Oppenheimer (OPY) 10-K 4 Mar 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Feb. 29, 2016	Jun. 30, 2015
Document Information [Line Items]
Entity Registrant Name	OPPENHEIMER HOLDINGS INC
Entity Central Index Key	791,963
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Document Type	10-K
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 358.7
Class A Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		13,307,414
Class B Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		99,680

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
ASSETS
Cash and cash equivalents	$ 63,364	$ 63,807
Cash and securities segregated for regulatory and other purposes	0	18,594
Deposits with clearing organizations	49,490	36,510
Receivable from brokers, dealers and clearing organizations	360,913	314,475
Receivable from customers, net of allowance for credit losses of $2,545 ($2,427 in 2014)	840,355	864,189
Income tax receivable	10,937	4,240
Securities purchased under agreements to resell	206,499	251,606
Securities owned, including amounts pledged of $546,334 ($518,123 in 2014), at fair value	735,393	843,155
Notes receivable, net of accumulated amortization and allowance for uncollectibles of $54,919 and $8,444, respectively ($42,211 and $8,606, respectively, in 2014)	32,849	34,932
Office facilities, net of accumulated depreciation of $104,961 ($103,547 in 2014)	28,290	29,589
Loans held for sale	60,234	19,243
Mortgage servicing rights	28,168	30,140
Intangible assets	31,700	31,700
Goodwill	137,889	137,889
Other assets	106,883	107,386
Total assets	2,692,964	2,787,455
Liabilities
Drafts payable	48,011	35,373
Bank call loans	100,200	59,400
Payable to brokers, dealers and clearing organizations	164,546	257,161
Payable to customers	594,833	652,256
Securities sold under agreements to repurchase	651,445	687,440
Securities sold, but not yet purchased, at fair value	126,493	92,510
Accrued compensation	150,898	165,134
Accounts payable and other liabilities	164,783	141,352
Senior secured notes	150,000	150,000
Deferred tax liabilities, net of deferred tax assets of $63,481 ($68,622 in 2014)	(16,673)	(13,097)
Total liabilities	$ 2,167,882	$ 2,253,723
Commitments and contingencies (Note 16)
Share capital
Common stock	$ 57,520	$ 62,397
Contributed capital	44,438	45,118
Retained earnings	417,001	421,047
Accumulated other comprehensive loss	(901)	(918)
Total Oppenheimer Holdings Inc. stockholders’ equity	518,058	527,644
Noncontrolling interest	7,024	6,088
Total stockholders’ equity	525,082	533,732
Total liabilities and stockholders’ equity	2,692,964	2,787,455
Class A Stock
Share capital
Common stock	57,387	62,264
Class B Stock
Share capital
Common stock	$ 133	$ 133

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Allowance for credit losses	$ 2,545	$ 2,427
Amounts pledged	546,334	518,123
Office facilities, net accumulated depreciation	104,961	103,547
Net deferred tax assets	63,481	68,622
Notes receivable, net accumulated amortization	54,919	42,211
Notes receivable, net allowance for uncollectibles	$ 8,444	$ 8,606
Class A Stock
Common stock, authorized (in shares)	50,000,000	50,000,000
Common stock, issued (in shares)	13,238,486	13,530,688
Common stock, outstanding (in shares)	13,238,486	13,530,688	13,377,967
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Class B Stock
Common stock, authorized (in shares)	99,680	99,680
Common stock, issued (in shares)	99,680	99,680
Common stock, outstanding (in shares)	99,680	99,680
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
REVENUE
Commissions									$ 417,559	$ 469,829	$ 486,767
Advisory fees									280,247	281,680	274,178
Investment banking									102,540	125,598	97,977
Interest									51,031	49,244	53,216
Principal transactions, net									20,503	29,699	43,768
Other									56,505	48,414	63,808
Total revenue	$ 230,360	$ 213,536	$ 238,928	$ 245,561	$ 254,928	$ 244,679	$ 249,689	$ 255,168	928,385	1,004,464	1,019,714
EXPENSES
Compensation and related expenses									623,226	664,641	675,936
Communications and technology									66,910	67,170	65,817
Occupancy and equipment costs									63,144	63,012	66,758
Clearing and exchange fees									26,022	24,709	24,481
Interest									17,323	17,801	26,142
Other									125,049	141,395	116,671
Total expenses									921,674	978,728	975,805
Income before income tax provision	(4,243)	(1,527)	2,630	9,851	9,595	10,896	136	5,109	6,711	25,736	43,909
Income tax provision									3,813	16,175	17,756
Net income for the year									2,898	9,561	26,153
Less net income attributable to noncontrolling interest									936	735	1,092
Net income attributable to Oppenheimer Holdings Inc.	$ (3,144)	$ (908)	$ 295	$ 5,719	$ 2,686	$ 4,470	$ (1,554)	$ 3,224	$ 1,962	$ 8,826	$ 25,061
Earnings per share attributable to Oppenheimer Holdings Inc.
Basic earnings (loss) per share (in dollars per share)	$ (0.23)	$ (0.07)	$ 0.02	$ 0.42	$ 0.20	$ 0.33	$ (0.11)	$ 0.24	$ 0.14	$ 0.65	$ 1.85
Diluted earnings (loss) per share (in dollars per share)	$ (0.23)	$ (0.07)	$ 0.02	$ 0.40	$ 0.19	$ 0.31	$ (0.11)	$ 0.23	$ 0.14	$ 0.62	$ 1.77
Weighted average shares
Basic weighted average shares (in shares)									13,640,610	13,604,258	13,577,725
Diluted weighted average shares (in shares)									14,291,534	14,250,663	14,124,060

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Statement of Comprehensive Income [Abstract]
Net income for the year		$ 2,898	$ 9,561	$ 26,153
Other comprehensive income (loss), net of tax
Currency translation adjustment	[1]	17	(2,627)	1,502
Comprehensive income for the year		2,915	6,934	27,655
Net income attributable to noncontrolling interests		936	735	1,092
Total comprehensive income		$ 1,979	$ 6,199	$ 26,563
[1]	Total other comprehensive income (loss) is attributable to Oppenheimer Holdings Inc. No other comprehensive income (loss) is attributable to noncontrolling interests.

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total		Share Capital	Share CapitalClass A Stock	Contributed Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Parent	Non-Controlling Interest
Balance at beginning of year at Dec. 31, 2012			$ 62,181		$ 39,231	$ 399,121	$ 207		$ 4,261
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Class A non-voting common stock				$ 1,642
Repurchase of Class A non-voting common stock for cancellation				(3,625)
Tax (deficiency) benefit from share-based awards					(78)
Share-based expense					5,145
Vested employee share plan awards					(1,891)
Net income (loss)	$ 26,153					25,061			1,092
Dividends paid ($0.44 per share)						(5,978)
Currency translation adjustment	1,502	[1]					1,502
Balance at end of year at Dec. 31, 2013	527,871		60,198		42,407	418,204	1,709	$ 522,518	5,353
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Class A non-voting common stock				2,199
Repurchase of Class A non-voting common stock for cancellation				0
Tax (deficiency) benefit from share-based awards					1,194
Share-based expense					5,694
Vested employee share plan awards					(4,177)
Net income (loss)	9,561					8,826			735
Dividends paid ($0.44 per share)						(5,983)
Currency translation adjustment	(2,627)	[1]					(2,627)
Balance at end of year at Dec. 31, 2014	533,732		62,397		45,118	421,047	(918)	527,644	6,088
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Class A non-voting common stock				3,373
Repurchase of Class A non-voting common stock for cancellation				$ (8,250)
Tax (deficiency) benefit from share-based awards					(277)
Share-based expense					4,653
Vested employee share plan awards					(5,056)
Net income (loss)	2,898					1,962			936
Dividends paid ($0.44 per share)						(6,008)
Currency translation adjustment	17	[1]					17
Balance at end of year at Dec. 31, 2015	$ 525,082		$ 57,520		$ 44,438	$ 417,001	$ (901)	$ 518,058	$ 7,024
[1]	Total other comprehensive income (loss) is attributable to Oppenheimer Holdings Inc. No other comprehensive income (loss) is attributable to noncontrolling interests.

Consolidated Statements of Cha7

Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Dividends	$ 0.44	$ 0.44
Retained Earnings
Dividends	$ 0.44	$ 0.44	$ 0.44

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash flows from operating activities
Net income for the year	$ 2,898	$ 9,561	$ 26,153
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)	0
Non-cash items included in net income:
Depreciation and amortization of office facilities and leasehold improvements	7,188	7,748	9,405
Deferred income taxes	4,538	6,001	23,436
Amortization of notes receivable	12,708	16,043	18,762
Amortization of debt issuance costs	485	530	639
Write-off of debt issuance costs	0	588	0
Amortization of mortgage servicing rights	727	2,819	1,881
Provision for credit losses	118	4	167
Share-based compensation	2,860	6,074	9,249
Decrease (increase) in operating assets:
Cash and securities segregated for regulatory and other purposes	18,594	17,729	(3,323)
Deposits with clearing organizations	(12,980)	(12,831)	2,275
Receivable from brokers, dealers and clearing organizations	(46,438)	50,398	114,826
Receivable from customers	23,716	4,676	(51,095)
Income tax receivable	(6,697)	2,322	(6,111)
Securities purchased under agreements to resell	45,107	(66,781)	(184,825)
Securities owned	107,762	12,933	(96,346)
Notes receivable	(10,625)	(10,224)	(12,189)
Loans held for sale	(40,991)	56,746	(53,115)
Mortgage servicing rights	1,245	(4,080)	(3,777)
Other assets	35	53,929	(49,772)
Increase (decrease) in operating liabilities:
Drafts payable	12,638	(12,825)	(8,388)
Payable to brokers, dealers and clearing organizations	(92,615)	33,846	19,097
Payable to customers	(57,423)	25,692	(65,814)
Securities sold under agreements to repurchase	(35,995)	(70,051)	365,100
Securities sold, but not yet purchased	33,983	16,196	(97,136)
Accrued compensation	(12,443)	(15,365)	25,581
Accounts payable and other liabilities	22,469	(51,289)	11,891
Cash (used in) provided by operating activities	(20,819)	78,315	(3,429)
Cash flows from investing activities
Purchase of office facilities	(5,889)	(4,398)	(14,012)
Cash used in investing activities	(5,889)	(4,398)	(14,012)
Cash flows from financing activities
Cash dividends paid on Class A non-voting and Class B voting common stock	(6,008)	(5,983)	(5,978)
Issuance of Class A non-voting common stock	0	185	150
Repurchase of Class A non-voting common stock for cancellation	(8,250)	0	(3,625)
Tax (deficiency) benefit from share-based awards	(277)	1,194	(78)
Redemption of senior secured notes	0	(45,000)	0
Increase (decrease) in bank call loans, net	40,800	(58,800)	(10,100)
Cash provided by (used in) financing activities	26,265	(108,404)	(19,631)
Net decrease in cash and cash equivalents	(443)	(34,487)	(37,072)
Cash and cash equivalents, beginning of year	63,807	98,294	135,366
Cash and cash equivalents, end of year	63,364	63,807	98,294
Schedule of non-cash financing activities
Employee share plan issuance	3,373	2,014	1,492
Supplemental disclosure of cash flow information
Cash paid during the year for interest	17,273	18,784	26,492
Cash paid during the year for income taxes, net of refunds	$ 6,088	$ 7,590	$ 4,509

Organization

Organization	12 Months Ended
	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Oppenheimer Holdings Inc. ("OPY") is incorporated under the laws of the State of Delaware. The 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 LLC ("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 85 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of significant accounting policies Basis of Presentation The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America for purpose of inclusion in the Company's Annual Report on Form 10-K and in its annual report to stockholders. Intercompany transactions and balances have been eliminated in the preparation of the consolidated financial statements. Accounting standards require the Company to present noncontrolling interests as a separate component of stockholders' equity on the Company's consolidated balance sheet. As of December 31, 2015 , the Company owned 83.68% of OMHHF and the noncontrolling interest recorded in the consolidated balance sheet was $7.0 million . Use of Estimates The preparation of the consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the dates of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. In presenting the consolidated financial statements, management makes estimates regarding valuations of financial instruments, loans and allowances for credit losses, the outcome of legal and regulatory matters, goodwill and other intangible assets, stock-based compensation plans, mortgage servicing rights, and income taxes. Estimates, by their nature, are based on judgment and available information. Therefore, actual results could be materially different from these estimates. A discussion of certain areas in which estimates are a significant component of the amounts reported in the consolidated financial statements follows. Financial Instruments and Fair Value Financial Instruments Securities owned, 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. Fair Value Measurements The Company adopted the accounting guidance for the fair value measurement of financial assets, which defines fair value, establishes a framework for measuring fair value, establishes a fair value measurement hierarchy, and expands fair value measurement disclosures. Fair value, as defined by the accounting guidance, is the price that would be received in the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy established by this accounting guidance prioritizes the inputs used in valuation techniques into the following three categories (highest to lowest priority): Level 1: Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets; Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly; and Level 3: Unobservable inputs that are significant to the overall fair value measurement. The Company's financial instruments that are recorded at fair value generally are classified within Level 1 or Level 2 within the fair value hierarchy using quoted market prices or quotes from market makers or broker-dealers. Financial instruments classified within Level 1 are valued based on quoted market prices in active markets and consist of U.S. government, federal agency, and sovereign government obligations, corporate equities, and certain money market instruments. Level 2 financial instruments primarily consist of investment grade and high-yield corporate debt, convertible bonds, mortgage and asset-backed securities, municipal obligations, and certain money market instruments. Financial instruments classified as Level 2 are valued based on quoted prices for similar assets and liabilities in active markets and quoted prices for identical or similar assets and liabilities in markets that are not active. Some financial instruments are classified within Level 3 within the fair value hierarchy as observable pricing inputs are not available due to limited market activity for the asset or liability. Such financial instruments include investments in hedge funds and private equity funds where the Company, through its subsidiaries, is general partner; less-liquid private label mortgage and asset-backed securities; certain distressed municipal securities; interest rate lock commitments where OMHHF enters into contractual commitments to originate (purchase) and sell multifamily mortgage loans at fixed prices with fixed expiration dates; and auction rate securities ("ARS"). Fair Value Option The Company has the option to measure certain financial assets and financial liabilities at fair value with changes in fair value recognized in earnings each period. The Company may make a fair value option election on an instrument-by-instrument basis at initial recognition of an asset or liability or upon an event that gives rise to a new basis of accounting for that instrument. Consolidation The Company consolidates all subsidiaries in which it has a controlling financial interest, as well as any variable interest entities ("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. The Company reviews factors, including the rights of the equity holders and obligations of equity holders to absorb losses or receive expected residual returns, to determine if the investee is a VIE. In evaluating whether the Company is the primary beneficiary, the Company evaluates its economic interests in the entity held either directly or indirectly by the Company. Accounting Standards Update ("ASU") No. 2010-10, "Amendments for Certain Investment Funds," defers the application of the revised consolidation rules for a reporting entity's interest in an entity if certain conditions are met. ASU No. 2015-02, "Consolidation - Amendments to the Consolidation Analysis," eliminates 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 began after December 15, 2015 and early adoption is permitted. The Company will not early adopt this ASU. The adoption of this ASU will impact the disclosure of VIEs and will not have a material impact on the Company's consolidated financial statements. Financing Receivables The Company's financing receivables include customer margin loans, reverse repurchase agreements, and securities borrowed transactions. The Company uses financing receivables to extend margin loans to customers, meet trade settlement requirements, and facilitate its matched-book arrangements and inventory requirements. Allowance for Credit Losses The Company's financing receivables are secured by collateral received from clients and counterparties. In many cases, the Company is permitted to sell or re-pledge securities held as collateral. These securities may be used to collateralize repurchase agreements, to enter into securities lending agreements, to cover short positions or fulfill the obligation of fails to deliver. The Company monitors the market value of the collateral received on a daily basis and may require clients and counterparties to deposit additional collateral or return collateral pledged, when appropriate. Customer receivables, primarily consisting of customer margin loans collateralized by customer-owned securities, are stated net of allowance for credit losses. The Company reviews large customer accounts that do not comply with the Company's margin requirements on a case-by-case basis to determine the likelihood of collection and records an allowance for credit loss following that process. For small customer accounts that do not comply with the Company's margin requirements, the allowance for credit loss is generally recorded as the amount of unsecured or partially secured receivables. The Company also makes loans to financial advisers as part of its hiring process. These loans are recorded as notes receivable on its consolidated balance sheet. Allowances are established on these loans if the financial adviser is no longer associated with the Company and the loan has not been promptly repaid. Legal and Regulatory Reserves The Company records reserves related to legal and regulatory proceedings in accounts payable and other liabilities. The determination of the amounts of these reserves requires significant judgment on the part of management. In accordance with applicable accounting guidance, the Company establishes reserves for litigation and regulatory matters where available information indicates that it is probable a liability had been incurred at the date of the consolidated financial statements and the Company can reasonably estimate the amount of that loss. When loss contingencies are not probable and cannot be reasonably estimated, the Company does not establish reserves. When determining whether to record a reserve, management considers many factors including, but not limited to, the amount of the claim; the stage and forum of the proceeding, the sophistication of the claimant, the amount of the loss, if any, in the client's account and the possibility of wrongdoing, if any, on the part of an employee of the Company; the basis and validity of the claim; previous results in similar cases; and applicable legal precedents and case law. Each legal and regulatory proceeding is reviewed with counsel in each accounting period and the reserve is adjusted as deemed appropriate by management. Any change in the reserve amount is recorded in the results of that period. The assumptions of management in determining the estimates of reserves may be incorrect and the actual disposition of a legal or regulatory proceeding could be greater or less than the reserve amount. Goodwill The Company defines a reporting unit as an operating segment. The Company's goodwill resides in its Private Client Division ("PCD") reporting unit. Goodwill of a reporting unit is subject to at least an annual test for impairment to determine if the estimated fair value of a reporting unit is less than its carrying amount. Goodwill of a reporting unit is required to be tested for impairment between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Due to the volatility in the financial services sector and equity markets in general, determining whether an impairment of goodwill has occurred is increasingly difficult and requires management to exercise significant judgment. The Company's goodwill impairment analysis performed at December 31, 2015 applied the same valuation methodologies with consistent inputs as that performed at December 31, 2014 , as follows: In estimating the fair value of the PCD, the Company uses traditional standard valuation methods, including the market comparable approach and income approach. The market comparable approach is based on comparisons of the subject company to public companies whose stocks are actively traded ("Price Multiples") or to similar companies engaged in an actual merger or acquisition ("Precedent Transactions"). As part of this process, multiples of value relative to financial variables, such as earnings or stockholders' equity, are developed and applied to the appropriate financial variables of the subject company to indicate its value. The income approach involves estimating the present value of the subject company's future cash flows by using projections of the cash flows that the business is expected to generate, and discounting these cash flows at a given rate of return ("Discounted Cash Flow" or "DCF"). Each of these standard valuation methodologies requires the use of management estimates and assumptions. In its Price Multiples valuation analysis, the Company uses various operating metrics of comparable companies, including revenues, after-tax earnings, EBITDA as well as price-to-book value ratios at a point in time. The Company analyzes prices paid in Precedent Transactions that are comparable to the business conducted in the PCD. The DCF analysis includes the Company's assumptions regarding discount rate, growth rates of the PCD's revenues, expenses, EBITDA, and capital expenditures, adjusted for current economic conditions and expectations. The Company weighs each of the three valuation methods equally in its overall valuation. Given the subjectivity involved in selecting which valuation method to use, the corresponding weightings, and the input variables for use in the analyses, it is possible that a different valuation model and the selection of different input variables could produce a materially different estimate of the fair value of the PCD reporting unit. Intangible Assets Indefinite intangible assets are comprised of trademarks and trade names. Trademarks and trade names, carried at $31.7 million , which are not amortized, are subject to at least an annual test for impairment to determine if the estimated fair value is less than their carrying amount. Share-Based Compensation Plans As part of the compensation to employees and directors, the Company uses stock-based compensation, consisting of restricted stock, stock options and stock appreciation rights. In accordance with ASC Topic 718, "Compensation - Stock Compensation," the Company classifies the stock options and restricted stock awards as equity awards, which requires the compensation cost to be recognized on the consolidated statements of income at grant date fair value. The fair value of restricted stock awards is determined based on the grant date closing price of the Company's Class A Stock adjusted for the present value of the dividend. The fair value of stock options is determined using the Black-Scholes model using a forfeiture rate based on historical results. Key assumptions used to estimate the fair value include the expected term and the expected volatility of the Company's Class A Stock over the term of the award, the risk-free interest rate over the expected term, and the Company's expected annual dividend yield. Compensation expense related to these awards is amortized over the service period of the award, net of estimated forfeitures. The Company classifies stock appreciation rights ("OARs") as liability awards, which requires the fair value to be remeasured at each reporting period until the award vests. The fair value of OARs is determined using the Black-Scholes model at the end of each reporting period. The adjusted liability is amortized on a straight-line basis over the vesting period. Mortgage Servicing Rights The Company's Mortgage Servicing Rights ("MSRs") assets are initially measured and recorded at fair value based on the present value of future net servicing income adjusted for factors such as discount rate and prepayment speeds. After initial measurement, MSRs are amortized over a ten year period. The Company assesses the capitalized MSRs for impairment quarterly by comparing the aggregate carrying value of the MSR portfolio to the aggregate estimated fair value of the portfolio. Revenue Recognition Brokerage Customers' securities and commodities transactions are reported on a settlement date basis, which is generally three business days after trade date for securities transactions and one day for commodities transactions. Related commission income and expense is recorded on a trade date basis. Principal Transactions Transactions in proprietary securities and related revenue and expenses are recorded on a trade date basis. Securities owned and securities sold, but not yet purchased, are reported at fair value generally based upon quoted prices. Realized and unrealized changes in fair value are recognized in principal transactions, net in the period in which the change occurs. Investment Banking Fees Underwriting revenues and advisory fees from mergers, acquisitions and restructuring transactions are recorded when services for the transactions are completed and income is reasonably determinable, generally as set forth under the terms of the engagement. Transaction-related expenses, primarily consisting of legal, travel and other costs directly associated with the transaction, are deferred and recognized in the same period as the related investment banking transaction revenue. Underwriting revenues are presented net of related expenses. Non-reimbursable expenses associated with advisory transactions are recorded within other expenses. Interest Interest revenue represents interest earned on margin debit balances, securities borrowed transactions, reverse repurchase agreements, fixed income securities, firm investments, and cash and cash equivalents. Interest revenue is recognized in the period earned based upon average or daily asset balances, contractual cash flows, and interest rates. Asset Management Asset management fees are generally recognized over the period the related service is provided based on the account value at the valuation date per the respective asset management agreements. In certain circumstances, OAM is entitled to receive performance (or incentive) fees when the return on assets under management ("AUM") exceeds certain benchmark returns or other performance targets. Performance fees are generally based on investment performance over a 12-month period and are not subject to adjustment once the measurement period ends. Such fees are computed as at the fund's year-end when the measurement period ends and generally are recorded as earned in the fourth quarter of the Company's fiscal year. Asset management fees and performance fees are included in advisory fees in the consolidated statements of income. Assets under management are not included as assets of the Company. Cash Sweep Income Cash sweep income consists of revenues earned from the Advantage Bank Deposit Program. Under this program, client funds are swept into deposit accounts at participating banks and are eligible for FDIC deposit insurance up to FDIC standard maximum deposit insurance amounts. The Company earns the net interest paid on these deposits after administrative fees are paid to the administrator of the program and a portion of interest is credited to clients. The net interest income earned in the period is recorded in other revenue. Balance Sheet Cash and Cash Equivalents The Company defines cash equivalents as highly liquid investments with original maturities of less than 90 days that are not held for sale in the ordinary course of business. Receivables from / Payables to Brokers, Dealers and Clearing Organizations Securities borrowed and securities loaned are carried at the amounts of cash collateral advanced or received. Securities borrowed transactions require the Company to deposit cash or other collateral with the lender. The Company receives cash or collateral in an amount generally in excess of the market value of securities loaned. The Company monitors the market value of securities borrowed and loaned on a daily basis and may require counterparties to deposit additional collateral or return collateral pledged, when appropriate. Securities failed to deliver and receive represent the contract value of securities which have not been received or delivered by settlement date. Securities Purchased under Agreements to Resell and Securities Sold under Agreements to Repurchase Reverse repurchase agreements and repurchase agreements are treated as collateralized financing transactions and are recorded at their contractual amounts plus accrued interest. The resulting interest income and expense for these arrangements are included in interest income and interest expense in the consolidated statements of income. The Company can present the reverse repurchase and repurchase transactions on a net-by-counterparty basis when the specific offsetting requirements are satisfied. Notes Receivable Notes receivable represent recruiting and retention payments generally in the form of upfront loans to financial advisers and key revenue producers as part of the Company's overall growth strategy. These notes are generally forgiven and amortized over a service period of 3 to 5 years from the initial date of the note or based on productivity levels of employees. All such notes are contingent on the employees' continued employment with the Company. The unforgiven portion of the notes becomes due on demand in the event the employee departs during the service period. Amortization of notes receivable is included in the consolidated statements of income in compensation and related expenses. Office Facilities Office facilities are stated at cost less accumulated depreciation. Depreciation of furniture, fixtures, and equipment is provided on a straight-line basis generally over 3 - 7 years. Leasehold improvements are amortized on a straight-line basis over the shorter of the life of the improvement or the remaining term of the lease. Leases with escalating rents are expensed on a straight-line basis over the life of the lease. Landlord incentives are recorded as deferred rent and amortized, as reductions to lease expense, on a straight-line basis over the life of the applicable lease. Deferred rent is included in accounts payable and other liabilities in the consolidated balance sheet. Drafts Payable Drafts payable represent amounts drawn by the Company against a bank. Foreign Currency Translations Foreign currency balances have been translated into U.S. dollars as follows: monetary assets and liabilities at exchange rates prevailing at period end; revenue and expenses at average rates for the period; and non-monetary assets and stockholders' equity at historical rates. The functional currency of the overseas operations is the local currency in each location except for Oppenheimer Europe Ltd. and Oppenheimer Investments Asia Limited which have the U.S. dollar as their functional currency. Income Taxes The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Company recognizes deferred tax assets to the extent it believes these assets are more likely than not to be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies, and the results of recent operations. The Company records uncertain tax positions in accordance with ASC 740 on the basis of a two-step process whereby it determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. The Company records interest and penalties accruing on unrecognized tax benefits in income before income tax provision as interest expense and other expense, respectively, in its consolidated statement of income. The Company permanently reinvests eligible earnings of its foreign subsidiaries and, accordingly, does not accrue any U.S. income taxes that would arise if such earnings were repatriated. 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 began after December 15, 2014. The adoption of this accounting guidance did not have a material impact on the Company's 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 began December 15, 2015, except for the disclosures related to transactions accounted for as secured borrowings, which became effective for the period began on or after March 15, 2015. The adoption of this accounting guidance did not have a material impact on the Company's 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 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 was originally effective for the annual reporting period in the fiscal year that begins after December 15, 2016. In August 2015, the FASB issued ASU No. 2015-14, "Revenue from Contracts with Customers: Deferral of the Effective Date." which defers the effective date of the standard to 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 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 began December 15, 2015 and early adoption is permitted. The Company will not early adopt this ASU. The adoption of the ASU will not have a material impact on the Company's 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 began 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 adoption of the ASU will not have a material impact on its 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 began after December 15, 2015 and early adoption is permitted. The Company will not early adopt this ASU. The adoption of the ASU will impact the disclosure of VIEs but will not have a material impact on the Company's 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 began after December 15, 2015 and early adoption is permitted. The Company will not early adopt this ASU. The adoption of the ASU will not have a material impact on the Company's 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 began after December 15, 2015 and early adoption is permitted. The Company will not early adopt this ASU. The adoption of the ASU will not have a material impact on the Company's consolidated financial statements.

Cash and Securities Segregated

Cash and Securities Segregated for Regulatory and Other Purposes	12 Months Ended
	Dec. 31, 2015
Brokers and Dealers [Abstract]
Cash and Securities Segregated for Regulatory and Other Purposes	Cash and securities segregated for regulatory and other purposes There were no deposits held in special reserve bank accounts for the exclusive benefit of customers in accordance with regulatory requirements at December 31, 2015 ( $17.7 million at December 31, 2014 ). To the extent permitted, these deposits are invested in interest bearing accounts collateralized by qualified securities.

Receivable From and Payable to

Receivable From and Payable to Brokers, Dealers and Clearing Organizations	12 Months Ended
	Dec. 31, 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 December 31, 2015 2014 Receivable from brokers, dealers and clearing organizations consist of: Securities borrowed $ 224,672 $ 242,172 Receivable from brokers 49,458 38,149 Securities failed to deliver 7,799 11,055 Clearing organizations 25,030 21,106 Other 53,954 1,993 Total $ 360,913 $ 314,475 Payable to brokers, dealers and clearing organizations consist of: Securities loaned $ 130,658 $ 137,892 Payable to brokers 3,316 4,559 Securities failed to receive 21,513 23,573 Other 9,059 91,137 Total $ 164,546 $ 257,161

Fair value measurements

Fair value measurements	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Fair value measurements	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. Securities Owned and Securities Sold, But Not Yet Purchased at Fair Value (Expressed in thousands) As of December 31, 2015 2014 Owned Sold Owned Sold U.S. Government, agency and sovereign obligations $ 509,614 $ 77,485 $ 570,607 $ 30,615 Corporate debt and other obligations 16,138 1,652 19,795 2,646 Mortgage and other asset-backed securities 3,504 27 6,689 255 Municipal obligations 30,132 — 60,833 51 Convertible bonds 54,693 5,951 49,813 11,369 Corporate equities 34,475 41,378 42,751 47,574 Money markets 35 — 1,245 — Auction rate securities 86,802 — 91,422 — Total $ 735,393 $ 126,493 $ 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 December 31, 2015 are corporate equities with estimated fair values of approximately $14.0 million ( $15.7 million at December 31, 2014 ), which are related to deferred compensation liabilities to certain employees included in accrued compensation on the 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 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 at 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 at 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 rate ("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 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 December 31, 2015 , the Company had $5.0 million 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 December 31, 2015 , the Company purchased and holds (net of redemptions) approximately $92.0 million in ARS from its clients. In addition, the Company is committed to purchase another $22.8 million in ARS from clients through 2020 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 December 31, 2015 Product Principal Valuation Adjustment Fair Value Valuation Technique Unobservable Input Range Weighted Average Auction Rate Securities ("ARS") Owned (1) Auction Rate Preferred Securities $ 87,925 $ 4,550 $ 83,375 Discounted Cash Flow Discount Rate (2) 1.70% to 2.32% 2.00% Duration 4.0 Years 4.0 Years Current Yield (3) 0.44% to 0.85% 0.64% Municipal Auction Rate Securities 25 2 23 Discounted Cash Flow Discount Rate (4) 2.90% 2.90% Duration 4.5 Years 4.5 Years Current Yield (3) 1.14% 1.14% Student Loan Auction Rate Securities 400 27 373 Discounted Cash Flow Discount Rate (5) 3.30% 3.30% Duration 7.0 Years 7.0 Years Current Yield (3) 2.19% 2.19% Other (7) 3,625 594 3,031 Secondary Market Trading Activity Observable trades in inactive market for in-portfolio securities 83.62% of par 83.62% of par $ 91,975 $ 5,173 $ 86,802 Auction Rate Securities Commitments to Purchase (6) Auction Rate Preferred Securities $ 27,766 $ 1,366 $ 26,400 Discounted Cash Flow Discount Rate (2) 1.70% to 2.32% 2.00% Duration 4.0 Years 4.0 Years Current Yield (3) 0.44% to 0.85% 0.64% Municipal Auction Rate Securities 2 — 2 Discounted Cash Flow Discount Rate (4) 2.90% 2.90% Duration 4.5 Years 4.5 Years Current Yield (3) 1.14% 1.14% Student Loan Auction Rate Securities 45 3 42 Discounted Cash Flow Discount Rate (5) 3.30% 3.30% Duration 7.0 Years 7.0 Years Current Yield (3) 2.19% 2.19% $ 27,813 $ 1,369 $ 26,444 Total $ 119,788 $ 6,542 $ 113,246 (1) Principal amount represents the par value of the ARS and is included in securities owned in the consolidated balance sheet at December 31, 2015 . The valuation adjustment amount is included as a reduction to securities owned in the consolidated balance sheet at December 31, 2015 . (2) Derived by applying a multiple to the spread between 110% to 150% to the U.S. Treasury rate of 1.54% . (3) Based on current yields for ARS positions owned. (4) Derived by applying a multiple to the spread of 175% to the U.S. Treasury rate of 1.66% . (5) Derived by applying the sum of the spread of 1.20% to the U.S. Treasury rate of 2.10% . (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 consolidated balance sheet at December 31, 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 December 31, 2015 would result in a decrease in the fair value of $1.1 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 December 31, 2015 would result in a decrease in the fair value of $2.1 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 December 31, 2015 , the Company had a valuation adjustment (unrealized loss) of $5.2 million for ARS owned which is included as a reduction to securities owned on the consolidated balance sheet. As of December 31, 2015 , the Company also had a valuation adjustment of $1.4 million on ARS purchase commitments from settlements with the Regulators and legal settlements and awards which is included in other liabilities on the consolidated balance sheet. The total valuation adjustment was $6.5 million as of December 31, 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 fund 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 December 31, 2015 : (Expressed in thousands) Fair Value Unfunded Commitments Redemption Frequency Redemption Notice Period Hedge funds (1) $ 2,325 $ — Quarterly - Annually 30 - 120 Days Private equity funds (2) 5,302 1,251 N/A N/A $ 7,627 $ 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 December 31, 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 December 31, 2015 (Expressed in thousands) Fair Value Measurements at December 31, 2015 Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 13,000 $ — $ — $ 13,000 Deposits with clearing organizations 31,456 — — 31,456 Securities owned: U.S. Treasury securities 436,533 — — 436,533 U.S. Agency securities 25,240 46,176 — 71,416 Sovereign obligations — 1,665 — 1,665 Corporate debt and other obligations — 16,138 — 16,138 Mortgage and other asset-backed securities — 3,504 — 3,504 Municipal obligations — 30,051 81 30,132 Convertible bonds — 54,693 — 54,693 Corporate equities 34,475 — — 34,475 Money markets 35 — — 35 Auction rate securities — — 86,802 86,802 Securities owned, at fair value 496,283 152,227 86,883 735,393 Investments (1) — — 8,263 8,263 Loans held for sale — 60,234 — 60,234 Securities purchased under agreements to resell (2) — 206,499 — 206,499 Derivative contracts: TBAs — 6,448 — 6,448 Interest rate lock commitments — — 9,161 9,161 Derivative contracts, total — 6,448 9,161 15,609 Total $ 540,739 $ 425,408 $ 104,307 $ 1,070,454 Liabilities Securities sold, but not yet purchased: U.S. Treasury securities $ 75,653 $ — $ — $ 75,653 U.S. Agency securities — 15 — 15 Sovereign obligations — 1,817 — 1,817 Corporate debt and other obligations — 1,652 — 1,652 Mortgage and other asset-backed securities — 27 — 27 Convertible bonds 5,951 — 5,951 Corporate equities 41,378 — — 41,378 Securities sold, but not yet purchased at fair value 117,031 9,462 — 126,493 Derivative contracts: Futures 249 — — 249 Foreign currency forward contracts 2 — — 2 TBAs — 11,619 — 11,619 Interest rate lock commitments — — 923 923 ARS purchase commitments — — 1,369 1,369 Derivative contracts, total 251 11,619 2,292 14,162 Total $ 117,282 $ 21,081 $ 2,292 $ 140,655 (1) Included in other assets on the consolidated balance sheet. (2) Included in securities purchased under agreements to resell where the Company has elected fair value option treatment. 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) — — 9,508 9,508 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 lock commitments — — 7,576 7,576 Derivative contracts, total — 4,535 7,576 12,111 Total $ 639,582 $ 441,128 $ 108,670 $ 1,189,380 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 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 any of the levels in the years ended December 31, 2015 and 2014 . The following tables present changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the years ended December 31, 2015 and 2014 : (Expressed in thousands) Level 3 Assets and Liabilities For the Year Ended December 31, 2015 Beginning Balance Total Realized and Unrealized Gains (Losses) (5)(6) Purchases and Issuances Sales and Settlements Transfers In (Out) Ending Balance Assets Municipals $ 164 $ (63 ) $ — $ (20 ) $ — $ 81 Auction rate securities (1)(7)(8) 91,422 1,955 17,950 (24,525 ) — 86,802 Interest rate lock commitments (2) 7,576 1,585 — — — 9,161 Investments (3) 9,508 (944 ) 437 (738 ) — 8,263 Liabilities Interest rate lock commitments (2) 1,222 299 — — — 923 ARS purchase commitments (4) 902 (467 ) — — — 1,369 (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 year. (5) Included in principal transactions on the consolidated statement of income, except for investments which are included in other income on the consolidated statement of income. (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 year for regulatory and legal ARS settlements and awards. (Expressed in thousands) Level 3 Assets and Liabilities For the Year Ended December 31, 2014 Beginning Balance Total Realized and Unrealized Gains (Losses) (5)(6) Purchases and Issuances Sales and Settlements Transfers In (Out) Ending Balance Assets Municipals $ 236 $ (72 ) $ — $ — $ — $ 164 Auction rate securities (1)(7)(8) 85,124 (622 ) 20,625 (13,705 ) — 91,422 Interest rate lock commitments (2) 2,375 5,201 — — — 7,576 Investments (3) 5,946 101 5,178 (1,717 ) — 9,508 Liabilities Interest rate lock commitments (2) 3,653 2,431 — — — 1,222 ARS purchase commitments (4) 2,600 1,698 — — — 902 (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 year. (5) Included in principal transactions on the consolidated statement of income, except for investments which are included in other income on the consolidated statement of income. (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 year for regulatory and legal ARS settlements and awards. Financial Instruments Not Measured at Fair Value The table below presents the carry

Collateralized Transactions

Collateralized Transactions	12 Months Ended
	Dec. 31, 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 December 31, 2015 , bank call loans were $100.2 million ( $59.4 million at December 31, 2014 ). At December 31, 2015 , such loans were collateralized by firm and customer securities with market values of approximately $142.0 million and $327.4 million , respectively, with commercial banks. At December 31, 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 $88.5 million under securities loan agreements. At December 31, 2015 , the Company had pledged $416.0 million of customer securities directly with the Options Clearing Corporation to secure obligations and margin requirements under option contracts written by customers. At December 31, 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 December 31, 2015 : (Expressed in thousands) Overnight and Open Up to 30 Days Total Repurchase agreements: U.S. Treasury and Agency securities $ 726,988 $ — $ 726,988 Securities loaned: Equity securities 130,658 — 130,658 Gross amount of recognized liabilities for repurchase agreements and securities loaned $ 857,646 $ — $ 857,646 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 December 31, 2015 and 2014 : As of December 31, 2015 (Expressed in thousands) Gross Amounts Not Offset on the Balance Sheet Gross Amounts of Recognized Assets Gross Amounts Offset on the Balance Sheet Net Amounts of Assets Presented on the Balance Sheet Financial Instruments Cash Collateral Received Net Amount Reverse repurchase agreements $ 282,042 $ (75,543 ) $ 206,499 $ (203,266 ) $ — $ 3,233 Securities borrowed (1) 224,672 — 224,672 (219,099 ) — 5,573 Total $ 506,714 $ (75,543 ) $ 431,171 $ (422,365 ) $ — $ 8,806 (1) Included in receivable from brokers, dealers and clearing organizations on the consolidated balance sheet. Gross Amounts Not Offset on the Balance Sheet Gross Amounts of Recognized Liabilities Gross Amounts Offset on the Balance Sheet Net Amounts of Liabilities Presented on the Balance Sheet Financial Instruments Cash Collateral Pledged Net Amount Repurchase agreements $ 726,988 $ (75,543 ) $ 651,445 $ (645,498 ) $ — $ 5,947 Securities loaned (2) 130,658 — 130,658 (122,650 ) — 8,008 Total $ 857,646 $ (75,543 ) $ 782,103 $ (768,148 ) $ — $ 13,955 (2) Included in payable to brokers, dealers and clearing organizations on the consolidated balance sheet. As of December 31, 2014 (Expressed in thousands) Gross Amounts Not Offset Gross Gross Net Amounts Financial Cash 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 consolidated balance sheet. Gross Amounts Not Offset on the Balance Sheet Gross Amounts of Recognized Liabilities Gross Amounts Offset on 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 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 December 31, 2015 , the fair value of the reverse repurchase agreements and repurchase agreements for which the fair value option was elected were $206.5 million and $nil , respectively. 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 December 31, 2015 , the fair value of securities received as collateral under securities borrowed transactions and reverse repurchase agreements was $217.0 million ( $235.1 million at December 31, 2014 ) and $278.8 million ( $314.1 million at December 31, 2014 ), respectively, of which the Company has sold and re-pledged approximately $36.0 million ( $4.4 million at December 31, 2014 ) under securities loaned transactions and $278.8 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 $546.3 million , as presented on the face of the consolidated balance sheet at December 31, 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 $142.7 million at December 31, 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 December 31, 2015 are receivables from three major U.S. broker-dealers totaling approximately $129.9 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 December 31, 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 one to three 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 December 31, 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 and Oppenheimer through BNP Securities Corp. 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 December 31, 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 provides a facility that allows OMHHF to fund the loan at the closing table. Warehouse payable represents the warehouse line amount outstanding with PNC and is included in accounts payable and other liabilities on the consolidated balance sheet and cash flows from operating activities on the consolidated statement of cash flows. OMHHF repays PNC upon the securitization of the mortgage by 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 December 31, 2015 , OMHHF had $54.3 million ( $16.7 million at December 31, 2014 ) 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 year ended December 31, 2015 was $928,500 ( $570,700 in 2014 and $764,500 in 2013 ). The Company's ability to originate mortgage loans depends upon our 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

Variable Interest Entities	12 Months Ended
	Dec. 31, 2015
Noncontrolling Interest [Abstract]
Variable Interest Entities	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 its maximum exposure to loss. The subsidiaries' general partnership and limited partnership interests and management fees receivable are included in other assets on the 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 December 31, 2015 and 2014 : (Expressed in thousands) At December 31, 2015 Total VIE Assets (1) Carrying Value of the Capital Commitments Maximum Exposure to Loss in Non-consolidated VIEs Assets (2) Liabilities Hedge funds $ 1,775,503 $ 1,354 $ — $ — $ 1,354 Private equity funds 54,800 27 — 2 29 Total $ 1,830,303 $ 1,381 $ — $ 2 $ 1,383 (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 consolidated balance sheet. (Expressed in thousands) At December 31, 2014 Total (1) Carrying Value of the Capital Maximum Assets (2) Liabilities 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 consolidated balance sheet.

Commercial Mortgage Banking

Commercial Mortgage Banking	12 Months Ended
	Dec. 31, 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 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 $25.7 million for the year ended December 31, 2015 ( $9.8 million in 2014 and $14.5 million in 2013 ). 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 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 $421.5 million at December 31, 2015 ( $285.5 million at December 31, 2014 ). These amounts are not included on the consolidated balance sheet as such amounts are not OMHHF’s assets. Certain cash deposits at financial institutions exceeded the FDIC-insured limits or other institutionally provided insurance. The combined uninsured balance with relation to escrow accounts at December 31, 2015 was approximately $301.3 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 December 31, 2015 and 2014 was as follows: (Expressed in thousands) 2015 2014 Unpaid principal balance of loans $ 3,974,292 $ 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 $41.8 million and $42.3 million at December 31, 2015 and 2014 , respectively (carrying value of $28.2 million and $30.1 million at December 31, 2015 and 2014 , respectively). The following tables summarize the changes in carrying value of MSRs for the years ended December 31, 2015 and 2014 : (Expressed in thousands) Year Ended December 31, 2015 2014 Balance at beginning of year $ 30,140 $ 28,879 Originations (1) 6,569 5,956 Purchases 799 345 Disposals (1) (8,613 ) (2,221 ) Amortization expense (727 ) (2,819 ) Balance at end of year $ 28,168 $ 30,140 (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 2016 $ 3,039 $ 1,084 $ 4,123 2017 3,036 1,082 4,118 2018 3,008 1,075 4,083 2019 2,913 1,014 3,927 2020 2,758 912 3,670 Thereafter 6,962 1,285 8,247 $ 21,716 $ 6,452 $ 28,168 The Company receives fees during the course of servicing the mortgage loans. The fees for the years ended December 31, 2015 , 2014 and 2013 were as follows: (Expressed in thousands) For the Year Ended December 31, 2015 2014 2013 Servicing fees $ 5,848 $ 5,552 $ 5,049 Ancillary fees 310 328 528 Total MSR fees $ 6,158 $ 5,880 $ 5,577

Office Facilities

Office Facilities	12 Months Ended
	Dec. 31, 2015
Property, Plant and Equipment [Abstract]
Office Facilities	Office facilities (Expressed in thousands) Year Ended December 31, 2015 2014 Furniture, fixtures and equipment $ 75,858 $ 78,940 Leasehold improvements 57,393 54,196 Total 133,251 133,136 Less accumulated depreciation (104,961 ) (103,547 ) Total $ 28,290 $ 29,589 Depreciation and amortization expense, included in occupancy and equipment costs on the consolidated statement of income, was $7.2 million , $7.7 million and $9.4 million in the years ended December 31, 2015 , 2014 and 2013 , respectively.

Bank Call Loans

Bank Call Loans	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Bank Call Loans	Bank call loans Bank call loans, primarily payable on demand, bear interest at various rates but not exceeding the broker call rate, which was 2.25% at December 31, 2015 ( 2.0% at December 31, 2014 ). Details of the bank call loans are as follows: (Expressed in thousands, except percentages) 2015 2014 Year-end balance $ 100,200 $ 59,400 Weighted interest rate (at end of year) 1.56 % 1.22 % Maximum balance (at any month-end) 189,000 197,000 Average amount outstanding (during the year) 116,267 108,235 Average interest rate (during the year) 1.28 % 1.26 % Interest expense for the year ended December 31, 2015 on bank call loans was $1.5 million ( $1.4 million in 2014 and $2.2 million in 2013 ).

Long-Term Debt

Long-Term Debt	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Long-Term Debt	Long-term debt (Expressed in thousands) Issued Maturity Date December 31, 2015 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 December 31, 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 year ended December 31, 2015 on the Notes was $13.1 million ( $14.3 million in 2014 and $17.1 million in 2013 ). Interest paid on the Notes for the year ended December 31, 2015 was $13.1 million ( $15.1 million in 2014 ).

Share Capital

Share Capital	12 Months Ended
	Dec. 31, 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 ("Class A Stock"), par value $0.001 per share; and (c) 99,680 shares of Class B voting common stock ("Class B 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: 2015 2014 Class A Stock outstanding, beginning of year 13,530,688 13,377,967 Issued pursuant to shared-based compensation plans (Note 15) 131,524 152,721 Repurchased and canceled pursuant to the stock buy-back (423,726 ) — Class A Stock outstanding, end of year 13,238,486 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. During the three months ended December 31, 2015 , the Company purchased and canceled an aggregate of 94,882 shares of Class A Stock for a total consideration of $1.6 million ( $17.20 per share) under the New Program. As of December 31, 2015 , 570,118 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. Dividends The Company paid cash dividends of $0.44 per share to holders of Class A and Class B Stock in 2015 , 2014 and 2013 .

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 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 Stock and 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 options to purchase the Class A Stock and unvested restricted stock awards of Class A Stock using the treasury stock method. Earnings per share has been calculated as follows: (Expressed in thousands, except number of shares and per share amounts) For the Year Ended December 31, 2015 2014 2013 Basic weighted average number of shares outstanding 13,640,610 13,604,258 13,577,725 Net dilutive effect of share-based awards, treasury method (1) 650,924 646,405 546,335 Diluted weighted average number of shares outstanding 14,291,534 14,250,663 14,124,060 Net income for the year $ 2,898 $ 9,561 $ 26,153 Net income attributable to noncontrolling interest, net of tax 936 735 1,092 Net income attributable to Oppenheimer Holdings Inc. $ 1,962 $ 8,826 $ 25,061 Basic earnings per share $ 0.14 $ 0.65 $ 1.85 Diluted earnings per share $ 0.14 $ 0.62 $ 1.77 (1) For the year ended December 31, 2015 , the diluted earnings per share computation does not include the anti-dilutive effect of 5,309 shares of Class A Stock granted under share-based compensation arrangements ( 43,008 and 57,573 shares for the years ended December 31, 2014 and 2013 , respectively).

Income taxes

Income taxes	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Income taxes	Income taxes The income tax provision shown in the consolidated statements of income is reconciled to amounts of tax that would have been payable (recoverable) from the application of the federal tax rate to pre-tax profit, as follows: (Expressed in thousands) For the Year Ended December 31, 2015 2014 2013 Amount Percentage Amount Percentage Amount Percentage U.S. federal statutory income tax rate $ 2,348 35.0 % $ 9,008 35.0 % $ 15,368 35.0 % U.S. state and local income taxes, net of U.S. federal income tax benefits 373 5.5 % 2,033 7.9 % 2,131 4.9 % Unrecognized tax benefit 589 8.8 % 6 — % 1,244 2.8 % Tax exempt income, net of interest expense (696 ) -10.4 % (528 ) -2.0 % (715 ) -1.6 % Non-deductible regulatory settlements — — % 5,298 20.6 % — — % Business promotion and other non-deductible expenses 577 8.6 % 655 2.5 % 660 1.5 % Insurance proceeds, non-taxable — — % (65 ) -0.3 % (597 ) -1.4 % Adjustment to reflect prior year tax return filings 397 5.9 % 256 1.0 % (251 ) -0.6 % Tax rate change on deferred income taxes 116 1.7 % 241 0.9 % 208 0.5 % Tax rate differential on foreign operations 145 2.2 % (447 ) -1.7 % 185 0.4 % Other (36 ) -0.5 % (282 ) -1.1 % (477 ) -1.1 % Total income tax provision $ 3,813 56.8 % $ 16,175 62.8 % $ 17,756 40.4 % Income taxes included in the consolidated statements of income represent the following: (Expressed in thousands) For the Year Ended December 31, 2015 2014 2013 Current: U.S. federal tax (benefit) $ (1,738 ) $ 10,302 $ (2,984 ) State and local tax 832 1,520 1,885 Non-U.S. operations 181 (264 ) 116 Total Current (725 ) 11,558 (983 ) Deferred: U.S. federal tax 3,173 1,273 16,658 State and local tax 1,145 2,057 2,482 Non-U.S. operations 220 1,287 (401 ) Total Deferred 4,538 4,617 18,739 Total $ 3,813 $ 16,175 $ 17,756 Profit (loss) before income tax provision (benefit) with respect to foreign operations was $732,000 , $4.3 million and $(1.3) million for the years ended December 31, 2015 , 2014 and 2013 , respectively. Tax expense for 2015 was lower than in 2014 primarily because the Company earned less pretax income in 2015 than in 2014. The effective tax rate for 2015 was lower than the effective tax rate in 2014 mainly due to nondeductible penalties incurred in 2014 pursuant to regulatory settlements. U.S. income and foreign withholding taxes have not been recognized on the excess of the amount for financial reporting over the tax basis of investments in foreign subsidiaries that is indefinitely reinvested outside the United States. This amount becomes taxable upon a repatriation of assets from the subsidiary or a sale or liquidation of the subsidiary. The amount of such taxable temporary differences totaled $20.5 million as of December 31, 2015 . The unrecognized deferred tax liability associated with earnings of foreign subsidiaries, net of associated U.S. foreign tax credits, is $2.5 million for those subsidiaries with respect to which the Company would be subject to residual U.S. tax on cumulative earnings through 2015 were those earnings to be repatriated. Deferred income taxes reflect the net tax effects of temporary differences between the financial reporting and tax bases of assets and liabilities and are measured using enacted tax rates and laws that will be in effect when such differences are expected to reverse. Significant components of the Company’s deferred tax assets and liabilities at December 31, 2015 and 2014 were as follows: (Expressed in thousands) For the Year Ended December 31, 2015 2014 Deferred tax assets: Employee deferred compensation plans $ 27,423 $ 30,969 Deferred rent 10,582 10,024 Lease incentive 5,855 6,212 Broker notes 3,441 3,460 Auction rate securities reserve 2,666 3,229 Net operating loss 2,834 2,896 Involuntary conversion 2,245 2,033 Reserve for litigation and legal fees 3,350 5,808 Allowance for doubtful accounts 1,037 984 State and local net operating loss/credit carryforward 1,330 357 Other 2,718 2,650 Total deferred tax assets 63,481 68,622 Valuation allowance 126 113 Deferred tax assets after valuation allowance 63,355 68,509 Deferred tax liabilities: Goodwill amortization (Section 197) 53,364 48,025 Partnership investments 7,444 10,865 Mortgage servicing rights 10,571 12,173 Company owned life insurance 6,431 6,501 Change in accounting method 1,313 2,591 Book versus tax depreciation differences 657 982 Other 248 469 Total deferred tax liabilities 80,028 81,606 Deferred tax liabilities, net $ (16,673 ) $ (13,097 ) The Company has deferred tax assets at December 31, 2015 of $1.3 million , $1.0 million and $397,000 arising from net operating losses incurred by Oppenheimer Israel (OPCO) Ltd., Oppenheimer Investments Asia Limited, and Oppenheimer Europe Ltd., respectively. The Company believes that realization of the deferred tax assets is more likely than not based on expectations of future taxable income in Israel, Asia and Europe. These net operating losses carry forward indefinitely and are not subject to expiration, provided that these subsidiaries and their underlying businesses continue operating normally (as is anticipated). Goodwill arising from the acquisitions of Josephthal Group Inc. and the Oppenheimer Divisions is being amortized for tax purposes on a straight-line basis over 15 years. The difference between book and tax is recorded as a deferred tax liability. The Company or one or more of its subsidiaries file income tax returns in the U.S. federal jurisdiction and in various states and foreign jurisdictions. The Company has closed tax years through 2010 in the U.S. federal jurisdiction. The Company is under examination in various states and overseas jurisdictions in which the Company has significant business operations. The Company has closed tax years through 2007 for New York State and is currently under exam for the period 2008 to 2011 . The Company also has closed tax years through 2008 with New York City and is currently under exam for the 2009 to 2012 tax years. With few exceptions, the Company is no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations for years before 2010. The Company is currently under examination for the 2013 federal tax return. The Company has unrecognized tax benefits of $2.5 million , $1.6 million and $1.6 million as of December 31, 2015 , 2014 and 2013 , respectively (as shown on the table below). Included in the balance of unrecognized tax benefits as of December 31, 2015 and 2014 are $1.8 million and $1.3 million of tax benefits for either year that, if recognized, would affect the effective tax rate. During the year ended December 31, 2013, the Company reclassified $4.9 million of unrecognized tax benefit to other tax accounts when the Internal Revenue Service approved the Company’s application for a tax accounting method change. A reconciliation of the beginning and ending amount of unrecognized tax benefit follows: (Expressed in thousands) 2015 2014 2013 Balance at January 1, $ 1,583 $ 1,574 $ 5,236 Additions for tax positions of prior years 907 — 1,168 Additions for tax positions of current year — 9 77 Reclass to other tax accounts — — (4,907 ) Balance at December 31, $ 2,490 $ 1,583 $ 1,574 On its consolidated statements of income, the Company records interest and penalties accruing on unrecognized tax benefits in income before tax provision as interest expense and other expense, respectively. For the years ended December 31, 2015 and 2014 , the Company recorded tax-related interest expense of $23,000 and $22,000 , respectively, in its consolidated statement of income. At December 31, 2015 and 2014 , the Company had an income tax-related interest payable of $106,000 and $83,000 , respectively, on its consolidated balance sheet.

Employee Compensation Plans

Employee Compensation Plans	12 Months Ended
	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Employee Compensation Plans	Employee compensation plans The Company maintains various employee compensation plans for the benefits of its employees. The two types of employee compensation are granted under share-based compensation and cash-based compensation plans. Share-based Compensation Equity Incentive Plan Under the Company's 2006 Equity Incentive Plan, adopted December 11, 2006 and amended December 2011, and its 1996 Equity Incentive Plan, as amended March 10, 2005 (together "EIP"), the Compensation Committee of the Board of Directors of the Company could grant options to purchase Class A Stock, Class A Stock awards and restricted Class A Stock awards to officers and key employees of the Company and its subsidiaries. Options were generally granted for a five -year term and generally vest at the rate of 25% of the amount granted on the second anniversary of the grant, 25% on the third anniversary of the grant, 25% on the fourth anniversary of the grant and 25% 6 months before expiration. The EIP has been amended, restated and replaced by the OIP, discussed below. Employee Share Plan On March 10, 2005, the Company approved the Oppenheimer & Co. Inc. Employee Share Plan ("ESP") for employees of the Company and its subsidiaries to attract, retain and provide incentives to key management employees. The Compensation Committee of the Board of Directors of the Company could grant Class A Stock awards and restricted Class A Stock awards pursuant to the ESP. ESP awards were generally awarded for a three or five year term which fully vest at the end of the term. The ESP has been amended, restated and replaced by the OIP, discussed below. Oppenheimer Holdings Inc. 2014 Incentive Plan On February 26, 2014, the Company adopted the Oppenheimer Holdings Inc. 2014 Incentive Plan (the "OIP"). The OIP amends, restates and replaces two separate plans previously in place, the EIP and ESP (the "Prior Plans"), as described above. The OIP permits the Company to grant options to purchase Class A Stock, Class A Stock awards and restricted Class A Stock to or for the benefit of employees and non-employee directors of the Company and its affiliates as part of their compensation. After February 26, 2014, n o additional awards shall be made under the Prior Plans, although outstanding awards previously made under the Prior Plans shall continue to be governed by the terms of the applicable Prior Plan. Oppenheimer Holdings Inc. Stock Appreciation Right Plan Under the Oppenheimer Holdings Inc. Stock Appreciation Right Plan, the Company awards stock appreciation rights ("OARs") to certain employees as part of their compensation package based on a formula reflecting gross production and length of service. These awards are granted once per year in January with respect to the prior year's production. The OARs vest five years from grant date and settle in cash at vesting. Restricted stock - The Company has granted restricted stock awards pursuant to the EIP, ESP and OIP. The following table summarizes the status of the Company's non-vested restricted Class A Stock awards under the EIP, ESP and OIP for the year ended December 31, 2015 : Number of Class A Shares Subject to Restricted Stock Awards Weighted Average Fair Value Remaining Contractual Life Nonvested at beginning of year 1,239,346 $ 20.12 1.7 Years Granted 399,566 19.05 3.4 Years Vested (210,516 ) 24.59 — Forfeited (170,838 ) 18.27 — Nonvested at end of year 1,257,558 $ 19.29 1.7 Years At December 31, 2015 , all outstanding restricted Class A Stock awards were non-vested. The aggregate intrinsic value of restricted Class A Stock awards outstanding as of December 31, 2015 was approximately $21.9 million . The aggregate intrinsic value of restricted Class A Stock awards that are expected to vest is $21.1 million as of December 31, 2015 . During the year ended December 31, 2015 , the Company included approximately $4.6 million ( $5.6 million in 2014 and $5.0 million in 2013 ) of compensation expense in its consolidated statements of income relating to restricted Class A Stock awards. As of December 31, 2015 , there was approximately $9.5 million of total unrecognized compensation cost related to unvested restricted Class A Stock awards. The cost is expected to be recognized over a weighted average period of 1.7 years. At December 31, 2015 , the number of shares of Class A Stock available under the share-based compensation plans, but not yet awarded, was 882,401 . On January 28, 2016, the Company awarded 28,000 restricted shares of Class A Stock to its non-employee directors under the OIP. These shares of Class A Stock will vest as follows: 25% on July 27, 2016, July 27, 2017, July 27, 2018 and July 27, 2019. On February 24, 2016, the Company awarded a total of 355,833 restricted shares of Class A Stock to current employees pursuant to the OIP. Of these restricted shares, 98,333 shares will cliff vest in three years and 257,500 shares will cliff vest in five years. These awards will be expensed over the applicable three or five year vesting period. Stock options - The Company has granted stock options pursuant to the EIP and OIP. The fair value of each award of stock options was estimated on the grant date using the Black-Scholes model with the following assumptions: Grant Date Assumptions 2015 2014 2013 2012 2011 Expected term (1) 5 years 5 years 5 years 5 years 5 years Expected volatility factor (2) 55.43 % 56.31 % 53.82 % 54.95 % 52.52 % Risk-free interest rate (3) 1.27 % 1.49 % 0.84 % 0.70 % 2.00 % Actual dividends (4) $ 0.44 $ 0.44 $ 0.44 $ 0.44 $ 0.44 (1) The expected term was determined based on actual awards. (2) The volatility factor was measured using the weighted average of historical daily price changes of the Company's Class A Stock over a historical period commensurate to the expected term of the awards. (3) The risk-free interest rate was based on periods equal to the expected term of the awards based on the U.S. Treasury yield curve in effect at the time of grant. (4) Actual dividends were used to compute the expected annual dividend yield. Stock option activity under the OIP and EIP since January 1, 2014 is summarized as follows: Year Ended December 31, 2015 2014 Number of Options Weighted Average Exercise Price Number of Options Weighted Average Exercise Price Options outstanding at beginning of year 45,549 $ 25.50 72,573 $ 24.46 Options granted 4,177 19.76 2,976 23.49 Options exercised — — (15,000 ) 12.33 Options forfeited or expired (37,699 ) 26.12 (15,000 ) 33.22 Options outstanding at end of year 12,027 $ 21.57 45,549 $ 25.50 Options vested at end of year 3,366 $ 23.56 30,513 $ 25.99 Weighted average fair value of options granted during the year $ 7.87 $ 9.94 The aggregate intrinsic value of options outstanding as of December 31, 2015 was $171 . The aggregate intrinsic value of vested options as of December 31, 2015 was $43 . The aggregate intrinsic value of options that are expected to vest is $163 as of December 31, 2015 . The following table summarizes stock options outstanding and exercisable as of December 31, 2015 : Range of Exercise Prices Number of Options Outstanding Weighted Average Remaining Contractual Life Weighted Average Exercise Price of Outstanding Options Number of Options Exercisable (Vested) Weighted Average Exercise Price of Vested Options $17.20 - $20.00 6,718 3.08 Years $ 19.29 1,033 $ 18.82 $20.01 - $25.66 5,309 1.76 Years 24.44 2,333 25.66 $17.20 - $25.66 12,027 2.50 Years $ 21.57 3,366 $ 23.56 The following table summarizes the status of the Company's non-vested options for the year ended December 31, 2015 : Number of Options Weighted Average Fair Value Nonvested at beginning of year 15,036 $ 10.17 Granted 4,177 7.87 Vested (10,552 ) 10.66 Nonvested at end of year 8,661 $ 8.46 In the year ended December 31, 2015 , the Company has included approximately $69,900 ( $133,600 in 2014 and $158,200 in 2013 ) of compensation expense in its consolidated statement of income relating to the expensing of stock options. As of December 31, 2015 , there was approximately $44,500 of total unrecognized compensation cost related to unvested share-based compensation arrangements granted under the EIP. The cost is expected to be recognized over a weighted average period of 2.50 years. On February 24, 2016, the Company awarded a total of 3,907 options to purchase Class A Stock to current employees pursuant to the OIP. These options will be expensed over 4.5 years (the vesting period). OARs - The Company has awarded OARs pursuant to the Oppenheimer Holdings Inc. Stock Appreciation Right Plan. The following table summarized the status of the Company's outstanding OARs awards as of December 31, 2015 : Grant Date Number of OARs Outstanding Strike Price Remaining Contractual Life Fair Value at December 31, 2015 January 13, 2011 289,320 $ 26.35 12 Days $ — January 19, 2012 324,710 18.94 1 Year 1.52 January 14, 2013 347,130 15.94 2 Years 3.45 January 14, 2014 442,790 23.48 3 Years 1.78 January 9, 2015 503,080 21.94 4 Years 2.74 1,907,030 Total weighted average values $ 21.36 2.3 Years $ 2.02 At December 31, 2015 , all outstanding OARs were unvested. At December 31, 2015 , the aggregate intrinsic value of OARs outstanding and expected to vest was $499,900 . In the year ended December 31, 2015 , the Company included approximately a net credit of $1.8 million ( $380,100 of expense in 2014 and $4.1 million of expense in 2013 ) in compensation expense in its consolidated statement of income relating to OARs awards. The liability related to the OARs was approximately $1.6 million as of December 31, 2015 . As of December 31, 2015 , there was approximately $2.1 million of total unrecognized compensation cost related to unvested OARs. The cost is expected to be recognized over a weighted average period of 2.3 years. On January 6, 2016, 491,160 OARs were awarded to Oppenheimer employees related to fiscal 2015 performance. These OARs will be expensed over 5 years (the vesting period). Cash-based Compensation Plan Defined Contribution Plan The Company, through its subsidiaries, maintains a defined contribution plan covering substantially all full-time U.S. employees. The Oppenheimer & Co. Inc. 401(k) Plan provides that Oppenheimer may make discretionary contributions. Eligible Oppenheimer employees could make voluntary contributions which could not exceed $18,000 , $17,500 and $17,500 per annum in 2015 , 2014 and 2013 , respectively. The Company made contributions to the 401(k) Plan of $1.6 million , $1.2 million and $1.3 million in 2015 , 2014 and 2013 , respectively. Deferred Compensation Plans The Company maintains an Executive Deferred Compensation Plan ("EDCP") and a Deferred Incentive Plan ("DIP") in order to offer certain qualified high-performing financial advisers a bonus based upon a formula reflecting years of service, production, net commissions and a valuation of their clients' assets. The bonus amounts resulted in deferrals in fiscal 2015 of approximately $8.3 million ( $8.6 million in 2014 and $8.5 million in 2013 ). These deferrals normally vest after five years. The liability is being recognized on a straight-line basis over the vesting period. The EDCP also includes voluntary deferrals by senior executives that are not subject to vesting. The Company maintains a Company-owned life insurance policy, which is designed to offset approximately 60% of the EDCP liability. The EDCP liability is being tracked against the value of a benchmark investment portfolio held for this purpose. At December 31, 2015 , the Company's liability with respect to the EDCP and DIP totaled $49.0 million and is included in accrued compensation on the consolidated balance sheet at December 31, 2015 . In addition, the Company is maintaining a deferred compensation plan on behalf of certain employees who were formerly employed by CIBC World Markets. The liability is being tracked against the value of an investment portfolio held by the Company for this purpose and, therefore, the liability fluctuates with the fair value of the underlying portfolio. At December 31, 2015 , the Company's liability with respect to this plan totaled $14.3 million . The total amount expensed in 2015 for the Company's deferred compensation plans was $8.6 million ( $11.4 million in 2014 and $17.8 million in 2013 ).

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and contingencies Commitments The Company and its subsidiaries have operating leases for office space, equipment and furniture and fixtures expiring at various dates through 2028 . Future minimum rental commitments under such office and equipment leases as at December 31, 2015 are as follows: (Expressed in thousands) 2016 $ 40,577 2017 36,989 2018 34,749 2019 29,105 2020 21,549 2021 and thereafter 113,982 $ 276,951 The above table includes operating leases which have been signed by the Company’s subsidiary, Viner Finance Inc., in which the Company is responsible for rent charges associated with its occupancy. Certain of the leases contain provisions for rent increases based on changes in costs incurred by the lessor. The Company's rent expense for the year ended December 31, 2015 was $45.9 million ( $45.6 million in 2014 and $46.4 million in 2013 ). At December 31, 2015 , the Company had capital commitments of approximately $5.1 million with respect to its obligations in its role as sponsor for certain private equity funds. At December 31, 2015 , the Company had no collateralized or uncollateralized letters of credit outstanding. 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 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 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 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 $51.0 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 December 31, 2015 , the Company had $5.0 million 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 December 31, 2015 , the Company purchased and holds (net of redemptions) approximately $92.0 million in ARS from its clients. In addition, the Company is committed to purchase another $22.8 million in ARS from clients through 2020 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 $57.0 million of ARS principal value as of December 31, 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 to 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 December 31, 2015 , no ARS purchase commitments related to legal settlements extended past 2020. 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"). 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. As of December 31, 2015, the Company was fully reserved for the remaining $10 million related to the aforementioned matters. 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.

Regulatory Requirements

Regulatory Requirements	12 Months Ended
	Dec. 31, 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 Securities 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 December 31, 2015 , the net capital of Oppenheimer as calculated under the Rule was $144.8 million or 12.34% of Oppenheimer's aggregate debit items. This was $121.4 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 $100,000 or 6-2/3% of aggregate indebtedness, as defined. At December 31, 2015 , Freedom had net capital of $5.8 million , which was $5.7 million in excess of the $100,000 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 December 31, 2015 , the capital required and held under CRD IV was as follows: • Common Equity Tier 1 ratio 12.32% (required 4.5% ); • Tier 1 Capital ratio 12.32% (required 6.0% ); and • Total Capital ratio 13.75% (required 8.0% ). At December 31, 2015 , the regulatory capital of Oppenheimer Investments Asia Limited was $2.5 million , which was $2.1 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.

Goodwill and intangibles

Goodwill and intangibles	12 Months Ended
	Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and intangibles	Goodwill and intangibles Goodwill The Company's goodwill of $137.9 million resides in its PCD reporting unit. The Company performed its annual test for goodwill impairment as of December 31, 2015 and 2014 , which did not result in any impairment charges. At each annual goodwill impairment testing date, the PCD reporting unit had a fair value that was substantially in excess of its carrying value. Intangible Assets Indefinite intangible assets are comprised of trademarks and trade names. Trademarks and trade names, carried at $31.7 million , which are not amortized, are subject to at least an annual test for impairment to determine if the estimated fair value is less than their carrying amount. Trademarks and trade names recorded at December 31, 2015 and 2014 have been tested for impairment and it has been determined that no impairment has occurred.

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 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 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 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 (loss) before taxes of the Company for the years ended December 31, 2015 , 2014 and 2013 . Asset information 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 Year Ended December 31, 2015 2014 2013 Revenue Private client (1) $ 521,526 $ 582,364 $ 600,071 Asset management (1) 97,121 99,964 102,214 Capital markets 279,589 298,597 281,377 Commercial mortgage banking 30,584 23,329 34,144 Corporate/Other (435 ) 210 1,908 Total $ 928,385 $ 1,004,464 $ 1,019,714 Income (loss) before income tax provision (benefit) Private client (1) $ 59,016 $ 60,116 $ 65,924 Asset management (1) 33,133 33,707 40,951 Capital markets 5,167 17,819 6,968 Commercial mortgage banking 9,139 8,546 11,413 Corporate/Other (99,744 ) (94,452 ) (81,347 ) Total $ 6,711 $ 25,736 $ 43,909 (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 years ended December 31, 2015 , 2014 and 2013 was as follows: (Expressed in thousands) Year Ended December 31, 2015 2014 2013 Americas $ 883,805 $ 955,361 $ 978,249 Europe/Middle East 40,603 43,087 36,516 Asia 3,977 6,016 4,949 Total $ 928,385 $ 1,004,464 $ 1,019,714

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2015
Subsequent Events [Abstract]
Subsequent Events	Subsequent events On January 29, 2016 , the Company announced a quarterly dividend in the amount of $0.11 per share, paid on February 26, 2016 to holders of Class A Stock and Class B Stock of record on February 12, 2016 .

Quarterly information (unaudite

Quarterly information (unaudited)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Quarterly information (unaudited)	Quarterly information (unaudited) (Expressed in thousands, except per share amounts) Fiscal Quarters For the Year Ended December 31, 2015 Fourth Third Second First Year Revenue $ 230,360 $ 213,536 $ 238,928 $ 245,561 $ 928,385 Income (loss) before income tax provision (benefit) (4,243 ) (1,527 ) 2,630 9,851 6,711 Net income (loss) attributable to Oppenheimer Holdings Inc. (3,144 ) (908 ) 295 5,719 1,962 Earnings (loss) per share attributable to Oppenheimer Holdings Inc. Basic (0.23 ) (0.07 ) 0.02 0.42 0.14 Diluted (0.23 ) (0.07 ) 0.02 0.40 0.14 Dividends per share 0.11 0.11 0.11 0.11 0.44 Market price of Class A Stock (1) High 20.98 26.80 27.99 24.41 27.99 Low 15.60 17.40 22.30 19.04 15.60 (1) The price quotations above were obtained from the New York Stock Exchange website. (Expressed in thousands, except per share amounts) Fiscal Quarters For the Year Ended December 31, 2014 Fourth Third Second First Year Revenue $ 254,928 $ 244,679 $ 249,689 $ 255,168 $ 1,004,464 Income before income tax provision 9,595 10,896 136 5,109 25,736 Net income (loss) attributable to Oppenheimer Holdings Inc. 2,686 4,470 (1,554 ) 3,224 8,826 Earnings (loss) per share attributable to Oppenheimer Holdings Inc. Basic 0.20 0.33 (0.11 ) 0.24 0.65 Diluted 0.19 0.31 (0.11 ) 0.23 0.62 Dividends per share 0.11 0.11 0.11 0.11 0.44 Market price of Class A Stock (1) High 24.70 24.80 28.86 29.75 29.75 Low 19.97 19.76 21.28 22.26 19.76 (1) The price quotations above were obtained from the New York Stock Exchange website.

Condensed consolidating financi

Condensed consolidating financial information	12 Months Ended
	Dec. 31, 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 11. 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 DECEMBER 31, 2015 (Expressed in thousands) Parent Guarantor subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated ASSETS Cash and cash equivalents $ 907 $ 2,586 $ 59,871 $ — $ 63,364 Deposits with clearing organizations — — 49,490 — 49,490 Receivable from brokers, dealers and clearing organizations — — 360,913 — 360,913 Receivable from customers, net of allowance for credit losses of $2,545 — — 840,355 — 840,355 Income tax receivable 33,801 27,536 — (50,400 ) 10,937 Securities purchased under agreements to resell — — 206,499 — 206,499 Securities owned, including amounts pledged of $546,334 at fair value — 1,183 734,210 — 735,393 Notes receivable, net of accumulated amortization and allowance for uncollectibles of $54,919 and $8,444, respectively — — 32,849 — 32,849 Office facilities, net of accumulated depreciation of $104,961 — 20,793 7,497 — 28,290 Loans held for sale, at fair value — — 60,234 — 60,234 Mortgage servicing rights — — 28,168 — 28,168 Subordinated loan receivable — 112,558 — (112,558 ) — Intangible assets — — 31,700 — 31,700 Goodwill — — 137,889 — 137,889 Other assets 1,201 3,224 102,458 — 106,883 Deferred tax assets 317 330 29,900 (30,547 ) — Investment in subsidiaries 577,320 532,651 — (1,109,971 ) — Intercompany receivables 60,187 13,185 — (73,372 ) — Total assets $ 673,733 $ 714,046 $ 2,682,033 $ (1,376,848 ) $ 2,692,964 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities Drafts payable $ — $ — $ 48,011 $ — $ 48,011 Bank call loans — — 100,200 — 100,200 Payable to brokers, dealers and clearing organizations — — 164,546 — 164,546 Payable to customers — — 594,833 — 594,833 Securities sold under agreements to repurchase — — 651,445 — 651,445 Securities sold, but not yet purchased, at fair value — — 126,493 — 126,493 Accrued compensation — — 150,898 — 150,898 Accounts payable and other liabilities 3,235 35,812 125,736 — 164,783 Income tax payable 2,440 22,189 25,771 (50,400 ) — Senior secured notes 150,000 — — — 150,000 Subordinated indebtedness — — 112,558 (112,558 ) — Deferred tax liabilities — — 47,220 (30,547 ) 16,673 Intercompany payables — 62,204 11,168 (73,372 ) — Total liabilities 155,675 120,205 2,158,879 (266,877 ) 2,167,882 Stockholders' equity Stockholders' equity attributable to Oppenheimer Holdings Inc. 518,058 593,841 516,130 (1,109,971 ) 518,058 Noncontrolling interest — — 7,024 — 7,024 Total stockholders' equity 518,058 593,841 523,154 (1,109,971 ) 525,082 Total liabilities and stockholders' equity $ 673,733 $ 714,046 $ 2,682,033 $ (1,376,848 ) $ 2,692,964 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 YEAR ENDED DECEMBER 31, 2015 (Expressed in thousands) Parent Guarantor subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated REVENUES Commissions $ — $ — $ 417,559 $ — $ 417,559 Advisory fees — 1,296 282,633 (3,682 ) 280,247 Investment banking — — 102,540 — 102,540 Interest — 10,237 51,055 (10,261 ) 51,031 Principal transactions, net — — 20,567 (64 ) 20,503 Other — 370 56,435 (300 ) 56,505 Total revenue — 11,903 930,789 (14,307 ) 928,385 EXPENSES Compensation and related expenses 1,185 — 622,041 — 623,226 Communications and technology 142 — 66,768 — 66,910 Occupancy and equipment costs — — 63,444 (300 ) 63,144 Clearing and exchange fees — — 26,022 — 26,022 Interest 13,125 — 14,459 (10,261 ) 17,323 Other 1,663 892 126,240 (3,746 ) 125,049 Total expenses 16,115 892 918,974 (14,307 ) 921,674 Income (loss) before income tax provision (benefit) (16,115 ) 11,011 11,815 — 6,711 Income tax provision (benefit) (6,030 ) 5,553 4,290 — 3,813 Equity in earnings of subsidiaries 12,047 6,589 — (18,636 ) — Net income for the year 1,962 12,047 7,525 (18,636 ) 2,898 Less net income attributable to noncontrolling interest, net of tax — — 936 — 936 Net income attributable to Oppenheimer Holdings Inc. 1,962 12,047 6,589 (18,636 ) 1,962 Other comprehensive income — — 17 — 17 Total comprehensive income $ 1,962 $ 12,047 $ 6,606 $ (18,636 ) $ 1,979 OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2014 (Expressed in thousands) Parent Guarantor Non-guarantor Eliminations Consolidated REVENUES Commissions $ — $ — $ 469,829 $ — $ 469,829 Advisory fees — 1,139 283,785 (3,244 ) 281,680 Investment banking — — 125,598 — 125,598 Interest — 10,482 49,193 (10,431 ) 49,244 Principal transactions, net — 164 29,535 — 29,699 Other — 477 48,362 (425 ) 48,414 Total revenue — 12,262 1,006,302 (14,100 ) 1,004,464 EXPENSES Compensation and related expenses 1,047 — 663,594 — 664,641 Communications and technology 145 — 67,025 — 67,170 Occupancy and equipment costs — — 63,437 (425 ) 63,012 Clearing and exchange fees — — 24,709 — 24,709 Interest 14,401 — 13,831 (10,431 ) 17,801 Other 4,626 733 139,280 (3,244 ) 141,395 Total expenses 20,219 733 971,876 (14,100 ) 978,728 Income (loss) before income tax provision (benefit) (20,219 ) 11,529 34,426 — 25,736 Income tax provision (benefit) (7,917 ) 3,971 20,121 — 16,175 Equity in earnings of subsidiaries 21,128 13,570 — (34,698 ) — Net income for the year 8,826 21,128 14,305 (34,698 ) 9,561 Less net income attributable to noncontrolling interest, net of tax — — 735 — 735 Net income attributable to Oppenheimer Holdings Inc. 8,826 21,128 13,570 (34,698 ) 8,826 Other comprehensive loss — — (2,627 ) — (2,627 ) Total comprehensive income $ 8,826 $ 21,128 $ 10,943 $ (34,698 ) $ 6,199 OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2013 (Expressed in thousands) Parent Guarantor Non-guarantor Eliminations Consolidated REVENUES Commissions $ — $ — $ 486,767 $ — $ 486,767 Advisory fees — 825 276,913 (3,560 ) 274,178 Investment banking — — 97,977 — 97,977 Interest 5 11,128 53,401 (11,318 ) 53,216 Principal transactions, net — 79 43,689 — 43,768 Other — 180 63,808 (180 ) 63,808 Total revenue 5 12,212 1,022,555 (15,058 ) 1,019,714 EXPENSES Compensation and related expenses 1,124 — 674,812 — 675,936 Communications and technology 119 — 65,698 — 65,817 Occupancy and equipment costs — — 66,938 (180 ) 66,758 Clearing and exchange fees — — 24,481 — 24,481 Interest 17,500 — 19,960 (11,318 ) 26,142 Other 1,309 522 118,400 (3,560 ) 116,671 Total expenses 20,052 522 970,289 (15,058 ) 975,805 Income (loss) before income tax provision (benefit) (20,047 ) 11,690 52,266 — 43,909 Income tax provision (benefit) (7,110 ) 5,638 19,228 — 17,756 Equity in earnings of subsidiaries 37,998 31,946 — (69,944 ) — Net income for the year 25,061 37,998 33,038 (69,944 ) 26,153 Less net income attributable to noncontrolling interest, net of tax — — 1,092 — 1,092 Net income attributable to Oppenheimer Holdings Inc. 25,061 37,998 31,946 (69,944 ) 25,061 Other comprehensive income (loss) (3 ) — 1,505 — 1,502 Total comprehensive income $ 25,058 $ 37,998 $ 33,451 $ (69,944 ) $ 26,563 OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2015 (Expressed in thousands) Parent Guarantor subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities: Cash provided by (used in) operating activities $ 15,003 $ 1,029 $ (36,851 ) $ — $ (20,819 ) Cash flows from investing activities: Purchase of office facilities — — (5,889 ) — (5,889 ) Cash used in investing activities — — (5,889 ) — (5,889 ) Cash flows from financing activities: Cash dividends paid on Class A non-voting and Class B voting common stock (6,008 ) — — — (6,008 ) Repurchase of Class A non-voting common stock for cancellation (8,250 ) — — — (8,250 ) Tax deficiency from share-based awards (277 ) — — — (277 ) Increase in bank call loans, net — 40,800 — 40,800 Cash flow provided by (used in) in financing activities (14,535 ) — 40,800 — 26,265 Net increase (decrease) in cash and cash equivalents 468 1,029 (1,940 ) — (443 ) Cash and cash equivalents, beginning of the year 439 1,557 61,811 — $ 63,807 Cash and cash equivalents, end of the year $ 907 $ 2,586 $ 59,871 $ — $ 63,364 OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2014 (Expressed in thousands) Parent Guarantor subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities: Cash provided by (used in) operating activities $ 49,595 $ (29,344 ) $ 58,064 $ — $ 78,315 Cash flows from investing activities: Purchase of office facilities — — (4,398 ) — (4,398 ) Cash used in investing activities — — (4,398 ) — (4,398 ) Cash flows from financing activities: Cash dividends paid on Class A non-voting and Class B voting common stock (5,983 ) — — — (5,983 ) Issuance of Class A non-voting common stock 185 — — — 185 Tax benefit from share-based awards 1,194 — — — 1,194 Redemption of senior secured notes (45,000 ) — — — (45,000 ) Decrease in bank call loans, net — — (58,800 ) — (58,800 ) Cash flow used in financing activities (49,604 ) — (58,800 ) — (108,404 ) Net decrease in cash and cash equivalents (9 ) (29,344 ) (5,134 ) — (34,487 ) Cash and cash equivalents, beginning of the year 448 30,901 66,945 — 98,294 Cash and cash equivalents, end of the year $ 439 $ 1,557 $ 61,811 $ — $ 63,807 OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2013 (Expressed in thousands) Parent Guarantor subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities: Cash provided by (used in) operating activities $ 9,944 $ (9,757 ) $ (3,616 ) $ — $ (3,429 ) Cash flows from investing activities: Purchase of office facilities — — (14,012 ) — (14,012 ) Cash used in investing activities — — (14,012 ) — (14,012 ) Cash flows from financing activities: Cash dividends paid on Class A non-voting and Class B voting common stock (5,978 ) — — — (5,978 ) Issuance of Class A non-voting common stock 150 — — — 150 Repurchase of Class A non-voting common stock for cancellation (3,625 ) — — — (3,625 ) Tax deficiency from share-based awards (78 ) — — — (78 ) Decrease in bank call loans, net — — (10,100 ) — (10,100 ) Cash flow used in financing activities (9,531 ) — (10,100 ) — (19,631 ) Net increase (decrease) in cash and cash equivalents 413 (9,757 ) (27,728 ) — (37,072 ) Cash and cash equivalents, beginning of the year 35 40,658 94,673 — 135,366 Cash and cash equivalents, end of the year $ 448 $ 30,901 $ 66,945 $ — $ 98,294

Summary of Significant Accoun31

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America for purpose of inclusion in the Company's Annual Report on Form 10-K and in its annual report to stockholders. Intercompany transactions and balances have been eliminated in the preparation of the consolidated financial statements. Accounting standards require the Company to present noncontrolling interests as a separate component of stockholders' equity on the Company's consolidated balance sheet.
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the dates of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. In presenting the consolidated financial statements, management makes estimates regarding valuations of financial instruments, loans and allowances for credit losses, the outcome of legal and regulatory matters, goodwill and other intangible assets, stock-based compensation plans, mortgage servicing rights, and income taxes. Estimates, by their nature, are based on judgment and available information. Therefore, actual results could be materially different from these estimates. A discussion of certain areas in which estimates are a significant component of the amounts reported in the consolidated financial statements follows.
Financial Instruments and Fair Value	Financial Instruments and Fair Value Financial Instruments Securities owned, 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. Fair Value Measurements The Company adopted the accounting guidance for the fair value measurement of financial assets, which defines fair value, establishes a framework for measuring fair value, establishes a fair value measurement hierarchy, and expands fair value measurement disclosures. Fair value, as defined by the accounting guidance, is the price that would be received in the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy established by this accounting guidance prioritizes the inputs used in valuation techniques into the following three categories (highest to lowest priority): Level 1: Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets; Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly; and Level 3: Unobservable inputs that are significant to the overall fair value measurement. The Company's financial instruments that are recorded at fair value generally are classified within Level 1 or Level 2 within the fair value hierarchy using quoted market prices or quotes from market makers or broker-dealers. Financial instruments classified within Level 1 are valued based on quoted market prices in active markets and consist of U.S. government, federal agency, and sovereign government obligations, corporate equities, and certain money market instruments. Level 2 financial instruments primarily consist of investment grade and high-yield corporate debt, convertible bonds, mortgage and asset-backed securities, municipal obligations, and certain money market instruments. Financial instruments classified as Level 2 are valued based on quoted prices for similar assets and liabilities in active markets and quoted prices for identical or similar assets and liabilities in markets that are not active. Some financial instruments are classified within Level 3 within the fair value hierarchy as observable pricing inputs are not available due to limited market activity for the asset or liability. Such financial instruments include investments in hedge funds and private equity funds where the Company, through its subsidiaries, is general partner; less-liquid private label mortgage and asset-backed securities; certain distressed municipal securities; interest rate lock commitments where OMHHF enters into contractual commitments to originate (purchase) and sell multifamily mortgage loans at fixed prices with fixed expiration dates; and auction rate securities ("ARS"). Fair Value Option The Company has the option to measure certain financial assets and financial liabilities at fair value with changes in fair value recognized in earnings each period. The Company may make a fair value option election on an instrument-by-instrument basis at initial recognition of an asset or liability or upon an event that gives rise to a new basis of accounting for that instrument.
Consolidation	Consolidation The Company consolidates all subsidiaries in which it has a controlling financial interest, as well as any variable interest entities ("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. The Company reviews factors, including the rights of the equity holders and obligations of equity holders to absorb losses or receive expected residual returns, to determine if the investee is a VIE. In evaluating whether the Company is the primary beneficiary, the Company evaluates its economic interests in the entity held either directly or indirectly by the Company. Accounting Standards Update ("ASU") No. 2010-10, "Amendments for Certain Investment Funds," defers the application of the revised consolidation rules for a reporting entity's interest in an entity if certain conditions are met. ASU No. 2015-02, "Consolidation - Amendments to the Consolidation Analysis," eliminates 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 began after December 15, 2015 and early adoption is permitted. The Company will not early adopt this ASU. The adoption of this ASU will impact the disclosure of VIEs and will not have a material impact on the Company's consolidated financial statements.
Financing Receivables	Financing Receivables The Company's financing receivables include customer margin loans, reverse repurchase agreements, and securities borrowed transactions. The Company uses financing receivables to extend margin loans to customers, meet trade settlement requirements, and facilitate its matched-book arrangements and inventory requirements.
Allowance for Credit Losses	Allowance for Credit Losses The Company's financing receivables are secured by collateral received from clients and counterparties. In many cases, the Company is permitted to sell or re-pledge securities held as collateral. These securities may be used to collateralize repurchase agreements, to enter into securities lending agreements, to cover short positions or fulfill the obligation of fails to deliver. The Company monitors the market value of the collateral received on a daily basis and may require clients and counterparties to deposit additional collateral or return collateral pledged, when appropriate. Customer receivables, primarily consisting of customer margin loans collateralized by customer-owned securities, are stated net of allowance for credit losses. The Company reviews large customer accounts that do not comply with the Company's margin requirements on a case-by-case basis to determine the likelihood of collection and records an allowance for credit loss following that process. For small customer accounts that do not comply with the Company's margin requirements, the allowance for credit loss is generally recorded as the amount of unsecured or partially secured receivables. The Company also makes loans to financial advisers as part of its hiring process. These loans are recorded as notes receivable on its consolidated balance sheet. Allowances are established on these loans if the financial adviser is no longer associated with the Company and the loan has not been promptly repaid.
Legal and Regulatory Reserves	Legal and Regulatory Reserves The Company records reserves related to legal and regulatory proceedings in accounts payable and other liabilities. The determination of the amounts of these reserves requires significant judgment on the part of management. In accordance with applicable accounting guidance, the Company establishes reserves for litigation and regulatory matters where available information indicates that it is probable a liability had been incurred at the date of the consolidated financial statements and the Company can reasonably estimate the amount of that loss. When loss contingencies are not probable and cannot be reasonably estimated, the Company does not establish reserves. When determining whether to record a reserve, management considers many factors including, but not limited to, the amount of the claim; the stage and forum of the proceeding, the sophistication of the claimant, the amount of the loss, if any, in the client's account and the possibility of wrongdoing, if any, on the part of an employee of the Company; the basis and validity of the claim; previous results in similar cases; and applicable legal precedents and case law. Each legal and regulatory proceeding is reviewed with counsel in each accounting period and the reserve is adjusted as deemed appropriate by management. Any change in the reserve amount is recorded in the results of that period. The assumptions of management in determining the estimates of reserves may be incorrect and the actual disposition of a legal or regulatory proceeding could be greater or less than the reserve amount.
Goodwill	Goodwill The Company defines a reporting unit as an operating segment. The Company's goodwill resides in its Private Client Division ("PCD") reporting unit. Goodwill of a reporting unit is subject to at least an annual test for impairment to determine if the estimated fair value of a reporting unit is less than its carrying amount. Goodwill of a reporting unit is required to be tested for impairment between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Due to the volatility in the financial services sector and equity markets in general, determining whether an impairment of goodwill has occurred is increasingly difficult and requires management to exercise significant judgment. The Company's goodwill impairment analysis performed at December 31, 2015 applied the same valuation methodologies with consistent inputs as that performed at December 31, 2014 , as follows: In estimating the fair value of the PCD, the Company uses traditional standard valuation methods, including the market comparable approach and income approach. The market comparable approach is based on comparisons of the subject company to public companies whose stocks are actively traded ("Price Multiples") or to similar companies engaged in an actual merger or acquisition ("Precedent Transactions"). As part of this process, multiples of value relative to financial variables, such as earnings or stockholders' equity, are developed and applied to the appropriate financial variables of the subject company to indicate its value. The income approach involves estimating the present value of the subject company's future cash flows by using projections of the cash flows that the business is expected to generate, and discounting these cash flows at a given rate of return ("Discounted Cash Flow" or "DCF"). Each of these standard valuation methodologies requires the use of management estimates and assumptions. In its Price Multiples valuation analysis, the Company uses various operating metrics of comparable companies, including revenues, after-tax earnings, EBITDA as well as price-to-book value ratios at a point in time. The Company analyzes prices paid in Precedent Transactions that are comparable to the business conducted in the PCD. The DCF analysis includes the Company's assumptions regarding discount rate, growth rates of the PCD's revenues, expenses, EBITDA, and capital expenditures, adjusted for current economic conditions and expectations. The Company weighs each of the three valuation methods equally in its overall valuation. Given the subjectivity involved in selecting which valuation method to use, the corresponding weightings, and the input variables for use in the analyses, it is possible that a different valuation model and the selection of different input variables could produce a materially different estimate of the fair value of the PCD reporting unit.
Intangible Assets	Intangible Assets Indefinite intangible assets are comprised of trademarks and trade names.
Share-Based Compensation Plans	Share-Based Compensation Plans As part of the compensation to employees and directors, the Company uses stock-based compensation, consisting of restricted stock, stock options and stock appreciation rights. In accordance with ASC Topic 718, "Compensation - Stock Compensation," the Company classifies the stock options and restricted stock awards as equity awards, which requires the compensation cost to be recognized on the consolidated statements of income at grant date fair value. The fair value of restricted stock awards is determined based on the grant date closing price of the Company's Class A Stock adjusted for the present value of the dividend. The fair value of stock options is determined using the Black-Scholes model using a forfeiture rate based on historical results. Key assumptions used to estimate the fair value include the expected term and the expected volatility of the Company's Class A Stock over the term of the award, the risk-free interest rate over the expected term, and the Company's expected annual dividend yield. Compensation expense related to these awards is amortized over the service period of the award, net of estimated forfeitures. The Company classifies stock appreciation rights ("OARs") as liability awards, which requires the fair value to be remeasured at each reporting period until the award vests. The fair value of OARs is determined using the Black-Scholes model at the end of each reporting period. The adjusted liability is amortized on a straight-line basis over the vesting period.
Mortgage Servicing Rights	Mortgage Servicing Rights The Company's Mortgage Servicing Rights ("MSRs") assets are initially measured and recorded at fair value based on the present value of future net servicing income adjusted for factors such as discount rate and prepayment speeds. After initial measurement, MSRs are amortized over a ten year period. The Company assesses the capitalized MSRs for impairment quarterly by comparing the aggregate carrying value of the MSR portfolio to the aggregate estimated fair value of the portfolio.
Revenue Recognition	Revenue Recognition Brokerage Customers' securities and commodities transactions are reported on a settlement date basis, which is generally three business days after trade date for securities transactions and one day for commodities transactions. Related commission income and expense is recorded on a trade date basis. Principal Transactions Transactions in proprietary securities and related revenue and expenses are recorded on a trade date basis. Securities owned and securities sold, but not yet purchased, are reported at fair value generally based upon quoted prices. Realized and unrealized changes in fair value are recognized in principal transactions, net in the period in which the change occurs. Investment Banking Fees Underwriting revenues and advisory fees from mergers, acquisitions and restructuring transactions are recorded when services for the transactions are completed and income is reasonably determinable, generally as set forth under the terms of the engagement. Transaction-related expenses, primarily consisting of legal, travel and other costs directly associated with the transaction, are deferred and recognized in the same period as the related investment banking transaction revenue. Underwriting revenues are presented net of related expenses. Non-reimbursable expenses associated with advisory transactions are recorded within other expenses. Interest Interest revenue represents interest earned on margin debit balances, securities borrowed transactions, reverse repurchase agreements, fixed income securities, firm investments, and cash and cash equivalents. Interest revenue is recognized in the period earned based upon average or daily asset balances, contractual cash flows, and interest rates. Asset Management Asset management fees are generally recognized over the period the related service is provided based on the account value at the valuation date per the respective asset management agreements. In certain circumstances, OAM is entitled to receive performance (or incentive) fees when the return on assets under management ("AUM") exceeds certain benchmark returns or other performance targets. Performance fees are generally based on investment performance over a 12-month period and are not subject to adjustment once the measurement period ends. Such fees are computed as at the fund's year-end when the measurement period ends and generally are recorded as earned in the fourth quarter of the Company's fiscal year. Asset management fees and performance fees are included in advisory fees in the consolidated statements of income. Assets under management are not included as assets of the Company. Cash Sweep Income Cash sweep income consists of revenues earned from the Advantage Bank Deposit Program. Under this program, client funds are swept into deposit accounts at participating banks and are eligible for FDIC deposit insurance up to FDIC standard maximum deposit insurance amounts. The Company earns the net interest paid on these deposits after administrative fees are paid to the administrator of the program and a portion of interest is credited to clients. The net interest income earned in the period is recorded in other revenue.
Balance Sheet	Balance Sheet Cash and Cash Equivalents The Company defines cash equivalents as highly liquid investments with original maturities of less than 90 days that are not held for sale in the ordinary course of business. Receivables from / Payables to Brokers, Dealers and Clearing Organizations Securities borrowed and securities loaned are carried at the amounts of cash collateral advanced or received. Securities borrowed transactions require the Company to deposit cash or other collateral with the lender. The Company receives cash or collateral in an amount generally in excess of the market value of securities loaned. The Company monitors the market value of securities borrowed and loaned on a daily basis and may require counterparties to deposit additional collateral or return collateral pledged, when appropriate. Securities failed to deliver and receive represent the contract value of securities which have not been received or delivered by settlement date. Securities Purchased under Agreements to Resell and Securities Sold under Agreements to Repurchase Reverse repurchase agreements and repurchase agreements are treated as collateralized financing transactions and are recorded at their contractual amounts plus accrued interest. The resulting interest income and expense for these arrangements are included in interest income and interest expense in the consolidated statements of income. The Company can present the reverse repurchase and repurchase transactions on a net-by-counterparty basis when the specific offsetting requirements are satisfied. Notes Receivable Notes receivable represent recruiting and retention payments generally in the form of upfront loans to financial advisers and key revenue producers as part of the Company's overall growth strategy. These notes are generally forgiven and amortized over a service period of 3 to 5 years from the initial date of the note or based on productivity levels of employees. All such notes are contingent on the employees' continued employment with the Company. The unforgiven portion of the notes becomes due on demand in the event the employee departs during the service period. Amortization of notes receivable is included in the consolidated statements of income in compensation and related expenses. Office Facilities Office facilities are stated at cost less accumulated depreciation. Depreciation of furniture, fixtures, and equipment is provided on a straight-line basis generally over 3 - 7 years. Leasehold improvements are amortized on a straight-line basis over the shorter of the life of the improvement or the remaining term of the lease. Leases with escalating rents are expensed on a straight-line basis over the life of the lease. Landlord incentives are recorded as deferred rent and amortized, as reductions to lease expense, on a straight-line basis over the life of the applicable lease. Deferred rent is included in accounts payable and other liabilities in the consolidated balance sheet. Drafts Payable Drafts payable represent amounts drawn by the Company against a bank. Foreign Currency Translations Foreign currency balances have been translated into U.S. dollars as follows: monetary assets and liabilities at exchange rates prevailing at period end; revenue and expenses at average rates for the period; and non-monetary assets and stockholders' equity at historical rates. The functional currency of the overseas operations is the local currency in each location except for Oppenheimer Europe Ltd. and Oppenheimer Investments Asia Limited which have the U.S. dollar as their functional currency. Income Taxes The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Company recognizes deferred tax assets to the extent it believes these assets are more likely than not to be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies, and the results of recent operations. The Company records uncertain tax positions in accordance with ASC 740 on the basis of a two-step process whereby it determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. The Company records interest and penalties accruing on unrecognized tax benefits in income before income tax provision as interest expense and other expense, respectively, in its consolidated statement of income. The Company permanently reinvests eligible earnings of its foreign subsidiaries and, accordingly, does not accrue any U.S. income taxes that would arise if such earnings were repatriated.
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 began after December 15, 2014. The adoption of this accounting guidance did not have a material impact on the Company's 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 began December 15, 2015, except for the disclosures related to transactions accounted for as secured borrowings, which became effective for the period began on or after March 15, 2015. The adoption of this accounting guidance did not have a material impact on the Company's 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 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 was originally effective for the annual reporting period in the fiscal year that begins after December 15, 2016. In August 2015, the FASB issued ASU No. 2015-14, "Revenue from Contracts with Customers: Deferral of the Effective Date." which defers the effective date of the standard to 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 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 began December 15, 2015 and early adoption is permitted. The Company will not early adopt this ASU. The adoption of the ASU will not have a material impact on the Company's 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 began 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 adoption of the ASU will not have a material impact on its 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 began after December 15, 2015 and early adoption is permitted. The Company will not early adopt this ASU. The adoption of the ASU will impact the disclosure of VIEs but will not have a material impact on the Company's 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 began after December 15, 2015 and early adoption is permitted. The Company will not early adopt this ASU. The adoption of the ASU will not have a material impact on the Company's 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 began after December 15, 2015 and early adoption is permitted. The Company will not early adopt this ASU. The adoption of the ASU will not have a material impact on the Company's consolidated financial statements.

Receivable From and Payable t32

Receivable From and Payable to Brokers, Dealers and Clearing Organizations (Tables)	12 Months Ended
	Dec. 31, 2015
Brokers and Dealers [Abstract]
Receivable from and Payable to Brokers, Dealers and Clearing Organizations	(Expressed in thousands) As of December 31, 2015 2014 Receivable from brokers, dealers and clearing organizations consist of: Securities borrowed $ 224,672 $ 242,172 Receivable from brokers 49,458 38,149 Securities failed to deliver 7,799 11,055 Clearing organizations 25,030 21,106 Other 53,954 1,993 Total $ 360,913 $ 314,475 Payable to brokers, dealers and clearing organizations consist of: Securities loaned $ 130,658 $ 137,892 Payable to brokers 3,316 4,559 Securities failed to receive 21,513 23,573 Other 9,059 91,137 Total $ 164,546 $ 257,161

Fair value measurements (Tables

Fair value measurements (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2015 2014 Owned Sold Owned Sold U.S. Government, agency and sovereign obligations $ 509,614 $ 77,485 $ 570,607 $ 30,615 Corporate debt and other obligations 16,138 1,652 19,795 2,646 Mortgage and other asset-backed securities 3,504 27 6,689 255 Municipal obligations 30,132 — 60,833 51 Convertible bonds 54,693 5,951 49,813 11,369 Corporate equities 34,475 41,378 42,751 47,574 Money markets 35 — 1,245 — Auction rate securities 86,802 — 91,422 — Total $ 735,393 $ 126,493 $ 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 December 31, 2015 Product Principal Valuation Adjustment Fair Value Valuation Technique Unobservable Input Range Weighted Average Auction Rate Securities ("ARS") Owned (1) Auction Rate Preferred Securities $ 87,925 $ 4,550 $ 83,375 Discounted Cash Flow Discount Rate (2) 1.70% to 2.32% 2.00% Duration 4.0 Years 4.0 Years Current Yield (3) 0.44% to 0.85% 0.64% Municipal Auction Rate Securities 25 2 23 Discounted Cash Flow Discount Rate (4) 2.90% 2.90% Duration 4.5 Years 4.5 Years Current Yield (3) 1.14% 1.14% Student Loan Auction Rate Securities 400 27 373 Discounted Cash Flow Discount Rate (5) 3.30% 3.30% Duration 7.0 Years 7.0 Years Current Yield (3) 2.19% 2.19% Other (7) 3,625 594 3,031 Secondary Market Trading Activity Observable trades in inactive market for in-portfolio securities 83.62% of par 83.62% of par $ 91,975 $ 5,173 $ 86,802 Auction Rate Securities Commitments to Purchase (6) Auction Rate Preferred Securities $ 27,766 $ 1,366 $ 26,400 Discounted Cash Flow Discount Rate (2) 1.70% to 2.32% 2.00% Duration 4.0 Years 4.0 Years Current Yield (3) 0.44% to 0.85% 0.64% Municipal Auction Rate Securities 2 — 2 Discounted Cash Flow Discount Rate (4) 2.90% 2.90% Duration 4.5 Years 4.5 Years Current Yield (3) 1.14% 1.14% Student Loan Auction Rate Securities 45 3 42 Discounted Cash Flow Discount Rate (5) 3.30% 3.30% Duration 7.0 Years 7.0 Years Current Yield (3) 2.19% 2.19% $ 27,813 $ 1,369 $ 26,444 Total $ 119,788 $ 6,542 $ 113,246 (1) Principal amount represents the par value of the ARS and is included in securities owned in the consolidated balance sheet at December 31, 2015 . The valuation adjustment amount is included as a reduction to securities owned in the consolidated balance sheet at December 31, 2015 . (2) Derived by applying a multiple to the spread between 110% to 150% to the U.S. Treasury rate of 1.54% . (3) Based on current yields for ARS positions owned. (4) Derived by applying a multiple to the spread of 175% to the U.S. Treasury rate of 1.66% . (5) Derived by applying the sum of the spread of 1.20% to the U.S. Treasury rate of 2.10% . (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 consolidated balance sheet at December 31, 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 December 31, 2015 : (Expressed in thousands) Fair Value Unfunded Commitments Redemption Frequency Redemption Notice Period Hedge funds (1) $ 2,325 $ — Quarterly - Annually 30 - 120 Days Private equity funds (2) 5,302 1,251 N/A N/A $ 7,627 $ 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 December 31, 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 December 31, 2015 (Expressed in thousands) Fair Value Measurements at December 31, 2015 Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 13,000 $ — $ — $ 13,000 Deposits with clearing organizations 31,456 — — 31,456 Securities owned: U.S. Treasury securities 436,533 — — 436,533 U.S. Agency securities 25,240 46,176 — 71,416 Sovereign obligations — 1,665 — 1,665 Corporate debt and other obligations — 16,138 — 16,138 Mortgage and other asset-backed securities — 3,504 — 3,504 Municipal obligations — 30,051 81 30,132 Convertible bonds — 54,693 — 54,693 Corporate equities 34,475 — — 34,475 Money markets 35 — — 35 Auction rate securities — — 86,802 86,802 Securities owned, at fair value 496,283 152,227 86,883 735,393 Investments (1) — — 8,263 8,263 Loans held for sale — 60,234 — 60,234 Securities purchased under agreements to resell (2) — 206,499 — 206,499 Derivative contracts: TBAs — 6,448 — 6,448 Interest rate lock commitments — — 9,161 9,161 Derivative contracts, total — 6,448 9,161 15,609 Total $ 540,739 $ 425,408 $ 104,307 $ 1,070,454 Liabilities Securities sold, but not yet purchased: U.S. Treasury securities $ 75,653 $ — $ — $ 75,653 U.S. Agency securities — 15 — 15 Sovereign obligations — 1,817 — 1,817 Corporate debt and other obligations — 1,652 — 1,652 Mortgage and other asset-backed securities — 27 — 27 Convertible bonds 5,951 — 5,951 Corporate equities 41,378 — — 41,378 Securities sold, but not yet purchased at fair value 117,031 9,462 — 126,493 Derivative contracts: Futures 249 — — 249 Foreign currency forward contracts 2 — — 2 TBAs — 11,619 — 11,619 Interest rate lock commitments — — 923 923 ARS purchase commitments — — 1,369 1,369 Derivative contracts, total 251 11,619 2,292 14,162 Total $ 117,282 $ 21,081 $ 2,292 $ 140,655 (1) Included in other assets on the consolidated balance sheet. (2) Included in securities purchased under agreements to resell where the Company has elected fair value option treatment. 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) — — 9,508 9,508 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 lock commitments — — 7,576 7,576 Derivative contracts, total — 4,535 7,576 12,111 Total $ 639,582 $ 441,128 $ 108,670 $ 1,189,380 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 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 years ended December 31, 2015 and 2014 : (Expressed in thousands) Level 3 Assets and Liabilities For the Year Ended December 31, 2015 Beginning Balance Total Realized and Unrealized Gains (Losses) (5)(6) Purchases and Issuances Sales and Settlements Transfers In (Out) Ending Balance Assets Municipals $ 164 $ (63 ) $ — $ (20 ) $ — $ 81 Auction rate securities (1)(7)(8) 91,422 1,955 17,950 (24,525 ) — 86,802 Interest rate lock commitments (2) 7,576 1,585 — — — 9,161 Investments (3) 9,508 (944 ) 437 (738 ) — 8,263 Liabilities Interest rate lock commitments (2) 1,222 299 — — — 923 ARS purchase commitments (4) 902 (467 ) — — — 1,369 (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 year. (5) Included in principal transactions on the consolidated statement of income, except for investments which are included in other income on the consolidated statement of income. (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 year for regulatory and legal ARS settlements and awards. (Expressed in thousands) Level 3 Assets and Liabilities For the Year Ended December 31, 2014 Beginning Balance Total Realized and Unrealized Gains (Losses) (5)(6) Purchases and Issuances Sales and Settlements Transfers In (Out) Ending Balance Assets Municipals $ 236 $ (72 ) $ — $ — $ — $ 164 Auction rate securities (1)(7)(8) 85,124 (622 ) 20,625 (13,705 ) — 91,422 Interest rate lock commitments (2) 2,375 5,201 — — — 7,576 Investments (3) 5,946 101 5,178 (1,717 ) — 9,508 Liabilities Interest rate lock commitments (2) 3,653 2,431 — — — 1,222 ARS purchase commitments (4) 2,600 1,698 — — — 902 (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 year. (5) Included in principal transactions on the consolidated statement of income, except for investments which are included in other income on the consolidated statement of income. (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 year 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 as of December 31, 2015 (Expressed in thousands) Fair Value Measurement: Assets As of December 31, 2015 As of December 31, 2015 Carrying Value Fair Value Level 1 Level 2 Level 3 Total Cash $ 50,364 $ 50,364 $ 50,364 $ — $ — $ 50,364 Deposits with clearing organization 18,034 18,034 18,034 — — 18,034 Receivable from brokers, dealers and clearing organizations: Securities borrowed 224,672 224,672 — 224,672 — 224,672 Receivables from brokers 49,458 49,458 — 49,458 — 49,458 Securities failed to deliver 7,799 7,799 — 7,799 — 7,799 Clearing organizations 25,030 25,030 — 25,030 — 25,030 Other 53,954 53,954 — 53,954 — 53,954 360,913 360,913 — 360,913 — 360,913 Receivable from customers 840,355 840,355 — 840,355 — 840,355 Mortgage servicing rights 28,168 41,838 — — 41,838 41,838 Investments (1) 53,286 53,286 — 53,286 — 53,286 (1) Included in other assets on the consolidated balance sheet. (Expressed in thousands) Fair Value Measurement: Liabilities As of December 31, 2015 As of December 31, 2015 Carrying Value Fair Value Level 1 Level 2 Level 3 Total Drafts payable $ 48,011 $ 48,011 $ 48,011 $ — $ — $ 48,011 Bank call loans 100,200 100,200 — 100,200 — 100,200 Payables to brokers, dealers and clearing organizations: Securities loaned 130,658 130,658 — 130,658 — 130,658 Payable to brokers 3,316 3,316 — 3,316 — 3,316 Securities failed to receive 21,513 21,513 — 21,513 — 21,513 Other 9,059 9,059 — 9,059 — 9,059 164,546 164,546 — 164,546 — 164,546 Payables to customers 594,833 594,833 — 594,833 — 594,833 Securities sold under agreements to repurchase 651,445 651,445 — 651,445 — 651,445 Warehouse payable 54,341 54,341 — 54,341 — 54,341 Senior secured notes 150,000 154,568 — 154,568 — 154,568 Assets and liabilities not measured at fair value 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) 51,246 51,246 — 51,246 — 51,246 (1) Included in other assets on the 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 December 31, 2015 and 2014 by product were as follows: (Expressed in thousands) Fair Value of Derivative Instruments at December 31, 2015 Description Notional Fair Value Assets: Derivatives not designated as hedging instruments (1) Other contracts TBAs $ 35,650 $ 4 TBA sale contracts 83,810 6,444 Interest rate lock commitments 203,648 9,161 $ 323,108 $ 15,609 Liabilities: Derivatives not designated as hedging instruments (1) Commodity contracts Futures $ 2,943,000 $ 249 Other contracts Foreign exchange forward contracts 400 2 TBAs 24,350 5 TBA sale contracts 223,846 11,614 Interest rate lock commitments 48,638 923 ARS purchase commitments 27,813 1,369 $ 3,268,047 $ 14,162 (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. (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 Futures $ 3,835,600 $ 353 Other contracts Foreign exchange forward contracts 400 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 $ 4,611,704 $ 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.
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 consolidated statement of income for the years ended December 31, 2015 and 2014 : (Expressed in thousands) The Effect of Derivative Instruments on the Statement of Income For the Year Ended December 31, 2015 Recognized in Income on Derivatives (pre-tax) Types Description Location Gain (Loss) Commodity contracts Futures Principal transactions revenue $ (1,472 ) Other contracts Foreign exchange forward contracts Other revenue 25 TBAs Principal transactions revenue (9 ) TBA sale contracts Other revenue 440 Interest rate lock commitments Other revenue 1,884 ARS purchase commitments Principal transactions revenue (467 ) $ 401 (Expressed in thousands) The Effect of Derivative Instruments on the Statement of Income For the Year Ended December 31, 2014 Recognized in Income on Derivatives (pre-tax) Types Description Location Gain (Loss) Commodity contracts Futures Principal transactions revenue $ (2,109 ) Other contracts Foreign exchange forward contracts Other revenue 10 TBAs Principal transactions revenue (17 ) TBA sale contracts Other revenue (5,530 ) Interest rate lock commitments Other revenue 7,632 ARS purchase commitments Principal transactions revenue 1,698 $ 1,684

Collateralized Transactions (Ta

Collateralized Transactions (Tables)	12 Months Ended
	Dec. 31, 2015
Brokers and Dealers [Abstract]
Transfer of Certain Financial Assets Accounted for as Secured Borrowings	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 December 31, 2015 : (Expressed in thousands) Overnight and Open Up to 30 Days Total Repurchase agreements: U.S. Treasury and Agency securities $ 726,988 $ — $ 726,988 Securities loaned: Equity securities 130,658 — 130,658 Gross amount of recognized liabilities for repurchase agreements and securities loaned $ 857,646 $ — $ 857,646
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 December 31, 2015 and 2014 : As of December 31, 2015 (Expressed in thousands) Gross Amounts Not Offset on the Balance Sheet Gross Amounts of Recognized Assets Gross Amounts Offset on the Balance Sheet Net Amounts of Assets Presented on the Balance Sheet Financial Instruments Cash Collateral Received Net Amount Reverse repurchase agreements $ 282,042 $ (75,543 ) $ 206,499 $ (203,266 ) $ — $ 3,233 Securities borrowed (1) 224,672 — 224,672 (219,099 ) — 5,573 Total $ 506,714 $ (75,543 ) $ 431,171 $ (422,365 ) $ — $ 8,806 (1) Included in receivable from brokers, dealers and clearing organizations on the consolidated balance sheet. Gross Amounts Not Offset on the Balance Sheet Gross Amounts of Recognized Liabilities Gross Amounts Offset on the Balance Sheet Net Amounts of Liabilities Presented on the Balance Sheet Financial Instruments Cash Collateral Pledged Net Amount Repurchase agreements $ 726,988 $ (75,543 ) $ 651,445 $ (645,498 ) $ — $ 5,947 Securities loaned (2) 130,658 — 130,658 (122,650 ) — 8,008 Total $ 857,646 $ (75,543 ) $ 782,103 $ (768,148 ) $ — $ 13,955 (2) Included in payable to brokers, dealers and clearing organizations on the consolidated balance sheet. As of December 31, 2014 (Expressed in thousands) Gross Amounts Not Offset Gross Gross Net Amounts Financial Cash 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 consolidated balance sheet. Gross Amounts Not Offset on the Balance Sheet Gross Amounts of Recognized Liabilities Gross Amounts Offset on 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 consolidated balance sheet.

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	12 Months Ended
	Dec. 31, 2015
Noncontrolling Interest [Abstract]
Schedule of Variable Interest Entities	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 December 31, 2015 and 2014 : (Expressed in thousands) At December 31, 2015 Total VIE Assets (1) Carrying Value of the Capital Commitments Maximum Exposure to Loss in Non-consolidated VIEs Assets (2) Liabilities Hedge funds $ 1,775,503 $ 1,354 $ — $ — $ 1,354 Private equity funds 54,800 27 — 2 29 Total $ 1,830,303 $ 1,381 $ — $ 2 $ 1,383 (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 consolidated balance sheet. (Expressed in thousands) At December 31, 2014 Total (1) Carrying Value of the Capital Maximum Assets (2) Liabilities 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 consolidated balance sheet.

Commercial Mortgage Banking (Ta

Commercial Mortgage Banking (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2015 and 2014 was as follows: (Expressed in thousands) 2015 2014 Unpaid principal balance of loans $ 3,974,292 $ 4,134,894
Summary of Changes in Carrying Value of Mortgage Servicing Rights	The following tables summarize the changes in carrying value of MSRs for the years ended December 31, 2015 and 2014 : (Expressed in thousands) Year Ended December 31, 2015 2014 Balance at beginning of year $ 30,140 $ 28,879 Originations (1) 6,569 5,956 Purchases 799 345 Disposals (1) (8,613 ) (2,221 ) Amortization expense (727 ) (2,819 ) Balance at end of year $ 28,168 $ 30,140 (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 2016 $ 3,039 $ 1,084 $ 4,123 2017 3,036 1,082 4,118 2018 3,008 1,075 4,083 2019 2,913 1,014 3,927 2020 2,758 912 3,670 Thereafter 6,962 1,285 8,247 $ 21,716 $ 6,452 $ 28,168
Components of Mortgage Servicing Rights Fees	The Company receives fees during the course of servicing the mortgage loans. The fees for the years ended December 31, 2015 , 2014 and 2013 were as follows: (Expressed in thousands) For the Year Ended December 31, 2015 2014 2013 Servicing fees $ 5,848 $ 5,552 $ 5,049 Ancillary fees 310 328 528 Total MSR fees $ 6,158 $ 5,880 $ 5,577

Office Facilities (Tables)

Office Facilities (Tables)	12 Months Ended
	Dec. 31, 2015
Property, Plant and Equipment [Abstract]
Schedule of Office Facilities	(Expressed in thousands) Year Ended December 31, 2015 2014 Furniture, fixtures and equipment $ 75,858 $ 78,940 Leasehold improvements 57,393 54,196 Total 133,251 133,136 Less accumulated depreciation (104,961 ) (103,547 ) Total $ 28,290 $ 29,589

Bank Call Loans (Tables)

Bank Call Loans (Tables)	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Summary of Bank Call Loans	Bank call loans, primarily payable on demand, bear interest at various rates but not exceeding the broker call rate, which was 2.25% at December 31, 2015 ( 2.0% at December 31, 2014 ). Details of the bank call loans are as follows: (Expressed in thousands, except percentages) 2015 2014 Year-end balance $ 100,200 $ 59,400 Weighted interest rate (at end of year) 1.56 % 1.22 % Maximum balance (at any month-end) 189,000 197,000 Average amount outstanding (during the year) 116,267 108,235 Average interest rate (during the year) 1.28 % 1.26 %

Long-Term Debt (Tables)

Long-Term Debt (Tables)	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	(Expressed in thousands) Issued Maturity Date December 31, 2015 December 31, 2014 Senior Secured Notes 4/15/2018 $ 150,000 $ 150,000

Share Capital (Tables)

Share Capital (Tables)	12 Months Ended
	Dec. 31, 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: 2015 2014 Class A Stock outstanding, beginning of year 13,530,688 13,377,967 Issued pursuant to shared-based compensation plans (Note 15) 131,524 152,721 Repurchased and canceled pursuant to the stock buy-back (423,726 ) — Class A Stock outstanding, end of year 13,238,486 13,530,688

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
Summary of Earnings Per Share	Earnings per share has been calculated as follows: (Expressed in thousands, except number of shares and per share amounts) For the Year Ended December 31, 2015 2014 2013 Basic weighted average number of shares outstanding 13,640,610 13,604,258 13,577,725 Net dilutive effect of share-based awards, treasury method (1) 650,924 646,405 546,335 Diluted weighted average number of shares outstanding 14,291,534 14,250,663 14,124,060 Net income for the year $ 2,898 $ 9,561 $ 26,153 Net income attributable to noncontrolling interest, net of tax 936 735 1,092 Net income attributable to Oppenheimer Holdings Inc. $ 1,962 $ 8,826 $ 25,061 Basic earnings per share $ 0.14 $ 0.65 $ 1.85 Diluted earnings per share $ 0.14 $ 0.62 $ 1.77 (1) For the year ended December 31, 2015 , the diluted earnings per share computation does not include the anti-dilutive effect of 5,309 shares of Class A Stock granted under share-based compensation arrangements ( 43,008 and 57,573 shares for the years ended December 31, 2014 and 2013 , respectively).

Income taxes (Tables)

Income taxes (Tables)	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Schedule of Reconciliation of Effective Income Tax Rate	The income tax provision shown in the consolidated statements of income is reconciled to amounts of tax that would have been payable (recoverable) from the application of the federal tax rate to pre-tax profit, as follows: (Expressed in thousands) For the Year Ended December 31, 2015 2014 2013 Amount Percentage Amount Percentage Amount Percentage U.S. federal statutory income tax rate $ 2,348 35.0 % $ 9,008 35.0 % $ 15,368 35.0 % U.S. state and local income taxes, net of U.S. federal income tax benefits 373 5.5 % 2,033 7.9 % 2,131 4.9 % Unrecognized tax benefit 589 8.8 % 6 — % 1,244 2.8 % Tax exempt income, net of interest expense (696 ) -10.4 % (528 ) -2.0 % (715 ) -1.6 % Non-deductible regulatory settlements — — % 5,298 20.6 % — — % Business promotion and other non-deductible expenses 577 8.6 % 655 2.5 % 660 1.5 % Insurance proceeds, non-taxable — — % (65 ) -0.3 % (597 ) -1.4 % Adjustment to reflect prior year tax return filings 397 5.9 % 256 1.0 % (251 ) -0.6 % Tax rate change on deferred income taxes 116 1.7 % 241 0.9 % 208 0.5 % Tax rate differential on foreign operations 145 2.2 % (447 ) -1.7 % 185 0.4 % Other (36 ) -0.5 % (282 ) -1.1 % (477 ) -1.1 % Total income tax provision $ 3,813 56.8 % $ 16,175 62.8 % $ 17,756 40.4 %
Schedule of Current and Deferred Income Tax (Benefit)	Income taxes included in the consolidated statements of income represent the following: (Expressed in thousands) For the Year Ended December 31, 2015 2014 2013 Current: U.S. federal tax (benefit) $ (1,738 ) $ 10,302 $ (2,984 ) State and local tax 832 1,520 1,885 Non-U.S. operations 181 (264 ) 116 Total Current (725 ) 11,558 (983 ) Deferred: U.S. federal tax 3,173 1,273 16,658 State and local tax 1,145 2,057 2,482 Non-U.S. operations 220 1,287 (401 ) Total Deferred 4,538 4,617 18,739 Total $ 3,813 $ 16,175 $ 17,756
Schedule of Significant Components of Deferred Tax Assets and Liabilities	Significant components of the Company’s deferred tax assets and liabilities at December 31, 2015 and 2014 were as follows: (Expressed in thousands) For the Year Ended December 31, 2015 2014 Deferred tax assets: Employee deferred compensation plans $ 27,423 $ 30,969 Deferred rent 10,582 10,024 Lease incentive 5,855 6,212 Broker notes 3,441 3,460 Auction rate securities reserve 2,666 3,229 Net operating loss 2,834 2,896 Involuntary conversion 2,245 2,033 Reserve for litigation and legal fees 3,350 5,808 Allowance for doubtful accounts 1,037 984 State and local net operating loss/credit carryforward 1,330 357 Other 2,718 2,650 Total deferred tax assets 63,481 68,622 Valuation allowance 126 113 Deferred tax assets after valuation allowance 63,355 68,509 Deferred tax liabilities: Goodwill amortization (Section 197) 53,364 48,025 Partnership investments 7,444 10,865 Mortgage servicing rights 10,571 12,173 Company owned life insurance 6,431 6,501 Change in accounting method 1,313 2,591 Book versus tax depreciation differences 657 982 Other 248 469 Total deferred tax liabilities 80,028 81,606 Deferred tax liabilities, net $ (16,673 ) $ (13,097 )
Schedule of Unrecognized Tax Benefits	A reconciliation of the beginning and ending amount of unrecognized tax benefit follows: (Expressed in thousands) 2015 2014 2013 Balance at January 1, $ 1,583 $ 1,574 $ 5,236 Additions for tax positions of prior years 907 — 1,168 Additions for tax positions of current year — 9 77 Reclass to other tax accounts — — (4,907 ) Balance at December 31, $ 2,490 $ 1,583 $ 1,574

Employee Compensation Plans (Ta

Employee Compensation Plans (Tables)	12 Months Ended
	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summarizes of Company's Non-Vested ESP/EIP Awards	The following table summarizes the status of the Company's non-vested restricted Class A Stock awards under the EIP, ESP and OIP for the year ended December 31, 2015 : Number of Class A Shares Subject to Restricted Stock Awards Weighted Average Fair Value Remaining Contractual Life Nonvested at beginning of year 1,239,346 $ 20.12 1.7 Years Granted 399,566 19.05 3.4 Years Vested (210,516 ) 24.59 — Forfeited (170,838 ) 18.27 — Nonvested at end of year 1,257,558 $ 19.29 1.7 Years
Schedule of Fair Value of Awarded Stock Option Estimated on Grant Date Using Black-Scholes Model	The fair value of each award of stock options was estimated on the grant date using the Black-Scholes model with the following assumptions: Grant Date Assumptions 2015 2014 2013 2012 2011 Expected term (1) 5 years 5 years 5 years 5 years 5 years Expected volatility factor (2) 55.43 % 56.31 % 53.82 % 54.95 % 52.52 % Risk-free interest rate (3) 1.27 % 1.49 % 0.84 % 0.70 % 2.00 % Actual dividends (4) $ 0.44 $ 0.44 $ 0.44 $ 0.44 $ 0.44 (1) The expected term was determined based on actual awards. (2) The volatility factor was measured using the weighted average of historical daily price changes of the Company's Class A Stock over a historical period commensurate to the expected term of the awards. (3) The risk-free interest rate was based on periods equal to the expected term of the awards based on the U.S. Treasury yield curve in effect at the time of grant. (4) Actual dividends were used to compute the expected annual dividend yield.
Schedule of Stock Option Activity	Stock option activity under the OIP and EIP since January 1, 2014 is summarized as follows: Year Ended December 31, 2015 2014 Number of Options Weighted Average Exercise Price Number of Options Weighted Average Exercise Price Options outstanding at beginning of year 45,549 $ 25.50 72,573 $ 24.46 Options granted 4,177 19.76 2,976 23.49 Options exercised — — (15,000 ) 12.33 Options forfeited or expired (37,699 ) 26.12 (15,000 ) 33.22 Options outstanding at end of year 12,027 $ 21.57 45,549 $ 25.50 Options vested at end of year 3,366 $ 23.56 30,513 $ 25.99 Weighted average fair value of options granted during the year $ 7.87 $ 9.94
Summarizes Stock Options Outstanding and Exercisable	The following table summarizes stock options outstanding and exercisable as of December 31, 2015 : Range of Exercise Prices Number of Options Outstanding Weighted Average Remaining Contractual Life Weighted Average Exercise Price of Outstanding Options Number of Options Exercisable (Vested) Weighted Average Exercise Price of Vested Options $17.20 - $20.00 6,718 3.08 Years $ 19.29 1,033 $ 18.82 $20.01 - $25.66 5,309 1.76 Years 24.44 2,333 25.66 $17.20 - $25.66 12,027 2.50 Years $ 21.57 3,366 $ 23.56
Summarizes of Company's Non-Vested Options	The following table summarizes the status of the Company's non-vested options for the year ended December 31, 2015 : Number of Options Weighted Average Fair Value Nonvested at beginning of year 15,036 $ 10.17 Granted 4,177 7.87 Vested (10,552 ) 10.66 Nonvested at end of year 8,661 $ 8.46
Stock Appreciation Rights	The following table summarized the status of the Company's outstanding OARs awards as of December 31, 2015 : Grant Date Number of OARs Outstanding Strike Price Remaining Contractual Life Fair Value at December 31, 2015 January 13, 2011 289,320 $ 26.35 12 Days $ — January 19, 2012 324,710 18.94 1 Year 1.52 January 14, 2013 347,130 15.94 2 Years 3.45 January 14, 2014 442,790 23.48 3 Years 1.78 January 9, 2015 503,080 21.94 4 Years 2.74 1,907,030 Total weighted average values $ 21.36 2.3 Years $ 2.02

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Future Minimum Rental Commitments under Office and Equipment Leases	Future minimum rental commitments under such office and equipment leases as at December 31, 2015 are as follows: (Expressed in thousands) 2016 $ 40,577 2017 36,989 2018 34,749 2019 29,105 2020 21,549 2021 and thereafter 113,982 $ 276,951

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2015
Segment Reporting [Abstract]
Reported Revenue and Profit Before Income Taxes	The table below presents information about the reported revenue and net income (loss) before taxes of the Company for the years ended December 31, 2015 , 2014 and 2013 . Asset information 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 Year Ended December 31, 2015 2014 2013 Revenue Private client (1) $ 521,526 $ 582,364 $ 600,071 Asset management (1) 97,121 99,964 102,214 Capital markets 279,589 298,597 281,377 Commercial mortgage banking 30,584 23,329 34,144 Corporate/Other (435 ) 210 1,908 Total $ 928,385 $ 1,004,464 $ 1,019,714 Income (loss) before income tax provision (benefit) Private client (1) $ 59,016 $ 60,116 $ 65,924 Asset management (1) 33,133 33,707 40,951 Capital markets 5,167 17,819 6,968 Commercial mortgage banking 9,139 8,546 11,413 Corporate/Other (99,744 ) (94,452 ) (81,347 ) Total $ 6,711 $ 25,736 $ 43,909 (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 years ended December 31, 2015 , 2014 and 2013 was as follows: (Expressed in thousands) Year Ended December 31, 2015 2014 2013 Americas $ 883,805 $ 955,361 $ 978,249 Europe/Middle East 40,603 43,087 36,516 Asia 3,977 6,016 4,949 Total $ 928,385 $ 1,004,464 $ 1,019,714

Quarterly information (unaudi46

Quarterly information (unaudited) (Tables)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Information	(Expressed in thousands, except per share amounts) Fiscal Quarters For the Year Ended December 31, 2015 Fourth Third Second First Year Revenue $ 230,360 $ 213,536 $ 238,928 $ 245,561 $ 928,385 Income (loss) before income tax provision (benefit) (4,243 ) (1,527 ) 2,630 9,851 6,711 Net income (loss) attributable to Oppenheimer Holdings Inc. (3,144 ) (908 ) 295 5,719 1,962 Earnings (loss) per share attributable to Oppenheimer Holdings Inc. Basic (0.23 ) (0.07 ) 0.02 0.42 0.14 Diluted (0.23 ) (0.07 ) 0.02 0.40 0.14 Dividends per share 0.11 0.11 0.11 0.11 0.44 Market price of Class A Stock (1) High 20.98 26.80 27.99 24.41 27.99 Low 15.60 17.40 22.30 19.04 15.60 (1) The price quotations above were obtained from the New York Stock Exchange website. (Expressed in thousands, except per share amounts) Fiscal Quarters For the Year Ended December 31, 2014 Fourth Third Second First Year Revenue $ 254,928 $ 244,679 $ 249,689 $ 255,168 $ 1,004,464 Income before income tax provision 9,595 10,896 136 5,109 25,736 Net income (loss) attributable to Oppenheimer Holdings Inc. 2,686 4,470 (1,554 ) 3,224 8,826 Earnings (loss) per share attributable to Oppenheimer Holdings Inc. Basic 0.20 0.33 (0.11 ) 0.24 0.65 Diluted 0.19 0.31 (0.11 ) 0.23 0.62 Dividends per share 0.11 0.11 0.11 0.11 0.44 Market price of Class A Stock (1) High 24.70 24.80 28.86 29.75 29.75 Low 19.97 19.76 21.28 22.26 19.76 (1) The price quotations above were obtained from the New York Stock Exchange website.

Condensed consolidating finan47

Condensed consolidating financial information (Tables)	12 Months Ended
	Dec. 31, 2015
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Condensed Consolidating Balance Sheet	OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING BALANCE SHEET AS OF DECEMBER 31, 2015 (Expressed in thousands) Parent Guarantor subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated ASSETS Cash and cash equivalents $ 907 $ 2,586 $ 59,871 $ — $ 63,364 Deposits with clearing organizations — — 49,490 — 49,490 Receivable from brokers, dealers and clearing organizations — — 360,913 — 360,913 Receivable from customers, net of allowance for credit losses of $2,545 — — 840,355 — 840,355 Income tax receivable 33,801 27,536 — (50,400 ) 10,937 Securities purchased under agreements to resell — — 206,499 — 206,499 Securities owned, including amounts pledged of $546,334 at fair value — 1,183 734,210 — 735,393 Notes receivable, net of accumulated amortization and allowance for uncollectibles of $54,919 and $8,444, respectively — — 32,849 — 32,849 Office facilities, net of accumulated depreciation of $104,961 — 20,793 7,497 — 28,290 Loans held for sale, at fair value — — 60,234 — 60,234 Mortgage servicing rights — — 28,168 — 28,168 Subordinated loan receivable — 112,558 — (112,558 ) — Intangible assets — — 31,700 — 31,700 Goodwill — — 137,889 — 137,889 Other assets 1,201 3,224 102,458 — 106,883 Deferred tax assets 317 330 29,900 (30,547 ) — Investment in subsidiaries 577,320 532,651 — (1,109,971 ) — Intercompany receivables 60,187 13,185 — (73,372 ) — Total assets $ 673,733 $ 714,046 $ 2,682,033 $ (1,376,848 ) $ 2,692,964 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities Drafts payable $ — $ — $ 48,011 $ — $ 48,011 Bank call loans — — 100,200 — 100,200 Payable to brokers, dealers and clearing organizations — — 164,546 — 164,546 Payable to customers — — 594,833 — 594,833 Securities sold under agreements to repurchase — — 651,445 — 651,445 Securities sold, but not yet purchased, at fair value — — 126,493 — 126,493 Accrued compensation — — 150,898 — 150,898 Accounts payable and other liabilities 3,235 35,812 125,736 — 164,783 Income tax payable 2,440 22,189 25,771 (50,400 ) — Senior secured notes 150,000 — — — 150,000 Subordinated indebtedness — — 112,558 (112,558 ) — Deferred tax liabilities — — 47,220 (30,547 ) 16,673 Intercompany payables — 62,204 11,168 (73,372 ) — Total liabilities 155,675 120,205 2,158,879 (266,877 ) 2,167,882 Stockholders' equity Stockholders' equity attributable to Oppenheimer Holdings Inc. 518,058 593,841 516,130 (1,109,971 ) 518,058 Noncontrolling interest — — 7,024 — 7,024 Total stockholders' equity 518,058 593,841 523,154 (1,109,971 ) 525,082 Total liabilities and stockholders' equity $ 673,733 $ 714,046 $ 2,682,033 $ (1,376,848 ) $ 2,692,964 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 YEAR ENDED DECEMBER 31, 2015 (Expressed in thousands) Parent Guarantor subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated REVENUES Commissions $ — $ — $ 417,559 $ — $ 417,559 Advisory fees — 1,296 282,633 (3,682 ) 280,247 Investment banking — — 102,540 — 102,540 Interest — 10,237 51,055 (10,261 ) 51,031 Principal transactions, net — — 20,567 (64 ) 20,503 Other — 370 56,435 (300 ) 56,505 Total revenue — 11,903 930,789 (14,307 ) 928,385 EXPENSES Compensation and related expenses 1,185 — 622,041 — 623,226 Communications and technology 142 — 66,768 — 66,910 Occupancy and equipment costs — — 63,444 (300 ) 63,144 Clearing and exchange fees — — 26,022 — 26,022 Interest 13,125 — 14,459 (10,261 ) 17,323 Other 1,663 892 126,240 (3,746 ) 125,049 Total expenses 16,115 892 918,974 (14,307 ) 921,674 Income (loss) before income tax provision (benefit) (16,115 ) 11,011 11,815 — 6,711 Income tax provision (benefit) (6,030 ) 5,553 4,290 — 3,813 Equity in earnings of subsidiaries 12,047 6,589 — (18,636 ) — Net income for the year 1,962 12,047 7,525 (18,636 ) 2,898 Less net income attributable to noncontrolling interest, net of tax — — 936 — 936 Net income attributable to Oppenheimer Holdings Inc. 1,962 12,047 6,589 (18,636 ) 1,962 Other comprehensive income — — 17 — 17 Total comprehensive income $ 1,962 $ 12,047 $ 6,606 $ (18,636 ) $ 1,979 OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2014 (Expressed in thousands) Parent Guarantor Non-guarantor Eliminations Consolidated REVENUES Commissions $ — $ — $ 469,829 $ — $ 469,829 Advisory fees — 1,139 283,785 (3,244 ) 281,680 Investment banking — — 125,598 — 125,598 Interest — 10,482 49,193 (10,431 ) 49,244 Principal transactions, net — 164 29,535 — 29,699 Other — 477 48,362 (425 ) 48,414 Total revenue — 12,262 1,006,302 (14,100 ) 1,004,464 EXPENSES Compensation and related expenses 1,047 — 663,594 — 664,641 Communications and technology 145 — 67,025 — 67,170 Occupancy and equipment costs — — 63,437 (425 ) 63,012 Clearing and exchange fees — — 24,709 — 24,709 Interest 14,401 — 13,831 (10,431 ) 17,801 Other 4,626 733 139,280 (3,244 ) 141,395 Total expenses 20,219 733 971,876 (14,100 ) 978,728 Income (loss) before income tax provision (benefit) (20,219 ) 11,529 34,426 — 25,736 Income tax provision (benefit) (7,917 ) 3,971 20,121 — 16,175 Equity in earnings of subsidiaries 21,128 13,570 — (34,698 ) — Net income for the year 8,826 21,128 14,305 (34,698 ) 9,561 Less net income attributable to noncontrolling interest, net of tax — — 735 — 735 Net income attributable to Oppenheimer Holdings Inc. 8,826 21,128 13,570 (34,698 ) 8,826 Other comprehensive loss — — (2,627 ) — (2,627 ) Total comprehensive income $ 8,826 $ 21,128 $ 10,943 $ (34,698 ) $ 6,199 OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2013 (Expressed in thousands) Parent Guarantor Non-guarantor Eliminations Consolidated REVENUES Commissions $ — $ — $ 486,767 $ — $ 486,767 Advisory fees — 825 276,913 (3,560 ) 274,178 Investment banking — — 97,977 — 97,977 Interest 5 11,128 53,401 (11,318 ) 53,216 Principal transactions, net — 79 43,689 — 43,768 Other — 180 63,808 (180 ) 63,808 Total revenue 5 12,212 1,022,555 (15,058 ) 1,019,714 EXPENSES Compensation and related expenses 1,124 — 674,812 — 675,936 Communications and technology 119 — 65,698 — 65,817 Occupancy and equipment costs — — 66,938 (180 ) 66,758 Clearing and exchange fees — — 24,481 — 24,481 Interest 17,500 — 19,960 (11,318 ) 26,142 Other 1,309 522 118,400 (3,560 ) 116,671 Total expenses 20,052 522 970,289 (15,058 ) 975,805 Income (loss) before income tax provision (benefit) (20,047 ) 11,690 52,266 — 43,909 Income tax provision (benefit) (7,110 ) 5,638 19,228 — 17,756 Equity in earnings of subsidiaries 37,998 31,946 — (69,944 ) — Net income for the year 25,061 37,998 33,038 (69,944 ) 26,153 Less net income attributable to noncontrolling interest, net of tax — — 1,092 — 1,092 Net income attributable to Oppenheimer Holdings Inc. 25,061 37,998 31,946 (69,944 ) 25,061 Other comprehensive income (loss) (3 ) — 1,505 — 1,502 Total comprehensive income $ 25,058 $ 37,998 $ 33,451 $ (69,944 ) $ 26,563
Condensed Consolidating Statement of Cash Flows	OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2015 (Expressed in thousands) Parent Guarantor subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities: Cash provided by (used in) operating activities $ 15,003 $ 1,029 $ (36,851 ) $ — $ (20,819 ) Cash flows from investing activities: Purchase of office facilities — — (5,889 ) — (5,889 ) Cash used in investing activities — — (5,889 ) — (5,889 ) Cash flows from financing activities: Cash dividends paid on Class A non-voting and Class B voting common stock (6,008 ) — — — (6,008 ) Repurchase of Class A non-voting common stock for cancellation (8,250 ) — — — (8,250 ) Tax deficiency from share-based awards (277 ) — — — (277 ) Increase in bank call loans, net — 40,800 — 40,800 Cash flow provided by (used in) in financing activities (14,535 ) — 40,800 — 26,265 Net increase (decrease) in cash and cash equivalents 468 1,029 (1,940 ) — (443 ) Cash and cash equivalents, beginning of the year 439 1,557 61,811 — $ 63,807 Cash and cash equivalents, end of the year $ 907 $ 2,586 $ 59,871 $ — $ 63,364 OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2014 (Expressed in thousands) Parent Guarantor subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities: Cash provided by (used in) operating activities $ 49,595 $ (29,344 ) $ 58,064 $ — $ 78,315 Cash flows from investing activities: Purchase of office facilities — — (4,398 ) — (4,398 ) Cash used in investing activities — — (4,398 ) — (4,398 ) Cash flows from financing activities: Cash dividends paid on Class A non-voting and Class B voting common stock (5,983 ) — — — (5,983 ) Issuance of Class A non-voting common stock 185 — — — 185 Tax benefit from share-based awards 1,194 — — — 1,194 Redemption of senior secured notes (45,000 ) — — — (45,000 ) Decrease in bank call loans, net — — (58,800 ) — (58,800 ) Cash flow used in financing activities (49,604 ) — (58,800 ) — (108,404 ) Net decrease in cash and cash equivalents (9 ) (29,344 ) (5,134 ) — (34,487 ) Cash and cash equivalents, beginning of the year 448 30,901 66,945 — 98,294 Cash and cash equivalents, end of the year $ 439 $ 1,557 $ 61,811 $ — $ 63,807 OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2013 (Expressed in thousands) Parent Guarantor subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities: Cash provided by (used in) operating activities $ 9,944 $ (9,757 ) $ (3,616 ) $ — $ (3,429 ) Cash flows from investing activities: Purchase of office facilities — — (14,012 ) — (14,012 ) Cash used in investing activities — — (14,012 ) — (14,012 ) Cash flows from financing activities: Cash dividends paid on Class A non-voting and Class B voting common stock (5,978 ) — — — (5,978 ) Issuance of Class A non-voting common stock 150 — — — 150 Repurchase of Class A non-voting common stock for cancellation (3,625 ) — — — (3,625 ) Tax deficiency from share-based awards (78 ) — — — (78 ) Decrease in bank call loans, net — — (10,100 ) — (10,100 ) Cash flow used in financing activities (9,531 ) — (10,100 ) — (19,631 ) Net increase (decrease) in cash and cash equivalents 413 (9,757 ) (27,728 ) — (37,072 ) Cash and cash equivalents, beginning of the year 35 40,658 94,673 — 135,366 Cash and cash equivalents, end of the year $ 448 $ 30,901 $ 66,945 $ — $ 98,294

Organization - Additional Infor

Organization - Additional Information (Details)	Dec. 31, 2015jurisdictionofficestate
Organization And Basis Of Presentation [Line Items]
Number of foreign jurisdiction | jurisdiction	6
Americas
Organization And Basis Of Presentation [Line Items]
Number of offices providing services | office	85
Number of states which operates | state	24

Summary of Significant Accoun49

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Accounting Policies [Abstract]
Company owned OMHHF	83.68%
Noncontrolling interest	$ 7,024	$ 6,088
Carrying value of intangibles	$ 31,700	$ 31,700
Amortization of mortgage servicing rights period (in years)	10 years
Cash equivalents maximum maturity period of highly liquid investments (in days)	90 days
Securities
Property, Plant and Equipment [Line Items]
Number of business days for related transactions (in days)	3 days
Commodities
Property, Plant and Equipment [Line Items]
Number of business days for related transactions (in days)	1 day
Minimum
Property, Plant and Equipment [Line Items]
Loan forgiven over service period (in years)	3 years
Maximum
Property, Plant and Equipment [Line Items]
Loan forgiven over service period (in years)	5 years
Furniture, fixtures and equipment | Minimum
Property, Plant and Equipment [Line Items]
Depreciation and amortization on straight-line basis (in years)	3 years
Furniture, fixtures and equipment | Maximum
Property, Plant and Equipment [Line Items]
Depreciation and amortization on straight-line basis (in years)	7 years

Cash and Securities Segregate50

Cash and Securities Segregated for Regulatory and Other Purposes (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Brokers and Dealers [Abstract]
Deposits held in special reserve bank accounts	$ 0	$ 17,700,000

Receivable from and Payable t51

Receivable from and Payable to Brokers, Dealers and Clearing Organizations (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Receivable from brokers, dealers and clearing organizations consist of:
Securities borrowed	$ 224,672	$ 242,172
Receivable from brokers	49,458	38,149
Securities failed to deliver	7,799	11,055
Clearing organizations	25,030	21,106
Other	53,954	1,993
Receivables from broker, dealers and clearing organizations	360,913	314,475
Payable to brokers, dealers and clearing organizations consist of:
Securities loaned	130,658	137,892
Payable to brokers	3,316	4,559
Securities failed to receive	21,513	23,573
Other	9,059	91,137
Payable to brokers, dealers and clearing organizations	$ 164,546	$ 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	Dec. 31, 2015	Dec. 31, 2014
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned	$ 735,393	$ 843,155
Securities sold	126,493	92,510
U.S. Government, agency and sovereign obligations
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned	509,614	570,607
Securities sold	77,485	30,615
Corporate debt and other obligations
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned	16,138	19,795
Securities sold	1,652	2,646
Mortgage and other asset-backed securities
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned	3,504	6,689
Securities sold	27	255
Municipal obligations
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned	30,132	60,833
Securities sold	0	51
Convertible bonds
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned	54,693	49,813
Securities sold	5,951	11,369
Equity securities
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned	34,475	42,751
Securities sold	41,378	47,574
Money markets
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned	35	1,245
Securities sold	0	0
Auction rate securities
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned	86,802	91,422
Securities sold	$ 0	$ 0

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($)		12 Months Ended
		Dec. 31, 2015		Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Auction rate securities related to settlements with regulators		$ 5,000,000
Valuation adjustment (unrealized loss) for ARS		6,542,000
Loan position held in secondary loan trading portfolio		0		$ 0
Fair value of the reverse repurchase agreements		206,499,000	[1]	250,000,000	[2]
Fair value of the repurchase agreements		$ 0
Loans held for sale period		60 days
Loans held for sale, maximum period		90 days
Book value of loan held for sale		$ 55,300,000
Loans held for sale		$ 60,234,000		19,243,000
Forward or delayed delivery of the underlying instrument with settlement		180 days
Senior Secured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate		8.75%
Auction rate securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total amount of ARS the firm purchased and hold		$ 92,000,000
Amount of ARS committed to purchase from clients		$ 22,800,000
Auction rate securities | Fair Value, Valuation Scenario One
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Basis point		25.00%
Decrease in fair value of ARS		$ 1,100,000
Auction rate securities | Fair Value, Valuation Scenario Two
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Basis point		50.00%
Decrease in fair value of ARS		$ 2,100,000
Auction rate securities | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commitment to purchase ARS period maximum		2,020
ARS purchase commitments | ARS purchase commitments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Valuation adjustment (unrealized loss) for ARS		$ 1,400,000
Mortgage Servicing Rights
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
ARS purchase commitments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Valuation adjustment (unrealized loss) for ARS	[3]	1,369,000
Auction Rate Securities Owned
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Valuation adjustment (unrealized loss) for ARS	[3]	5,173,000
Deferred Compensation Share Based Payments | Equity securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of the corporate equities that are included in securities owned		$ 14,000,000		$ 15,700,000
[1]	Included in securities purchased under agreements to resell where the Company has elected fair value option treatment.
[2]	Included in securities purchased under agreements to resell where the Company has elected fair value option treatment.
[3]	Principal amount represents the par value of the ARS and is included in securities owned in the consolidated balance sheet at December 31, 2015. The valuation adjustment amount is included as a reduction to securities owned in the consolidated balance sheet at December 31, 2015.

Fair Value Measurements - Quant

Fair Value Measurements - Quantitative Information about Level 3 Fair Value Measurements (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Principal	$ 119,788
Valuation Adjustment	6,542
Fair Value	$ 113,246
Auction Rate Preferred Securities
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
US treasury rate	1.54%
Auction Rate Preferred Securities | Minimum
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Spread to US treasury rate	110.00%
Auction Rate Preferred Securities | Maximum
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Spread to US treasury rate	150.00%
Municipal Auction Rate Securities
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Spread to US treasury rate	175.00%
US treasury rate	1.66%
Student Loan Auction Rate Securities
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Spread to US treasury rate	1.20%
US treasury rate	2.10%
Auction Rate Securities Owned
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Principal	$ 91,975	[1]
Valuation Adjustment	5,173	[1]
Fair Value	86,802	[1]
Auction Rate Securities Owned | Auction Rate Preferred Securities
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Principal	87,925	[1]
Valuation Adjustment	4,550	[1]
Fair Value	$ 83,375	[1]
Valuation Technique	Discounted Cash Flow	[1]
Duration	4 years	[1]
Auction Rate Securities Owned | Auction Rate Preferred Securities | Minimum
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Discount Rate	1.70%	[1],[2]
Current Yield	0.44%	[1],[3]
Auction Rate Securities Owned | Auction Rate Preferred Securities | Maximum
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Discount Rate	2.32%	[1],[2]
Current Yield	0.85%	[1],[3]
Auction Rate Securities Owned | Auction Rate Preferred Securities | Weighted Average
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Discount Rate	2.00%	[1],[2]
Duration	4 years	[1]
Current Yield	0.64%	[1],[3]
Auction Rate Securities Owned | Municipal Auction Rate Securities
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Principal	$ 25	[1]
Valuation Adjustment	2	[1]
Fair Value	$ 23	[1]
Valuation Technique	Discounted Cash Flow	[1]
Discount Rate	2.90%	[1],[4]
Duration	4 years 6 months	[1]
Current Yield	1.14%	[1],[3]
Observable trades in inactive market for in portfolio securities	83.62%	[1]
Auction Rate Securities Owned | Municipal Auction Rate Securities | Weighted Average
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Discount Rate	2.90%	[1],[4]
Duration	4 years 6 months	[1]
Current Yield	1.14%	[1],[3]
Observable trades in inactive market for in portfolio securities	83.62%	[1]
Auction Rate Securities Owned | Student Loan Auction Rate Securities
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Principal	$ 400	[1]
Valuation Adjustment	27	[1]
Fair Value	$ 373	[1]
Valuation Technique	Discounted Cash Flow	[1]
Discount Rate	3.30%	[1],[5]
Duration	7 years	[1]
Current Yield	2.19%	[1],[3]
Auction Rate Securities Owned | Student Loan Auction Rate Securities | Weighted Average
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Discount Rate	3.30%	[1],[5]
Duration	7 years	[1]
Current Yield	2.19%	[1],[3]
Auction Rate Securities Owned | Other Auction Rate Securities
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Principal	$ 3,625	[1],[6]
Valuation Adjustment	594	[1],[6]
Fair Value	$ 3,031	[1],[6]
Valuation Technique	Secondary Market Trading Activity	[1],[6]
ARS purchase commitments
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Principal	$ 27,813	[1]
Valuation Adjustment	1,369	[1]
Fair Value	26,444	[1]
ARS purchase commitments | Auction Rate Preferred Securities
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Principal	27,766	[7]
Valuation Adjustment	1,366	[7]
Fair Value	$ 26,400	[7]
Valuation Technique	Discounted Cash Flow	[7]
Duration	4 years	[7]
ARS purchase commitments | Auction Rate Preferred Securities | Minimum
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Discount Rate	1.70%	[2],[7]
Current Yield	0.44%	[3],[7]
ARS purchase commitments | Auction Rate Preferred Securities | Maximum
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Discount Rate	2.32%	[2],[7]
Current Yield	0.85%	[3],[7]
ARS purchase commitments | Auction Rate Preferred Securities | Weighted Average
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Discount Rate	2.00%	[2],[7]
Duration	4 years	[7]
Current Yield	0.64%	[3],[7]
ARS purchase commitments | Municipal Auction Rate Securities
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Principal	$ 2	[7]
Valuation Adjustment	0	[7]
Fair Value	$ 2	[7]
Valuation Technique	Discounted Cash Flow	[7]
Discount Rate	2.90%	[4],[7]
Duration	4 years 6 months	[7]
Current Yield	1.14%	[3],[7]
ARS purchase commitments | Municipal Auction Rate Securities | Weighted Average
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Discount Rate	2.90%	[4],[7]
Duration	4 years 6 months	[7]
Current Yield	1.14%	[3],[7]
ARS purchase commitments | Student Loan Auction Rate Securities
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Principal	$ 45	[7]
Valuation Adjustment	3	[7]
Fair Value	$ 42	[7]
Valuation Technique	Discounted Cash Flow	[7]
Discount Rate	3.30%	[5],[7]
Duration	7 years	[7]
Current Yield	2.19%	[3],[7]
ARS purchase commitments | Student Loan Auction Rate Securities | Weighted Average
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Discount Rate	3.30%	[5],[7]
Duration	7 years	[7]
Current Yield	2.19%	[3],[7]
[1]	Principal amount represents the par value of the ARS and is included in securities owned in the consolidated balance sheet at December 31, 2015. The valuation adjustment amount is included as a reduction to securities owned in the consolidated balance sheet at December 31, 2015.
[2]	Derived by applying a multiple to the spread between 110% to 150% to the U.S. Treasury rate of 1.54%.
[3]	Based on current yields for ARS positions owned.
[4]	Derived by applying a multiple to the spread of 175% to the U.S. Treasury rate of 1.66%.
[5]	Derived by applying the sum of the spread of 1.20% to the U.S. Treasury rate of 2.10%.
[6]	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.
[7]	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 consolidated balance sheet at December 31, 2015.

Fair Value Measurements - Inves

Fair Value Measurements - Investments in Company-Sponsored Funds (Details) - USD ($)		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014
Investment Holdings [Line Items]
Loan position held in secondary loan trading portfolio		$ 0	$ 0
Fair Value		7,627,000
Unfunded Commitments		1,251,000
Hedge Funds
Investment Holdings [Line Items]
Fair Value	[1]	2,325,000
Unfunded Commitments	[1]	$ 0
Redemption Frequency	[1]	Quarterly - Annually
Redemption notice period, minimum	[1]	30 days
Redemption notice period, maximum	[1]	120 days
Private Equity Funds
Investment Holdings [Line Items]
Fair Value	[2]	$ 5,302,000
Unfunded Commitments	[2]	$ 1,251,000
Investments lock In period		10 years
[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.

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2015		Dec. 31, 2014
ASSETS
Cash equivalents	$ 13,000		$ 31,175
Deposits With Clearing Organizations Fair Value	31,456		24,188
Securities owned:
Securities owned	735,393		843,155
Investments	7,627
Loans held for sale	60,234		19,243
Securities purchased under agreements to resell	206,499	[1]	250,000	[2]
Derivative contracts:
Derivative contracts, total	15,609		12,111
Total	1,070,454		1,189,380
Liabilities
Securities sold, but not yet purchased, at fair value	126,493		92,510
Derivative contracts:
Derivative contracts	14,162		3,505
Total	140,655		96,015
Futures
Derivative contracts:
Derivative contracts	249		353
Foreign currency forward contracts
Derivative contracts:
Derivative contracts	2		10
TBAs
Derivative contracts:
Derivative contracts, total	6,448		4,535
Derivative contracts:
Derivative contracts	11,619		1,018
Interest rate lock commitments
Derivative contracts:
Derivative contracts, total	9,161		7,576
Derivative contracts:
Derivative contracts	923		1,222
ARS purchase commitments
Derivative contracts:
Derivative contracts	1,369		902
Investments
Securities owned:
Investments	8,263	[3]	9,508	[4]
Equity securities
Securities owned:
Securities owned	34,475		42,751
Liabilities
Securities sold, but not yet purchased, at fair value	41,378		47,574
Money markets
Securities owned:
Securities owned	35		1,245
Auction rate securities
Securities owned:
Securities owned	86,802		91,422
U.S. Treasury securities
Securities owned:
Securities owned	436,533		540,223
Liabilities
Securities sold, but not yet purchased, at fair value	75,653		30,581
Agency Securities [Member]
Securities owned:
Securities owned	71,416		26,261
Liabilities
Securities sold, but not yet purchased, at fair value	15		34
Sovereign obligations
Securities owned:
Securities owned	1,665		4,123
Liabilities
Securities sold, but not yet purchased, at fair value	1,817
Corporate debt and other obligations
Securities owned:
Securities owned	16,138		19,795
Liabilities
Securities sold, but not yet purchased, at fair value	1,652		2,646
Mortgage and other asset-backed securities
Securities owned:
Securities owned	3,504		6,689
Liabilities
Securities sold, but not yet purchased, at fair value	27		255
Municipal obligations
Securities owned:
Securities owned	30,132		60,833
Liabilities
Securities sold, but not yet purchased, at fair value	0		51
Convertible bonds
Securities owned:
Securities owned	54,693		49,813
Liabilities
Securities sold, but not yet purchased, at fair value	5,951		11,369
Level 1
ASSETS
Cash equivalents	13,000		31,175
Deposits With Clearing Organizations Fair Value	31,456		24,188
Securities owned:
Securities owned	496,283		584,219
Derivative contracts:
Total	540,739		639,582
Liabilities
Securities sold, but not yet purchased, at fair value	117,031		78,155
Derivative contracts:
Derivative contracts	251		363
Total	117,282		78,518
Level 1 | Futures
Derivative contracts:
Derivative contracts	249		353
Level 1 | Foreign currency forward contracts
Derivative contracts:
Derivative contracts	2		10
Level 1 | Equity securities
Securities owned:
Securities owned	34,475		42,751
Liabilities
Securities sold, but not yet purchased, at fair value	41,378		47,574
Level 1 | Money markets
Securities owned:
Securities owned	35		1,245
Level 1 | U.S. Treasury securities
Securities owned:
Securities owned	436,533		540,223
Liabilities
Securities sold, but not yet purchased, at fair value	75,653		30,581
Level 1 | Agency Securities [Member]
Securities owned:
Securities owned	25,240
Level 2
Securities owned:
Securities owned	152,227		167,350
Loans held for sale	60,234		19,243
Securities purchased under agreements to resell	206,499	[1]	250,000	[2]
Derivative contracts:
Derivative contracts, total	6,448		4,535
Total	425,408		441,128
Liabilities
Securities sold, but not yet purchased, at fair value	9,462		14,355
Derivative contracts:
Derivative contracts	11,619		1,018
Total	21,081		15,373
Level 2 | TBAs
Derivative contracts:
Derivative contracts, total	6,448		4,535
Derivative contracts:
Derivative contracts	11,619		1,018
Level 2 | Agency Securities [Member]
Securities owned:
Securities owned	46,176		26,261
Liabilities
Securities sold, but not yet purchased, at fair value	15		34
Level 2 | Sovereign obligations
Securities owned:
Securities owned	1,665		4,123
Liabilities
Securities sold, but not yet purchased, at fair value	1,817
Level 2 | Corporate debt and other obligations
Securities owned:
Securities owned	16,138		19,795
Liabilities
Securities sold, but not yet purchased, at fair value	1,652		2,646
Level 2 | Mortgage and other asset-backed securities
Securities owned:
Securities owned	3,504		6,689
Liabilities
Securities sold, but not yet purchased, at fair value	27		255
Level 2 | Municipal obligations
Securities owned:
Securities owned	30,051		60,669
Liabilities
Securities sold, but not yet purchased, at fair value			51
Level 2 | Convertible bonds
Securities owned:
Securities owned	54,693		49,813
Liabilities
Securities sold, but not yet purchased, at fair value	5,951		11,369
Level 3
Securities owned:
Securities owned	86,883		91,586
Derivative contracts:
Derivative contracts, total	9,161		7,576
Total	104,307		108,670
Derivative contracts:
Derivative contracts	2,292		2,124
Total	2,292		2,124
Level 3 | Interest rate lock commitments
Derivative contracts:
Derivative contracts, total	9,161		7,576
Derivative contracts:
Derivative contracts	923		1,222
Level 3 | ARS purchase commitments
Derivative contracts:
Derivative contracts	1,369		902
Level 3 | Investments
Securities owned:
Investments	8,263	[3]	9,508	[4]
Level 3 | Auction rate securities
Securities owned:
Securities owned	86,802		91,422
Level 3 | Municipal obligations
Securities owned:
Securities owned	$ 81		$ 164
[1]	Included in securities purchased under agreements to resell where the Company has elected fair value option treatment.
[2]	Included in securities purchased under agreements to resell where the Company has elected fair value option treatment.
[3]	Included in other assets on the consolidated balance sheet.
[4]	Included in other assets on the consolidated balance sheet.

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		12 Months Ended
		Dec. 31, 2015		Dec. 31, 2014
Investments
Assets
Assets beginning balance	[1]	$ 9,508	[2]	$ 5,946
Total Realized and Unrealized Gains (Losses)		(944)	[2],[3],[4]	101	[1],[5],[6]
Purchases and Issuances		437	[2]	5,178	[1]
Sales and Settlements		(738)	[2]	(1,717)	[1]
Assets ending balance	[2]	8,263		9,508	[1]
Interest rate lock commitments
Assets
Assets beginning balance	[8]	7,576	[7]	2,375
Total Realized and Unrealized Gains (Losses)		1,585	[3],[4],[7]	5,201	[5],[6],[8]
Assets ending balance	[7]	9,161		7,576	[8]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Liabilities beginning balance	[8]	1,222	[7]	3,653
Total Realized and Unrealized Gains (Losses)		299	[3],[4],[7]	2,431	[5],[6],[8]
Liabilities ending balance	[7]	923		1,222	[8]
Auction rate securities
Assets
Assets beginning balance	[9],[11],[13]	91,422	[10],[12],[14]	85,124
Total Realized and Unrealized Gains (Losses)		1,955	[3],[4],[10],[12],[14]	(622)	[5],[6],[9],[11],[13]
Purchases and Issuances		17,950	[10],[12],[14]	20,625	[9],[11],[13]
Sales and Settlements		(24,525)	[10],[12],[14]	(13,705)	[9],[11],[13]
Assets ending balance	[10],[12],[14]	86,802		91,422	[9],[11],[13]
ARS purchase commitments
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Liabilities beginning balance	[15]	902	[16]	2,600
Total Realized and Unrealized Gains (Losses)		(467)	[3],[4],[16]	1,698	[5],[6],[15]
Liabilities ending balance	[16]	1,369		902	[15]
Municipal obligations
Assets
Assets beginning balance		164		236
Total Realized and Unrealized Gains (Losses)		(63)	[3],[4]	(72)	[5],[6]
Sales and Settlements		(20)
Assets ending balance		$ 81		$ 164
[1]	Primarily represents general partner ownership and limited partner interests in hedge funds and private equity funds sponsored by the Company.
[2]	Primarily represents general partner ownership and limited partner interests in hedge funds and private equity funds sponsored by the Company.
[3]	Included in principal transactions on the consolidated statement of income, except for investments which are included in other income on the consolidated statement of income.
[4]	Unrealized gains (losses) are attributable to assets or liabilities that are still held at the reporting date.
[5]	Included in principal transactions on the consolidated statement of income, except for investments which are included in other income on the consolidated statement of income.
[6]	Unrealized gains (losses) are attributable to assets or liabilities that are still held at the reporting date.
[7]	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
[8]	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.
[9]	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.
[10]	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.
[11]	Represents auction rate preferred securities, municipal auction rate securities and student loan auction rate securities that failed in the auction rate market.
[12]	Represents auction rate preferred securities, municipal auction rate securities and student loan auction rate securities that failed in the auction rate market.
[13]	Sales and settlements for the ARS purchase commitments represent additional purchase commitments made during the year for regulatory and legal ARS settlements and awards.
[14]	Sales and settlements for the ARS purchase commitments represent additional purchase commitments made during the year for regulatory and legal ARS settlements and awards.
[15]	Represents the difference in principal and fair value for auction rate securities purchase commitments outstanding at the end of the year.
[16]	Represents the difference in principal and fair value for auction rate securities purchase commitments outstanding at the end of the year.

Fair Value Measurements - Ass58

Fair Value Measurements - Assets and Liabilities Not Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2015		Dec. 31, 2014
Financial Instruments Not Measured at Fair Value on Recurring Basis [Line items]
Securities purchased under agreements to resell	$ 206,499		$ 251,606
Level 1
Financial Instruments Not Measured at Fair Value on Recurring Basis [Line items]
Cash	50,364		32,632
Cash segregated for regulatory and other purposes			18,594
Deposits with clearing organization	18,034		12,322
Securities purchased under agreements to resell			1,606
Drafts payable	48,011		35,373
Level 2
Financial Instruments Not Measured at Fair Value on Recurring Basis [Line items]
Securities borrowed	224,672		242,172
Receivables from brokers	49,458		38,149
Securities failed to deliver	7,799		11,055
Clearing organizations	25,030		21,106
Other	53,954		1,993
Total Receivable from brokers, dealers and clearing organizations	360,913		314,475
Receivable from customers	840,355		864,189
Investments	53,286	[1]	51,246	[2]
Bank call loans	100,200		59,400
Securities loaned	130,658		137,892
Payable to brokers	3,316		4,559
Securities failed to receive	21,513		23,573
Other	9,059		91,137
Total payables to brokers, dealers and clearing organizations	164,546		257,161
Payables to customers	594,833		652,256
Securities sold under agreements to repurchase	651,445		687,440
Warehouse payable	54,341		16,683
Senior secured notes	154,568		157,782
Level 3
Financial Instruments Not Measured at Fair Value on Recurring Basis [Line items]
Mortgage servicing rights	41,838		42,279
Carrying Value
Financial Instruments Not Measured at Fair Value on Recurring Basis [Line items]
Cash	50,364		32,632
Cash segregated for regulatory and other purposes			18,594
Deposits with clearing organization	18,034		12,322
Securities borrowed	224,672		242,172
Receivables from brokers	49,458		38,149
Securities failed to deliver	7,799		11,055
Clearing organizations	25,030		21,106
Other	53,954		1,993
Total Receivable from brokers, dealers and clearing organizations	360,913		314,475
Receivable from customers	840,355		864,189
Securities purchased under agreements to resell			1,606
Mortgage servicing rights	28,168		30,140
Investments	53,286	[1]	51,246	[2]
Drafts payable	48,011		35,373
Bank call loans	100,200		59,400
Securities loaned	130,658		137,892
Payable to brokers	3,316		4,559
Securities failed to receive	21,513		23,573
Other	9,059		91,137
Total payables to brokers, dealers and clearing organizations	164,546		257,161
Payables to customers	594,833		652,256
Securities sold under agreements to repurchase	651,445		687,440
Warehouse payable	54,341		16,683
Senior secured notes	150,000		150,000
Estimate of Fair Value Measurement
Financial Instruments Not Measured at Fair Value on Recurring Basis [Line items]
Cash	50,364		32,632
Cash segregated for regulatory and other purposes			18,594
Deposits with clearing organization	18,034		12,322
Securities borrowed	224,672		242,172
Receivables from brokers	49,458		38,149
Securities failed to deliver	7,799		11,055
Clearing organizations	25,030		21,106
Other	53,954		1,993
Total Receivable from brokers, dealers and clearing organizations	360,913		314,475
Receivable from customers	840,355		864,189
Securities purchased under agreements to resell			1,606
Mortgage servicing rights	41,838		42,279
Investments	53,286	[1]	51,246	[2]
Drafts payable	48,011		35,373
Bank call loans	100,200		59,400
Securities loaned	130,658		137,892
Payable to brokers	3,316		4,559
Securities failed to receive	21,513		23,573
Other	9,059		91,137
Total payables to brokers, dealers and clearing organizations	164,546		257,161
Payables to customers	594,833		652,256
Securities sold under agreements to repurchase	651,445		687,440
Warehouse payable	54,341		16,683
Senior secured notes	$ 154,568		$ 157,782
[1]	Included in other assets on the consolidated balance sheet.
[2]	Included in other assets on the consolidated balance sheet.

Fair Value Measurements - Notio

Fair Value Measurements - Notional Amounts and Fair Values of Derivatives by Product (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands		Dec. 31, 2015		Dec. 31, 2014
Derivatives, Fair Value [Line Items]
Derivatives asset, notional		$ 323,108	[1]	$ 440,884	[2]
Derivatives asset, fair value		15,609	[1]	12,111	[2]
Derivative liability, notional		3,268,047	[1]	4,611,704	[2]
Derivative liability, fair value		14,162	[1]	3,505	[2]
Commodity contracts | Futures
Derivatives, Fair Value [Line Items]
Derivative liability, notional		2,943,000	[1]	3,835,600	[2]
Derivative liability, fair value		249	[1]	353	[2]
Other contracts | Interest rate lock commitments
Derivatives, Fair Value [Line Items]
Derivatives asset, notional		203,648	[1]	147,521	[2]
Derivatives asset, fair value		9,161	[1]	7,576	[2]
Derivative liability, notional		48,638	[1]	22,269	[2]
Derivative liability, fair value		923	[1]	1,222	[2]
Other contracts | TBAs
Derivatives, Fair Value [Line Items]
Derivatives asset, notional		35,650	[1]	105,185	[2]
Derivatives asset, fair value		4	[1]	1,026	[2]
Derivative liability, notional		24,350	[1]	105,186	[2]
Derivative liability, fair value		5	[1]	1,018	[2]
Other contracts | TBA sale agreements
Derivatives, Fair Value [Line Items]
Derivatives asset, notional		83,810	[1]	188,178	[2]
Derivatives asset, fair value		6,444	[1]	3,509	[2]
Derivative liability, notional	[1]	223,846
Derivative liability, fair value	[1]	11,614
Other contracts | Foreign currency forward contracts
Derivatives, Fair Value [Line Items]
Derivative liability, notional	[1]	400		400
Derivative liability, fair value	[1]	2		10
Other contracts | Forward start repurchase agreement
Derivatives, Fair Value [Line Items]
Derivative liability, notional	[2]			636,000
Derivative liability, fair value	[2]			0
Other contracts | ARS purchase commitments
Derivatives, Fair Value [Line Items]
Derivative liability, notional		27,813	[1]	12,249	[2]
Derivative liability, fair value		$ 1,369	[1]	$ 902	[2]
[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]	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.

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value Amounts of Derivative Instruments and their Effect on Statement of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Derivative Instruments, Gain (Loss) [Line Items]
Recognized in Income on Derivatives (pre-tax) Gain (Loss)	$ 401	$ 1,684
Commodity contracts | Principal Transaction Revenue | Futures
Derivative Instruments, Gain (Loss) [Line Items]
Recognized in Income on Derivatives (pre-tax) Gain (Loss)	(1,472)	(2,109)
Other contracts | Principal Transaction Revenue | ARS purchase commitments
Derivative Instruments, Gain (Loss) [Line Items]
Recognized in Income on Derivatives (pre-tax) Gain (Loss)	(467)	1,698
Other contracts | Principal Transaction Revenue | TBAs
Derivative Instruments, Gain (Loss) [Line Items]
Recognized in Income on Derivatives (pre-tax) Gain (Loss)	(9)	(17)
Other contracts | Other | Options
Derivative Instruments, Gain (Loss) [Line Items]
Recognized in Income on Derivatives (pre-tax) Gain (Loss)		10
Other contracts | Other | Interest rate lock commitments
Derivative Instruments, Gain (Loss) [Line Items]
Recognized in Income on Derivatives (pre-tax) Gain (Loss)	1,884	7,632
Other contracts | Other | TBA sale agreements
Derivative Instruments, Gain (Loss) [Line Items]
Recognized in Income on Derivatives (pre-tax) Gain (Loss)	440	$ (5,530)
Other contracts | Other | Foreign currency forward contracts
Derivative Instruments, Gain (Loss) [Line Items]
Recognized in Income on Derivatives (pre-tax) Gain (Loss)	$ 25

Collateralized Transactions - A

Collateralized Transactions - Additional Information (Details)	Sep. 26, 2013USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2014USD ($)	Sep. 30, 2015	Dec. 31, 2015USD ($)dealer		Dec. 31, 2014USD ($)		Dec. 31, 2013USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Bank call loans					$ 100,200,000		$ 59,400,000
Amounts pledged					546,334,000		518,123,000
Customer securities under customer margin loans available to be pledged					1,400,000,000
Customer securities under customer margin loans agreement available to be repledged					88,500,000
Customer securities deposited to secure obligations and margin requirements under option contracts					416,000,000
Outstanding letters of credit					0
Fair value of the reverse repurchase agreements					206,499,000	[1]	250,000,000	[2]
Fair value of the repurchase agreements					0
Carrying value of pledged securities owned that can be sold or re-pledged by the counterparty					546,300,000		518,100,000
Carrying value of securities owned by the Company loaned or pledged					$ 142,700,000		149,100,000
Amount of first interim distribution	$ 9,500,000	$ 437,000	$ 600,000
Number of broker-dealers | dealer					3
Receivable from brokers and clearing organizations					$ 129,900,000
Loans to citizens					$ 0
Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Period to complete transactions				1 day
Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Period to complete transactions				3 days
Credit Concentration Risk
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Guaranteed mortgages for a period					15 days
Interest expense					$ 928,500		570,700		$ 764,500
Reverse Repurchase Agreements
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Customer securities under customer margin loans agreement available to be repledged					278,800,000		312,600,000
Securities received as collateral under securities borrowed transaction with market value					278,800,000		314,100,000
Securities Borrowed Transactions
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Customer securities under customer margin loans agreement available to be repledged					36,000,000		4,400,000
Securities received as collateral under securities borrowed transaction with market value					217,000,000		235,100,000
Corporate
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amounts pledged					142,000,000
Other Than Corporate Customer
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Collateralized loans, collateralized by customer securities					327,400,000
Carrying Value | Fair Value, Measurements, Nonrecurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warehouse Agreement Borrowings					$ 54,300,000		$ 16,700,000
[1]	Included in securities purchased under agreements to resell where the Company has elected fair value option treatment.
[2]	Included in securities purchased under agreements to resell where the Company has elected fair value option treatment.

Collateralized Transactions - D

Collateralized Transactions - Disaggregation of Gross Obligation by Class (Details) $ in Thousands	Dec. 31, 2015USD ($)
Financial Instruments Owned and Pledged as Collateral [Line Items]
Gross amount of recognized liabilities for repurchase agreements and securities loaned	$ 857,646
Maturity Overnight and Open
Financial Instruments Owned and Pledged as Collateral [Line Items]
Gross amount of recognized liabilities for repurchase agreements and securities loaned	857,646
Maturity Less than 30 Days
Financial Instruments Owned and Pledged as Collateral [Line Items]
Gross amount of recognized liabilities for repurchase agreements and securities loaned	0
U.S. Government, agency and sovereign obligations
Financial Instruments Owned and Pledged as Collateral [Line Items]
U.S. Treasury and Agency securities	726,988
U.S. Government, agency and sovereign obligations | Maturity Overnight and Open
Financial Instruments Owned and Pledged as Collateral [Line Items]
U.S. Treasury and Agency securities	726,988
U.S. Government, agency and sovereign obligations | Maturity Less than 30 Days
Financial Instruments Owned and Pledged as Collateral [Line Items]
U.S. Treasury and Agency securities	0
Equity securities
Financial Instruments Owned and Pledged as Collateral [Line Items]
Equity securities	130,658
Equity securities | Maturity Overnight and Open
Financial Instruments Owned and Pledged as Collateral [Line Items]
Equity securities	130,658
Equity securities | Maturity Less than 30 Days
Financial Instruments Owned and Pledged as Collateral [Line Items]
Equity securities	$ 0

Collateralized Transactions - S

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	Dec. 31, 2015		Dec. 31, 2014
Reverse repurchase agreements
Gross Amounts of Recognized Assets	$ 282,042		$ 314,266
Gross Amounts Offset on the Balance Sheet	(75,543)		(62,660)
Net Amounts of Assets Presented on the Balance Sheet	206,499		251,606
Financial Instruments	(203,266)		(250,000)
Cash Collateral Received	0		0
Net Amount	3,233		1,606
Securities borrowed
Gross Amounts of Recognized Assets	224,672	[1]	242,172	[2]
Gross Amounts Offset on the Balance Sheet	0	[1]	0	[2]
Net Amounts of Assets Presented on the Balance Sheet	224,672	[1]	242,172	[2]
Financial Instruments	(219,099)	[1]	(234,376)	[2]
Cash Collateral Received	0	[1]	0	[2]
Net Amount	5,573	[1]	7,796	[2]
Total
Gross Amounts of Recognized Assets	506,714		556,438
Gross Amounts Offset on the Balance Sheet	(75,543)		(62,660)
Net Amounts of Assets Presented on the Balance Sheet	431,171		493,778
Financial Instruments	(422,365)		(484,376)
Cash Collateral Received	0		0
Net Amount	8,806		9,402
Repurchase agreements
Gross Amounts of Recognized Liabilities	726,988		750,100
Gross Amounts Offset on the Balance Sheet	(75,543)		(62,660)
Net Amounts of Liabilities Presented on the Balance Sheet	651,445		687,440
Financial Instruments	(645,498)		(686,119)
Cash Collateral Pledged	0		0
Net Amount	5,947		1,321
Securities loaned
Gross Amounts of Recognized Liabilities	130,658	[3]	137,892	[4]
Gross Amounts Offset on the Balance Sheet	0	[3]	0	[4]
Net Amounts of Liabilities Presented on the Balance Sheet	130,658	[3]	137,892	[4]
Financial Instruments	(122,650)	[3]	(132,258)	[4]
Cash Collateral Pledged	0	[3]	0	[4]
Net Amount	8,008	[3]	5,634	[4]
Total
Gross Amounts of Recognized Liabilities	857,646		887,992
Gross Amounts Offset on the Balance Sheet	(75,543)		(62,660)
Net Amounts of Liabilities Presented on the Balance Sheet	782,103		825,332
Financial Instruments	(768,148)		(818,377)
Cash Collateral Pledged	0		0
Net Amount	$ 13,955		$ 6,955
[1]	Included in receivable from brokers, dealers and clearing organizations on the consolidated balance sheet.
[2]	Included in receivable from brokers, dealers and clearing organizations on the consolidated balance sheet.
[3]	Included in payable to brokers, dealers and clearing organizations on the consolidated balance sheet.
[4]	Included in payable to brokers, dealers and clearing organizations on the consolidated balance sheet.

Variable Interest Entities (Det

Variable Interest Entities (Details) - USD ($) $ in Thousands	Dec. 31, 2015		Dec. 31, 2014
Variable Interest Entity [Line Items]
Variable Interest Entity Assets	$ 1,830,303	[1]	$ 2,021,915	[2]
Carrying Value of Variable Interest Assets	1,381	[3]	1,611	[4]
Capital Commitments	2		2
Maximum Exposure to Loss in Non-consolidated VIEs	1,383		1,613
Hedge Funds
Variable Interest Entity [Line Items]
Variable Interest Entity Assets	1,775,503	[1]	1,955,515	[2]
Carrying Value of Variable Interest Assets	1,354	[3]	1,584	[4]
Carrying Value of Variable Interest Liabilities	0		0
Capital Commitments	0		0
Maximum Exposure to Loss in Non-consolidated VIEs	1,354		1,584
Private Equity Funds
Variable Interest Entity [Line Items]
Variable Interest Entity Assets	54,800	[1]	66,400	[2]
Carrying Value of Variable Interest Assets	27	[3]	27	[4]
Carrying Value of Variable Interest Liabilities	0		0
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 consolidated balance sheet.
[4]	Represents the Company's interests in the VIEs and is included in other assets on the consolidated balance sheet.

Commercial Mortgage Banking - U

Commercial Mortgage Banking - Unpaid Principal Balance of Loans (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Transfers and Servicing [Abstract]
Unpaid principal balance of loans	$ 3,974,292	$ 4,134,894

Commercial Mortgage Banking - S

Commercial Mortgage Banking - Summary of Changes in Carrying Value of Mortgage Servicing Rights (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014
Servicing Asset at Amortized Cost, Balance [Roll Forward]
Balance at beginning of year		$ 30,140	$ 28,879
Originations	[1]	6,569	5,956
Purchases		799	345
Disposals	[1]	(8,613)	(2,221)
Amortization expense		(727)	(2,819)
Balance at end of year		$ 28,168	$ 30,140
[1]	Includes refinancings

Commercial Mortgage Banking -67

Commercial Mortgage Banking - Schedule of Amortization Expense (Details) $ in Thousands	Dec. 31, 2015USD ($)
Servicing Asset at Amortized Cost [Line Items]
2,016	$ 4,123
2,017	4,118
2,018	4,083
2,019	3,927
2,020	3,670
Thereafter	8,247
Amortization expense	28,168
Originated MSRs
Servicing Asset at Amortized Cost [Line Items]
2,016	3,039
2,017	3,036
2,018	3,008
2,019	2,913
2,020	2,758
Thereafter	6,962
Amortization expense	21,716
Purchased MSRs
Servicing Asset at Amortized Cost [Line Items]
2,016	1,084
2,017	1,082
2,018	1,075
2,019	1,014
2,020	912
Thereafter	1,285
Amortization expense	$ 6,452

Commercial Mortgage Banking - C

Commercial Mortgage Banking - Components of Mortgage Servicing Rights Fees (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Transfers and Servicing [Abstract]
Servicing fees	$ 5,848	$ 5,552	$ 5,049
Ancillary fees	310	328	528
Total MSR fees	$ 6,158	$ 5,880	$ 5,577

Commercial Mortgage Banking - A

Commercial Mortgage Banking - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)related_party	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Servicing Liability at Amortized Cost [Line Items]
Company owned OMHHF	83.68%
Prepayment costs	$ 25,700	$ 9,800	$ 14,500
Custodial escrow accounts	421,500	285,500
Uninsured balance relation to escrow accounts	301,300
Carrying value of loan servicing rights	$ 28,168	30,140	$ 28,879
Servicing rights are amortized using straight-line method	10 years
Mortgage Servicing Rights
Servicing Liability at Amortized Cost [Line Items]
Fair value of servicing rights	$ 41,800	42,300
Carrying value of loan servicing rights	$ 28,200	$ 30,100
OMHHF
Servicing Liability at Amortized Cost [Line Items]
Non-controlling interest	16.32%
Number of related party | related_party	1

Office Facilities - Summary of

Office Facilities - Summary of Office Facilities Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Office facilities, gross	$ 133,251	$ 133,136
Less accumulated depreciation	(104,961)	(103,547)
Total	28,290	29,589
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Office facilities, gross	75,858	78,940
Leasehold improvements
Property, Plant and Equipment [Line Items]
Office facilities, gross	$ 57,393	$ 54,196

Office Facilities - Additional

Office Facilities - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 7,188	$ 7,748	$ 9,405

Bank Call Loans - Summary of Ba

Bank Call Loans - Summary of Bank Call Loans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Debt Disclosure [Abstract]
Year-end balance	$ 100,200	$ 59,400
Short-term Debt, Weighted Average Interest Rate	1.56%	1.22%
Maximum balance (at any month-end)	$ 189,000	$ 197,000
Average amount outstanding (during the year)	$ 116,267	$ 108,235
Average interest rate (during the year)	1.28%	1.26%

Bank Call Loans - Additional In

Bank Call Loans - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Debt Disclosure [Abstract]
Broker call rate	2.25%	2.00%
Interest expense on bank call loans	$ 1.5	$ 1.4	$ 2.2

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Apr. 15, 2014
Debt Instrument [Line Items]
Senior secured notes	$ 150,000	$ 150,000	$ 150,000
Senior Secured Notes
Debt Instrument [Line Items]
Maturity Date	Apr. 15, 2018

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Details) - USD ($)	Apr. 15, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Apr. 12, 2011
Debt Instrument [Line Items]
Senior secured notes	$ 150,000,000	$ 150,000,000	$ 150,000,000
Cash paid during the year for interest		$ 17,273,000	18,784,000	$ 26,492,000
Senior Secured Notes
Debt Instrument [Line Items]
Interest rate		8.75%
Extinguishment of debt, amount	$ 50,000,000
Percentage of principal amount redeemed	25.00%
Redemption price, percentage	106.563%
Decrease to debt instrument interest cost	$ 3,900,000
Interest expense on note		$ 13,100,000	14,300,000	$ 17,100,000
Cash paid during the year for interest		$ 13,100,000	$ 15,100,000
Debt Instrument, Redemption, Period Two [Member]
Debt Instrument [Line Items]
Extinguishment of debt, amount	5,000,000
Debt Instrument, Redemption, Period One [Member]
Debt Instrument [Line Items]
Extinguishment of debt, amount	$ 45,000,000
Private Placement | Senior Secured Notes
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

Share Capital - Changes in Numb

Share Capital - Changes in Number of Shares of Class A Stock Outstanding (Details) - Class A Stock - shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Class A Stock outstanding, beginning of year	13,530,688	13,377,967
Issued pursuant to shared-based compensation plans	131,524	152,721
Repurchased and canceled pursuant to the stock buy-back	(423,726)	0
Class A Stock outstanding, end of year	13,238,486	13,530,688

Share Capital - Additional Info

Share Capital - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								9 Months Ended	12 Months Ended			39 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Sep. 30, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2014	Sep. 15, 2015	Oct. 07, 2011
Class of Stock [Line Items]
Preferred stock, authorized (in shares)	50,000,000									50,000,000
Preferred stock, par value (in dollars per share)	$ 0.001									$ 0.001
Preferred stock, issued (in shares)	0									0
Dividends per share (in dollars per share)	$ 0.11	$ 0.11	$ 0.11	$ 0.11	$ 0.11	$ 0.11	$ 0.11	$ 0.11		$ 0.44	$ 0.44
Class A Stock
Class of Stock [Line Items]
Common stock, authorized (in shares)	50,000,000				50,000,000					50,000,000	50,000,000		50,000,000
Common stock, par value (in dollars per share)	$ 0.001				$ 0.001					$ 0.001	$ 0.001		$ 0.001
Common stock, outstanding (in shares)	13,238,486				13,530,688					13,238,486	13,530,688	13,377,967	13,530,688
Common stock, issued (in shares)	13,238,486				13,530,688					13,238,486	13,530,688		13,530,688
Dividends per share (in dollars per share)										$ 0.44	$ 0.44	$ 0.44
Class A Stock | New Program
Class of Stock [Line Items]
Common stock, outstanding (in shares)														13,348,369
Repurchase of class A common stock (in shares)														665,000
Percentage of repurchase of class A common stock														5.00%
Common stock, issued (in shares)														13,348,369
Stock repurchased and retired during period (in shares)	94,882
Stock repurchased and retired during period, value	$ 1.6
Stock repurchased and retired during period (in dollars per share)	$ 17.20
Remaining number of shares authorized to be repurchased (in shares)	570,118									570,118
Class A Stock | Previous Program
Class of Stock [Line Items]
Repurchase of class A common stock (in shares)															675,000
Stock repurchased and retired during period (in shares)									328,844				322,177
Stock repurchased and retired during period, value									$ 6.6
Stock repurchased and retired during period (in dollars per share)									$ 20.12
Remaining number of shares authorized to be repurchased (in shares)		23,979							23,979
Class B Stock
Class of Stock [Line Items]
Common stock, authorized (in shares)	99,680				99,680					99,680	99,680		99,680
Common stock, par value (in dollars per share)	$ 0.001				$ 0.001					$ 0.001	$ 0.001		$ 0.001
Common stock, outstanding (in shares)	99,680				99,680					99,680	99,680		99,680
Common stock, issued (in shares)	99,680				99,680					99,680	99,680		99,680
Dividends per share (in dollars per share)										$ 0.44	$ 0.44	$ 0.44

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended								12 Months Ended
		Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Earnings Per Share [Abstract]
Basic weighted average shares (in shares)										13,640,610	13,604,258	13,577,725
Net dilutive effect of share-based awards, treasury method (in shares)	[1]									650,924	646,405	546,335
Diluted weighted average shares (in shares)										14,291,534	14,250,663	14,124,060
Net income for the year										$ 2,898	$ 9,561	$ 26,153
Net income attributable to noncontrolling interest, net of tax										936	735	1,092
Net income attributable to Oppenheimer Holdings Inc.		$ (3,144)	$ (908)	$ 295	$ 5,719	$ 2,686	$ 4,470	$ (1,554)	$ 3,224	$ 1,962	$ 8,826	$ 25,061
Basic earnings (loss) per share (in dollars per share)		$ (0.23)	$ (0.07)	$ 0.02	$ 0.42	$ 0.20	$ 0.33	$ (0.11)	$ 0.24	$ 0.14	$ 0.65	$ 1.85
Diluted earnings (loss) per share (in dollars per share)		$ (0.23)	$ (0.07)	$ 0.02	$ 0.40	$ 0.19	$ 0.31	$ (0.11)	$ 0.23	$ 0.14	$ 0.62	$ 1.77
Class A Stock
Class of Stock [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)										5,309	43,008	57,573
[1]	For the year ended December 31, 2015, the diluted earnings per share computation does not include the anti-dilutive effect of 5,309 shares of Class A Stock granted under share-based compensation arrangements (43,008 and 57,573 shares for the years ended December 31, 2014 and 2013, respectively).

Income taxes - Schedule of Reco

Income taxes - Schedule of Reconciliation of Effective Income Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
U.S. federal statutory income tax rate	$ 2,348	$ 9,008	$ 15,368
U.S. state and local income taxes, net of U.S. federal income tax benefits	373	2,033	2,131
Unrecognized tax benefit	589	6	1,244
Tax exempt income, net of interest expense	(696)	(528)	(715)
Non-deductible regulatory settlements	0	5,298	0
Business promotion and other non-deductible expenses	577	655	660
Insurance proceeds, non-taxable	0	(65)	(597)
Adjustment to reflect prior year tax return filings	397	256	(251)
Tax rate change on deferred income taxes	116	241	208
Tax rate differential on foreign operations	145	(447)	185
Other	(36)	(282)	(477)
Total	$ 3,813	$ 16,175	$ 17,756
U.S. federal statutory income tax rate, percent	35.00%	35.00%	35.00%
U.S. state and local income taxes, net of U.S. federal income tax benefits, percent	5.50%	7.90%	4.90%
Unrecognized tax benefits, percent	8.80%	0.00%	2.80%
Tax exempt income, net of interest expense, percent	(10.40%)	(2.00%)	(1.60%)
Non-deductible regulatory settlements, percent	0.00%	20.60%	0.00%
Business promotion and other non-deductible expenses, percent	8.60%	2.50%	1.50%
Insurance proceeds, non-taxable, percent	0.00%	(0.30%)	(1.40%)
Adjustment to reflect prior year tax return filings, percent	5.90%	1.00%	(0.60%)
Tax rate change on deferred income taxes, percent	1.70%	0.90%	0.50%
Non-U.S. operations, percent	2.20%	(1.70%)	0.40%
Other, percent	(0.50%)	(1.10%)	(1.10%)
Total income tax expense, percent	56.80%	62.80%	40.40%

Income taxes - Schedule of Curr

Income taxes - Schedule of Current and Deferred Income Tax (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Current:
U.S. federal tax (benefit)	$ (1,738)	$ 10,302	$ (2,984)
State and local tax	832	1,520	1,885
Non-U.S. operations	181	(264)	116
Total Current	(725)	11,558	(983)
Deferred:
U.S. federal tax	3,173	1,273	16,658
State and local tax	1,145	2,057	2,482
Non-U.S. operations	220	1,287	(401)
Deferred income taxes	4,538	4,617	18,739
Total	$ 3,813	$ 16,175	$ 17,756

Income taxes - Schedule of Sign

Income taxes - Schedule of Significant Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Deferred tax assets:
Employee deferred compensation plans	$ 27,423	$ 30,969
Deferred rent	10,582	10,024
Lease incentive	5,855	6,212
Broker notes	3,441	3,460
Auction rate securities reserve	2,666	3,229
Net operating loss	2,834	2,896
Involuntary conversion	2,245	2,033
Reserve for litigation and legal fees	3,350	5,808
Allowance for doubtful accounts	1,037	984
State and local net operating loss/credit carryforward	1,330	357
Other	2,718	2,650
Total deferred tax assets	63,481	68,622
Valuation allowance	126	113
Deferred tax assets after valuation allowance	63,355	68,509
Deferred tax liabilities:
Goodwill amortization	53,364	48,025
Partnership investments	7,444	10,865
Mortgage servicing rights	10,571	12,173
Company owned life insurance	6,431	6,501
Change in accounting method	1,313	2,591
Book versus tax depreciation differences	657	982
Other	248	469
Total deferred tax liabilities	80,028	81,606
Deferred tax liabilities, net	$ (16,673)	$ (13,097)

Income taxes - Schedule of Unre

Income taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefits, beginning balance	$ 1,583	$ 1,574	$ 5,236
Additions for tax positions of prior years	907	0	1,168
Additions for tax positions of current year	0	9	77
Reclass to other tax accounts	0	0	(4,907)
Unrecognized tax benefits, ending balance	$ 2,490	$ 1,583	$ 1,574

Income taxes - Additional Infor

Income taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Tax Examination [Line Items]
Profit (loss) before income taxes for foreign operations	$ 732,000	$ 4,300,000	$ (1,300,000)
Tax credit, investment, amount	20,500,000
Unrecognized deferred tax liability related to earnings of foreign subsidiaries	$ 2,500,000
Goodwill amortized period	15 years
Unrecognized tax benefits	$ 2,490,000	1,583,000	1,574,000	$ 5,236,000
Unrecognized tax benefits that would impact effective tax rate	1,800,000	1,300,000
Reclass to other tax accounts	0	0	$ 4,907,000
Income tax-related interest (benefit) expense	23,000	22,000
Income tax-related interest payable	$ 106,000	$ 83,000
State and Local Jurisdiction | New York State | Minimum
Income Tax Examination [Line Items]
Income tax examination year	2,008
State and Local Jurisdiction | New York State | Maximum
Income Tax Examination [Line Items]
Income tax examination year	2,011
State and Local Jurisdiction | New York City | Minimum
Income Tax Examination [Line Items]
Income tax examination year	2,009
State and Local Jurisdiction | New York City | Maximum
Income Tax Examination [Line Items]
Income tax examination year	2,012
Oppenheimer Israel (OPCO) Ltd.
Income Tax Examination [Line Items]
Net operating loss carryforward	$ 1,300,000
Oppenheimer Investments Asia Ltd.
Income Tax Examination [Line Items]
Net operating loss carryforward	1,000,000
Oppenheimer Europe Ltd
Income Tax Examination [Line Items]
Net operating loss carryforward	$ 397,000

Employee Compensation Plans - S

Employee Compensation Plans - Summarizes of Company's Non-Vested ESP/EIP Awards (Details) - Restricted Stock - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Non-vested at beginning of year, number of shares	1,239,346
Granted, number of shares	399,566
Vested, number of shares	(210,516)
Forfeited or expired, number of shares	(170,838)
Non-vested at end of year, number of shares	1,257,558	1,239,346
Weighted Average Fair Value
Non-vested at beginning of year, weighted average fair value (in dollars per share)	$ 20.12
Granted, weighted average fair value (in dollars per share)	19.05
Vested, weighted average fair value (in dollars per share)	24.59
Forfeited or expired, weighted average fair value (in dollars per share)	18.27
Non-vested at end of year, weighted average fair value (in dollars per share)	$ 19.29	$ 20.12
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Remaining Contractual Terms	3 years 4 months 12 days
Non-vested at beginning of year, remaining contractual life (in years)	1 year 8 months 12 days	1 year 8 months 12 days
Non-vested at end of year, remaining contractual life (in years)	1 year 8 months 12 days	1 year 8 months 12 days

Employee Compensation Plans -85

Employee Compensation Plans - Schedule of Fair Value of Awarded Stock Option Estimated on Grant Date Using Black-Scholes Model (Details) - $ / shares		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Term granted for options (in years)	[1]	5 years	5 years	5 years	5 years	5 years
Expected volatility factor	[2]	55.43%	56.31%	53.82%	54.95%	52.52%
Risk-free interest rate	[3]	1.27%	1.49%	0.84%	0.70%	2.00%
Actual dividends (in dollars per share)	[4]	$ 0.44	$ 0.44	$ 0.44	$ 0.44	$ 0.44
[1]	The expected term was determined based on actual awards.
[2]	The volatility factor was measured using the weighted average of historical daily price changes of the Company's Class A Stock over a historical period commensurate to the expected term of the awards.
[3]	The risk-free interest rate was based on periods equal to the expected term of the awards based on the U.S. Treasury yield curve in effect at the time of grant.
[4]	Actual dividends were used to compute the expected annual dividend yield.

Employee Compensation Plans -86

Employee Compensation Plans - Schedule of Stock Option Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Options outstanding at beginning of period (in shares)	45,549	72,573
Options granted (in shares)	4,177	2,976
Options exercised (in shares)	0	(15,000)
Options forfeited or expired (in shares)	(37,699)	(15,000)
Options outstanding at end of period (in shares)	12,027	45,549
Weighted Average Exercise Price
Options outstanding at beginning of period, weighted average exercise price (in dollars per share)	$ 25.50	$ 24.46
Options granted, weighted average exercise price (in dollars per share)	19.76	23.49
Options exercised, weighted average exercise price (in dollars per share)	0	12.33
Options forfeited or expired, weighted average exercise price (in dollars per share)	26.12	33.22
Options outstanding at end of period, weighted average exercise price (in dollars per share)	$ 21.57	$ 25.50
Options vested at end of year (in shares)	3,366	30,513
Options vested at end of year, weighted average exercise price (in dollars per share)	$ 23.56	$ 25.99
Weighted average fair value of options granted during the year (in dollars per share)	$ 7.87	$ 9.94

Employee Compensation Plans -87

Employee Compensation Plans - Summarizes Stock Options Outstanding and Exercisable (Details)	12 Months Ended
	Dec. 31, 2015$ / sharesshares
$17.20 - $20.00
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options outstanding (in shares) | shares	6,718
Weighted average remaining contractual life (in years)	3 years 28 days
Weighted average exercise price of outstanding options (in dollars per share)	$ 19.29
Number of options exercisable (vested) (in shares) | shares	1,033
Weighted average exercise price of vested options (in dollars per share)	$ 18.82
Lower range of exercise prices (in dollars per share)	17.20
Upper range of exercise prices (in dollars per share)	$ 20
$20.01 - $25.66
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options outstanding (in shares) | shares	5,309
Weighted average remaining contractual life (in years)	1 year 9 months 5 days
Weighted average exercise price of outstanding options (in dollars per share)	$ 24.44
Number of options exercisable (vested) (in shares) | shares	2,333
Weighted average exercise price of vested options (in dollars per share)	$ 25.66
Lower range of exercise prices (in dollars per share)	20.01
Upper range of exercise prices (in dollars per share)	$ 25.66
$17.20 - $25.66
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options outstanding (in shares) | shares	12,027
Weighted average remaining contractual life (in years)	2 years 6 months
Weighted average exercise price of outstanding options (in dollars per share)	$ 21.57
Number of options exercisable (vested) (in shares) | shares	3,366
Weighted average exercise price of vested options (in dollars per share)	$ 23.56
Lower range of exercise prices (in dollars per share)	17.20
Upper range of exercise prices (in dollars per share)	$ 25.66

Employee Compensation Plans -88

Employee Compensation Plans - Summarizes of Company's Non-Vested Options (Details) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]
Number of options, non-vested at beginning of year (in shares)	15,036
Number of options, granted (in shares)	4,177	2,976
Number of options, vested (in shares)	(10,552)
Number of options, non-vested at end of year (in shares)	8,661	15,036
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted average fair value, non-vested at beginning of year (in dollars per share)	$ 10.17
Weighted average fair value, granted (in dollars per share)	7.87	$ 9.94
Weighted average fair value, vested (in dollars per share)	10.66
Weighted average fair value, non-vested at end of year (in dollars per share)	$ 8.46	$ 10.17

Employee Compensation Plans -89

Employee Compensation Plans - Stock Appreciation Rights (Details)	12 Months Ended
	Dec. 31, 2015$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of OARs Outstanding | shares	1,907,030
Total weighted average strike price (in dollars per share)	$ 21.36
Total weighted average remaining contractual life (in years)	2 years 3 months 24 days
Total weighted average fair value per share (in dollars per share)	$ 2.02
January 13, 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of OARs Outstanding | shares	289,320
Strike price (in dollars per share)	$ 26.35
Remaining contractual life (in years)	12 days
Fair value per share (in dollars per share)	$ 0
January 19, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of OARs Outstanding | shares	324,710
Strike price (in dollars per share)	$ 18.94
Remaining contractual life (in years)	1 year
Fair value per share (in dollars per share)	$ 1.52
January 14, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of OARs Outstanding | shares	347,130
Strike price (in dollars per share)	$ 15.94
Remaining contractual life (in years)	2 years
Fair value per share (in dollars per share)	$ 3.45
January 14, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of OARs Outstanding | shares	442,790
Strike price (in dollars per share)	$ 23.48
Remaining contractual life (in years)	3 years
Fair value per share (in dollars per share)	$ 1.78
January 9, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of OARs Outstanding | shares	503,080
Strike price (in dollars per share)	$ 21.94
Remaining contractual life (in years)	4 years
Fair value per share (in dollars per share)	$ 2.74

Employee Compensation Plans - A

Employee Compensation Plans - Additional Information (Details)		Feb. 24, 2016shares	Jan. 28, 2016shares	Jan. 06, 2016shares	Dec. 31, 2015USD ($)employee_compensation_planshares	Dec. 31, 2014USD ($)shares	Dec. 31, 2013USD ($)	Dec. 31, 2012	Dec. 31, 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of employee compensation plans granted | employee_compensation_plan					2
Term granted for options (in years)	[1]				5 years	5 years	5 years	5 years	5 years
Options granted (in shares) | shares					4,177	2,976
Maximum annual contribution under Defined Contribution Plan					$ 18,000	$ 17,500	$ 17,500
Employer contribution to Defined Contribution Plan					1,600,000	1,200,000	1,300,000
Deferred bonus amounts					$ 8,300,000	8,600,000	8,500,000
Vesting period of deferred bonus					5 years
Company-owned life insurance policy designed to offset a percentage of the EDCP liability					60.00%
Deferred compensation plans cost					$ 8,600,000	11,400,000	17,800,000
Stock Appreciation Rights
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense relating to the share-based awards					$ 1,800,000	380,100	4,100,000
Cost is expected to be recognized over a weighted average period					2 years 3 months 24 days
Aggregate intrinsic value of OARs outstanding and expected to vest					$ 499,900
Liability related to the OARs					1,600,000
Total unrecognized compensation cost					2,100,000
Stock Appreciation Rights | Subsequent Events
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period under share based payment				5 years
Number of OARs | shares				491,160
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense relating to the share-based awards					$ 69,900	133,600	158,200
Cost is expected to be recognized over a weighted average period					2 years 6 months
Aggregate intrinsic value of options outstanding					$ 171
Aggregate intrinsic value of vested options					43
Aggregate intrinsic value of options that are expected to vest					163
Unrecognized compensation cost related to unvested share-based compensation					44,500
Employee Stock Option | Subsequent Events
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period under share based payment		4 years 6 months
Options granted (in shares) | shares		3,907
Class A Stock | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate intrinsic value of ESP awards outstanding					21,900,000
The aggregate intrinsic value of ESP awards that are expected to vest					21,100,000
Compensation expense relating to the share-based awards					4,600,000	$ 5,600,000	$ 5,000,000
Unrecognized compensation cost related to unvested share-based compensation					$ 9,500,000
Cost is expected to be recognized over a weighted average period					1 year 8 months 12 days
Number of shares of Class A Stock available | shares					882,401
Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period					6 months
Equity Incentive Plan | Second Anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage under share based payment					25.00%
Equity Incentive Plan | Third Anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage under share based payment					25.00%
Equity Incentive Plan | Fourth Anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage under share based payment					25.00%
Equity Incentive Plan | Six Months Before Expiration
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage under share based payment					25.00%
Equity Incentive Plan | Class A Stock | Vesting Period Five Years
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term granted for options (in years)					5 years
Employee Share Plan | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period under share based payment					3 years
Employee Share Plan | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period under share based payment					5 years
Oppenheimer Holdings Inc. Stock Appreciation Right Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period under share based payment					5 years
Stock Incentive Plan 2014 | Class A Stock | Subsequent Events
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares awarded | shares		355,833
Stock Incentive Plan 2014 | Class A Stock | Non Employee Director | Subsequent Events
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares awarded | shares			28,000
Stock Incentive Plan 2014 | Class A Stock | July 27, 2016 | Non Employee Director | Subsequent Events
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage under share based payment			25.00%
Stock Incentive Plan 2014 | Class A Stock | July 27, 2017 | Non Employee Director | Subsequent Events
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage under share based payment			25.00%
Stock Incentive Plan 2014 | Class A Stock | July 27, 2018 | Non Employee Director | Subsequent Events
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage under share based payment			25.00%
Stock Incentive Plan 2014 | Class A Stock | July 27, 2019 | Non Employee Director | Subsequent Events
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage under share based payment			25.00%
Stock Incentive Plan 2014 | Class A Stock | Vesting Period Five Years | Subsequent Events
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period under share based payment		5 years
Number of shares awarded | shares		257,500
Stock Incentive Plan 2014 | Class A Stock | Vesting Period Three Years | Subsequent Events
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period under share based payment		3 years
Number of shares awarded | shares		98,333
Executive Deferred Compensation Plan and Deferred Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Company's deferred compensation liability					$ 49,000,000
CIBC Deferred Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Company's deferred compensation liability					$ 14,300,000
[1]	The expected term was determined based on actual awards.

Commitments and Contingencies -

Commitments and Contingencies - Future Minimum Rental Commitments under Office and Equipment Leases (Details) $ in Thousands	Dec. 31, 2015USD ($)
Commitments and Contingencies Disclosure [Abstract]
2,016	$ 40,577
2,017	36,989
2,018	34,749
2,019	29,105
2,020	21,549
2021 and thereafter	113,982
Total	$ 276,951

Commitments and Contingencies92

Commitments and Contingencies - Additional Information (Details) - USD ($)	Jan. 27, 2017	Feb. 17, 2015	Feb. 09, 2015	Jan. 27, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Loss Contingencies [Line Items]
Operating leases expiring at various dates through					2,028
Rent expense					$ 45,900,000	$ 45,600,000	$ 46,400,000
Capital commitments relating to investments					5,100,000
Minimum estimated range of aggregate loss for legal proceedings					0
Maximum estimated range of aggregate loss for legal proceedings					51,000,000
Auction rate securities related to settlements with regulators					5,000,000
Eligible investor subject to future buyback principal value					57,000,000
Eligible investor subject to future buyback potential additional losses related to valuation adjustments					0
Litigation settlement, expense					10,000,000
SEC
Loss Contingencies [Line Items]
Litigation settlement, amount				$ 10,000,000
Payments for legal settlements		$ 5,000,000
SEC | Scenario, Forecast
Loss Contingencies [Line Items]
Payments for legal settlements	$ 5,000,000
SEC | Disgorgement
Loss Contingencies [Line Items]
Litigation settlement, amount				4,200,000
SEC | Prejudgment Interest
Loss Contingencies [Line Items]
Litigation settlement, amount				753,500
SEC | Civil Penalties
Loss Contingencies [Line Items]
Litigation settlement, amount				5,100,000
United States Department of the Treasury
Loss Contingencies [Line Items]
Litigation settlement, amount				$ 10,000,000
Payments for legal settlements			$ 5,000,000
Auction rate securities
Loss Contingencies [Line Items]
Total amount of ARS the firm purchased and hold					92,000,000
Amount of ARS committed to purchase from clients					$ 22,800,000

Regulatory Requirements (Detail

Regulatory Requirements (Details)	12 Months Ended
	Dec. 31, 2015USD ($)
Oppenheimer
Regulatory Capital Requirements [Line Items]
Required percentage of net capital to aggregate customer-related debit items	2.00%
Net capital	$ 144,800,000
Actual percentage of net capital to aggregate customer-related debit items	12.34%
Excess capital	$ 121,400,000
Freedom
Regulatory Capital Requirements [Line Items]
Net capital	5,800,000
Minimum net capital required (in excess)	100,000
Net capital in excess of minimum required	$ 5,700,000
Percentage of net capital to aggregate indebtedness	6.67%
Oppenheimer Europe Ltd
Regulatory Capital Requirements [Line Items]
Common equity tier 1 ratio	12.32%
Common equity tier 1 ratio required	4.50%
Tier 1 capital ratio	12.32%
Tier 1 capital ratio required	6.00%
Total capital ratio	13.75%
Total capital ratio required	8.00%
Oppenheimer Investments Asia Ltd.
Regulatory Capital Requirements [Line Items]
Net capital	$ 2,500,000
Net capital in excess of minimum required	2,100,000
Regulatory capital required to be maintained	$ 387,000

Goodwill and intangibles (Detai

Goodwill and intangibles (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Goodwill [Line Items]
Goodwill	$ 137,889,000	$ 137,889,000
Goodwill, impairment loss	0	0
Carrying value of intangibles	31,700,000	31,700,000
Trademarks and Trade Name
Goodwill [Line Items]
Carrying value of intangibles	31,700,000
Impairment of intangible assets, indefinite-lived	0	$ 0
PCD
Goodwill [Line Items]
Goodwill	$ 137,900,000

Segment Information - Reported

Segment Information - Reported Revenue and Profit Before Income Taxes (Details) - USD ($) $ in Thousands		3 Months Ended								12 Months Ended
		Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenue
Total revenue		$ 230,360	$ 213,536	$ 238,928	$ 245,561	$ 254,928	$ 244,679	$ 249,689	$ 255,168	$ 928,385	$ 1,004,464	$ 1,019,714
Income (loss) before income tax provision (benefit)
Total income (loss) before income taxes		$ (4,243)	$ (1,527)	$ 2,630	$ 9,851	$ 9,595	$ 10,896	$ 136	$ 5,109	$ 6,711	$ 25,736	$ 43,909
Private Client Division
Income (loss) before income tax provision (benefit)
Asset management fees										77.50%	77.50%	77.50%
Asset Management
Income (loss) before income tax provision (benefit)
Asset management fees										22.50%	22.50%	22.50%
Operating Segments | Private Client Division
Revenue
Total revenue	[1]									$ 521,526	$ 582,364	$ 600,071
Income (loss) before income tax provision (benefit)
Total income (loss) before income taxes	[1]									59,016	60,116	65,924
Operating Segments | Asset Management
Revenue
Total revenue	[1]									97,121	99,964	102,214
Income (loss) before income tax provision (benefit)
Total income (loss) before income taxes	[1]									33,133	33,707	40,951
Operating Segments | Capital markets
Revenue
Total revenue										279,589	298,597	281,377
Income (loss) before income tax provision (benefit)
Total income (loss) before income taxes										5,167	17,819	6,968
Operating Segments | Commercial mortgage banking
Revenue
Total revenue										30,584	23,329	34,144
Income (loss) before income tax provision (benefit)
Total income (loss) before income taxes										9,139	8,546	11,413
Operating Segments | Corporate/Other
Revenue
Total revenue										(435)	210	1,908
Income (loss) before income tax provision (benefit)
Total income (loss) before income taxes										$ (99,744)	$ (94,452)	$ (81,347)
[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								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	$ 230,360	$ 213,536	$ 238,928	$ 245,561	$ 254,928	$ 244,679	$ 249,689	$ 255,168	$ 928,385	$ 1,004,464	$ 1,019,714
Americas
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue									883,805	955,361	978,249
Europe/Middle East
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue									40,603	43,087	36,516
Asia
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue									$ 3,977	$ 6,016	$ 4,949

Subsequent Events (Details)

Subsequent Events (Details) - $ / shares	Jan. 29, 2016	Dec. 31, 2015
Class A Stock
Subsequent Event [Line Items]
Date of announcement of dividend		Jan. 29, 2016
Date of payment of dividend		Feb. 26, 2016
Date of record of dividend		Feb. 12, 2016
Subsequent Events | Class A Stock
Subsequent Event [Line Items]
Quarterly dividend payable amount per share	$ 0.11
Subsequent Events | Class B Stock
Subsequent Event [Line Items]
Quarterly dividend payable amount per share	$ 0.11

Quarterly information (unaudi98

Quarterly information (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended																12 Months Ended
	Dec. 31, 2015		Sep. 30, 2015		Jun. 30, 2015		Mar. 31, 2015		Dec. 31, 2014		Sep. 30, 2014		Jun. 30, 2014		Mar. 31, 2014		Dec. 31, 2015		Dec. 31, 2014		Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract]
Revenue	$ 230,360		$ 213,536		$ 238,928		$ 245,561		$ 254,928		$ 244,679		$ 249,689		$ 255,168		$ 928,385		$ 1,004,464		$ 1,019,714
Income (loss) before income tax provision (benefit)	(4,243)		(1,527)		2,630		9,851		9,595		10,896		136		5,109		6,711		25,736		43,909
Net income (loss) attributable to Oppenheimer Holdings Inc.	$ (3,144)		$ (908)		$ 295		$ 5,719		$ 2,686		$ 4,470		$ (1,554)		$ 3,224		$ 1,962		$ 8,826		$ 25,061
Earnings (loss) per share attributable to Oppenheimer Holdings Inc.
Basic earnings (loss) per share (in dollars per share)	$ (0.23)		$ (0.07)		$ 0.02		$ 0.42		$ 0.20		$ 0.33		$ (0.11)		$ 0.24		$ 0.14		$ 0.65		$ 1.85
Diluted earnings (loss) per share (in dollars per share)	(0.23)		(0.07)		0.02		0.40		0.19		0.31		(0.11)		0.23		0.14		0.62		$ 1.77
Dividends per share (in dollars per share)	0.11		0.11		0.11		0.11		0.11		0.11		0.11		0.11		0.44		0.44
Market price of Class A Stock
High (in dollars per share)	20.98	[1]	26.80	[1]	27.99	[1]	24.41	[1]	24.7	[2]	24.8	[2]	28.86	[2]	29.75	[2]	27.99	[1]	29.75	[2]
Low (in dollars per share)	$ 15.60	[1]	$ 17.40	[1]	$ 22.30	[1]	$ 19.04	[1]	$ 19.97	[2]	$ 19.76	[2]	$ 21.28	[2]	$ 22.26	[2]	$ 15.6	[1]	$ 19.76	[2]
[1]	The price quotations above were obtained from the New York Stock Exchange website.
[2]	The price quotations above were obtained from the New York Stock Exchange website.

Condensed consolidating finan99

Condensed consolidating financial information - Additional Information (Details)	12 Months Ended
	Dec. 31, 2015
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Interest owned by the holding company	100.00%

Condensed consolidating fina100

Condensed consolidating financial information - Condensed Consolidating Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Apr. 15, 2014	Dec. 31, 2013	Dec. 31, 2012
ASSETS
Cash and cash equivalents	$ 63,364	$ 63,807		$ 98,294	$ 135,366
Cash and securities segregated for regulatory and other purposes	0	18,594
Deposits with clearing organizations	49,490	36,510
Receivable from brokers, dealers and clearing organizations	360,913	314,475
Receivable from customers, net of allowance for credit losses	840,355	864,189
Income tax receivable	10,937	4,240
Securities purchased under agreements to resell	206,499	251,606
Securities owned	735,393	843,155
Notes receivable, net of accumulated amortization and allowance for uncollectibles	32,849	34,932
Office facilities, net of accumulated depreciation	28,290	29,589
Loans held for sale	60,234	19,243
Mortgage servicing rights	28,168	30,140		28,879
Subordinated loan receivable	0	0
Intangible assets	31,700	31,700
Goodwill	137,889	137,889
Other assets	106,883	107,386
Deferred tax assets	0	0
Investment in subsidiaries	0	0
Intercompany receivables	0	0
Total assets	2,692,964	2,787,455
Liabilities
Drafts payable	48,011	35,373
Bank call loans	100,200	59,400
Payable to brokers, dealers and clearing organizations	164,546	257,161
Payable to customers	594,833	652,256
Securities sold under agreements to repurchase	651,445	687,440
Securities sold, but not yet purchased, at fair value	126,493	92,510
Accrued compensation	150,898	165,134
Accounts payable and other liabilities	164,783	141,352
Income tax payable	0	0
Senior secured notes	150,000	150,000	$ 150,000
Subordinated indebtedness	0	0
Deferred tax liabilities	16,673	13,097
Intercompany payables	0	0
Total liabilities	2,167,882	2,253,723
Stockholders’ equity
Stockholders' equity attributable to Oppenheimer Holdings Inc.	518,058	527,644
Noncontrolling interest	7,024	6,088
Total stockholders’ equity	525,082	533,732		527,871
Total liabilities and stockholders’ equity	2,692,964	2,787,455
Allowance for credit losses	2,545	2,427
Amounts pledged	546,334	518,123
Notes receivable, net accumulated amortization	54,919	42,211
Notes receivable, net allowance for uncollectibles	8,444	8,606
Net accumulated depreciation	104,961	103,547
Reportable Legal Entities | Parent
ASSETS
Cash and cash equivalents	907	439		448	35
Cash and securities segregated for regulatory and other purposes		0
Deposits with clearing organizations	0	0
Receivable from brokers, dealers and clearing organizations	0	0
Receivable from customers, net of allowance for credit losses	0	0
Income tax receivable	33,801	28,070
Securities purchased under agreements to resell	0	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	0	0
Mortgage servicing rights	0	0
Subordinated loan receivable	0	0
Intangible assets	0	0
Goodwill	0	0
Other assets	1,201	1,686
Deferred tax assets	317	18
Investment in subsidiaries	577,320	565,257
Intercompany receivables	60,187	87,442
Total assets	673,733	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	3,235	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	155,675	155,268
Stockholders’ equity
Stockholders' equity attributable to Oppenheimer Holdings Inc.	518,058	527,644
Noncontrolling interest	0	0
Total stockholders’ equity	518,058	527,644
Total liabilities and stockholders’ equity	673,733	682,912
Reportable Legal Entities | Guarantor Subsidiaries
ASSETS
Cash and cash equivalents	2,586	1,557		30,901	40,658
Cash and securities segregated for regulatory and other purposes		0
Deposits with clearing organizations	0	0
Receivable from brokers, dealers and clearing organizations	0	0
Receivable from customers, net of allowance for credit losses	0	0
Income tax receivable	27,536	27,304
Securities purchased under agreements to resell	0	0
Securities owned	1,183	5,806
Notes receivable, net of accumulated amortization and allowance for uncollectibles	0	0
Office facilities, net of accumulated depreciation	20,793	20,181
Loans held for sale	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	330	309
Investment in subsidiaries	532,651	544,576
Intercompany receivables	13,185	0
Total assets	714,046	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	35,812	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	62,204	76,492
Total liabilities	120,205	134,569
Stockholders’ equity
Stockholders' equity attributable to Oppenheimer Holdings Inc.	593,841	581,525
Noncontrolling interest	0	0
Total stockholders’ equity	593,841	581,525
Total liabilities and stockholders’ equity	714,046	716,094
Reportable Legal Entities | Non-Guarantor Subsidiaries
ASSETS
Cash and cash equivalents	59,871	61,811		66,945	94,673
Cash and securities segregated for regulatory and other purposes		18,594
Deposits with clearing organizations	49,490	36,510
Receivable from brokers, dealers and clearing organizations	360,913	314,475
Receivable from customers, net of allowance for credit losses	840,355	864,189
Income tax receivable	0	0
Securities purchased under agreements to resell	206,499	251,606
Securities owned	734,210	837,349
Notes receivable, net of accumulated amortization and allowance for uncollectibles	32,849	34,932
Office facilities, net of accumulated depreciation	7,497	9,408
Loans held for sale	60,234	19,243
Mortgage servicing rights	28,168	30,140
Subordinated loan receivable	0	0
Intangible assets	31,700	31,700
Goodwill	137,889	137,889
Other assets	102,458	101,897
Deferred tax assets	29,900	27,973
Investment in subsidiaries	0	0
Intercompany receivables	0	0
Total assets	2,682,033	2,777,716
Liabilities
Drafts payable	48,011	35,373
Bank call loans	100,200	59,400
Payable to brokers, dealers and clearing organizations	164,546	257,161
Payable to customers	594,833	652,256
Securities sold under agreements to repurchase	651,445	687,440
Securities sold, but not yet purchased, at fair value	126,493	92,510
Accrued compensation	150,898	165,134
Accounts payable and other liabilities	125,736	102,724
Income tax payable	25,771	26,505
Senior secured notes	0	0
Subordinated indebtedness	112,558	112,558
Deferred tax liabilities	47,220	41,309
Intercompany payables	11,168	10,950
Total liabilities	2,158,879	2,243,320
Stockholders’ equity
Stockholders' equity attributable to Oppenheimer Holdings Inc.	516,130	528,308
Noncontrolling interest	7,024	6,088
Total stockholders’ equity	523,154	534,396
Total liabilities and stockholders’ equity	2,682,033	2,777,716
Eliminations
ASSETS
Cash and cash equivalents	0	0		$ 0	$ 0
Cash and securities segregated for regulatory and other purposes		0
Deposits with clearing organizations	0	0
Receivable from brokers, dealers and clearing organizations	0	0
Receivable from customers, net of allowance for credit losses	0	0
Income tax receivable	(50,400)	(51,134)
Securities purchased under agreements to resell	0	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	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	(30,547)	(28,300)
Investment in subsidiaries	(1,109,971)	(1,109,833)
Intercompany receivables	(73,372)	(87,442)
Total assets	(1,376,848)	(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	(50,400)	(51,134)
Senior secured notes	0	0
Subordinated indebtedness	(112,558)	(112,558)
Deferred tax liabilities	(30,547)	(28,300)
Intercompany payables	(73,372)	(87,442)
Total liabilities	(266,877)	(279,434)
Stockholders’ equity
Stockholders' equity attributable to Oppenheimer Holdings Inc.	(1,109,971)	(1,109,833)
Noncontrolling interest	0	0
Total stockholders’ equity	(1,109,971)	(1,109,833)
Total liabilities and stockholders’ equity	$ (1,376,848)	$ (1,389,267)

Condensed consolidating fina101

Condensed consolidating financial information - Condensed Consolidating Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
REVENUES
Commissions									$ 417,559	$ 469,829	$ 486,767
Advisory fees									280,247	281,680	274,178
Investment banking									102,540	125,598	97,977
Interest									51,031	49,244	53,216
Principal transactions, net									20,503	29,699	43,768
Other									56,505	48,414	63,808
Total revenue	$ 230,360	$ 213,536	$ 238,928	$ 245,561	$ 254,928	$ 244,679	$ 249,689	$ 255,168	928,385	1,004,464	1,019,714
EXPENSES
Compensation and related expenses									623,226	664,641	675,936
Communications and technology									66,910	67,170	65,817
Occupancy and equipment costs									63,144	63,012	66,758
Clearing and exchange fees									26,022	24,709	24,481
Interest									17,323	17,801	26,142
Other									125,049	141,395	116,671
Total expenses									921,674	978,728	975,805
Income before income tax provision	(4,243)	(1,527)	2,630	9,851	9,595	10,896	136	5,109	6,711	25,736	43,909
Income tax provision (benefit)									3,813	16,175	17,756
Equity in earnings of subsidiaries									0	0	0
Net income for the year									2,898	9,561	26,153
Less net income attributable to noncontrolling interest									936	735	1,092
Net income attributable to Oppenheimer Holdings Inc.	$ (3,144)	$ (908)	$ 295	$ 5,719	$ 2,686	$ 4,470	$ (1,554)	$ 3,224	1,962	8,826	25,061
Other comprehensive income									17	(2,627)	1,502
Total comprehensive income									1,979	6,199	26,563
Reportable Legal Entities | Parent
REVENUES
Commissions									0	0	0
Advisory fees									0	0	0
Investment banking									0	0	0
Interest									0	0	5
Principal transactions, net									0	0	0
Other									0	0	0
Total revenue									0	0	5
EXPENSES
Compensation and related expenses									1,185	1,047	1,124
Communications and technology									142	145	119
Occupancy and equipment costs									0	0	0
Clearing and exchange fees									0	0	0
Interest									13,125	14,401	17,500
Other									1,663	4,626	1,309
Total expenses									16,115	20,219	20,052
Income before income tax provision									(16,115)	(20,219)	(20,047)
Income tax provision (benefit)									(6,030)	(7,917)	(7,110)
Equity in earnings of subsidiaries									12,047	21,128	37,998
Net income for the year									1,962	8,826	25,061
Less net income attributable to noncontrolling interest									0	0	0
Net income attributable to Oppenheimer Holdings Inc.									1,962	8,826	25,061
Other comprehensive income									0	0	(3)
Total comprehensive income									1,962	8,826	25,058
Reportable Legal Entities | Guarantor Subsidiaries
REVENUES
Commissions									0	0	0
Advisory fees									1,296	1,139	825
Investment banking									0	0	0
Interest									10,237	10,482	11,128
Principal transactions, net									0	164	79
Other									370	477	180
Total revenue									11,903	12,262	12,212
EXPENSES
Compensation and related expenses									0	0	0
Communications and technology									0	0	0
Occupancy and equipment costs									0	0	0
Clearing and exchange fees									0	0	0
Interest									0	0	0
Other									892	733	522
Total expenses									892	733	522
Income before income tax provision									11,011	11,529	11,690
Income tax provision (benefit)									5,553	3,971	5,638
Equity in earnings of subsidiaries									6,589	13,570	31,946
Net income for the year									12,047	21,128	37,998
Less net income attributable to noncontrolling interest									0	0	0
Net income attributable to Oppenheimer Holdings Inc.									12,047	21,128	37,998
Other comprehensive income									0	0	0
Total comprehensive income									12,047	21,128	37,998
Reportable Legal Entities | Non-Guarantor Subsidiaries
REVENUES
Commissions									417,559	469,829	486,767
Advisory fees									282,633	283,785	276,913
Investment banking									102,540	125,598	97,977
Interest									51,055	49,193	53,401
Principal transactions, net									20,567	29,535	43,689
Other									56,435	48,362	63,808
Total revenue									930,789	1,006,302	1,022,555
EXPENSES
Compensation and related expenses									622,041	663,594	674,812
Communications and technology									66,768	67,025	65,698
Occupancy and equipment costs									63,444	63,437	66,938
Clearing and exchange fees									26,022	24,709	24,481
Interest									14,459	13,831	19,960
Other									126,240	139,280	118,400
Total expenses									918,974	971,876	970,289
Income before income tax provision									11,815	34,426	52,266
Income tax provision (benefit)									4,290	20,121	19,228
Equity in earnings of subsidiaries									0	0	0
Net income for the year									7,525	14,305	33,038
Less net income attributable to noncontrolling interest									936	735	1,092
Net income attributable to Oppenheimer Holdings Inc.									6,589	13,570	31,946
Other comprehensive income									17	(2,627)	1,505
Total comprehensive income									6,606	10,943	33,451
Eliminations
REVENUES
Commissions									0	0	0
Advisory fees									(3,682)	(3,244)	(3,560)
Investment banking									0	0	0
Interest									(10,261)	(10,431)	(11,318)
Principal transactions, net									(64)	0	0
Other									(300)	(425)	(180)
Total revenue									(14,307)	(14,100)	(15,058)
EXPENSES
Compensation and related expenses									0	0	0
Communications and technology									0	0	0
Occupancy and equipment costs									(300)	(425)	(180)
Clearing and exchange fees									0	0	0
Interest									(10,261)	(10,431)	(11,318)
Other									(3,746)	(3,244)	(3,560)
Total expenses									(14,307)	(14,100)	(15,058)
Income before income tax provision									0	0	0
Income tax provision (benefit)									0	0	0
Equity in earnings of subsidiaries									(18,636)	(34,698)	(69,944)
Net income for the year									(18,636)	(34,698)	(69,944)
Less net income attributable to noncontrolling interest									0	0	0
Net income attributable to Oppenheimer Holdings Inc.									(18,636)	(34,698)	(69,944)
Other comprehensive income									0	0	0
Total comprehensive income									$ (18,636)	$ (34,698)	$ (69,944)

Condensed consolidating fina102

Condensed consolidating financial information - Condensed Consolidating Statement of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash flows from operations:
Cash provided by (used in) operating activities	$ (20,819)	$ 78,315	$ (3,429)
Cash flows from investing activities
Purchase of office facilities	(5,889)	(4,398)	(14,012)
Cash used in investing activities	(5,889)	(4,398)	(14,012)
Cash flows from financing activities
Cash dividends paid on Class A non-voting and Class B voting common stock	(6,008)	(5,983)	(5,978)
Issuance of Class A non-voting common stock	0	185	150
Repurchase of Class A non-voting common stock for cancellation	(8,250)	0	(3,625)
Tax (deficiency) benefit from share-based awards	(277)	1,194	(78)
Redemption of senior secured notes	0	(45,000)	0
Increase in bank call loans, net	40,800	(58,800)	(10,100)
Cash provided by (used in) financing activities	26,265	(108,404)	(19,631)
Net decrease in cash and cash equivalents	(443)	(34,487)	(37,072)
Cash and cash equivalents, beginning of year	63,807	98,294	135,366
Cash and cash equivalents, end of year	63,364	63,807	98,294
Eliminations
Cash flows from operations:
Cash provided by (used in) operating activities	0	0	0
Cash flows from investing activities
Purchase of office facilities	0	0	0
Cash used in investing activities	0	0	0
Cash flows from financing activities
Cash dividends paid on Class A non-voting and Class B voting common stock	0	0	0
Issuance of Class A non-voting common stock		0	0
Repurchase of Class A non-voting common stock for cancellation	0		0
Tax (deficiency) benefit from share-based awards	0	0	0
Redemption of senior secured notes		0
Increase in bank call loans, net	0	0	0
Cash provided by (used in) financing activities	0	0	0
Net decrease in cash and cash equivalents	0	0	0
Cash and cash equivalents, beginning of year	0	0	0
Cash and cash equivalents, end of year	0	0	0
Parent | Reportable Legal Entities
Cash flows from operations:
Cash provided by (used in) operating activities	15,003	49,595	9,944
Cash flows from investing activities
Purchase of office facilities	0	0	0
Cash used in investing activities	0	0	0
Cash flows from financing activities
Cash dividends paid on Class A non-voting and Class B voting common stock	(6,008)	(5,983)	(5,978)
Issuance of Class A non-voting common stock		185	150
Repurchase of Class A non-voting common stock for cancellation	(8,250)		(3,625)
Tax (deficiency) benefit from share-based awards	(277)	1,194	(78)
Redemption of senior secured notes		(45,000)
Increase in bank call loans, net		0	0
Cash provided by (used in) financing activities	(14,535)	(49,604)	(9,531)
Net decrease in cash and cash equivalents	468	(9)	413
Cash and cash equivalents, beginning of year	439	448	35
Cash and cash equivalents, end of year	907	439	448
Guarantor Subsidiaries | Reportable Legal Entities
Cash flows from operations:
Cash provided by (used in) operating activities	1,029	(29,344)	(9,757)
Cash flows from investing activities
Purchase of office facilities	0	0	0
Cash used in investing activities	0	0	0
Cash flows from financing activities
Cash dividends paid on Class A non-voting and Class B voting common stock	0	0	0
Issuance of Class A non-voting common stock		0	0
Repurchase of Class A non-voting common stock for cancellation	0		0
Tax (deficiency) benefit from share-based awards	0	0	0
Redemption of senior secured notes		0
Increase in bank call loans, net	0	0	0
Cash provided by (used in) financing activities	0	0	0
Net decrease in cash and cash equivalents	1,029	(29,344)	(9,757)
Cash and cash equivalents, beginning of year	1,557	30,901	40,658
Cash and cash equivalents, end of year	2,586	1,557	30,901
Non-Guarantor Subsidiaries | Reportable Legal Entities
Cash flows from operations:
Cash provided by (used in) operating activities	(36,851)	58,064	(3,616)
Cash flows from investing activities
Purchase of office facilities	(5,889)	(4,398)	(14,012)
Cash used in investing activities	(5,889)	(4,398)	(14,012)
Cash flows from financing activities
Cash dividends paid on Class A non-voting and Class B voting common stock	0	0	0
Issuance of Class A non-voting common stock		0	0
Repurchase of Class A non-voting common stock for cancellation	0		0
Tax (deficiency) benefit from share-based awards	0	0	0
Redemption of senior secured notes		0
Increase in bank call loans, net	40,800	(58,800)	(10,100)
Cash provided by (used in) financing activities	40,800	(58,800)	(10,100)
Net decrease in cash and cash equivalents	(1,940)	(5,134)	(27,728)
Cash and cash equivalents, beginning of year	61,811	66,945	94,673
Cash and cash equivalents, end of year	$ 59,871	$ 61,811	$ 66,945