $ 11,152 Liabilities Derivatives not designated as hedging instruments (1) Commodity contracts (2) Futures $ 2,496,000 $ 870 Other contracts Forward currency forward contracts 600 5 TBAs 54,140 321 TBA sale contracts 301,991 6,840 Interest rate lock commitments 4,714 187 ARS purchase commitments 9,601 477 $ 2,867,046 $ 8,700 (1) See "Derivative Instruments and Hedging Activities" above for description of derivative financial instruments. Such derivative instruments are not subject to master netting agreements, thus the related amounts are not offset. (2) Included in payable to brokers, dealers and clearing organizations on the condensed consolidated balance sheet. (Expressed in thousands) Fair Value of Derivative Instruments at December 31, 2014 Description Notional Fair Value Assets Derivatives not designated as hedging instruments (1) Other contracts TBAs $ 105,185 $ 1,026 TBA sale contracts 188,178 3,509 Interest rate lock commitments 147,521 7,576 $ 440,884 $ 12,111 Liabilities Derivatives not designated as hedging instruments (1) Commodity contracts (2) Futures $ 3,835,600 $ 353 Other contracts Foreign currency forward contracts 400,000 10 TBAs 105,186 1,018 Interest rate lock commitments 22,269 1,222 Forward start repurchase agreements 636,000 — ARS purchase commitments 12,249 902 $ 5,011,304 $ 3,505 (1) See "Derivative Instruments and Hedging Activities" above for description of derivative financial instruments. Such derivative instruments are not subject to master netting agreements, thus the related amounts are not offset. (2) Included in payable to brokers, dealers and clearing organizations on the condensed consolidated balance sheet.
Fair Value Amounts of Derivative Instruments and their Effect on Statement of Operations	The following table presents the location and fair value amounts of the Company’s derivative instruments and their effect on the condensed consolidated statements of operations for the three months ended September 30, 2015 and 2014 : (Expressed in thousands) The Effect of Derivative Instruments on the Statement of Operations For the Three Months Ended September 30, 2015 Recognized in Income on Derivatives (pre-tax) Types Description Location Gain (Loss) Commodity contracts Futures Principal transactions revenue $ (1,107 ) Other contracts Foreign exchange forward contracts Other revenue (5 ) TBAs Principal transactions revenue (11 ) TBA sale contracts Other revenue (9,242 ) Interest rate lock commitments Other revenue 6,244 ARS purchase commitments Principal transactions revenue 557 $ (3,564 ) (Expressed in thousands) The Effect of Derivative Instruments on the Statement of Operations For the Three Months Ended September 30, 2014 Recognized in Income on Derivatives (pre-tax) Types Description Location Gain (Loss) Commodity contracts Futures Principal transactions revenue $ (105 ) Other contracts TBAs Principal transactions revenue 156 TBA sale contracts Other revenue 3,461 Interest rate lock commitments Other revenue (4,372 ) ARS purchase commitments Principal transactions revenue 477 $ (383 ) The following table presents the location and fair value amounts of the Company’s derivative instruments and their effect on the condensed consolidated statements of operations for the nine months ended September 30, 2015 and 2014 : (Expressed in thousands) The Effect of Derivative Instruments on the Statement of Operations For the Nine Months Ended September 30, 2015 Recognized in Income on Derivatives (pre-tax) Types Description Location Gain (Loss) Commodity contracts Futures Principal transactions revenue $ (2,673 ) Other contracts Foreign exchange forward contracts Other revenue 26 TBAs Principal transactions revenue (24 ) TBA sale contracts Other revenue (3,330 ) Interest rate lock commitments Other revenue 4,267 ARS purchase commitments Principal transactions revenue 425 $ (1,309 ) (Expressed in thousands) The Effect of Derivative Instruments on the Statement of Operations For the Nine Months Ended September 30, 2014 Recognized in Income on Derivatives (pre-tax) Types Description Location Gain (Loss) Commodity contracts Futures Principal transactions revenue $ (1,434 ) Other contracts TBAs Principal transactions revenue 132 TBA sale contracts Other revenue (310 ) Interest rate lock commitments Other revenue 3,601 ARS purchase commitments Principal transactions revenue 1,563 $ 3,552

Collateralized Transactions (Ta

Collateralized Transactions (Tables)	9 Months Ended
	Sep. 30, 2015
Brokers and Dealers [Abstract]
Schedule of Securities Financing Transactions	The following table presents a disaggregation of the gross obligation by the class of collateral pledged and the remaining contractual maturity of the repurchase agreements and securities loaned transactions as of September 30, 2015 : (Expressed in thousands) Overnight and Open Up to 30 Days Total Repurchase agreements: U.S. Treasury and agency securities $ 867,667 $ — $ 867,667 Securities loaned: Equity securities 209,125 — 209,125 Gross amount of recognized liabilities for repurchase agreements and securities loaned $ 1,076,792 $ — $ 1,076,792
Schedule of Gross Amounts and Offsetting Amounts of Reverse Repurchase Agreements, Repurchase Agreements, Securities Borrowed and Securities Lending Transactions	The following tables present the gross amounts and the offsetting amounts of reverse repurchase agreements, repurchase agreements, securities borrowed and securities loaned transactions as of September 30, 2015 and December 31, 2014 : As of September 30, 2015 (Expressed in thousands) Gross Amounts Not Offset on the Balance Sheet Gross Amounts of Recognized Assets Gross Amounts Offset in the Balance Sheet Net Amounts of Assets Presented on the Balance Sheet Financial Instruments Cash Collateral Received Net Amount Reverse repurchase agreements $ 404,593 $ (404,593 ) $ — $ — $ — $ — Securities borrowed (1) 296,362 — 296,362 (291,040 ) — 5,322 Total $ 700,955 $ (404,593 ) $ 296,362 $ (291,040 ) $ — $ 5,322 (1) Included in receivable from brokers, dealers and clearing organizations on the condensed consolidated balance sheet. Gross Amounts Not Offset on the Balance Sheet Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Balance Sheet Net Amounts of Liabilities Presented on the Balance Sheet Financial Instruments Cash Collateral Pledged Net Amount Repurchase agreements $ 867,667 $ (404,593 ) $ 463,074 $ (454,495 ) $ — $ 8,579 Securities loaned (2) 209,125 — 209,125 (205,458 ) — 3,667 Total $ 1,076,792 $ (404,593 ) $ 672,199 $ (659,953 ) $ — $ 12,246 (2) Included in payable to brokers, dealers and clearing organizations on the condensed consolidated balance sheet. As of December 31, 2014 (Expressed in thousands) Gross Amounts Not Offset on the Balance Sheet Gross Amounts of Recognized Assets Gross Amounts Offset in the Balance Sheet Net Amounts of Assets Presented on the Balance Sheet Financial Instruments Cash Collateral Received Net Amount Reverse repurchase agreements $ 314,266 $ (62,660 ) $ 251,606 $ (250,000 ) $ — $ 1,606 Securities borrowed (1) 242,172 — 242,172 (234,376 ) — 7,796 Total $ 556,438 $ (62,660 ) $ 493,778 $ (484,376 ) $ — $ 9,402 (1) Included in receivable from brokers, dealers and clearing organizations on the condensed consolidated balance sheet. Gross Amounts Not Offset on the Balance Sheet Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Balance Sheet Net Amounts of Liabilities Presented on the Balance Sheet Financial Instruments Cash Collateral Pledged Net Amount Repurchase agreements $ 750,100 $ (62,660 ) $ 687,440 $ (686,119 ) $ — $ 1,321 Securities loaned (2) 137,892 — 137,892 (132,258 ) — 5,634 Total $ 887,992 $ (62,660 ) $ 825,332 $ (818,377 ) $ — $ 6,955 (2) Included in payable to brokers, dealers and clearing organizations on the condensed consolidated balance sheet.

Variable Interest Entities ("29

Variable Interest Entities ("VIEs") (Tables)	9 Months Ended
	Sep. 30, 2015
Noncontrolling Interest [Abstract]
Variable Interest Entities ("VIEs")	The following tables set forth the total VIE assets, the carrying value of the subsidiaries’ variable interests, and the Company’s maximum exposure to loss in Company-sponsored non-consolidated VIEs in which the Company holds variable interests and other non-consolidated VIEs in which the Company holds variable interests at September 30, 2015 and December 31, 2014 : (Expressed in thousands) At September 30, 2015 Maximum Exposure to Loss in Non-consolidated VIEs Carrying Value of the Total Company’s Variable Interest Capital VIE Assets (1) Assets (2) Liabilities Commitments Hedge funds $ 1,635,496 $ 1,428 $ — $ — $ 1,428 Private equity funds 54,800 27 — 2 29 Total $ 1,690,296 $ 1,455 $ — $ 2 $ 1,457 (1) Represents the total assets of the VIEs and does not represent the Company’s interests in the VIEs. (2) Represents the Company’s interests in the VIEs and is included in other assets on the condensed consolidated balance sheet. (Expressed in thousands) At December 31, 2014 Maximum Exposure to Loss in Non-consolidated VIEs Carrying Value of the Total Company’s Variable Interest Capital VIE Assets (1) Assets (2) Liabilities Commitments Hedge funds $ 1,955,515 $ 1,584 $ — $ — $ 1,584 Private equity funds 66,400 27 — 2 29 Total $ 2,021,915 $ 1,611 $ — $ 2 $ 1,613 (1) Represents the total assets of the VIEs and does not represent the Company’s interests in the VIEs. (2) Represents the Company’s interests in the VIEs and is included in other assets on the condensed consolidated balance sheet.

Commercial Mortgage Banking (Ta

Commercial Mortgage Banking (Tables)	9 Months Ended
	Sep. 30, 2015
Transfers and Servicing [Abstract]
Unpaid Principal Balance of Loans	The total unpaid principal balance of loans the Company was servicing for various institutional investors as of September 30, 2015 and December 31, 2014 was as follows: (Expressed in thousands) As of September 30, 2015 As of December 31, 2014 Unpaid principal balance of loans $ 4,090,937 $ 4,134,894
Summary of Changes in Carrying Value of Mortgage Servicing Rights	The following table summarizes the changes in carrying value of MSRs for the nine months ended September 30, 2015 and 2014 : (Expressed in thousands) For the Nine Months Ended September 30, 2015 2014 Balance at beginning of period $ 30,140 $ 28,879 Originations (1) 5,726 4,252 Purchases 675 144 Disposals (1) (6,118 ) (1,754 ) Amortization expense (829 ) (2,025 ) Balance at end of period $ 29,594 $ 29,496 (1) Includes refinancings
Schedule of Amortization Expense	Servicing rights are amortized using the straight-line method over 10 years. Estimated amortization expense for the next five years and thereafter is as follows: (Expressed in thousands) Originated MSRs Purchased MSRs Total MSRs 2015 $ 773 $ 295 $ 1,068 2016 3,089 1,181 4,270 2017 3,083 1,179 4,262 2018 3,059 1,173 4,232 2019 2,963 1,112 4,075 Thereafter 9,488 2,199 11,687 $ 22,455 $ 7,139 $ 29,594
Components of Mortgage Servicing Rights Fees	The Company receives fees during the course of servicing the mortgage loans. The fees for the three and nine months ended September 30, 2015 and 2014 were as follows: (Expressed in thousands) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2015 2014 2015 2014 Servicing fees $ 1,463 $ 1,402 $ 4,384 $ 4,121 Ancillary fees 47 86 241 259 Total MSR fees $ 1,510 $ 1,488 $ 4,625 $ 4,380

Long-term Debt (Tables)

Long-term Debt (Tables)	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	(Expressed in thousands) Issued Maturity Date At September 30, 2015 At December 31, 2014 Senior Secured Notes 4/15/2018 $ 150,000 $ 150,000

Share Capital (Tables)

Share Capital (Tables)	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Changes in Number of Shares of Class A Stock Outstanding	The following table reflects changes in the number of shares of Class A Stock outstanding for the periods indicated: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2015 2014 2015 2014 Class A Stock outstanding, beginning of period 13,650,149 13,519,126 13,530,688 13,377,967 Issued pursuant to shared-based compensation plans 12,063 11,562 131,524 152,721 Repurchased and canceled pursuant to the stock buy-back (328,844 ) — (328,844 ) — Class A Stock outstanding, end of period 13,333,368 13,530,688 13,333,368 13,530,688

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Reported Revenue and Profit Before Income Taxes	The table below presents information about the reported revenue and net income before taxes of the Company for the three and nine months ended September 30, 2015 and 2014 . The information on total assets by reportable segment is not reported, since the Company does not produce such information for internal use by the chief operating decision maker. (Expressed in thousands) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2015 2014 2015 2014 Revenue Private client (1) $ 122,324 $ 142,606 $ 396,039 $ 435,770 Asset management (1) 23,849 24,801 73,654 74,443 Capital markets 60,585 71,226 202,282 221,324 Commercial mortgage banking 6,058 6,349 25,413 18,179 Corporate/Other 720 (303 ) 637 (180 ) Total $ 213,536 $ 244,679 $ 698,025 $ 749,536 Income (loss) before income tax provision (benefit) Private client (1) $ 14,905 $ 18,898 $ 45,064 $ 36,766 Asset management (1) 7,563 8,264 23,250 24,300 Capital markets (2,016 ) 5,699 8,342 23,965 Commercial mortgage banking 1,046 1,815 8,814 7,269 Corporate/Other (23,025 ) (23,780 ) (74,516 ) (76,159 ) Total $ (1,527 ) $ 10,896 $ 10,954 $ 16,141 (1) Asset management fees are allocated 22.5% to the Asset Management and 77.5% to the Private Client segments.
Revenue Classified by Major Geographic Areas	Revenue, classified by the major geographic areas in which it was earned for the three and nine months ended September 30, 2015 and 2014 , was as follows: (Expressed in thousands) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2015 2014 2015 2014 United States $ 204,031 $ 234,317 $ 666,779 $ 711,529 United Kingdom/Israel 8,715 9,106 28,019 32,983 China 790 1,256 3,227 5,024 Total $ 213,536 $ 244,679 $ 698,025 $ 749,536

Condensed Consolidating Finan34

Condensed Consolidating Financial Information (Tables)	9 Months Ended
	Sep. 30, 2015
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Condensed Consolidating Balance Sheet	OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING BALANCE SHEET AS OF SEPTEMBER 30, 2015 (Expressed in thousands) Parent Guarantor subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated ASSETS Cash and cash equivalents $ 603 $ 1,377 $ 45,331 $ — $ 47,311 Cash and securities segregated for regulatory and other purposes — — 855 — 855 Deposits with clearing organizations — — 61,370 — 61,370 Receivable from brokers, dealers and clearing organizations — — 398,808 — 398,808 Receivable from customers, net of allowance for credit losses of $2,504 — — 896,060 — 896,060 Income tax receivable 32,331 27,280 — (53,506 ) 6,105 Securities owned, including amounts pledged of $752,758, at fair value — 4,941 1,035,690 — 1,040,631 Notes receivable, net of accumulated amortization and allowance for uncollectibles of $53,241 and $8,555, respectively — — 33,624 — 33,624 Office facilities, net of accumulated depreciation of $102,640 — 19,704 8,027 — 27,731 Loans held for sale, at fair value — — 34,050 — 34,050 Mortgage servicing rights — — 29,594 — 29,594 Subordinated loan receivable — 112,558 — (112,558 ) — Intangible assets — — 31,700 — 31,700 Goodwill — — 137,889 — 137,889 Other assets 1,378 3,224 103,922 — 108,524 Deferred tax assets 101 324 29,900 (30,325 ) — Investment in subsidiaries 577,400 535,950 — (1,113,350 ) — Intercompany receivables 69,524 8,635 — (78,159 ) — Total assets $ 681,337 $ 713,993 $ 2,846,820 $ (1,387,898 ) $ 2,854,252 LIABILITIES AND STOCKHOLDERS’ EQUITY Liabilities Drafts payable $ — $ — $ 24,002 $ — $ 24,002 Bank call loans — — 147,700 — 147,700 Payable to brokers, dealers and clearing organizations — — 250,513 — 250,513 Payable to customers — — 692,416 — 692,416 Securities sold under agreements to repurchase — — 463,074 — 463,074 Securities sold, but not yet purchased, at fair value — — 311,664 — 311,664 Accrued compensation — — 125,129 — 125,129 Accounts payable and other liabilities 6,091 35,724 103,962 — 145,777 Income tax payable 2,440 22,189 28,877 (53,506 ) — Senior secured notes 150,000 — — — 150,000 Subordinated indebtedness — — 112,558 (112,558 ) — Deferred tax liabilities — — 44,525 (30,325 ) 14,200 Intercompany payables — 62,203 15,956 (78,159 ) — Total liabilities 158,531 120,116 2,320,376 (274,548 ) 2,324,475 Stockholders’ equity Stockholders’ equity attributable to Oppenheimer Holdings Inc. 522,806 593,877 519,473 (1,113,350 ) 522,806 Noncontrolling interest — — 6,971 — 6,971 Total stockholders’ equity 522,806 593,877 526,444 (1,113,350 ) 529,777 Total liabilities and stockholders’ equity $ 681,337 $ 713,993 $ 2,846,820 $ (1,387,898 ) $ 2,854,252 OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING BALANCE SHEET AS OF DECEMBER 31, 2014 (Expressed in thousands) Parent Guarantor subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated ASSETS Cash and cash equivalents $ 439 $ 1,557 $ 61,811 $ — $ 63,807 Cash and securities segregated for regulatory and other purposes — — 18,594 — 18,594 Deposits with clearing organizations — — 36,510 — 36,510 Receivable from brokers, dealers and clearing organizations — — 314,475 — 314,475 Receivable from customers, net of allowance for credit losses of $2,427 — — 864,189 — 864,189 Income tax receivable 28,070 27,304 — (51,134 ) 4,240 Securities purchased under agreements to resell — — 251,606 — 251,606 Securities owned, including amounts pledged of $518,123, at fair value — 5,806 837,349 — 843,155 Notes receivable, net of accumulated amortization and allowance for uncollectibles of $42,211 and $8,606, respectively — — 34,932 — 34,932 Office facilities, net of accumulated depreciation of $103,547 — 20,181 9,408 — 29,589 Loans held for sale, at fair value — — 19,243 — 19,243 Mortgage servicing rights — — 30,140 — 30,140 Subordinated loan receivable — 112,558 — (112,558 ) — Intangible assets — — 31,700 — 31,700 Goodwill — — 137,889 — 137,889 Other assets 1,686 3,803 101,897 — 107,386 Deferred tax assets 18 309 27,973 (28,300 ) — Investment in subsidiaries 565,257 544,576 — (1,109,833 ) — Intercompany receivables 87,442 — — (87,442 ) — Total assets $ 682,912 $ 716,094 $ 2,777,716 $ (1,389,267 ) $ 2,787,455 LIABILITIES AND STOCKHOLDERS’ EQUITY Liabilities Drafts payable $ — $ — $ 35,373 $ — $ 35,373 Bank call loans — — 59,400 — 59,400 Payable to brokers, dealers and clearing organizations — — 257,161 — 257,161 Payable to customers — — 652,256 — 652,256 Securities sold under agreements to repurchase — — 687,440 — 687,440 Securities sold, but not yet purchased, at fair value — — 92,510 — 92,510 Accrued compensation — — 165,134 — 165,134 Accounts payable and other liabilities 2,828 35,800 102,724 — 141,352 Income tax payable 2,440 22,189 26,505 (51,134 ) — Senior secured notes 150,000 — — — 150,000 Subordinated indebtedness — — 112,558 (112,558 ) — Deferred tax liabilities — 88 41,309 (28,300 ) 13,097 Intercompany payables — 76,492 10,950 (87,442 ) — Total liabilities 155,268 134,569 2,243,320 (279,434 ) 2,253,723 Stockholders’ equity Stockholders’ equity attributable to Oppenheimer Holdings Inc. 527,644 581,525 528,308 (1,109,833 ) 527,644 Noncontrolling interest — — 6,088 — 6,088 Total stockholders’ equity 527,644 581,525 534,396 (1,109,833 ) 533,732 Total liabilities and stockholders’ equity $ 682,912 $ 716,094 $ 2,777,716 $ (1,389,267 ) $ 2,787,455
Condensed Consolidating Statement of Operations	OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2015 (Expressed in thousands) Parent Guarantor subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated REVENUES Commissions $ — $ — $ 101,243 $ — $ 101,243 Advisory fees — — 69,938 (381 ) 69,557 Investment banking — — 16,548 — 16,548 Interest — 2,557 14,392 (2,565 ) 14,384 Principal transactions, net — — (3,100 ) (239 ) (3,339 ) Other — 96 15,121 (74 ) 15,143 Total revenue — 2,653 214,142 (3,259 ) 213,536 EXPENSES Compensation and related expenses 254 — 142,492 — 142,746 Communications and technology 27 — 16,448 — 16,475 Occupancy and equipment costs — — 16,232 (74 ) 16,158 Clearing and exchange fees — — 6,909 — 6,909 Interest 3,282 — 3,824 (2,565 ) 4,541 Other 234 252 28,368 (620 ) 28,234 Total expenses 3,797 252 214,273 (3,259 ) 215,063 Income (loss) before income tax provision (benefit) (3,797 ) 2,401 (131 ) — (1,527 ) Income tax provision (benefit) (1,343 ) 1,360 (767 ) — (750 ) Equity in earnings of subsidiaries 1,546 505 — (2,051 ) — Net income (loss) for the period (908 ) 1,546 636 (2,051 ) (777 ) Less net income attributable to non-controlling interest, net of tax — — 131 — 131 Net income (loss) attributable to Oppenheimer Holdings Inc. (908 ) 1,546 505 (2,051 ) (908 ) Other comprehensive loss — — (916 ) — (916 ) Total comprehensive income (loss) $ (908 ) $ 1,546 $ (411 ) $ (2,051 ) $ (1,824 ) OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2015 (Expressed in thousands) Parent Guarantor subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated REVENUES Commissions $ — $ — $ 314,494 $ — $ 314,494 Advisory fees — — 214,012 (1,246 ) 212,766 Investment banking — — 72,873 — 72,873 Interest — 7,680 37,463 (7,694 ) 37,449 Principal transactions, net — — 17,249 (323 ) 16,926 Other — 287 43,455 (225 ) 43,517 Total revenue — 7,967 699,546 (9,488 ) 698,025 EXPENSES Compensation and related expenses 829 — 463,222 — 464,051 Communications and technology 94 — 49,956 — 50,050 Occupancy and equipment costs — — 48,145 (225 ) 47,920 Clearing and exchange fees — — 19,542 — 19,542 Interest 9,844 — 10,806 (7,694 ) 12,956 Other 780 365 92,976 (1,569 ) 92,552 Total expenses 11,547 365 684,647 (9,488 ) 687,071 Income (loss) before income tax provision (benefit) (11,547 ) 7,602 14,899 — 10,954 Income tax provision (benefit) (4,344 ) 3,130 6,179 — 4,965 Equity in earnings of subsidiaries 12,309 7,837 — (20,146 ) — Net income for the period 5,106 12,309 8,720 (20,146 ) 5,989 Less net income attributable to noncontrolling interest, net of tax — — 883 — 883 Net income attributable to Oppenheimer Holdings Inc. 5,106 12,309 7,837 (20,146 ) 5,106 Other comprehensive loss — — (166 ) — (166 ) Total comprehensive income $ 5,106 $ 12,309 $ 7,671 $ (20,146 ) $ 4,940 OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2014 (Expressed in thousands) Parent Guarantor subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated REVENUES Commissions $ — $ — $ 110,862 $ — $ 110,862 Advisory fees — — 71,278 (321 ) 70,957 Investment banking — — 33,841 — 33,841 Interest — 2,580 12,434 (2,565 ) 12,449 Principal transactions, net — — 4,433 (161 ) 4,272 Other — 85 12,279 (66 ) 12,298 Total revenue — 2,665 245,127 (3,113 ) 244,679 EXPENSES Compensation and related expenses 207 — 161,127 — 161,334 Communications and technology 37 — 15,954 — 15,991 Occupancy and equipment costs — — 15,867 (66 ) 15,801 Clearing and exchange fees — — 5,969 — 5,969 Interest 3,281 8 3,403 (2,565 ) 4,127 Other 235 178 30,630 (482 ) 30,561 Total expenses 3,760 186 232,950 (3,113 ) 233,783 Income (loss) before income tax provision (benefit) (3,760 ) 2,479 12,177 — 10,896 Income tax provision (benefit) (1,816 ) 1,326 6,761 — 6,271 Equity in earnings of subsidiaries (1) 6,414 5,261 — (11,675 ) — Net income (loss) for the period 4,470 6,414 5,416 (11,675 ) 4,625 Less net income attributable to non-controlling interest, net of tax — — 155 — 155 Net income (loss) attributable to Oppenheimer Holdings Inc. 4,470 6,414 5,261 (11,675 ) 4,470 Other comprehensive income — — (1,608 ) — (1,608 ) Total comprehensive income (loss) $ 4,470 $ 6,414 $ 3,653 $ (11,675 ) $ 2,862 (1) The Company revised amounts in Equity in Earnings of Subsidiaries in the Condensed Consolidating Statement of Operations to properly reflect investments in subsidiaries. Offsetting amounts were adjusted in the eliminations column. OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2014 (Expressed in thousands) Parent Guarantor subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated REVENUES Commissions $ — $ — $ 349,062 $ — $ 349,062 Advisory fees — — 210,594 (1,002 ) 209,592 Investment banking — — 94,164 — 94,164 Interest — 7,901 37,347 (7,861 ) 37,387 Principal transactions, net — 10 24,873 — 24,883 Other — 375 34,419 (346 ) 34,448 Total revenue — 8,286 750,459 (9,209 ) 749,536 EXPENSES Compensation and related expenses 822 — 492,313 — 493,135 Communications and technology 111 — 50,150 — 50,261 Occupancy and equipment costs — — 47,451 (346 ) 47,105 Clearing and exchange fees — — 17,885 — 17,885 Interest 11,120 8 10,436 (7,861 ) 13,703 Other 4,396 30 107,882 (1,002 ) 111,306 Total expenses 16,449 38 726,117 (9,209 ) 733,395 Income (loss) before income tax provision (benefit) (16,449 ) 8,248 24,342 — 16,141 Income tax provision (benefit) (6,450 ) 2,457 13,342 — 9,349 Equity in earnings of subsidiaries (1) 16,139 10,348 — (26,487 ) — Net income for the period 6,140 16,139 11,000 (26,487 ) 6,792 Less net income attributable to noncontrolling interest, net of tax — — 652 — 652 Net income attributable to Oppenheimer Holdings Inc. 6,140 16,139 10,348 (26,487 ) 6,140 Other comprehensive income — — (1,356 ) — (1,356 ) Total comprehensive income $ 6,140 $ 16,139 $ 8,992 $ (26,487 ) $ 4,784
Condensed Consolidating Statement of Cash Flows	OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2015 (Expressed in thousands) Parent Guarantor subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities: Cash provided by (used in) operating activities $ 11,548 $ (180 ) $ (101,167 ) $ — $ (89,799 ) Cash flows from investing activities: Purchase of office facilities — — (3,613 ) — (3,613 ) Cash used in investing activities — — (3,613 ) — (3,613 ) Cash flows from financing activities: Cash dividends paid on Class A non-voting and Class B voting common stock (4,531 ) — — — (4,531 ) Repurchase of Class A non-voting common stock for cancellation (6,618 ) — — — (6,618 ) Tax deficiency from share-based awards (235 ) — — — (235 ) Increase in bank call loans, net — — 88,300 — 88,300 Cash flow provided by (used in) financing activities (11,384 ) — 88,300 — 76,916 Net increase (decrease) in cash and cash equivalents 164 (180 ) (16,480 ) — (16,496 ) Cash and cash equivalents, beginning of the period 439 1,557 61,811 — 63,807 Cash and cash equivalents, end of the period $ 603 $ 1,377 $ 45,331 $ — $ 47,311 OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2014 (Expressed in thousands) Parent Guarantor subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities: Cash provided by (used in) operating activities $ 48,737 $ (25,778 ) $ (9,222 ) $ — $ 13,737 Cash flows from investing activities: Purchase of office facilities — — (3,366 ) — (3,366 ) Cash used in investing activities — — (3,366 ) — (3,366 ) Cash flows from financing activities: Cash dividends paid on Class A non-voting and Class B voting common stock (4,483 ) — — — (4,483 ) Issuance of Class A non-voting common stock 185 — — — 185 Tax benefit from share-based awards 1,275 — — — 1,275 Redemption of senior secured notes (45,000 ) — — — (45,000 ) Increase in bank call loans, net — — 17,300 — 17,300 Cash flow provided by (used in) financing activities (48,023 ) — 17,300 — (30,723 ) Net increase (decrease) in cash and cash equivalents 714 (25,778 ) 4,712 — (20,352 ) Cash and cash equivalents, beginning of the period 448 30,901 66,945 — 98,294 Cash and cash equivalents, end of the period $ 1,162 $ 5,123 $ 71,657 $ — $ 77,942

Organization and Basis of Pre35

Organization and Basis of Presentation - Narrative (Details) $ in Thousands	Sep. 30, 2015USD ($)countryofficestate	Dec. 31, 2014USD ($)
Organization And Basis Of Presentation [Line Items]
Number of foreign jurisdiction	6
Percentage of controlling interest owned by the company in OMHHF	83.68%
Noncontrolling interest | $	$ 6,971	$ 6,088
United States [Member]
Organization And Basis Of Presentation [Line Items]
Number of Stores | office	90
Number of states in which an entity operates | state	24

Earnings Per Share - Summary of

Earnings Per Share - Summary of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Schedule Of Earnings Per Share Basic And Diluted [Line Items]
Basic weighted average number of shares outstanding (in shares)		13,690,698	13,630,368	13,713,578	13,595,458
Net dilutive effect of share-based awards, treasury method (in shares)	[1]	0	667,074	625,627	621,789
Diluted weighted average number of shares outstanding (in shares)		13,690,698	14,297,442	14,339,205	14,217,247
Net income (loss) for the period		$ (777)	$ 4,625	$ 5,989	$ 6,792
Net income attributable to noncontrolling interest, net of tax		131	155	883	652
Net income (loss) attributable to Oppenheimer Holdings Inc.		$ (908)	$ 4,470	$ 5,106	$ 6,140
Basic earnings (loss) per share (in dollars per share)		$ (0.07)	$ 0.33	$ 0.37	$ 0.45
Diluted earnings (loss) per share (in dollars per share)		$ (0.07)	$ 0.31	$ 0.36	$ 0.43
Class A Stock [Member]
Schedule Of Earnings Per Share Basic And Diluted [Line Items]
Number of anti-dilutive warrants, options and restricted shares, for the year		1,304,185		40,309	58,008
[1]	For the three and nine months ended September 30, 2015, the diluted earnings per share computation does not include the anti-dilutive effect of 1,304,185 and 40,309 shares of Class A Stock granted under share-based compensation arrangements, respectively (58,008 for both the three and nine months ended September 30, 2014).

Receivable from and Payable t37

Receivable from and Payable to Brokers, Dealers and Clearing Organizations - Schedule of Receivable from and Payable to Brokers, Dealers and Clearing Organization (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Receivable from brokers, dealers and clearing organizations consist of:
Securities borrowed	$ 296,362	$ 242,172
Receivable from brokers	53,550	38,149
Securities failed to deliver	16,380	11,055
Clearing organizations	23,766	21,106
Other	8,750	1,993
Receivables from brokers, dealers and clearing organizations	398,808	314,475
Payable to brokers, dealers and clearing organizations consist of:
Securities loaned	209,125	137,892
Payable to brokers	4,380	4,559
Securities failed to receive	31,266	23,573
Other	5,742	91,137
Payable to brokers, dealers and clearing organizations	$ 250,513	$ 257,161

Fair Value Measurements - Secur

Fair Value Measurements - Securities Owned and Securities Sold, But Not Yet Purchased at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned	$ 1,040,631	$ 843,155
Securities Sold	311,664	92,510
US Treasury and Government [Member]
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned	750,031	570,607
Securities Sold	259,810	30,615
Corporate Debt and Other Obligations [Member]
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned	15,475	19,795
Securities Sold	7,070	2,646
Mortgage and Other Asset-Backed Securities [Member]
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned	7,276	6,689
Securities Sold	28	255
Municipal Obligations [Member]
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned	74,365	60,833
Securities Sold	50	51
Convertible Bonds [Member]
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned	54,946	49,813
Securities Sold	9,539	11,369
Corporate Equities [Member]
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned	41,209	42,751
Securities Sold	35,167	47,574
Money Markets [Member]
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned	846	1,245
Securities Sold	0	0
Auction Rate Securities [Member]
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned	96,483	91,422
Securities Sold	$ 0	$ 0

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($)	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Auction rate securities related to settlements with regulators, outstanding	$ 75,000
Auction rate securities, firm purchased and hold	101,900,000
Amount of ARS committed to purchase from clients	9,500,000
Valuation adjustment (unrealized loss) for ARS	$ 5,869,000
Loans held for sale period (in days)	60 days
Maximum period held for sale (in days)	90 days
Book value of loan held for sale	$ 31,500,000
Loans held for sale, at fair value	$ 34,050,000	$ 19,243,000
Forward or delayed delivery of the underlying instrument with settlement (in days)	180 days
Senior Secured Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate	8.75%
Maximum [Member] | LIBOR or Treasury Yield [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Auction market preferred securities variable interest rate earned	200.00%
Auction Rate Securities [Member] | Fair Value, Valuation Scenario Two [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Change in discount rate	0.50%
Decrease in fair value of ARS	$ 2,000,000
Auction Rate Securities [Member] | Fair Value, Valuation Scenario One [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Change in discount rate	0.25%
Decrease in fair value of ARS	$ 1,000,000
Auction Rate Securities [Member] | Maximum [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commitment to purchase ARS period maximum	2,017
Auction Rate Securities Purchase Commitment [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Valuation adjustment (unrealized loss) for ARS	$ 477,000
Mortgage Servicing Rights [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Permanent and construction loans , discount rate	12.00%
Continuous prepayment rate used up to loans prepayment penalty rate hit 4%	0.00%
Continuous prepayment rate	4.00%
Continuous prepayment rate vast majority range minimum	10.00%
Continuous prepayment rate vast majority range maximum	15.00%
Continuous prepayment rate vast majority range average rate	12.00%
Estimated future cost to service loans on an annual basis per loan, average	$ 1,250
Auction Rate Securities Owned [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Valuation adjustment (unrealized loss) for ARS	5,392,000
Deferred Compensation, Share-based Payments [Member] | Corporate Equities Liabilities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of the corporate equities that are included in securities owned	$ 13,400,000	$ 15,700,000

Fair Value Measurements - Quant

Fair Value Measurements - Quantitative Information about Level 3 Fair Value Measurements (Details)	9 Months Ended
	Sep. 30, 2015USD ($)
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Principal	$ 111,476,000
Valuation Adjustment	5,869,000
Fair Value	$ 105,607,000
Auction Rate Preferred Securities [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
U S Treasury Rate	1.15%
Municipal Securities [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Spread To U S Treasury Rate	175.00%
U S Treasury Rate	1.26%
Student Loan Auction Rate Securities [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Spread To U S Treasury Rate	1.20%
U S Treasury Rate	1.75%
Minimum [Member] | Auction Rate Preferred Securities [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Spread To U S Treasury Rate	110.00%
Maximum [Member] | Auction Rate Preferred Securities [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Spread To U S Treasury Rate	150.00%
Auction Rate Securities Owned [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Principal	$ 101,875,000
Valuation Adjustment	5,392,000
Fair Value	96,483,000
Auction Rate Securities Owned [Member] | Auction Rate Preferred Securities [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Principal	89,600,000
Valuation Adjustment	3,965,000
Fair Value	$ 85,635,000
Valuation Technique	Discounted Cash Flow
Auction Rate Securities Owned [Member] | Municipal Securities [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Principal	$ 8,150,000
Valuation Adjustment	705,000
Fair Value	$ 7,445,000
Valuation Technique	Discounted Cash Flow
Discount Rate	2.21%
Duration	4 years 6 months
Current Yield	0.16%
Auction Rate Securities Owned [Member] | Student Loan Auction Rate Securities [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Principal	$ 500,000
Valuation Adjustment	41,000
Fair Value	$ 459,000
Valuation Technique	Discounted Cash Flow
Discount Rate	2.95%
Duration	7 years
Current Yield	1.64%
Auction Rate Securities Owned [Member] | Other Auction Rate Securities [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Principal	$ 3,625,000
Valuation Adjustment	681,000
Fair Value	$ 2,944,000
Valuation Technique	Secondary Market Trading Activity
Observable trades in inactive market for in portfolio securities	81.22%
Auction Rate Securities Owned [Member] | Minimum [Member] | Auction Rate Preferred Securities [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Discount Rate	1.26%
Duration	4 years
Current Yield	0.16%
Auction Rate Securities Owned [Member] | Maximum [Member] | Auction Rate Preferred Securities [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Discount Rate	1.72%
Current Yield	0.52%
Auction Rate Securities Owned [Member] | Weighted Average [Member] | Auction Rate Preferred Securities [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Discount Rate	1.48%
Duration	4 years
Current Yield	0.33%
Auction Rate Securities Owned [Member] | Weighted Average [Member] | Municipal Securities [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Discount Rate	2.21%
Duration	4 years 6 months
Current Yield	0.16%
Auction Rate Securities Owned [Member] | Weighted Average [Member] | Student Loan Auction Rate Securities [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Discount Rate	2.95%
Duration	7 years
Current Yield	1.64%
Auction Rate Securities Owned [Member] | Weighted Average [Member] | Other Auction Rate Securities [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Observable trades in inactive market for in portfolio securities	81.22%
Auction Rate Securities Purchase Commitment [Member] | Auction Rate Preferred Securities [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Duration	4 years
Auction Rate Securities Purchase Commitment [Member] | Student Loan Auction Rate Securities [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Discount Rate	2.95%
Duration	7 years
Current Yield	1.64%
Auction Rate Securities Purchase Commitment [Member] | Municipal Auction Rate Securities [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Discount Rate	2.21%
Duration	4 years 6 months
Current Yield	0.16%
Auction Rate Securities Purchase Commitment [Member] | Minimum [Member] | Auction Rate Preferred Securities [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Discount Rate	1.26%
Current Yield	0.16%
Auction Rate Securities Purchase Commitment [Member] | Maximum [Member] | Auction Rate Preferred Securities [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Discount Rate	1.72%
Current Yield	0.52%
Auction Rate Securities Purchase Commitment [Member] | Weighted Average [Member] | Auction Rate Preferred Securities [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Discount Rate	1.48%
Duration	4 years
Current Yield	0.33%
Auction Rate Securities Purchase Commitment [Member] | Weighted Average [Member] | Student Loan Auction Rate Securities [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Discount Rate	2.95%
Duration	7 years
Current Yield	1.64%
Auction Rate Securities Purchase Commitment [Member] | Weighted Average [Member] | Municipal Auction Rate Securities [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Discount Rate	2.21%
Duration	4 years 6 months
Current Yield	0.16%
Auction Rate Securities Purchase Commitment [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Principal	$ 9,601,000
Valuation Adjustment	477,000
Fair Value	9,124,000
Auction Rate Securities Purchase Commitment [Member] | Auction Rate Preferred Securities [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Principal	8,065,000
Valuation Adjustment	344,000
Fair Value	$ 7,721,000
Valuation Technique	Discounted Cash Flow
Auction Rate Securities Purchase Commitment [Member] | Student Loan Auction Rate Securities [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Principal	$ 1,000
Valuation Adjustment	0
Fair Value	$ 1,000
Valuation Technique	Discounted Cash Flow
Auction Rate Securities Purchase Commitment [Member] | Municipal Auction Rate Securities [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Principal	$ 1,535,000
Valuation Adjustment	133,000
Fair Value	$ 1,402,000
Valuation Technique	Discounted Cash Flow

Fair Value Measurements - Inves

Fair Value Measurements - Investments in Company-Sponsored Funds (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2015USD ($)	Sep. 30, 2015USD ($)
Investment Holdings [Line Items]
Fair Value	$ 7,966	$ 7,966
Unfunded Commitments	1,251	1,251
Hedge Funds [Member]
Investment Holdings [Line Items]
Fair Value	2,304	$ 2,304
Redemption Frequency		Quarterly - Annually
Investment Redemption Notice Period Minimum		30 days
Investment Redemption Notice Period Maximum		120 days
Private Equity Funds [Member]
Investment Holdings [Line Items]
Fair Value	5,662	$ 5,662
Unfunded Commitments	$ 1,251	$ 1,251
Investments Lock In Period	10 years
Maximum [Member] | Hedge Funds [Member]
Investment Holdings [Line Items]
Investments Lock In Period	1 year

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
ASSETS
Cash equivalents	$ 328	$ 31,175
Deposits with clearing organizations	43,497	24,188
Securities owned:
Securities owned	1,040,631	843,155
Investments	7,966
Loans held for sale	34,050	19,243
Securities purchased under agreements to resell		250,000
Derivative contracts:
Derivative contracts	11,152	12,111
Total	1,141,379	1,190,078
Financial Instruments Sold, Not yet Purchased, at Fair Value [Abstract]
Securities sold, but not yet purchased, at fair value	311,664	92,510
Derivative contracts:
Derivative contracts	8,700	3,505
Total	320,364	96,015
Future [Member]
Derivative contracts:
Derivative contracts	870	353
Foreign Exchange Forward [Member]
Derivative contracts:
Derivative contracts	5	10
To Be Announced Security [Member]
Derivative contracts:
Derivative contracts	344	4,535
Derivative contracts:
TBAs	7,161	1,018
Interest Rate Lock Commitments [Member]
Derivative contracts:
Derivative contracts	10,808	7,576
Derivative contracts:
Derivative contracts	187	1,222
Auction Rate Securities Purchase Commitment [Member]
Derivative contracts:
Derivative contracts	477	902
Corporate Equities [Member]
Securities owned:
Securities owned	41,209	42,751
Financial Instruments Sold, Not yet Purchased, at Fair Value [Abstract]
Securities sold, but not yet purchased, at fair value	35,167	47,574
Money Markets [Member]
Securities owned:
Securities owned	846	1,245
Auction Rate Securities [Member]
Securities owned:
Securities owned	96,483	91,422
Investments Included in Other Assets [Member]
Securities owned:
Investments	11,721	10,206
U.S. Treasury Securities [Member]
Securities owned:
Securities owned	727,722	540,223
Financial Instruments Sold, Not yet Purchased, at Fair Value [Abstract]
Securities sold, but not yet purchased, at fair value	259,730	30,581
U.S. Agency Securities [Member]
Securities owned:
Securities owned	18,684	26,261
Financial Instruments Sold, Not yet Purchased, at Fair Value [Abstract]
Securities sold, but not yet purchased, at fair value	20	34
Sovereign Obligations [Member]
Securities owned:
Securities owned	3,625	4,123
Corporate Debt and Other Obligations [Member]
Securities owned:
Securities owned	15,475	19,795
Financial Instruments Sold, Not yet Purchased, at Fair Value [Abstract]
Securities sold, but not yet purchased, at fair value	7,070	2,646
Mortgage and Other Asset-Backed Securities [Member]
Securities owned:
Securities owned	7,276	6,689
Financial Instruments Sold, Not yet Purchased, at Fair Value [Abstract]
Securities sold, but not yet purchased, at fair value		255
Municipal Obligations [Member]
Securities owned:
Securities owned	74,365	60,833
Financial Instruments Sold, Not yet Purchased, at Fair Value [Abstract]
Securities sold, but not yet purchased, at fair value	50	51
Convertible Bonds [Member]
Securities owned:
Securities owned	54,946	49,813
Financial Instruments Sold, Not yet Purchased, at Fair Value [Abstract]
Securities sold, but not yet purchased, at fair value	9,539	11,369
Level 1 [Member]
ASSETS
Cash equivalents	328	31,175
Deposits with clearing organizations	43,497	24,188
Securities owned:
Securities owned	770,238	584,219
Derivative contracts:
Total	814,063	639,582
Financial Instruments Sold, Not yet Purchased, at Fair Value [Abstract]
Securities sold, but not yet purchased, at fair value	294,897	78,155
Derivative contracts:
Derivative contracts	875	363
Total	295,772	78,518
Level 1 [Member] | Future [Member]
Derivative contracts:
Derivative contracts	870	353
Level 1 [Member] | Foreign Exchange Forward [Member]
Derivative contracts:
Derivative contracts	5	10
Level 1 [Member] | Corporate Equities [Member]
Securities owned:
Securities owned	41,209	42,751
Financial Instruments Sold, Not yet Purchased, at Fair Value [Abstract]
Securities sold, but not yet purchased, at fair value	35,167	47,574
Level 1 [Member] | Money Markets [Member]
Securities owned:
Securities owned	846	1,245
Level 1 [Member] | Investments Included in Other Assets [Member]
Securities owned:
Investments		0
Level 1 [Member] | U.S. Treasury Securities [Member]
Securities owned:
Securities owned	727,722	540,223
Financial Instruments Sold, Not yet Purchased, at Fair Value [Abstract]
Securities sold, but not yet purchased, at fair value	259,730	30,581
Level 1 [Member] | U.S. Agency Securities [Member]
Securities owned:
Securities owned	461
Level 2 [Member]
Securities owned:
Securities owned	173,845	167,350
Loans held for sale	34,050	19,243
Securities purchased under agreements to resell		250,000
Derivative contracts:
Derivative contracts	344	4,535
Total	211,327	441,826
Financial Instruments Sold, Not yet Purchased, at Fair Value [Abstract]
Securities sold, but not yet purchased, at fair value	16,767	14,355
Derivative contracts:
Derivative contracts	7,161	1,018
Total	23,928	15,373
Level 2 [Member] | To Be Announced Security [Member]
Derivative contracts:
Derivative contracts	344	4,535
Derivative contracts:
TBAs	7,161	1,018
Level 2 [Member] | Investments Included in Other Assets [Member]
Securities owned:
Investments	3,088	698
Level 2 [Member] | U.S. Agency Securities [Member]
Securities owned:
Securities owned	18,223	26,261
Financial Instruments Sold, Not yet Purchased, at Fair Value [Abstract]
Securities sold, but not yet purchased, at fair value	20	34
Level 2 [Member] | Sovereign Obligations [Member]
Securities owned:
Securities owned	3,625	4,123
Level 2 [Member] | Corporate Debt and Other Obligations [Member]
Securities owned:
Securities owned	15,475	19,795
Financial Instruments Sold, Not yet Purchased, at Fair Value [Abstract]
Securities sold, but not yet purchased, at fair value	7,070	2,646
Level 2 [Member] | Mortgage and Other Asset-Backed Securities [Member]
Securities owned:
Securities owned	7,276	6,689
Financial Instruments Sold, Not yet Purchased, at Fair Value [Abstract]
Securities sold, but not yet purchased, at fair value		255
Level 2 [Member] | Municipal Obligations [Member]
Securities owned:
Securities owned	74,300	60,669
Financial Instruments Sold, Not yet Purchased, at Fair Value [Abstract]
Securities sold, but not yet purchased, at fair value	50	51
Level 2 [Member] | Convertible Bonds [Member]
Securities owned:
Securities owned	54,946	49,813
Financial Instruments Sold, Not yet Purchased, at Fair Value [Abstract]
Securities sold, but not yet purchased, at fair value	9,539	11,369
Level 3 [Member]
Securities owned:
Securities owned	96,548	91,586
Derivative contracts:
Derivative contracts	10,808	7,576
Total	115,989	108,670
Derivative contracts:
Derivative contracts	664	2,124
Total	664	2,124
Level 3 [Member] | Interest Rate Lock Commitments [Member]
Derivative contracts:
Derivative contracts	10,808	7,576
Derivative contracts:
Derivative contracts	187	1,222
Level 3 [Member] | Auction Rate Securities [Member]
Securities owned:
Securities owned	96,483	91,422
Level 3 [Member] | Auction Rate Securities Purchase Commitment [Member]
Derivative contracts:
Derivative contracts	477	902
Level 3 [Member] | Investments Included in Other Assets [Member]
Securities owned:
Investments	8,633	9,508
Level 3 [Member] | Municipal Obligations [Member]
Securities owned:
Securities owned	$ 65	$ 164

Fair Value Measurements - Chang

Fair Value Measurements - Changes in Level 3 Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Liability beginning balance	$ 683	$ 3,833	$ 1,222	$ 3,653
Total realized and unrealized gains (losses)	496	645	1,035	465
Liability ending balance	187	3,188	187	3,188
Investments [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Asset beginning balance	9,114	8,779	9,508	5,946
Total realized and unrealized gains (losses)	(427)	(254)	(812)	(341)
Purchases and issuances	29	180	417	4,444
Sales and settlements	(83)	(282)	(369)	(1,006)
Transfers in (out)			(111)	(620)
Asset ending balance	8,633	8,423	8,633	8,423
Interest Rate Lock Commitments [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Asset beginning balance	5,060	10,528	7,576	2,375
Total realized and unrealized gains (losses)	5,748	(5,017)	3,232	3,136
Asset ending balance	10,808	5,511	10,808	5,511
Auction Rate Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Asset beginning balance	100,384	92,548	91,422	85,124
Total realized and unrealized gains (losses)	1,799	(645)	1,736	(971)
Purchases and issuances	5,600	2,375	16,325	16,550
Sales and settlements	(11,300)	(6,955)	(13,000)	(13,380)
Asset ending balance	96,483	87,323	96,483	87,323
Auction Rate Securities Purchase Commitment [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Liability beginning balance	1,034	1,514	902	2,600
Total realized and unrealized gains (losses)	557	477	425	1,563
Liability ending balance	477	1,037	477	1,037
Municipal Obligations [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Asset beginning balance	62	52	164	236
Total realized and unrealized gains (losses)	3	77	(79)	(107)
Sales and settlements			(20)
Asset ending balance	$ 65	$ 129	$ 65	$ 129

Fair Value Measurements - Ass44

Fair Value Measurements - Assets and Liabilities Not Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Receivable from brokers, dealers and clearing organizations:
Securities purchased under agreements to resell	$ 0	$ 251,606
Nonrecurring [Member]
Fair Value Measurement: Assets
Cash	46,983	32,632
Cash segregated for regulatory and other purposes	855	18,594
Deposits with clearing organization	17,873	12,322
Receivable from brokers, dealers and clearing organizations:
Securities borrowed	296,362	242,172
Receivables from brokers	53,550	38,149
Securities failed to deliver	16,380	11,055
Clearing organizations	23,766	21,106
Other	8,750	1,993
Total Receivable from brokers, dealers and clearing organizations	398,808	314,475
Receivable from customers	896,060	864,189
Securities purchased under agreements to resell		1,606
Mortgage servicing rights	43,750	42,279
Investments	48,032	50,548
Fair Value Measurement: Liabilities
Drafts payable	24,002	35,373
Bank call loans	147,700	59,400
Payables to brokers, dealers and clearing organizations:
Securities loaned	209,125	137,892
Payable to brokers	4,380	4,559
Securities failed to receive	31,266	23,573
Other	5,742	91,137
Total payables to brokers, dealers and clearing organizations	250,513	257,161
Payables to customers	692,416	652,256
Securities sold under agreements to repurchase	463,074	687,440
Warehouse payable	30,856	16,683
Senior secured notes	155,250	157,782
Level 1 [Member] | Nonrecurring [Member]
Fair Value Measurement: Assets
Cash	46,983	32,632
Cash segregated for regulatory and other purposes	855	18,594
Deposits with clearing organization	17,873	12,322
Receivable from brokers, dealers and clearing organizations:
Securities purchased under agreements to resell		1,606
Fair Value Measurement: Liabilities
Drafts payable	24,002	35,373
Level 2 [Member] | Nonrecurring [Member]
Receivable from brokers, dealers and clearing organizations:
Securities borrowed	296,362	242,172
Receivables from brokers	53,550	38,149
Securities failed to deliver	16,380	11,055
Clearing organizations	23,766	21,106
Other	8,750	1,993
Total Receivable from brokers, dealers and clearing organizations	398,808	314,475
Receivable from customers	896,060	864,189
Investments	48,032	50,548
Fair Value Measurement: Liabilities
Bank call loans	147,700	59,400
Payables to brokers, dealers and clearing organizations:
Securities loaned	209,125	137,892
Payable to brokers	4,380	4,559
Securities failed to receive	31,266	23,573
Other	5,742	91,137
Total payables to brokers, dealers and clearing organizations	250,513	257,161
Payables to customers	692,416	652,256
Securities sold under agreements to repurchase	463,074	687,440
Warehouse payable	30,856	16,683
Senior secured notes	155,250	157,782
Level 3 [Member] | Nonrecurring [Member]
Receivable from brokers, dealers and clearing organizations:
Mortgage servicing rights	43,750	42,279
Carrying Value [Member]
Fair Value Measurement: Assets
Deposits with clearing organization		12,322
Carrying Value [Member] | Nonrecurring [Member]
Fair Value Measurement: Assets
Cash	46,983	32,632
Cash segregated for regulatory and other purposes	855	18,594
Deposits with clearing organization	17,873
Receivable from brokers, dealers and clearing organizations:
Securities borrowed	296,362	242,172
Receivables from brokers	53,550	38,149
Securities failed to deliver	16,380	11,055
Clearing organizations	23,766	21,106
Other	8,750	1,993
Total Receivable from brokers, dealers and clearing organizations	398,808	314,475
Receivable from customers	896,060	864,189
Securities purchased under agreements to resell		1,606
Mortgage servicing rights	29,594	30,140
Investments	48,032	50,548
Fair Value Measurement: Liabilities
Drafts payable	24,002	35,373
Bank call loans	147,700	59,400
Payables to brokers, dealers and clearing organizations:
Securities loaned	209,125	137,892
Payable to brokers	4,380	4,559
Securities failed to receive	31,266	23,573
Other	5,742	91,137
Total payables to brokers, dealers and clearing organizations	250,513	257,161
Payables to customers	692,416	652,256
Securities sold under agreements to repurchase	463,074	687,440
Warehouse payable	30,856	16,683
Senior secured notes	150,000	150,000
Fair Value [Member]
Fair Value Measurement: Assets
Deposits with clearing organization		12,322
Fair Value [Member] | Nonrecurring [Member]
Fair Value Measurement: Assets
Cash	46,983	32,632
Cash segregated for regulatory and other purposes	855	18,594
Deposits with clearing organization	17,873
Receivable from brokers, dealers and clearing organizations:
Securities borrowed	296,362	242,172
Receivables from brokers	53,550	38,149
Securities failed to deliver	16,380	11,055
Clearing organizations	23,766	21,106
Other	8,750	1,993
Total Receivable from brokers, dealers and clearing organizations	398,808	314,475
Receivable from customers	896,060	864,189
Securities purchased under agreements to resell		1,606
Mortgage servicing rights	43,750	42,279
Investments	48,032	50,548
Fair Value Measurement: Liabilities
Drafts payable	24,002	35,373
Bank call loans	147,700	59,400
Payables to brokers, dealers and clearing organizations:
Securities loaned	209,125	137,892
Payable to brokers	4,380	4,559
Securities failed to receive	31,266	23,573
Other	5,742	91,137
Total payables to brokers, dealers and clearing organizations	250,513	257,161
Payables to customers	692,416	652,256
Securities sold under agreements to repurchase	463,074	687,440
Warehouse payable	30,856	16,683
Senior secured notes	$ 155,250	$ 157,782

Fair Value Measurements - Notio

Fair Value Measurements - Notional Amounts and Fair Values of Derivatives by Product (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Derivatives, Fair Value [Line Items]
Derivatives asset, Notional	$ 323,207	$ 440,884
Derivatives asset, Fair Value	11,152	12,111
Derivative liability, notional	2,867,046	5,011,304
Derivative liability, Fair Value	8,700	3,505
Other Contracts [Member] | Interest Rate Lock Commitments [Member]
Derivatives, Fair Value [Line Items]
Derivatives asset, Notional	265,717	147,521
Derivatives asset, Fair Value	10,808	7,576
Derivative liability, notional	4,714	22,269
Derivative liability, Fair Value	187	1,222
Other Contracts [Member] | Foreign Exchange Forward [Member]
Derivatives, Fair Value [Line Items]
Derivative liability, notional	600	400,000
Other Contracts [Member] | To Be Announced Security [Member]
Derivatives, Fair Value [Line Items]
Derivatives asset, Notional	57,490	105,185
Derivatives asset, Fair Value	344	1,026
Derivative liability, notional	54,140	105,186
Derivative liability, Fair Value	321	1,018
Other Contracts [Member] | Forward Start Repurchase Agreement [Member]
Derivatives, Fair Value [Line Items]
Derivative liability, notional		636,000
Derivative liability, Fair Value		0
Other Contracts [Member] | Tba Sale Agreements [Member]
Derivatives, Fair Value [Line Items]
Derivatives asset, Notional		188,178
Derivatives asset, Fair Value		3,509
Derivative liability, notional	301,991
Derivative liability, Fair Value	6,840
Other Contracts [Member] | Foreign Exchange Forward [Member]
Derivatives, Fair Value [Line Items]
Derivative liability, Fair Value	5	10
Other Contracts [Member] | Auction Rate Securities Purchase Commitment [Member]
Derivatives, Fair Value [Line Items]
Derivative liability, notional	9,601	12,249
Derivative liability, Fair Value	477	902
Commodity Contracts [Member] | Future [Member]
Derivatives, Fair Value [Line Items]
Derivative liability, notional	2,496,000	3,835,600
Derivative liability, Fair Value	$ 870	$ 353

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value Amounts of Derivative Instruments and their Effect on Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Derivative Instruments, Gain (Loss) [Line Items]
Recognized in Income on Derivatives (pre-tax) Gain (Loss)	$ (3,564)	$ (383)	$ (1,309)	$ 3,552
Commodity Contracts [Member] | Future [Member] | Principal Transaction Revenue [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Recognized in Income on Derivatives (pre-tax) Gain (Loss)	(1,107)	(105)	(2,673)	(1,434)
Other Contracts [Member] | Principal Transaction Revenue [Member] | Auction Rate Securities Purchase Commitment [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Recognized in Income on Derivatives (pre-tax) Gain (Loss)	557	477	425	1,563
Other Contracts [Member] | Other [Member] | Tba Sale Agreements [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Recognized in Income on Derivatives (pre-tax) Gain (Loss)	(9,242)	3,461	(3,330)	(310)
Other Contracts [Member] | Other [Member] | Interest Rate Lock Commitments [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Recognized in Income on Derivatives (pre-tax) Gain (Loss)	6,244	(4,372)	4,267	3,601
Other Contracts [Member] | Foreign Exchange Forward [Member] | Other [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Recognized in Income on Derivatives (pre-tax) Gain (Loss)	(5)		26
Other Contracts [Member] | To Be Announced Security [Member] | Principal Transaction Revenue [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Recognized in Income on Derivatives (pre-tax) Gain (Loss)	$ (11)	$ 156	$ (24)	$ 132

Collateralized Transactions - N

Collateralized Transactions - Narrative (Details)	Sep. 26, 2013USD ($)	Sep. 30, 2015USD ($)broker-dealer	Sep. 30, 2014USD ($)	Mar. 31, 2014USD ($)	Sep. 30, 2015USD ($)broker-dealer	Sep. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Bank call loans		$ 147,700,000			$ 147,700,000		$ 59,400,000
Customer securities under customer margin loans available to be pledged		1,400,000,000			1,400,000,000
Customer securities under customer margin loans agreement available to be repledged		150,000,000			150,000,000
Customer securities deposited to secure obligations and margin requirements under option contracts		741,900,000			741,900,000
Outstanding letters of credit		0			0
Carrying value of pledged securities owned that can be sold or re-pledged by the counterparty		752,800,000			752,800,000		518,100,000
Carrying value of securities owned by the Company loaned or pledged		216,600,000			$ 216,600,000		149,100,000
Amount of first interim distribution	$ 9,500,000	$ 437,000		$ 600,000
Receivable from brokers and clearing organizations, number of major broker-dealers | broker-dealer		2			2
Receivable from brokers and clearing organizations		$ 147,500,000			$ 147,500,000
Nonrecurring [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value estimate not practicable warehouse payable		30,856,000			30,856,000		16,683,000
Nonrecurring [Member] | Carrying Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value estimate not practicable warehouse payable		30,856,000			$ 30,856,000		16,683,000
Minimum [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Settlement with Financial Institution, Period to Complete Transactions					1 day
Maximum [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Settlement with Financial Institution, Period to Complete Transactions					3 days
Credit Concentration Risk [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Guaranteed mortgages for a period					15 days
Variable interest rate under warehouse facility					1 month LIBOR
Interest expense		280,000	$ 181,000		$ 790,000	$ 400,000
Securities Borrowed Transactions [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Customer securities under customer margin loans agreement available to be repledged		55,300,000			55,300,000		4,400,000
Securities received as collateral under securities borrowed transaction with market value		290,600,000			290,600,000		235,100,000
Reverse Repurchase Agreements [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Customer securities under customer margin loans agreement available to be repledged		404,700,000			404,700,000		314,100,000
Securities received as collateral under securities borrowed transaction with market value		404,700,000			404,700,000		$ 312,600,000
Corporate [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Collateralized loans, collateralized by firm		216,100,000			216,100,000
Other Than Corporate Customer [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Collateralized loans, collateralized by customer securities		$ 335,400,000			$ 335,400,000

Collateralized Transactions - S

Collateralized Transactions - Schedule of Gross Amount Recognized Liabilities (Details) $ in Thousands	Sep. 30, 2015USD ($)
Securities loaned:
Gross amount of recognized liabilities for repurchase agreements and securities loaned	$ 1,076,792
Maturity Overnight and Open [Member]
Securities loaned:
Gross amount of recognized liabilities for repurchase agreements and securities loaned	1,076,792
Maturity Less than 30 Days [Member]
Securities loaned:
Gross amount of recognized liabilities for repurchase agreements and securities loaned	0
US Treasury and Government [Member]
Repurchase agreements:
U.S. Treasury and agency securities	867,667
US Treasury and Government [Member] | Maturity Overnight and Open [Member]
Repurchase agreements:
U.S. Treasury and agency securities	867,667
US Treasury and Government [Member] | Maturity Less than 30 Days [Member]
Repurchase agreements:
U.S. Treasury and agency securities	0
Equity Securities [Member]
Securities loaned:
Equity securities	209,125
Equity Securities [Member] | Maturity Overnight and Open [Member]
Securities loaned:
Equity securities	209,125
Equity Securities [Member] | Maturity Less than 30 Days [Member]
Securities loaned:
Equity securities	$ 0

Collateralized Transactions -49

Collateralized Transactions - Schedule of Gross Amounts and Offsetting Amounts of Reverse Repurchase Agreements, Repurchase Agreements, Securities Borrowed and Securities Lending Transactions (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Reverse repurchase agreements
Securities Purchased under Agreements to Resell, Gross	$ 404,593	$ 314,266
Securities Purchased under Agreements to Resell, Liability	404,593	62,660
Securities purchased under agreements to resell	0	251,606
Securities Purchased under Agreements to Resell, Collateral, Obligation to Return Securities	0	(250,000)
Securities Purchased under Agreements to Resell, Collateral, Obligation to Return Cash	0	0
Securities Purchased under Agreements to Resell, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election	0	1,606
Securities borrowed
Securities Borrowed, Gross	296,362	242,172
Securities Borrowed, Liability	0	0
Securities borrowed	296,362	242,172
Securities Borrowed, Collateral, Obligation to Return Cash	0	0
Securities Borrowed, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election	5,322	7,796
Gross Amounts of Recognized Assets	700,955	556,438
Gross Amounts Offset in the Balance Sheet	(404,593)	(62,660)
Net Amounts of Assets Presented on the Balance Sheet	296,362	493,778
Financial Instruments	(291,040)	(484,376)
Derivative Asset, Securities Purchased under Agreements to Resell, Securities Borrowed, Collateral, Obligation to Return Cash	0	0
Net Amount	5,322	9,402
Repurchase agreements
U.S. Treasury and agency securities	867,667	750,100
Net Amounts of Liabilities Presented on the Balance Sheet	463,074	687,440
Securities Sold under Agreements to Repurchase, Collateral, Right to Reclaim Securities	(454,495)	(686,119)
Securities Sold under Agreements to Repurchase, Collateral, Right to Reclaim Cash	0	0
Securities Sold under Agreements to Repurchase, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election	8,579	1,321
Securities loaned:
Equity securities	209,125	137,892
Securities Loaned, Asset	0	0
Securities loaned	209,125	137,892
Securities Loaned, Collateral, Right to Reclaim Securities	(205,458)	(132,258)
Securities Loaned, Collateral, Right to Reclaim Cash	0	0
Securities Loaned, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election	3,667	5,634
Gross amount of recognized liabilities for repurchase agreements and securities loaned	1,076,792	887,992
Gross Amounts Offset in the Balance Sheet	(404,593)	(62,660)
Net Amounts of Liabilities Presented on the Balance Sheet	672,199	825,332
Financial Instruments	(659,953)	(818,377)
Derivative Liability, Securities Sold under Agreements to Repurchase, Securities Loaned, Collateral, Right to Reclaim Cash	0	0
Net Amount	12,246	6,955
Securities Borrowed [Member]
Securities borrowed
Securities Borrowed, Collateral, Obligation to Return Securities	(291,040)	(234,376)
Repurchase Agreements [Member]
Repurchase agreements
Securities Sold under Agreements to Repurchase, Asset	$ 404,593	$ 62,660

Variable Interest Entities ("50

Variable Interest Entities ("VIEs") - Variable Interest Entities (Details) - USD ($) $ in Thousands	Sep. 30, 2015		Dec. 31, 2014
Variable Interest Entity [Line Items]
Total VIE Assets	$ 1,690,296	[1]	$ 2,021,915	[2]
Carrying Value of Variable Interest Assets	1,455	[3]	1,611	[4]
Capital Commitments	2		2
Maximum Exposure to Loss in Non- consolidated VIEs	1,457		1,613
Hedge Funds [Member]
Variable Interest Entity [Line Items]
Total VIE Assets	1,635,496	[1]	1,955,515	[2]
Carrying Value of Variable Interest Assets	1,428	[3]	1,584	[4]
Maximum Exposure to Loss in Non- consolidated VIEs	1,428		1,584
Private Equity Funds [Member]
Variable Interest Entity [Line Items]
Total VIE Assets	54,800	[1]	66,400	[2]
Carrying Value of Variable Interest Assets	27	[3]	27	[4]
Capital Commitments	2		2
Maximum Exposure to Loss in Non- consolidated VIEs	$ 29		$ 29
[1]	Represents the total assets of the VIEs and does not represent the Company’s interests in the VIEs.
[2]	Represents the total assets of the VIEs and does not represent the Company’s interests in the VIEs.
[3]	Represents the Company’s interests in the VIEs and is included in other assets on the condensed consolidated balance sheet.
[4]	Represents the Company’s interests in the VIEs and is included in other assets on the condensed consolidated balance sheet.

Commercial Mortgage Banking - N

Commercial Mortgage Banking - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Mortgage Banking [Abstract]
Percentage of controlling interest owned by the company in OMHHF	83.68%
Non-controlling interest	16.32%		16.32%
Number of related party	1
Prepayment costs	$ 4,900	$ 2,600	$ 20,900	$ 4,500
Custodial escrow accounts	309,100		309,100		$ 285,500
Uninsured balance relation to escrow accounts	186,100		186,100
Fair value of servicing rights	43,800		43,800		42,300
Carrying value of loan servicing rights	$ 29,594	$ 29,496	$ 29,594	$ 29,496	$ 30,140	$ 28,879
Servicing rights are amortized using straight-line method	10 years

Commercial Mortgage Banking - U

Commercial Mortgage Banking - Unpaid Principal Balance of Loans (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Transfers and Servicing [Abstract]
Unpaid principal balance of loans	$ 4,090,937	$ 4,134,894

Commercial Mortgage Banking - S

Commercial Mortgage Banking - Summary of Changes in Carrying Value of Mortgage Servicing Rights (Details) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014
Transfers and Servicing
Balance at beginning of period		$ 30,140	$ 28,879
Originations	[1]	5,726	4,252
Purchases		675	144
Disposals	[1]	(6,118)	(1,754)
Amortization expense		(829)	(2,025)
Balance at end of period		$ 29,594	$ 29,496
[1]	Includes refinancings

Commercial Mortgage Banking -54

Commercial Mortgage Banking - Schedule of Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014	Sep. 30, 2014	Dec. 31, 2013
Servicing Asset at Amortized Cost [Line Items]
2,015	$ 1,068
2,016	4,270
2,017	4,262
2,018	4,232
2,019	4,075
Thereafter	11,687
Amortization expense	29,594	$ 30,140	$ 29,496	$ 28,879
Originated MSRs [Member]
Servicing Asset at Amortized Cost [Line Items]
2,015	773
2,016	3,089
2,017	3,083
2,018	3,059
2,019	2,963
Thereafter	9,488
Amortization expense	22,455
Purchased MSRs [Member]
Servicing Asset at Amortized Cost [Line Items]
2,015	295
2,016	1,181
2,017	1,179
2,018	1,173
2,019	1,112
Thereafter	2,199
Amortization expense	$ 7,139

Commercial Mortgage Banking - C

Commercial Mortgage Banking - Components of Mortgage Servicing Rights Fees (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Transfers and Servicing [Abstract]
Servicing fees	$ 1,463	$ 1,402	$ 4,384	$ 4,121
Ancillary fees	47	86	241	259
Total MSR fees	$ 1,510	$ 1,488	$ 4,625	$ 4,380

Long-term Debt - Schedule of Lo

Long-term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014	Apr. 15, 2014
Debt Instrument [Line Items]
Senior secured notes	$ 150,000	$ 150,000
Senior Secured Notes [Member]
Debt Instrument [Line Items]
Maturity date	Apr. 15, 2018
Senior secured notes			$ 150,000

Long-term Debt - Narrative (Det

Long-term Debt - Narrative (Details) - USD ($)	Apr. 15, 2014	Apr. 12, 2011	Sep. 30, 2015	Sep. 30, 2014	Apr. 15, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Debt Instrument [Line Items]
Senior secured notes			$ 150,000,000			$ 150,000,000		$ 150,000,000
Senior Secured Notes [Member]
Debt Instrument [Line Items]
Private placement date		Apr. 12, 2011
Issuance of private placement, principal amount		$ 200,000,000
Interest rate		8.75%
Term of payments of interest on notes		semi-annually
Total amount of debt to be retired	$ 50,000,000				$ 50,000,000
Percentage of debt to be retired from the total debt	25.00%				25.00%
Aggregate face amount of debt redeemed	$ 45,000,000				$ 45,000,000
Redemption price as a percentage of face amount					106.563%
Senior secured notes	150,000,000				$ 150,000,000
Annual interest cost reduction due to retirement of debt	3,900,000
Interest expense on note			$ 3,300,000	$ 3,300,000		$ 9,800,000	$ 11,000,000
November Two Thousand Eleven Senior Notes [Member]
Debt Instrument [Line Items]
Total amount of debt to be retired	$ 5,000,000				$ 5,000,000

Share Capital - Narrative (Deta

Share Capital - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended		39 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014	Sep. 15, 2015	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2013	Oct. 07, 2011
Class of Stock [Line Items]
Preferred stock, authorized (in shares)	50,000,000		50,000,000
Preferred stock, par value (dollars per share)	$ 0.001		$ 0.001
Preferred stock, issued (in shares)	0		0
Class A Stock [Member]
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	50,000,000		50,000,000		50,000,000
Common stock, par value (dollars per share)	$ 0.001		$ 0.001		$ 0.001
Common stock, shares issued (in shares)	13,333,368		13,333,368		13,530,688
Common stock, shares outstanding (in shares)	13,333,368	13,530,688	13,333,368	13,530,688	13,530,688	13,348,369	13,650,149	13,519,126	13,377,967
Repurchased and canceled pursuant to the stock buy-back (in shares)	328,844	0	328,844	0
Class A Stock [Member] | New Program [Member]
Class of Stock [Line Items]
Common stock, shares issued (in shares)						13,348,369
Number of shares authorized to be repurchased (in shares)						665,000
Percentage of repurchase of class A common stock						5.00%
Remaining number of shares authorized to be repurchased (in shares)	665,000		665,000
Class A Stock [Member] | Previous Program [Member]
Class of Stock [Line Items]
Number of shares authorized to be repurchased (in shares)										675,000
Repurchased and canceled pursuant to the stock buy-back (in shares)			328,844		322,177
Stock repurchased and retired during period, value			$ 6.6
Stock repurchased and retired during period (dollars per share)			$ 20.12
Remaining number of shares authorized to be repurchased (in shares)	23,979		23,979
Class B Stock [Member]
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	99,680		99,680		99,680
Common stock, par value (dollars per share)	$ 0.001		$ 0.001		$ 0.001
Common stock, shares issued (in shares)	99,680		99,680		99,680
Common stock, shares outstanding (in shares)	99,680		99,680		99,680

Share Capital - Changes in Numb

Share Capital - Changes in Number of Shares of Class A Stock Outstanding (Details) - Class A Stock [Member] - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Class of Stock [Line Items]
Class A Stock outstanding, beginning of period (in shares)	13,650,149	13,519,126	13,530,688	13,377,967
Issued pursuant to shared-based compensation plans (in shares)	12,063	11,562	131,524	152,721
Repurchased and canceled pursuant to the stock buy-back (in shares)	(328,844)	0	(328,844)	0
Class A Stock outstanding, end of period (in shares)	13,333,368	13,530,688	13,333,368	13,530,688

Contingencies - Narrative (Deta

Contingencies - Narrative (Details) - USD ($)	Jan. 27, 2017	Oct. 19, 2015	Feb. 17, 2015	Feb. 09, 2015	Jan. 27, 2015	Sep. 30, 2015	Sep. 30, 2014
Loss Contingencies [Line Items]
Minimum estimated range of aggregate loss for legal proceedings						$ 0
Maximum estimated range of aggregate loss for legal proceedings						50,000,000
Auction rate securities related to settlements with regulators, outstanding						75,000
Auction rate securities, firm purchased and hold						101,900,000
Amount of ARS committed to purchase from clients						9,500,000
Eligible investor subject to future buyback potential additional losses related to valuation adjustments						78,500,000
Eligible Investor Subject To Future Buyback Potential Additional Losses Related To Valuation Adjustments						$ 0
Period of auction rates security to be purchased from rendering of the award						30 days
Litigation settlement, expense							$ 20,000,000
Subsequent Event [Member]
Loss Contingencies [Line Items]
Litigation settlement, amount		$ 215,000
SEC [Member]
Loss Contingencies [Line Items]
Litigation settlement, amount					$ 10,000,000
Payments for legal settlements			$ 5,000,000
SEC [Member] | Disgorgement [Member]
Loss Contingencies [Line Items]
Litigation settlement, amount					4,200,000
SEC [Member] | Prejudgment Interest [Member]
Loss Contingencies [Line Items]
Litigation settlement, amount					753,500
SEC [Member] | Civil Penalties [Member]
Loss Contingencies [Line Items]
Litigation settlement, amount					5,100,000
United States Department of the Treasury [Member]
Loss Contingencies [Line Items]
Litigation settlement, amount					$ 10,000,000
Payments for legal settlements				$ 5,000,000
Forecast [Member] | SEC [Member]
Loss Contingencies [Line Items]
Payments for legal settlements	$ 5,000,000

Regulatory Requirements - Narra

Regulatory Requirements - Narrative (Details)	3 Months Ended	9 Months Ended
	Sep. 30, 2015USD ($)	Sep. 30, 2015USD ($)
Oppenheimer [Member]
Regulatory Capital Requirements [Line Items]
Required percentage of net capital to aggregate customer-related debit items		2.00%
Initial capital	$ 143,400,000	$ 143,400,000
Aggregate indebtedness		9.01%
Excess capital	111,600,000	$ 111,600,000
Freedom [Member]
Regulatory Capital Requirements [Line Items]
Initial capital	$ 5,800,000	5,800,000
Aggregate indebtedness	6.67%
Freedom maintain net capital equal to the greater	$ 250,000	250,000
Net capital in excess of minimum required	$ 5,600,000	$ 5,600,000
Oppenheimer Europe Ltd [Member] | Basel Three New Requirements [Member]
Regulatory Capital Requirements [Line Items]
Common equity Tier 1 capital ratio	9.56%	9.56%
Common equity Tier 1 required	4.50%	4.50%
Tier 1 capital ratio	9.55%	9.55%
Tier 1 capital ratio required	6.00%	6.00%
Total capital ratio	10.97%	10.97%
Total capital ratio required	8.00%	8.00%
Oppenheimer Investments Asia [Member]
Regulatory Capital Requirements [Line Items]
Initial capital	$ 3,000,000	$ 3,000,000
Net capital in excess of minimum required	2,600,000	2,600,000
Initial required capital	$ 387,000	$ 387,000

Segment Information - Reported

Segment Information - Reported Revenue and Profit Before Income Taxes (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenue
Revenue		$ 213,536	$ 244,679	$ 698,025	$ 749,536
Income (loss) before income tax provision (benefit)
Total income (loss) before income taxes		(1,527)	10,896	10,954	16,141
Private Client Division [Member]
Revenue
Revenue	[1]	122,324	142,606	396,039	435,770
Income (loss) before income tax provision (benefit)
Total income (loss) before income taxes	[1]	14,905	18,898	$ 45,064	$ 36,766
Asset management fees				77.50%	77.50%
Asset Management [Member]
Revenue
Revenue	[1]	23,849	24,801	$ 73,654	$ 74,443
Income (loss) before income tax provision (benefit)
Total income (loss) before income taxes	[1]	7,563	8,264	$ 23,250	$ 24,300
Asset management fees				22.50%	22.50%
Capital Markets [Member]
Revenue
Revenue		60,585	71,226	$ 202,282	$ 221,324
Income (loss) before income tax provision (benefit)
Total income (loss) before income taxes		(2,016)	5,699	8,342	23,965
Commercial Mortgage Banking [Member]
Revenue
Revenue		6,058	6,349	25,413	18,179
Income (loss) before income tax provision (benefit)
Total income (loss) before income taxes		1,046	1,815	8,814	7,269
Corporate and Other [Member]
Revenue
Revenue		720	(303)	637	(180)
Income (loss) before income tax provision (benefit)
Total income (loss) before income taxes		$ (23,025)	$ (23,780)	$ (74,516)	$ (76,159)
[1]	Asset management fees are allocated 22.5% to the Asset Management and 77.5% to the Private Client segments.

Segment Information - Revenue C

Segment Information - Revenue Classified by Major Geographic Areas (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 213,536	$ 244,679	$ 698,025	$ 749,536
United States [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	204,031	234,317	666,779	711,529
United Kingdom Israel [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	8,715	9,106	28,019	32,983
CHINA
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 790	$ 1,256	$ 3,227	$ 5,024

Subsequent Events - Narrative (

Subsequent Events - Narrative (Details) - $ / shares	Oct. 30, 2015	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Subsequent Event [Line Items]
Dividends declared per share (in dollars per share)		$ 0.11	$ 0.11	$ 0.33	$ 0.33
Subsequent Event [Member]
Subsequent Event [Line Items]
Date of announcement of dividend	Oct. 30, 2015
Dividends declared per share (in dollars per share)	$ 0.11
Date of payment of dividend	Nov. 27, 2015
Date of record of dividend	Nov. 13, 2015

Condensed Consolidating Finan65

Condensed Consolidating Financial Information - Narrative (Details)	9 Months Ended
	Sep. 30, 2015
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Interest owned by the holding company	100.00%

Condensed Consolidating Finan66

Condensed Consolidating Financial Information - Condensed Consolidating Balance Sheet (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014	Sep. 30, 2014	Dec. 31, 2013
ASSETS
Cash and cash equivalents	$ 47,311	$ 63,807	$ 77,942	$ 98,294
Cash segregated for regulatory and other purposes	855	18,594
Deposits with clearing organizations	61,370	36,510
Receivable from brokers, dealers and clearing organizations	398,808	314,475
Receivable from customers, net of allowance	896,060	864,189
Income tax receivable	6,105	4,240
Securities purchased under agreements to resell	0	251,606
Securities owned	1,040,631	843,155
Notes receivable, net of accumulated amortization and allowance for uncollectibles	33,624	34,932
Office facilities, net of accumulated depreciation	27,731	29,589
Loans held for sale, at fair value	34,050	19,243
Mortgage servicing rights	29,594	30,140	29,496	28,879
Subordinated loan receivable	0	0
Intangible assets	31,700	31,700
Goodwill	137,889	137,889
Other assets	108,524	107,386
Deferred tax assets	0	0
Investment in subsidiaries	0	0
Intercompany receivables	0	0
Total assets	2,854,252	2,787,455
Liabilities
Drafts payable	24,002	35,373
Bank call loans	147,700	59,400
Payable to brokers, dealers and clearing organizations	250,513	257,161
Payable to customers	692,416	652,256
Securities sold under agreements to repurchase	463,074	687,440
Securities sold, but not yet purchased, at fair value	311,664	92,510
Accrued compensation	125,129	165,134
Accounts payable and other liabilities	145,777	141,352
Income tax payable	0	0
Senior secured notes	150,000	150,000
Subordinated indebtedness	0	0
Deferred tax liabilities	14,200	13,097
Intercompany payables	0	0
Total liabilities	2,324,475	2,253,723
Stockholders’ equity
Stockholders’ equity attributable to Oppenheimer Holdings Inc.	522,806	527,644
Noncontrolling interest	6,971	6,088
Total stockholders’ equity	529,777	533,732	532,566
Total liabilities and stockholders’ equity	2,854,252	2,787,455
Net accumulated depreciation	102,640	103,547
Accumulated amortization	53,241	42,211
Accumulated allowance	8,555	8,606
Allowance for credit losses	2,504	2,427
Amounts pledged	752,758	518,123
Eliminations [Member]
ASSETS
Cash and cash equivalents	0	0	0	0
Cash segregated for regulatory and other purposes	0	0
Deposits with clearing organizations	0	0
Receivable from brokers, dealers and clearing organizations	0	0
Receivable from customers, net of allowance	0	0
Income tax receivable	(53,506)	(51,134)
Securities purchased under agreements to resell		0
Securities owned	0	0
Notes receivable, net of accumulated amortization and allowance for uncollectibles	0	0
Office facilities, net of accumulated depreciation	0	0
Loans held for sale, at fair value	0	0
Mortgage servicing rights	0	0
Subordinated loan receivable	(112,558)	(112,558)
Intangible assets	0	0
Goodwill	0	0
Other assets	0	0
Deferred tax assets	(30,325)	(28,300)
Investment in subsidiaries	(1,113,350)	(1,109,833)
Intercompany receivables	(78,159)	(87,442)
Total assets	(1,387,898)	(1,389,267)
Liabilities
Drafts payable	0	0
Bank call loans	0	0
Payable to brokers, dealers and clearing organizations	0	0
Payable to customers	0	0
Securities sold under agreements to repurchase	0	0
Securities sold, but not yet purchased, at fair value	0	0
Accrued compensation	0	0
Accounts payable and other liabilities	0	0
Income tax payable	(53,506)	(51,134)
Senior secured notes	0	0
Subordinated indebtedness	(112,558)	(112,558)
Deferred tax liabilities	(30,325)	(28,300)
Intercompany payables	(78,159)	(87,442)
Total liabilities	(274,548)	(279,434)
Stockholders’ equity
Stockholders’ equity attributable to Oppenheimer Holdings Inc.	(1,113,350)	(1,109,833)
Noncontrolling interest	0	0
Total stockholders’ equity	(1,113,350)	(1,109,833)
Total liabilities and stockholders’ equity	(1,387,898)	(1,389,267)
Parent Company [Member]
ASSETS
Cash and cash equivalents	603	439	1,162	448
Cash segregated for regulatory and other purposes	0	0
Deposits with clearing organizations	0	0
Receivable from brokers, dealers and clearing organizations	0	0
Receivable from customers, net of allowance	0	0
Income tax receivable	32,331	28,070
Securities purchased under agreements to resell		0
Securities owned	0	0
Notes receivable, net of accumulated amortization and allowance for uncollectibles	0	0
Office facilities, net of accumulated depreciation	0	0
Loans held for sale, at fair value	0	0
Mortgage servicing rights	0	0
Subordinated loan receivable	0	0
Intangible assets	0	0
Goodwill	0	0
Other assets	1,378	1,686
Deferred tax assets	101	18
Investment in subsidiaries	577,400	565,257
Intercompany receivables	69,524	87,442
Total assets	681,337	682,912
Liabilities
Drafts payable	0	0
Bank call loans	0	0
Payable to brokers, dealers and clearing organizations	0	0
Payable to customers	0	0
Securities sold under agreements to repurchase	0	0
Securities sold, but not yet purchased, at fair value	0	0
Accrued compensation	0	0
Accounts payable and other liabilities	6,091	2,828
Income tax payable	2,440	2,440
Senior secured notes	150,000	150,000
Subordinated indebtedness	0	0
Deferred tax liabilities	0	0
Intercompany payables	0	0
Total liabilities	158,531	155,268
Stockholders’ equity
Stockholders’ equity attributable to Oppenheimer Holdings Inc.	522,806	527,644
Noncontrolling interest	0	0
Total stockholders’ equity	522,806	527,644
Total liabilities and stockholders’ equity	681,337	682,912
Guarantor Subsidiaries [Member]
ASSETS
Cash and cash equivalents	1,377	1,557	5,123	30,901
Cash segregated for regulatory and other purposes	0	0
Deposits with clearing organizations	0	0
Receivable from brokers, dealers and clearing organizations	0	0
Receivable from customers, net of allowance	0	0
Income tax receivable	27,280	27,304
Securities purchased under agreements to resell		0
Securities owned	4,941	5,806
Notes receivable, net of accumulated amortization and allowance for uncollectibles	0	0
Office facilities, net of accumulated depreciation	19,704	20,181
Loans held for sale, at fair value	0	0
Mortgage servicing rights	0	0
Subordinated loan receivable	112,558	112,558
Intangible assets	0	0
Goodwill	0	0
Other assets	3,224	3,803
Deferred tax assets	324	309
Investment in subsidiaries	535,950	544,576
Intercompany receivables	8,635	0
Total assets	713,993	716,094
Liabilities
Drafts payable	0	0
Bank call loans	0	0
Payable to brokers, dealers and clearing organizations	0	0
Payable to customers	0	0
Securities sold under agreements to repurchase	0	0
Securities sold, but not yet purchased, at fair value	0	0
Accrued compensation	0	0
Accounts payable and other liabilities	35,724	35,800
Income tax payable	22,189	22,189
Senior secured notes	0	0
Subordinated indebtedness	0	0
Deferred tax liabilities	0	88
Intercompany payables	62,203	76,492
Total liabilities	120,116	134,569
Stockholders’ equity
Stockholders’ equity attributable to Oppenheimer Holdings Inc.	593,877	581,525
Noncontrolling interest	0	0
Total stockholders’ equity	593,877	581,525
Total liabilities and stockholders’ equity	713,993	716,094
Non-Guarantor Subsidiaries [Member]
ASSETS
Cash and cash equivalents	45,331	61,811	$ 71,657	$ 66,945
Cash segregated for regulatory and other purposes	855	18,594
Deposits with clearing organizations	61,370	36,510
Receivable from brokers, dealers and clearing organizations	398,808	314,475
Receivable from customers, net of allowance	896,060	864,189
Income tax receivable	0	0
Securities purchased under agreements to resell		251,606
Securities owned	1,035,690	837,349
Notes receivable, net of accumulated amortization and allowance for uncollectibles	33,624	34,932
Office facilities, net of accumulated depreciation	8,027	9,408
Loans held for sale, at fair value	34,050	19,243
Mortgage servicing rights	29,594	30,140
Subordinated loan receivable	0	0
Intangible assets	31,700	31,700
Goodwill	137,889	137,889
Other assets	103,922	101,897
Deferred tax assets	29,900	27,973
Investment in subsidiaries	0	0
Intercompany receivables	0	0
Total assets	2,846,820	2,777,716
Liabilities
Drafts payable	24,002	35,373
Bank call loans	147,700	59,400
Payable to brokers, dealers and clearing organizations	250,513	257,161
Payable to customers	692,416	652,256
Securities sold under agreements to repurchase	463,074	687,440
Securities sold, but not yet purchased, at fair value	311,664	92,510
Accrued compensation	125,129	165,134
Accounts payable and other liabilities	103,962	102,724
Income tax payable	28,877	26,505
Senior secured notes	0	0
Subordinated indebtedness	112,558	112,558
Deferred tax liabilities	44,525	41,309
Intercompany payables	15,956	10,950
Total liabilities	2,320,376	2,243,320
Stockholders’ equity
Stockholders’ equity attributable to Oppenheimer Holdings Inc.	519,473	528,308
Noncontrolling interest	6,971	6,088
Total stockholders’ equity	526,444	534,396
Total liabilities and stockholders’ equity	$ 2,846,820	$ 2,777,716

Condensed Consolidating Finan67

Condensed Consolidating Financial Information - Condensed Consolidating Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
REVENUES
Commissions	$ 101,243	$ 110,862	$ 314,494	$ 349,062
Advisory fees	69,557	70,957	212,766	209,592
Investment banking	16,548	33,841	72,873	94,164
Interest	14,384	12,449	37,449	37,387
Principal transactions, net	(3,339)	4,272	16,926	24,883
Other	15,143	12,298	43,517	34,448
Total revenue	213,536	244,679	698,025	749,536
EXPENSES
Compensation and related expenses	142,746	161,334	464,051	493,135
Communications and technology	16,475	15,991	50,050	50,261
Occupancy and equipment costs	16,158	15,801	47,920	47,105
Clearing and exchange fees	6,909	5,969	19,542	17,885
Interest	4,541	4,127	12,956	13,703
Other	28,234	30,561	92,552	111,306
Total expenses	215,063	233,783	687,071	733,395
Income (loss) before income tax provision (benefit)	(1,527)	10,896	10,954	16,141
Income tax provision (benefit)	(750)	6,271	4,965	9,349
Equity in earnings of subsidiaries	0	0	0	0
Net income (loss) for the period	(777)	4,625	5,989	6,792
Less net income attributable to noncontrolling interests	131	155	883	652
Net income (loss) attributable to Oppenheimer Holdings Inc.	(908)	4,470	5,106	6,140
Other comprehensive income (loss)	(916)	(1,608)	(166)	(1,356)
Comprehensive income (loss) attributable to Oppenheimer Holdings Inc.	(1,824)	2,862	4,940	4,784
Eliminations [Member]
REVENUES
Commissions	0	0	0	0
Advisory fees	(381)	(321)	(1,246)	(1,002)
Investment banking	0	0	0	0
Interest	(2,565)	(2,565)	(7,694)	(7,861)
Principal transactions, net	(239)	(161)	(323)	0
Other	(74)	(66)	(225)	(346)
Total revenue	(3,259)	(3,113)	(9,488)	(9,209)
EXPENSES
Compensation and related expenses	0	0	0	0
Communications and technology	0	0	0	0
Occupancy and equipment costs	(74)	(66)	(225)	(346)
Clearing and exchange fees	0	0	0	0
Interest	(2,565)	(2,565)	(7,694)	(7,861)
Other	(620)	(482)	(1,569)	(1,002)
Total expenses	(3,259)	(3,113)	(9,488)	(9,209)
Income (loss) before income tax provision (benefit)	0	0	0	0
Income tax provision (benefit)	0	0	0	0
Equity in earnings of subsidiaries	(2,051)	(11,675)	(20,146)	(26,487)
Net income (loss) for the period	(2,051)	(11,675)	(20,146)	(26,487)
Less net income attributable to noncontrolling interests	0	0	0	0
Net income (loss) attributable to Oppenheimer Holdings Inc.	(2,051)	(11,675)	(20,146)	(26,487)
Other comprehensive income (loss)	0	0	0	0
Comprehensive income (loss) attributable to Oppenheimer Holdings Inc.	(2,051)	(11,675)	(20,146)	(26,487)
Parent Company [Member]
REVENUES
Commissions	0	0	0	0
Advisory fees	0	0	0	0
Investment banking	0	0	0	0
Interest	0	0	0	0
Principal transactions, net	0	0	0	0
Other	0	0	0	0
Total revenue	0	0	0	0
EXPENSES
Compensation and related expenses	254	207	829	822
Communications and technology	27	37	94	111
Occupancy and equipment costs	0	0	0	0
Clearing and exchange fees	0	0	0	0
Interest	3,282	3,281	9,844	11,120
Other	234	235	780	4,396
Total expenses	3,797	3,760	11,547	16,449
Income (loss) before income tax provision (benefit)	(3,797)	(3,760)	(11,547)	(16,449)
Income tax provision (benefit)	(1,343)	(1,816)	(4,344)	(6,450)
Equity in earnings of subsidiaries	1,546	6,414	12,309	16,139
Net income (loss) for the period	(908)	4,470	5,106	6,140
Less net income attributable to noncontrolling interests	0	0	0	0
Net income (loss) attributable to Oppenheimer Holdings Inc.	(908)	4,470	5,106	6,140
Other comprehensive income (loss)	0	0	0	0
Comprehensive income (loss) attributable to Oppenheimer Holdings Inc.	(908)	4,470	5,106	6,140
Guarantor Subsidiaries [Member]
REVENUES
Commissions	0	0	0	0
Advisory fees	0	0	0	0
Investment banking	0	0	0	0
Interest	2,557	2,580	7,680	7,901
Principal transactions, net	0	0	0	10
Other	96	85	287	375
Total revenue	2,653	2,665	7,967	8,286
EXPENSES
Compensation and related expenses	0	0	0	0
Communications and technology	0	0	0	0
Occupancy and equipment costs	0	0	0	0
Clearing and exchange fees	0	0	0	0
Interest	0	8	0	8
Other	252	178	365	30
Total expenses	252	186	365	38
Income (loss) before income tax provision (benefit)	2,401	2,479	7,602	8,248
Income tax provision (benefit)	1,360	1,326	3,130	2,457
Equity in earnings of subsidiaries	505	5,261	7,837	10,348
Net income (loss) for the period	1,546	6,414	12,309	16,139
Less net income attributable to noncontrolling interests	0	0	0	0
Net income (loss) attributable to Oppenheimer Holdings Inc.	1,546	6,414	12,309	16,139
Other comprehensive income (loss)	0	0	0	0
Comprehensive income (loss) attributable to Oppenheimer Holdings Inc.	1,546	6,414	12,309	16,139
Non-Guarantor Subsidiaries [Member]
REVENUES
Commissions	101,243	110,862	314,494	349,062
Advisory fees	69,938	71,278	214,012	210,594
Investment banking	16,548	33,841	72,873	94,164
Interest	14,392	12,434	37,463	37,347
Principal transactions, net	(3,100)	4,433	17,249	24,873
Other	15,121	12,279	43,455	34,419
Total revenue	214,142	245,127	699,546	750,459
EXPENSES
Compensation and related expenses	142,492	161,127	463,222	492,313
Communications and technology	16,448	15,954	49,956	50,150
Occupancy and equipment costs	16,232	15,867	48,145	47,451
Clearing and exchange fees	6,909	5,969	19,542	17,885
Interest	3,824	3,403	10,806	10,436
Other	28,368	30,630	92,976	107,882
Total expenses	214,273	232,950	684,647	726,117
Income (loss) before income tax provision (benefit)	(131)	12,177	14,899	24,342
Income tax provision (benefit)	(767)	6,761	6,179	13,342
Equity in earnings of subsidiaries	0	0	0	0
Net income (loss) for the period	636	5,416	8,720	11,000
Less net income attributable to noncontrolling interests	131	155	883	652
Net income (loss) attributable to Oppenheimer Holdings Inc.	505	5,261	7,837	10,348
Other comprehensive income (loss)	(916)	(1,608)	(166)	(1,356)
Comprehensive income (loss) attributable to Oppenheimer Holdings Inc.	$ (411)	$ 3,653	$ 7,671	$ 8,992

Condensed Consolidating Finan68

Condensed Consolidating Financial Information - Condensed Consolidating Statement of Cash Flows (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Cash provided by (used in) operating activities	$ (89,799)	$ 13,737
Cash flows from investing activities
Purchase of office facilities	(3,613)	(3,366)
Cash used in investing activities	(3,613)	(3,366)
Cash flows from financing activities
Cash dividends paid on Class A non-voting and Class B voting common stock	(4,531)	(4,483)
Issuance of Class A non-voting common stock	0	185
Repurchase of Class A non-voting common stock for cancellation	(6,618)	0
Tax benefit (deficiency) from share-based awards	(235)	1,275
Early Repayment of Senior Debt	0	(45,000)
Other financing activities	88,300	17,300
Cash flow provided by (used in) financing activities	76,916	(30,723)
Net increase (decrease) in cash and cash equivalents	(16,496)	(20,352)
Cash and cash equivalents, beginning of period	63,807	98,294
Cash and cash equivalents, end of period	47,311	77,942
Class A Stock [Member]
Cash flows from financing activities
Repurchase of Class A non-voting common stock for cancellation	(6,618)
Parent Company [Member]
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Cash provided by (used in) operating activities	11,548	48,737
Cash flows from investing activities
Purchase of office facilities	0	0
Cash used in investing activities	0	0
Cash flows from financing activities
Cash dividends paid on Class A non-voting and Class B voting common stock	(4,531)	(4,483)
Issuance of Class A non-voting common stock		185
Tax benefit (deficiency) from share-based awards	(235)	1,275
Early Repayment of Senior Debt		(45,000)
Other financing activities	0	0
Cash flow provided by (used in) financing activities	(11,384)	(48,023)
Net increase (decrease) in cash and cash equivalents	164	714
Cash and cash equivalents, beginning of period	439	448
Cash and cash equivalents, end of period	603	1,162
Parent Company [Member] | Class A Stock [Member]
Cash flows from financing activities
Repurchase of Class A non-voting common stock for cancellation	(6,618)
Guarantor Subsidiaries [Member]
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Cash provided by (used in) operating activities	(180)	(25,778)
Cash flows from investing activities
Purchase of office facilities	0	0
Cash used in investing activities	0	0
Cash flows from financing activities
Cash dividends paid on Class A non-voting and Class B voting common stock	0	0
Issuance of Class A non-voting common stock		0
Tax benefit (deficiency) from share-based awards	0	0
Early Repayment of Senior Debt		0
Other financing activities	0	0
Cash flow provided by (used in) financing activities	0	0
Net increase (decrease) in cash and cash equivalents	(180)	(25,778)
Cash and cash equivalents, beginning of period	1,557	30,901
Cash and cash equivalents, end of period	1,377	5,123
Guarantor Subsidiaries [Member] | Class A Stock [Member]
Cash flows from financing activities
Repurchase of Class A non-voting common stock for cancellation	0
Non-Guarantor Subsidiaries [Member]
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Cash provided by (used in) operating activities	(101,167)	(9,222)
Cash flows from investing activities
Purchase of office facilities	(3,613)	(3,366)
Cash used in investing activities	(3,613)	(3,366)
Cash flows from financing activities
Cash dividends paid on Class A non-voting and Class B voting common stock	0	0
Issuance of Class A non-voting common stock		0
Tax benefit (deficiency) from share-based awards	0	0
Early Repayment of Senior Debt		0
Other financing activities	88,300	17,300
Cash flow provided by (used in) financing activities	88,300	17,300
Net increase (decrease) in cash and cash equivalents	(16,480)	4,712
Cash and cash equivalents, beginning of period	61,811	66,945
Cash and cash equivalents, end of period	45,331	71,657
Non-Guarantor Subsidiaries [Member] | Class A Stock [Member]
Cash flows from financing activities
Repurchase of Class A non-voting common stock for cancellation	0
Consolidation, Eliminations [Member]
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Cash provided by (used in) operating activities	0	0
Cash flows from investing activities
Purchase of office facilities	0	0
Cash used in investing activities	0	0
Cash flows from financing activities
Cash dividends paid on Class A non-voting and Class B voting common stock	0	0
Issuance of Class A non-voting common stock		0
Tax benefit (deficiency) from share-based awards	0	0
Early Repayment of Senior Debt		0
Other financing activities	0	0
Cash flow provided by (used in) financing activities	0	0
Net increase (decrease) in cash and cash equivalents	0	0
Cash and cash equivalents, beginning of period	0	0
Cash and cash equivalents, end of period	0	$ 0
Consolidation, Eliminations [Member] | Class A Stock [Member]
Cash flows from financing activities
Repurchase of Class A non-voting common stock for cancellation	$ 0