Oppenheimer (OPY) 10-Q 29 Apr 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	Apr. 29, 2016
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-Q
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Amendment Flag	false
Class A Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		13,263,532
Class B Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		99,665

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
ASSETS
Cash and cash equivalents	$ 62,479	$ 63,364
Deposits with clearing organizations	56,567	49,490
Receivable from brokers, dealers and clearing organizations	263,363	360,913
Receivable from customers, net of allowance for credit losses of $2,573 ($2,545 in 2015)	791,631	840,355
Income tax receivable	17,261	10,937
Securities purchased under agreements to resell	0	206,499
Securities owned, including amounts pledged of $705,835 ($546,334 in 2015), at fair value	1,036,782	735,393
Notes receivable, net of accumulated amortization and allowance for uncollectibles of $58,350 and $8,722, respectively ($54,919 and $8,444, respectively, in 2015)	32,869	32,849
Office facilities, net of accumulated depreciation of $106,206 ($104,961 in 2015)	28,518	28,290
Mortgages Held-for-sale, Fair Value Disclosure	13,532
Loans held for sale	13,532	60,234
Mortgage servicing rights	28,024	28,168
Intangible assets	31,700	31,700
Goodwill	137,889	137,889
Other assets	120,249	105,751
Total assets	2,620,864	2,691,832
Liabilities
Drafts payable	37,663	48,011
Bank call loans	148,300	100,200
Payable to brokers, dealers and clearing organizations	207,879	164,546
Payable to customers	521,557	594,833
Securities sold under agreements to repurchase	529,752	651,445
Securities sold, but not yet purchased, at fair value	270,952	126,493
Accrued compensation	93,835	150,898
Accounts payable and other liabilities	126,183	164,783
Long-term Debt	148,989	148,868
Deferred Tax Liabilities, Net	19,408	16,673
Total liabilities	$ 2,104,518	$ 2,166,750
Contingencies
Share capital
Common stock	$ 59,349	$ 57,520
Contributed capital	38,385	44,438
Retained earnings	411,678	417,001
Accumulated other comprehensive loss	(28)	(901)
Total Oppenheimer Holdings Inc. stockholders’ equity	509,384	518,058
Noncontrolling interest	6,962	7,024
Total stockholders’ equity	516,346	525,082
Total liabilities and stockholders’ equity	2,620,864	2,691,832
Class A Stock [Member]
Share capital
Common stock	59,216	57,387
Class B Stock [Member]
Share capital
Common stock	$ 133	$ 133

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Allowance for credit losses	$ 2,573	$ 2,545
Amounts pledged	705,835	546,334
Accumulated amortization	58,350	54,919
Accumulated allowance	8,722	8,444
Net accumulated depreciation	106,206	104,961
Unamortized Debt Issuance Expense	1,011	1,132
Deferred tax assets, gross	$ 61,346	$ 63,481
Class A Stock [Member]
Common stock, shares authorized (in shares)	50,000,000	50,000,000
Common stock, shares issued (in shares)	13,263,532	13,238,486
Common stock, shares outstanding (in shares)	13,263,532	13,238,486
Common stock, par value (dollars per share)	$ 0.001	$ 0.001
Class B Stock [Member]
Common stock, shares authorized (in shares)	99,665	99,665
Common stock, shares issued (in shares)	99,665	99,665
Common stock, shares outstanding (in shares)	99,665	99,665
Common stock, par value (dollars per share)	$ 0.001	$ 0.001

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
REVENUE
Commissions	$ 103,833	$ 109,695
Advisory fees	66,026	70,966
Investment banking	12,383	27,305
Interest	13,379	11,035
Principal transactions, net	1,531	18,555
Other	21,542	8,005
Total revenue	218,694	245,561
EXPENSES
Compensation and related expenses	151,413	163,091
Communications and technology	17,781	17,168
Occupancy and equipment costs	14,978	15,778
Clearing and exchange fees	6,921	6,402
Interest	5,088	3,910
Other	30,510	29,361
Total expenses	226,691	235,710
Income (loss) before income tax provision (benefit)	(7,997)	9,851
Income tax provision (benefit)	(4,088)	3,730
Net income (loss)	(3,909)	6,121
Less net income (loss) attributable to noncontrolling interest	(62)	402
Net income (loss) attributable to Oppenheimer Holdings Inc.	$ (3,847)	$ 5,719
Earnings (loss) per share attributable to Oppenheimer Holdings Inc.
Basic (in dollars per share)	$ (0.29)	$ 0.42
Diluted (in dollars per share)	(0.29)	0.40
Dividends declared per share (in dollars per share)	$ 0.11	$ 0.11
Weighted average shares
Basic (in shares)	13,379,827	13,704,228
Diluted (in shares)	13,379,827	14,282,270

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (3,909)	$ 6,121
Other comprehensive income (loss), net of tax
Currency translation adjustment	873	(567)
Comprehensive income (loss)	(3,036)	5,554
Less net income (loss) attributable to noncontrolling interests	(62)	402
Comprehensive income (loss) attributable to Oppenheimer Holdings Inc.	$ (2,974)	$ 5,152

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Share Capital [Member]	Share Capital [Member]Class A Stock [Member]	Contributed Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income [Member]	Parent [Member]	Non-Controlling Interest [Member]
Adjustments to Additional Paid in Capital, Income Tax Deficiency from Share-based Compensation				$ (321)
Balance at beginning of period at Dec. 31, 2014		$ 62,397		45,118	$ 421,047	$ (918)		$ 6,088
Issuance of Class A non-voting common stock			$ 2,889
Repurchase of Class A non-voting common stock for cancellation			0
Share-based expense				898
Vested employee share plan awards				(4,572)
Net income (loss) attributable to Oppenheimer Holdings Inc.	$ 5,719				5,719
Dividends paid ($0.11 per share)					(1,511)
Currency translation adjustment	(567)					(567)
Net income (loss) attributable to noncontrolling interest	(402)							402
Balance at end of period at Mar. 31, 2015	536,669	65,286		41,123	425,255	(1,485)	$ 530,179	6,490
Balance at beginning of period at Dec. 31, 2014		62,397		45,118	421,047	(918)		6,088
Balance at end of period at Dec. 31, 2015	525,082	57,520		44,438	417,001	(901)		7,024
Adjustments to Additional Paid in Capital, Income Tax Deficiency from Share-based Compensation				(741)
Issuance of Class A non-voting common stock			5,463
Repurchase of Class A non-voting common stock for cancellation			$ 3,634
Share-based expense				1,492
Vested employee share plan awards				(6,804)
Net income (loss) attributable to Oppenheimer Holdings Inc.	(3,847)				(3,847)
Dividends paid ($0.11 per share)					(1,476)
Currency translation adjustment	873					873
Net income (loss) attributable to noncontrolling interest	62							(62)
Balance at end of period at Mar. 31, 2016	$ 516,346	$ 59,349		$ 38,385	$ 411,678	$ (28)	$ 509,384	$ 6,962

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Retained Earnings [Member]
Dividends (in US dollars per share)	$ 0.11	$ 0.11

Condensed Consolidated Stateme8

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities
Net income (loss)	$ (3,909)	$ 6,121
Payments Related to Tax Withholding for Share-based Compensation	1,341	1,683
Adjustments to reconcile net income (loss) to net cash used in operating activities
Depreciation and amortization of office facilities and leasehold improvements	1,534	1,794
Deferred income taxes	2,735	6,089
Amortization of notes receivable	3,431	3,745
Amortization of debt issuance costs	121	121
Amortization of mortgage servicing rights	782	230
Provision for credit losses	28	12
Share-based compensation	1,189	1,495
Decrease (increase) in operating assets:
Cash and securities segregated for regulatory and other purposes	0	17,077
Increase (Decrease) in Deposit Assets	7,077	13,748
Receivable from brokers, dealers and clearing organizations	97,550	(23,628)
Receivable from customers	48,696	(26,083)
Income tax receivable	(6,324)	(2,089)
Securities purchased under agreements to resell	206,499	251,606
Securities owned	(301,389)	(112,208)
Notes receivable	(3,451)	(3,808)
Loans held for sale	46,702	(76,633)
Mortgage servicing rights	(638)	1,519
Other assets	(13,625)	(11,820)
Increase (Decrease) in Book Overdrafts	(10,348)	(758)
Increase (decrease) in operating liabilities:
Payable to brokers, dealers and clearing organizations	43,333	93,069
Payable to customers	(73,276)	51,831
Securities sold under agreements to repurchase	(121,693)	(290,051)
Securities sold, but not yet purchased	144,459	92,139
Accrued compensation	(56,760)	(63,063)
Accounts payable and other liabilities	(38,600)	62,141
Cash used in operating activities	(41,372)	(36,583)
Cash flows from investing activities
Purchase of office facilities	(1,762)	(474)
Cash used in investing activities	(1,762)	(474)
Cash flows from financing activities
Cash dividends paid on Class A non-voting and Class B voting common stock	(1,476)	(1,511)
Repurchase of Class A non-voting common stock for cancellation	(3,634)	0
Tax deficiency from share-based awards	(741)	(321)
Increase in bank call loans, net	48,100	42,000
Cash provided by financing activities	42,249	40,168
Net (decrease) increase in cash and cash equivalents	(885)	3,111
Cash and cash equivalents, beginning of period	63,364	63,807
Cash and cash equivalents, end of period	62,479	66,918
Schedule of non-cash financing activities
Employee share plan issuance	5,463	2,889
Supplemental disclosure of cash flow information
Cash paid during the period for interest	1,788	611
Cash paid during the period for income taxes, net of refunds	$ 181	$ 107

Organization and Basis of Prese

Organization and Basis of Presentation	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and basis of presentation Organization Oppenheimer Holdings Inc. ("OPY") is incorporated under the laws of the State of Delaware. The condensed consolidated financial statements include the accounts of OPY and its subsidiaries (together, the "Company"). The Company engages in a broad range of activities in the financial services industry, including retail securities brokerage, institutional sales and trading, investment banking (both corporate and public finance), research, market-making, trust services, mortgage banking and investment advisory and asset management services. The principal subsidiaries of OPY are Oppenheimer & Co. Inc. ("Oppenheimer"), a registered broker dealer in securities and investment adviser under the Investment Advisers Act of 1940, Oppenheimer Asset Management Inc. ("OAM") and its wholly- owned subsidiary, Oppenheimer Investment Management 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 82 offices in 24 states located throughout the United States and in 5 foreign jurisdictions. Oppenheimer owns Freedom Investments, Inc. ("Freedom"), a registered broker dealer in securities, which provides discount brokerage services, and Oppenheimer Israel (OPCO) Ltd., which is engaged in offering investment services in the State of Israel. Oppenheimer holds a trading permit on the New York Stock Exchange and is a member of several other regional exchanges in the United States. Basis of Presentation The accompanying condensed consolidated financial statements of the Company have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the "SEC") regarding interim financial reporting. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States of America ("U.S. GAAP") for complete financial statements and should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 (the "Form 10-K"). The accompanying December 31, 2015 condensed consolidated balance sheet data was derived from the audited consolidated financial statements, but does not include all disclosures required by U.S. GAAP for annual financial statement purposes. The accompanying condensed consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods presented. Preparing financial statements requires management to make estimates and assumptions that affect the amounts that are reported in the financial statements and the accompanying disclosures. Although these estimates are based on management’s knowledge of current events and actions that the Company may undertake in the future, actual results may differ materially from the estimates. The condensed consolidated results of operations for the three month period ended March 31, 2016 are not necessarily indicative of the results to be expected for any future interim or annual period. Certain prior period amounts have been reclassified to conform to the current period presentation. Accounting standards require the Company to present noncontrolling interests as a separate component of stockholders’ equity on the Company’s condensed consolidated balance sheet. As of March 31, 2016 , the Company owned 83.68% of OMHHF and the noncontrolling interest recorded in the condensed consolidated balance sheet was $7.0 million .

New Accounting Pronouncements

New Accounting Pronouncements	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
New Accounting Pronouncements	New accounting pronouncements Recently Adopted In April 2014, the FASB issued ASU No. 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." Under this ASU, a discontinued operation is defined as a disposal of a component or group of components that is disposed of and represents a strategic shift that has or will have a major effect on an entity's operation. The ASU also modified related disclosure requirements. The ASU became effective for the annual reporting period in the fiscal year that began after December 15, 2014. The adoption of this accounting guidance did not have a material impact on the Company's condensed consolidated financial statements. In June 2014, the FASB issued ASU No. 2014-11, "Transfers and Servicing – Repurchase-to-Maturity Transactions, Repurchase Financing, and Disclosures," which makes amendments to the guidance in Accounting Standards Codification 860 on accounting for certain repurchase agreements. The ASU became effective for the annual reporting period in the fiscal year that began after December 15, 2015, except for the disclosures related to transactions accounted for as secured borrowings, which became effective for the period that began on or after March 15, 2015. The adoption of this accounting guidance did not have a material impact on the Company's condensed consolidated financial statements. See Note 6, Collateralized transactions, below. In 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 became effective for the annual reporting period in the fiscal year that began after December 15, 2015. The adoption of the ASU did not have a material impact on the Company's condensed consolidated financial statements. In November 2014, the FASB issued ASU No. 2014-17, "Business Combination - Pushdown Accounting." The ASU gives the acquired entity the option of applying pushdown accounting in its stand-alone financial statements upon a change-in-control event. The ASU became effective upon issuance. The adoption of this accounting guidance did not have a material impact on the Company's condensed consolidated financial statements. 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 became effective for the annual reporting period in the fiscal year that began after December 15, 2015. The adoption of the ASU did not have a material impact on the Company's condensed consolidated financial statements. In February 2015, the FASB issued ASU No. 2015-02, "Consolidation - Amendments to the Consolidation Analysis," to eliminate the deferral of the application of the revised consolidation rules and make changes to both the variable interest model and the voting model. Under this ASU, a general partner will not consolidate a partnership or similar entity under the voting model. The ASU became effective for the annual reporting period in the fiscal year that began after December 15, 2015. The adoption of the ASU impacted the disclosure of VIEs but did not have a material impact on the Company's condensed consolidated financial statements. See Note 7, Variable interest entities, below. 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 became effective for the annual reporting period in the fiscal year that began after December 15, 2015. The adoption of the ASU did not have a material impact on the Company's condensed consolidated financial statements. In May 2015, the FASB issued ASU No. 2015-07, “Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent),” which removes the requirement to categorize within the fair value hierarchy all investments measured using the net asset value per share practical expedient and related disclosures. The ASU became effective for the annual reporting periods in the fiscal year that began after December 15, 2015. The adoption of the ASU impacted the fair value disclosures but did not have a material impact on the Company's condensed consolidated financial statements. See Note 5, Fair value measurements, below. 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 condensed consolidated financial statements. In August 2014, the FASB issued ASU No. 2014-15, "Disclosure of Uncertainties About an Entity's Ability to Continue as a Going Concern," which provides guidance on determining when and how reporting entities must disclose going-concern uncertainties in their financial statements. The ASU requires management of an entity to perform interim and annual assessments of an entity's ability to continue as a going concern within one year of the date of issuance of the entity's financial statements and also provide disclosures if there is "substantial doubt about the entity's ability to continue as a going concern." The ASU is effective for the annual reporting period in the fiscal year that begins after December 15, 2016 and early adoption is permitted. The Company will not early adopt this ASU. The Company is currently evaluating the impact on its disclosure. In January 2016, the FASB issued ASU 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities,” which revises an entity's accounting related to the classification and measurement of investments in equity securities, changes the presentation of certain fair value changes relating to instrument specific credit risk for financial liabilities and amends certain disclosure requirements associated with the fair value of financial instruments. The ASU is effective for fiscal years beginning after December 15, 2017. The adoption of the ASU will not have a material impact on the Company's condensed consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, "Leases." The ASU requires most leases to be reflected on the balance sheet. The ASU is effective for fiscal years beginning after December 15, 2018. The Company is currently evaluating the impact of the ASU. The adoption of the new lessee model is expected to have material impact on the Company's condensed consolidated financial statements. In March, 2016, the FASB issued ASU 2016-09, "Improvements to Employee Share-Based Payment Accounting," which simplifies several aspects of the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures, and minimum statutory tax withholding requirements, as well as classification in the statement of cash flows. The ASU is effective for fiscal year beginning after December 15, 2016 and early adoption is permitted. The Company will not early adopt this ASU. The Company is currently evaluating the impact, if any, that the ASU will have on its condensed consolidated financial statements.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2016
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 Class A Stock and unvested restricted stock awards of Class A Stock using the treasury stock method. Earnings per share have been calculated as follows: (Expressed in thousands, except number of shares and per share amounts) For the Three Months Ended March 31, 2016 2015 Basic weighted average number of shares outstanding 13,379,827 13,704,228 Net dilutive effect of share-based awards, treasury method (1) — 578,042 Diluted weighted average number of shares outstanding 13,379,827 14,282,270 Net income (loss) $ (3,909 ) $ 6,121 Net income (loss) attributable to noncontrolling interest, net of tax (62 ) 402 Net income (loss) attributable to Oppenheimer Holdings Inc. $ (3,847 ) $ 5,719 Basic earnings (loss) per share $ (0.29 ) $ 0.42 Diluted earnings (loss) per share $ (0.29 ) $ 0.40 (1) For the three months ended March 31, 2016 , the diluted earnings per share computation does not include the anti-dilutive effect of 1,295,972 shares of Class A Stock granted under share-based compensation arrangements ( 46,076 for the three months ended March 31, 2015 ).

Receivable from and Payable to

Receivable from and Payable to Brokers, Dealers and Clearing Organizations	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 December 31, 2015 Receivable from brokers, dealers and clearing organizations consist of: Securities borrowed $ 190,963 $ 224,672 Receivable from brokers 36,059 49,458 Securities failed to deliver 10,914 7,799 Clearing organizations 22,957 25,030 Other 2,470 53,954 Total $ 263,363 $ 360,913 Payable to brokers, dealers and clearing organizations consist of: Securities loaned $ 143,157 $ 130,658 Payable to brokers 10,232 3,316 Securities failed to receive 24,781 21,513 Other 29,709 9,059 Total $ 207,879 $ 164,546

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Financial Instruments	Fair value measurements Securities owned and securities sold but not yet purchased, investments and derivative contracts are carried at fair value with changes in fair value recognized in earnings each period. Securities Owned and Securities Sold, But Not Yet Purchased at Fair Value (Expressed in thousands) As of March 31, 2016 As of December 31, 2015 Owned Sold Owned Sold U.S. Government, agency and sovereign obligations $ 749,323 $ 204,003 $ 509,614 $ 77,485 Corporate debt and other obligations 22,823 11,166 16,138 1,652 Mortgage and other asset-backed securities 4,151 27 3,504 27 Municipal obligations 80,220 — 30,132 — Convertible bonds 50,984 15,988 54,693 5,951 Corporate equities 44,964 39,768 34,475 41,378 Money markets 132 — 35 — Auction rate securities 84,185 — 86,802 — Total $ 1,036,782 $ 270,952 $ 735,393 $ 126,493 Securities owned and securities sold, but not yet purchased, consist of trading and investment securities at fair values. Included in securities owned at March 31, 2016 are corporate equities with estimated fair values of approximately $13.5 million ( $14.0 million at December 31, 2015 ), which are related to deferred compensation liabilities to certain employees included in accrued compensation on the condensed consolidated balance sheet. Valuation Techniques A description of the valuation techniques applied and inputs used in measuring the fair value of the Company’s financial instruments is as follows: U.S. Government Obligations U.S. Treasury securities are valued using quoted market prices obtained from active market makers and inter-dealer brokers. U.S. Agency Obligations U.S. agency securities consist of agency issued debt securities and mortgage pass-through securities. Non-callable agency issued debt securities are generally valued using quoted market prices. Callable agency issued debt securities are valued by benchmarking model-derived prices to quoted market prices and trade data for identical or comparable securities. The fair value of mortgage pass-through securities are model driven with respect to spreads of the comparable To-be-announced ("TBA") security. Sovereign Obligations The fair value of sovereign obligations is determined based on quoted market prices when available or a valuation model that generally utilizes interest rate yield curves and credit spreads as inputs. Corporate Debt and Other Obligations The fair value of corporate bonds is estimated using recent transactions, broker quotations and bond spread information. Mortgage and Other Asset-Backed Securities The Company holds non-agency securities collateralized by home equity and various other types of collateral which are valued based on external pricing and spread data provided by independent pricing services. When specific external pricing is not observable, the valuation is based on yields and spreads for comparable bonds. Municipal Obligations The fair value of municipal obligations is estimated using recently executed transactions, broker quotations, and bond spread information. Convertible Bonds The fair value of convertible bonds is estimated using recently executed transactions and dollar-neutral price quotations, where observable. When observable price quotations are not available, fair value is determined based on cash flow models using yield curves and bond spreads as key inputs. Corporate Equities Equity securities and options are generally valued based on quoted prices from the exchange or market where traded. To the extent quoted prices are not available, fair values are generally derived using bid/ask spreads. Loans Held for Sale The Company elected the fair value option for loans held for sale and determines the fair value using both a discounted cash flow model (see key assumptions used in determining mortgage servicing rights below) and quoted observable prices from market participants. Interest Rate Lock Commitments OMHHF records an interest rate lock commitment upon the commitment to originate a loan with a borrower. This commitment, which can be an asset or 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 ("ARS") In February 2010, Oppenheimer finalized settlements with each of the New York Attorney General’s office ("NYAG") and the Massachusetts Securities Division ("MSD" and, together with the NYAG, the "Regulators") concluding investigations and administrative proceedings by the Regulators concerning Oppenheimer’s marketing and sale of ARS. Pursuant to the settlements with the Regulators, Oppenheimer agreed to extend offers to repurchase ARS from certain of its clients subject to certain terms and conditions more fully described below. As of March 31, 2016 , the Company did not have any 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 March 31, 2016 , the Company purchased and holds (net of redemptions) approximately $87.1 million in ARS from its clients. In addition, the Company is committed to purchase another $32.5 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 asset or 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 March 31, 2016 Product Principal Valuation Adjustment Fair Value Valuation Technique Unobservable Input Range Weighted Average Auction Rate Securities ("ARS") Owned (1) Auction Rate Preferred Securities $ 83,175 $ 2,406 $ 80,769 Discounted Cash Flow Discount Rate (2) 1.15% to 1.56% 1.36% Duration 4.0 years 4.0 years Current Yield (3) 0.47% to 0.75% 0.61% Municipal Auction Rate Securities 25 1 24 Discounted Cash Flow Discount Rate (4) 1.98% 1.98% Duration 4.5 years 4.5 years Current Yield (3) 1.15% 1.15% Student Loan Auction Rate Securities 300 25 275 Discounted Cash Flow Discount Rate (5) 2.75% 2.75% Duration 7.0 years 7.0 years Current Yield (3) 1.44% 1.44% Other (7) 3,625 508 3,117 Secondary Market Trading Activity Observable trades in inactive market for in portfolio securities 85.99% of par 85.99% of par $ 87,125 $ 2,940 $ 84,185 Auction Rate Securities Commitments to Purchase (6) Auction Rate Preferred Securities $ 11,237 $ (1,540 ) $ 12,777 Discounted Cash Flow Discount Rate (2) 1.15% to 1.56% 1.36% Duration 4.0 years 4.0 years Current Yield (3) 0.47% to 0.75% 0.61% 21,312 559 20,753 Discounted Cash Flow Discount Rate (2) 1.15% to 1.56% 1.36% Duration 4.0 years 4.0 years Current Yield (3) 0.47% to 0.75% 0.61% $ 32,549 $ (981 ) $ 33,530 Total $ 119,674 $ 1,959 $ 117,715 (1) Principal amount represents the par value of the ARS and is included in securities owned in the condensed consolidated balance sheet at March 31, 2016 . The valuation adjustment amount is included as a reduction to securities owned in the condensed consolidated balance sheet at March 31, 2016 . (2) Derived by applying a multiple to the spread between 110% to 150% to the U.S. Treasury rate of 1.04% . (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 1.13% . (5) Derived by applying the sum of the spread of 1.20% to the U.S. Treasury rate of 1.55% . (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 amounts, unrealized gains and losses, are included in other assets and accounts payable and other liabilities, respectively, on the condensed consolidated balance sheet at March 31, 2016 . (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 March 31, 2016 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 March 31, 2016 would result in a decrease in the fair value of $2.2 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 March 31, 2016 , the Company had a valuation adjustment (unrealized loss) of $2.9 million for ARS owned which is included as a reduction to securities owned on the condensed consolidated balance sheet. As of March 31, 2016 , the Company also had a net valuation adjustment (unrealized gain) of $981,000 on ARS purchase commitments from settlements with the Regulators and legal settlements and awards, comprised of unrealized gains of $1.5 million and unrealized losses of $559,000 , which are included in other assets and accounts payable and other liabilities, respectively, on the condensed consolidated balance sheet. The total valuation adjustment was $2.0 million as of March 31, 2016 . 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. The following table provides information about the Company’s investments in Company-sponsored funds at March 31, 2016 : (Expressed in thousands) Fair Value Unfunded Commitments Redemption Frequency Redemption Notice Period Hedge funds (1) $ 2,396 $ — Quarterly - Annually 30 - 120 Days Private equity funds (2) 4,866 1,251 N/A N/A $ 7,262 $ 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 March 31, 2016 and December 31, 2015 , 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 March 31, 2016 (Expressed in thousands) Fair Value Measurements at March 31, 2016 Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 13,449 $ — $ — $ 13,449 Deposits with clearing organizations 29,981 — — 29,981 Securities owned: U.S. Treasury securities 715,404 — — 715,404 U.S. Agency securities 1,000 29,545 — 30,545 Sovereign obligations — 3,374 — 3,374 Corporate debt and other obligations — 22,823 — 22,823 Mortgage and other asset-backed securities — 4,151 — 4,151 Municipal obligations — 80,135 85 80,220 Convertible bonds — 50,984 — 50,984 Corporate equities 44,964 — — 44,964 Money markets 132 — — 132 Auction rate securities — — 84,185 84,185 Securities owned, at fair value 761,500 191,012 84,270 1,036,782 Investments (1) — — 161 161 Loans held for sale — 13,532 — 13,532 Derivative contracts: TBAs — 811 — 811 Interest rate lock commitments — — 14,024 14,024 ARS purchase commitments — — 1,540 1,540 Derivative contracts, total — 811 15,564 16,375 Total $ 804,930 $ 205,355 $ 99,995 $ 1,110,280 Liabilities Securities sold, but not yet purchased: U.S. Treasury securities $ 202,838 $ — $ — $ 202,838 U.S. Agency securities — 13 — 13 Sovereign obligations — 1,152 — 1,152 Corporate debt and other obligations — 11,166 — 11,166 Mortgage and other asset-backed securities — 27 — 27 Convertible bonds — 15,988 — 15,988 Corporate equities 39,768 — — 39,768 Securities sold, but not yet purchased, at fair value 242,606 28,346 — 270,952 Derivative contracts: Futures 709 — — 709 Foreign currency forward contracts 17 — — 17 TBAs — 11,816 — 11,816 ARS purchase commitments — — 559 559 Derivative contracts, total 726 11,816 559 13,101 Total $ 243,332 $ 40,162 $ 559 $ 284,053 (1) Included in other assets on the condensed consolidated balance sheet. Assets and liabilities measured at fair value on a recurring basis as of December 31, 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) — — 157 157 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 $ 96,201 $ 1,062,348 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 condensed consolidated balance sheet. (2) Included in securities purchased under agreements to resell where the Company has elected fair value option treatment. There were no transfers between any of the levels in the three months ended March 31, 2016 . The following tables present changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the three months ended March 31, 2016 and 2015 : (Expressed in thousands) Level 3 Assets and Liabilities For the Three Months Ended March 31, 2016 Total Realized and Unrealized Beginning Gains Purchases Sales and Transfers Ending Balance (Losses) (4)(5) and Issuances Settlements In (Out) Balance Assets Municipals $ 81 $ 4 $ — $ — $ — $ 85 Auction rate securities (1)(6)(7) 86,802 2,233 11,450 (16,300 ) — 84,185 Interest rate lock commitments (2) 9,161 4,863 — — 14,024 Investments 157 4 — 161 ARS purchase commitments (3) — 1,540 — — — 1,540 Liabilities Interest rate lock commitments (2) 923 923 — — — — ARS purchase commitments (3) 1,369 810 — — — 559 (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) Represents the difference in principal and fair value for auction rate securities purchase commitments outstanding at the end of the period. (4) Included in principal transactions on the condensed consolidated statement of operations, except for investments which are included in other income on the condensed consolidated statement of operations. (5) Unrealized gains (losses) are attributable to assets or liabilities that are still held at the reporting date. (6) 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. (7) Sales and settlements for the ARS purchase commitments represent additional purchase commitments made during the period for regulatory and legal ARS settlements and awards. (Expressed in thousands) Level 3 Assets and Liabilities For the Three Months Ended March 31, 2015 Total Realized and Unrealized Beginning Gains Purchases Sales and Transfers Ending Balance (Losses) (4)(5) and Issuances Settlements In (Out) Balance Assets Municipals $ 164 $ (60 ) $ — $ — $ — $ 104 Auction rate securities (1)(6)(7) 91,422 935 8,225 (1,525 ) — 99,057 Interest rate lock commitments (2) 7,576 3,848 — — — 11,424 Investments 193 (9 ) — — — 184 Liabilities Interest rate lock commitments (2) 1,222 678 — — — 544 ARS purchase commitments (3) 902 105 — — — 797 (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) Represents the difference in principal and fair value for auction rate securities purchase commitments outstanding at the end of the period. (4) Included in principal transactions on the condensed consolidated statement of operations, except for investments which are included in other income on the condensed consolidated statement of operations. (5) Unrealized gains (losses) are attributable to assets or liabilities that are still held at the reporting date. (6) 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. (7) Sales and settlements for the ARS purchase commitments represent additional purchase commitments made during the period for regulatory and legal ARS settlements and awards. Financial Instruments Not Measured at Fair Value The tables below present the carrying value, fair value and fair value hierarchy category of certain financial instruments that are not measured at fair value in the condensed consolidated balance sheets. The tables below exclude non-financial assets and liabilities (e.g., office facilities and accrued compensation). The carrying value of financial instruments not measured at fair value categorized in the fair value hierarchy as Level 1 or Level 2 (e.g., cash and receivables from customers) approximates f

Collateralized Transactions

Collateralized Transactions	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 , bank call loans were $148.3 million ( $100.2 million at December 31, 2015 ). At March 31, 2016 , such loans were collateralized by firm and customer securities with market values of approximately $163.5 million and $230.6 million , respectively, with commercial banks. At March 31, 2016 , the Company had approximately $1.1 billion of customer securities under customer margin loans that are available to be pledged, of which the Company has re-pledged approximately $114.7 million under securities loan agreements. At March 31, 2016 , the Company had pledged $360.7 million of customer securities directly with the Options Clearing Corporation to secure obligations and margin requirements under option contracts written by customers. 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 March 31, 2016 : (Expressed in thousands) Overnight and Open Repurchase agreements: U.S. Treasury and Agency securities $ 850,440 Securities loaned: Equity securities 143,157 Gross amount of recognized liabilities for repurchase agreements and securities loaned $ 993,597 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 March 31, 2016 and December 31, 2015 : As of March 31, 2016 (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 $ 320,688 $ (320,688 ) $ — $ — $ — $ — Securities borrowed (1) 190,963 — 190,963 (185,319 ) — 5,644 Total $ 511,651 $ (320,688 ) $ 190,963 $ (185,319 ) $ — $ 5,644 (1) Included in receivable from brokers, dealers and clearing organizations on the condensed consolidated balance sheet. Gross Amounts Not Offset on the Balance Sheet Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Balance Sheet Net Amounts of Liabilities Presented on the Balance Sheet Financial Instruments Cash Collateral Pledged Net Amount Repurchase agreements $ 850,440 $ (320,688 ) $ 529,752 $ (518,518 ) $ — $ 11,234 Securities loaned (2) 143,157 — 143,157 (139,315 ) — 3,842 Total $ 993,597 $ (320,688 ) $ 672,909 $ (657,833 ) $ — $ 15,076 (2) Included in payable to brokers, dealers and clearing organizations on the condensed consolidated balance sheet. As of December 31, 2015 (Expressed in thousands) Gross Amounts Not Offset on the Balance Sheet Gross Amounts of Recognized Assets Gross Amounts Offset in the Balance Sheet Net Amounts of Assets Presented on the Balance Sheet Financial Instruments Cash Collateral Received Net Amount Reverse repurchase agreements $ 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 condensed consolidated balance sheet. Gross Amounts Not Offset on the Balance Sheet Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Balance Sheet Net Amounts of Liabilities Presented on the Balance Sheet Financial Instruments Cash Collateral Pledged Net Amount Repurchase agreements $ 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 condensed consolidated balance sheet. Certain of the Company’s repurchase agreements and reverse repurchase agreements are carried at fair value as a result of the Company’s fair value option election. The Company elected the fair value option for those repurchase agreements and reverse repurchase agreements that do not settle overnight or have an open settlement date. The Company has elected the fair value option for these instruments to more accurately reflect market and economic events in its earnings and to mitigate a potential imbalance in earnings caused by using different measurement attributes (i.e. fair value versus carrying value) for certain assets and liabilities. At March 31, 2016 , the Company did not have any reverse repurchase agreements and repurchase agreements that elected the fair value option. The Company receives collateral in connection with securities borrowed and reverse repurchase agreement transactions and customer margin loans. Under many agreements, the Company is permitted to sell or re-pledge the securities received (e.g., use the securities to enter into securities lending transactions, or deliver to counterparties to cover short positions). At March 31, 2016 , the fair value of securities received as collateral under securities borrowed transactions and reverse repurchase agreements was $185.9 million ( $217.0 million at December 31, 2015 ) and $320.8 million ( $278.8 million at December 31, 2015 ), respectively, of which the Company has sold and re-pledged approximately $23.4 million ( $36.0 million at December 31, 2015 ) under securities loaned transactions and $320.8 million under repurchase agreements ( $278.8 million at December 31, 2015 ). 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 $705.8 million , as presented on the face of the condensed consolidated balance sheet at March 31, 2016 ( $546.3 million at December 31, 2015 ). 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 $163.7 million at March 31, 2016 ( $142.7 million at December 31, 2015 ). 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. 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 March 31, 2016 are receivables from four major U.S. broker-dealers totaling approximately $124.8 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 March 31, 2016 , 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 March 31, 2016 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 March 31, 2016 , 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 condensed consolidated balance sheet and cash flows from operating activities on the condensed consolidated statement of cash flows. OMHHF repays PNC upon the securitization of the mortgage by 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 March 31, 2016 , OMHHF had $11.8 million ( $54.3 million at December 31, 2015 ) outstanding under the warehouse facility line at a variable interest rate of one month LIBOR plus a spread. The Company earns a spread between the interest earned on the loans originated by the Company and the interest incurred on amounts drawn from the warehouse facility. Interest expense for the three months ended March 31, 2016 and 2015 was $200,000 and $125,000 , respectively. 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 ("VI

Variable Interest Entities ("VIEs")	3 Months Ended
	Mar. 31, 2016
Noncontrolling Interest [Abstract]
Variable Interest Entities (VIE's)	Variable interest entities ("VIEs") The Company’s policy is to consolidate all subsidiaries in which it has a controlling financial interest, as well as any VIEs where the Company is deemed to be the primary beneficiary, when it has the power to make the decisions that most significantly affect the economic performance of the VIE and has the obligation to absorb significant losses or the right to receive benefits that could potentially be significant to the VIE. For funds that the Company has concluded are not VIEs, the Company then evaluates whether the fund is a partnership or similar entity. If the fund is a partnership or similar entity, the Company evaluates the fund under the partnership consolidation guidance. Pursuant to that guidance, the Company consolidates funds in which it is the general partner, unless presumption of control by the Company can be overcome. This presumption is overcome only when unrelated investors in the fund have the substantive ability to liquidate the fund or otherwise remove the Company as the general partner without cause, based on a simple majority vote of unaffiliated investors, or have other substantive participating rights. If the presumption of control can be overcome, the Company accounts for its interest in the fund pursuant to the equity method of accounting. The Company serves as general partner of hedge funds and private equity funds that were established for the purpose of providing investment alternatives to both its institutional and qualified retail clients. The Company holds variable interests in these funds as a result of its right to receive management and incentive fees. The Company’s investment in and additional capital commitments to these hedge funds and private equity funds are also considered variable interests. The Company’s additional capital commitments are subject to call at a later date and are limited in amount. The Company assesses whether it is the primary beneficiary of the hedge funds and private equity funds in which it holds a variable interest in the form of general and limited partner interests. In each instance, the Company has determined that it is not the primary beneficiary and therefore need not consolidate the hedge funds or private equity funds. The subsidiaries’ general and limited partnership interests, additional capital commitments, and management fees receivable represent its maximum exposure to loss. The subsidiaries’ general partnership and limited partnership interests and management fees receivable are included in other assets on the condensed consolidated balance sheet. The following tables set forth the total VIE assets, the carrying value of the subsidiaries’ variable interests, and the Company’s maximum exposure to loss in Company-sponsored non-consolidated VIEs in which the Company holds variable interests and other non-consolidated VIEs in which the Company holds variable interests at March 31, 2016 and December 31, 2015 : (Expressed in thousands) At March 31, 2016 Maximum Exposure to Loss in Non-consolidated VIEs Carrying Value of the Total Company’s Variable Interest Capital VIE Assets (1) Assets (2) Liabilities Commitments Hedge funds $ 317,804 $ 609 $ — $ — $ 609 Private equity funds 52,800 15 — 2 17 Total $ 370,604 $ 624 $ — $ 2 $ 626 (1) Represents the total assets of the VIEs and does not represent the Company’s interests in the VIEs. (2) Represents the Company’s interests in the VIEs and is included in other assets on the condensed consolidated balance sheet. (Expressed in thousands) At December 31, 2015 Maximum Exposure to Loss in Non-consolidated VIEs Carrying Value of the Total Company’s Variable Interest Capital VIE Assets (1) Assets (2) Liabilities Commitments Hedge funds $ 1,775,503 $ 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 condensed consolidated balance sheet.

Commercial Mortgage Banking

Commercial Mortgage Banking	3 Months Ended
	Mar. 31, 2016
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 $1.2 million for the three months ended March 31, 2016 ( $8.2 million for the three months ended March 31, 2015 ). Funding Commitments OMHHF provides its clients with commitments to fund FHA-insured permanent or constructions loans. Upon providing these commitments to fund, OMHHF enters into TBA sale contracts directly or indirectly with counterparties to offset its exposures related to these funding commitments. See Note 5, Fair value measurements, for more information. Loans Held For Sale OMHHF advances funds from its own cash reserves in addition to obtaining financing through warehouse facilities in order to fund initial loan closing and subsequent construction loan draws. Prior to the GNMA securitization of a loan, a loan held for sale is recorded on the condensed consolidated balance sheet. Loans held for sale are recorded at fair value through earnings. Escrows Held in Trust Custodial escrow accounts relating to loans serviced by OMHHF totaled $256.1 million at March 31, 2016 ( $421.5 million at December 31, 2015 ). These amounts are not included on the condensed consolidated balance sheet as such amounts are not OMHHF’s assets. Certain cash deposits at financial institutions exceeded the FDIC-insured limits or other institutionally provided insurance. The combined uninsured balance with relation to escrow accounts at March 31, 2016 was approximately $138.0 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 March 31, 2016 and December 31, 2015 was as follows: (Expressed in thousands) As of March 31, 2016 As of December 31, 2015 Unpaid principal balance of loans $ 3,937,592 $ 3,974,292 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 at both March 31, 2016 and December 31, 2015 (carrying value of $28.0 million and $28.2 million at March 31, 2016 and December 31, 2015 , respectively). The following tables summarize the changes in carrying value of MSRs for the three months ended March 31, 2016 and 2015 : (Expressed in thousands) For the Three Months Ended March 31, 2016 2015 Balance at beginning of period $ 28,168 $ 30,140 Originations (1) 1,388 601 Purchases 111 208 Disposals (1) (861 ) (2,328 ) Amortization expense (782 ) (230 ) Balance at end of period $ 28,024 $ 28,391 (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 $ 2,340 $ 791 $ 3,131 2017 3,116 1,053 4,169 2018 3,091 1,046 4,137 2019 2,995 985 3,980 2020 2,851 886 3,737 Thereafter 7,610 1,260 8,870 $ 22,003 $ 6,021 $ 28,024 The Company receives fees during the course of servicing the mortgage loans. The fees for the three months ended March 31, 2016 and 2015 were as follows: (Expressed in thousands) For the Three Months Ended March 31, 2016 2015 Servicing fees $ 1,455 $ 1,467 Ancillary fees 105 101 Total MSR fees $ 1,560 $ 1,568

Long-term Debt

Long-term Debt	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Long-term Debt	Long-term debt (Expressed in thousands) Issued Maturity Date At March 31, 2016 At December 31, 2015 Senior Secured Notes 4/15/2018 $ 150,000 $ 150,000 On April 12, 2011 , the Company completed the private placement of $200 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 . On April 15, 2014, the Company retired early a total of $50.0 million ( 25% ) of the Notes. 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 March 31, 2016 , the Company was in compliance with all of its covenants. Interest expense for both the three months ended March 31, 2016 and 2015 on the Notes was $3.3 million .

Share Capital

Share Capital	3 Months Ended
	Mar. 31, 2016
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) 99,665 shares of Class B voting common stock ("Class B Stock"), par value $0.001 per share. No Preferred Stock has been issued. 99,665 shares of Class B Stock have been issued and are outstanding. The Class A Stock and the Class B Stock are equal in all respects except that the Class A Stock is non-voting. The following table reflects changes in the number of shares of Class A Stock outstanding for the periods indicated: For the Three Months Ended March 31, 2016 2015 Class A Stock outstanding, beginning of period 13,238,486 13,530,688 Issued pursuant to shared-based compensation plans 265,320 104,143 Repurchased and canceled pursuant to the stock buy-back (240,274 ) — Class A Stock outstanding, end of period 13,263,532 13,634,831 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 year ended December 31, 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 March 31, 2016 , the Company purchased and canceled an aggregate of 240,274 shares of Class A Stock for a total consideration of $3.6 million ( $15.13 per share) under the New Program. As of March 31, 2016 , 329,844 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 Stock. Depending on market conditions and other factors, these repurchases may be commenced or suspended from time to time without prior notice.

Contingencies

Contingencies	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies Many aspects of the Company's business involve substantial risks of liability. In the normal course of business, the Company has been named as defendant or co-defendant in various legal actions, including arbitrations, class actions, and other litigation, creating substantial exposure. Certain of the actual or threatened legal matters include claims for substantial compensatory and/or punitive damages or claims for indeterminate amounts of damages. These proceedings arise primarily from securities brokerage, asset management and investment banking activities. The Company is also involved, from time to time, in other reviews, investigations and proceedings (both formal and informal) by governmental and self-regulatory agencies regarding the Company's business which may result in adverse judgments, settlements, fines, penalties, injunctions or other relief. The investigations include, among other things, inquiries from the Securities and Exchange Commission (the "SEC"), the Financial Industry Regulatory Authority ("FINRA") and various state regulators. The Company accrues for estimated loss contingencies related to legal and regulatory matters when available information indicates that it is probable a liability had been incurred at the date of the condensed consolidated financial statements and the Company can reasonably estimate the amount of that loss. In many proceedings, however, it is inherently difficult to determine whether any loss is probable or even possible or to estimate the amount of any loss. In addition, even where loss is possible or an exposure to loss exists in excess of the liability already accrued with respect to a previously recognized loss contingency, it is often not possible to reasonably estimate the size of the possible loss or range of loss or possible additional losses or range of additional losses. For certain legal and regulatory proceedings, the Company cannot reasonably estimate such losses, particularly for proceedings that are in their early stages of development or where plaintiffs seek substantial, indeterminate or special damages. Numerous issues may need to be reviewed, analyzed or resolved, including through potentially lengthy discovery and determination of important factual matters, and by addressing novel or unsettled legal questions relevant to the proceedings in question, before a loss or range of loss or additional loss can be reasonably estimated for any proceeding. Even after lengthy review and analysis, the Company, in many legal and regulatory proceedings, may not be able to reasonably estimate possible losses or range of loss. For certain other legal and regulatory proceedings, the Company can estimate possible losses, or range of loss in excess of amounts accrued, but does not believe, based on current knowledge and after consultation with counsel, that such losses individually, or in the aggregate, will have a material adverse effect on the Company's condensed consolidated financial statements as a whole. For legal and regulatory proceedings where there is at least a reasonable possibility that a loss or an additional loss may be incurred, the Company estimates a range of aggregate loss in excess of amounts accrued of $0 to $49.0 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 March 31, 2016 , the Company did not have any 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 March 31, 2016 , the Company purchased and holds (net of redemptions) approximately $87.1 million in ARS from its clients. In addition, the Company is committed to purchase another $32.5 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 $37.3 million of ARS principal value as of March 31, 2016 . It is reasonably possible that some ARS Purchase Offers will need to be extended to Eligible Investors holding ARS prior to redemptions (or tender offers) by issuers of the full amount that remains outstanding. The potential additional losses that may result from entering into ARS purchase commitments with Eligible Investors for future buybacks represents the estimated difference between the principal value and the fair value. It is possible that the Company could sustain a loss of all or substantially all of the principal value of ARS still held by Eligible Investors but such an outcome is highly unlikely. The amount of potential additional losses resulting from entering into these commitments cannot be reasonably estimated due to the uncertainties surrounding the amounts and timing of future buybacks that result from the six-month financial review and the amounts, scope, and timing of future issuer redemptions and tender offers of ARS held by Eligible Investors. The range of potential additional losses related to valuation adjustments is between $0 and the amount of the estimated differential between the principal value and the fair value of ARS held by Eligible Investors for future buybacks that were not yet purchased or committed to be purchased by the Company at any point in time. The range of potential additional losses described here is not included in the estimated range of aggregate loss in excess of amounts accrued for legal and regulatory proceedings described above. Outside of the settlements with the Regulators, the Company has also reached various legal settlements with clients and received unfavorable legal awards requiring it to purchase ARS. The terms and conditions including the ARS amounts committed to be purchased under legal settlements and awards are based on the specific facts and circumstances of each legal proceeding. In most instances, the purchase commitments are in increments and extend over a period of time. At March 31, 2016 , 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 March 31, 2016 , the Company was fully reserved for the remaining $10.0 million related to the aforementioned matters. 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	3 Months Ended
	Mar. 31, 2016
Regulated Operations [Abstract]
Regulatory Requirements	Regulatory requirements The Company’s U.S. broker dealer subsidiaries, Oppenheimer and Freedom, are subject to the uniform net capital requirements of the SEC under Rule 15c3-1 (the "Rule") promulgated under the Exchange Act. Oppenheimer computes its net capital requirements under the alternative method provided for in the Rule which requires that Oppenheimer maintain net capital equal to two percent of aggregate customer-related debit items, as defined in SEC Rule 15c3-3. At March 31, 2016 , the net capital of Oppenheimer as calculated under the Rule was $112.8 million or 9.61% of Oppenheimer’s aggregate debit items. This was $89.3 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 March 31, 2016 , Freedom had net capital of $5.7 million , which was $5.6 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 March 31, 2016 , 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 March 31, 2016 , the regulatory capital of Oppenheimer Investments Asia Limited was $2.2 million , which was $1.8 million in excess of the $387,000 required to be maintained on that date. Oppenheimer Investments Asia Limited computes its regulatory capital pursuant to the requirements of the Securities and Futures Commission in Hong Kong.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2016
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 assets under management ("AUM"), net interest earnings on client margin loans and cash balances, fees from money market funds, net contributions from stock loan activities and financing activities, and direct expenses associated with this segment; Asset Management —includes a proportionate amount of fee income earned on AUM from investment management services of Oppenheimer Asset Management Inc. Oppenheimer’s asset management divisions employ various programs to professionally manage client assets either in individual accounts or in funds, and includes direct expenses associated with this segment; Capital Markets —includes investment banking, institutional equities sales, trading, and research, taxable fixed income sales, trading, and research, public finance and municipal trading, as well as the Company’s operations in the United Kingdom, Hong Kong and Israel, and direct expenses associated with this segment; Commercial Mortgage Banking —includes loan origination and servicing fees from the Company’s subsidiary, OMHHF; and Corporate/Other —the Company does not allocate costs associated with certain infrastructure support groups that are centrally managed for its reportable segments. These areas include, but are not limited to, legal, compliance, operations, accounting, and internal audit. Costs associated with these groups are separately reported in a Corporate/Other category and primarily include compensation and benefits. The table below presents information about the reported revenue and net income before taxes of the Company for the three months ended March 31, 2016 and 2015 . 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 Three Months Ended March 31, 2016 2015 Revenue Private client (1) $ 127,544 $ 139,932 Asset management (1) 22,974 24,461 Capital markets 61,065 72,166 Commercial mortgage banking 3,738 8,386 Corporate/Other 3,373 616 Total $ 218,694 $ 245,561 Income (loss) before income tax provision (benefit) Private client (1) $ 16,317 $ 16,757 Asset management (1) 6,768 7,886 Capital markets (6,798 ) 6,735 Commercial mortgage banking (657 ) 4,037 Corporate/Other (23,627 ) (25,564 ) Total $ (7,997 ) $ 9,851 (1) Asset management fees are allocated 22.5% to the Asset Management and 77.5% to the Private Client segments. Revenue, classified by the major geographic areas in which it was earned for the three months ended March 31, 2016 and 2015 , was as follows: (Expressed in thousands) For the Three Months Ended March 31, 2016 2015 Americas $ 207,207 $ 233,031 Europe/Middle East 10,592 10,972 Asia 895 1,558 Total $ 218,694 $ 245,561

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	Subsequent events On April 29, 2016 , the Company announced a quarterly dividend in the amount of $0.11 per share, payable on May 27, 2016 to holders of Class A Stock and Class B Stock of record on May 13, 2016 .

Condensed Consolidating Financi

Condensed Consolidating Financial Information	3 Months Ended
	Mar. 31, 2016
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Condensed Consolidating Financial Information	Condensed consolidating financial information The Company’s Notes are jointly and severally and fully and unconditionally guaranteed on a senior basis by E.A. Viner International Co. and Viner Finance Inc. (together, the “Guarantors”), unless released as described below. Each of the Guarantors is 100% owned by the Company. The indenture for the Notes contains covenants with restrictions which are discussed in Note 9. The following condensed consolidating financial information presents the financial position, results of operations and cash flows of the Company (referred to as “Parent” for purposes of this Note only), the Guarantor subsidiaries, the Non-Guarantor subsidiaries and elimination entries necessary to consolidate the Company. Each Guarantor will be automatically and unconditionally released and discharged upon: the sale, exchange or transfer of the capital stock of a Guarantor and the Guarantor ceasing to be a direct or indirect subsidiary of the Company if such sale does not constitute an asset sale under the indenture for the Notes or does not constitute an asset sale effected in compliance with the asset sale and merger covenants of the indenture for the Notes; a Guarantor being dissolved or liquidated; a Guarantor being designated unrestricted in compliance with the applicable provisions of the Notes; or the exercise by the Company of its legal defeasance option or covenant defeasance option or the discharge of the Company’s obligations under the indenture for the Notes in accordance with the terms of such indenture. OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING BALANCE SHEET AS OF MARCH 31, 2016 (Expressed in thousands) Parent Guarantor subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated ASSETS Cash and cash equivalents $ 196 $ 119 $ 62,164 $ — $ 62,479 Deposits with clearing organizations — — 56,567 — 56,567 Receivable from brokers, dealers and clearing organizations — — 263,363 — 263,363 Receivable from customers, net of allowance for credit losses of $2,573 — — 791,631 — 791,631 Income tax receivable 34,696 27,742 — (45,177 ) 17,261 Securities owned, including amounts pledged of $705,835, at fair value — 1,213 1,035,569 — 1,036,782 Notes receivable, net of accumulated amortization and allowance for uncollectibles of $58,350 and $8,722, respectively — — 32,869 — 32,869 Office facilities, net of accumulated depreciation of $106,206 — 21,477 7,041 — 28,518 Loans held for sale, at fair value — — 13,532 — 13,532 Mortgage servicing rights — — 28,024 — 28,024 Subordinated loan receivable — 112,558 — (112,558 ) — Intangible assets — — 31,700 — 31,700 Goodwill — — 137,889 — 137,889 Other assets 138 2,739 117,372 — 120,249 Deferred tax assets 1,135 317 27,550 (29,002 ) — Investment in subsidiaries 577,002 528,357 — (1,105,359 ) — Intercompany receivables 53,871 18,409 — (72,280 ) — Total assets $ 667,038 $ 712,931 $ 2,605,271 $ (1,364,376 ) $ 2,620,864 LIABILITIES AND STOCKHOLDERS’ EQUITY Liabilities Drafts payable $ — $ — $ 37,663 $ — $ 37,663 Bank call loans — — 148,300 — 148,300 Payable to brokers, dealers and clearing organizations — — 207,879 — 207,879 Payable to customers — — 521,557 — 521,557 Securities sold under agreements to repurchase — — 529,752 — 529,752 Securities sold, but not yet purchased, at fair value — — 270,952 — 270,952 Accrued compensation — — 93,835 — 93,835 Accounts payable and other liabilities 6,225 35,488 84,470 — 126,183 Income tax payable 2,440 22,189 20,548 (45,177 ) — Senior secured notes, net of debt issuance costs of $1,011 148,989 — — — 148,989 Subordinated indebtedness — — 112,558 (112,558 ) — Deferred tax liabilities — — 48,410 (29,002 ) 19,408 Intercompany payables — 62,204 10,076 (72,280 ) — Total liabilities 157,654 119,881 2,086,000 (259,017 ) 2,104,518 Stockholders’ equity Stockholders’ equity attributable to Oppenheimer Holdings Inc. 509,384 593,050 512,309 (1,105,359 ) 509,384 Noncontrolling interest — — 6,962 — 6,962 Total stockholders’ equity 509,384 593,050 519,271 (1,105,359 ) 516,346 Total liabilities and stockholders’ equity $ 667,038 $ 712,931 $ 2,605,271 $ (1,364,376 ) $ 2,620,864 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 69 3,224 102,458 — 105,751 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 $ 672,601 $ 714,046 $ 2,682,033 $ (1,376,848 ) $ 2,691,832 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, net of debt issuance costs of $1,132 148,868 — — — 148,868 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 154,543 120,205 2,158,879 (266,877 ) 2,166,750 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 $ 672,601 $ 714,046 $ 2,682,033 $ (1,376,848 ) $ 2,691,832 OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 2016 (Expressed in thousands) Parent Guarantor subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated REVENUES Commissions $ — $ — $ 103,833 $ — $ 103,833 Advisory fees — — 66,379 (353 ) 66,026 Investment banking — — 12,383 — 12,383 Interest — 2,557 13,389 (2,567 ) 13,379 Principal transactions, net — 30 1,501 — 1,531 Other — 78 21,542 (78 ) 21,542 Total revenue — 2,665 219,027 (2,998 ) 218,694 EXPENSES Compensation and related expenses 387 — 151,026 — 151,413 Communications and technology 28 — 17,753 — 17,781 Occupancy and equipment costs — — 15,056 (78 ) 14,978 Clearing and exchange fees — — 6,921 — 6,921 Interest 3,281 — 4,374 (2,567 ) 5,088 Other 673 3 30,187 (353 ) 30,510 Total expenses 4,369 3 225,317 (2,998 ) 226,691 Income (loss) before income tax provision (benefit) (4,369 ) 2,662 (6,290 ) — (7,997 ) Income tax provision (benefit) (1,714 ) 1,004 (3,378 ) — (4,088 ) Equity in earnings of subsidiaries (1,192 ) (2,850 ) — 4,042 — Net loss (3,847 ) (1,192 ) (2,912 ) 4,042 (3,909 ) Less net loss attributable to noncontrolling interest, net of tax — — (62 ) — (62 ) Net loss attributable to Oppenheimer Holdings Inc. (3,847 ) (1,192 ) (2,850 ) 4,042 (3,847 ) Other comprehensive income — — 873 — 873 Total comprehensive loss $ (3,847 ) $ (1,192 ) $ (1,977 ) $ 4,042 $ (2,974 ) OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 2015 (Expressed in thousands) Parent Guarantor subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated REVENUES Commissions $ — $ — $ 109,695 $ — $ 109,695 Advisory fees — — 71,420 (454 ) 70,966 Investment banking — — 27,305 — 27,305 Interest — 2,566 11,033 (2,564 ) 11,035 Principal transactions, net — — 18,609 (54 ) 18,555 Other — 95 7,985 (75 ) 8,005 Total revenue — 2,661 246,047 (3,147 ) 245,561 EXPENSES Compensation and related expenses 312 — 162,779 — 163,091 Communications and technology 25 — 17,143 — 17,168 Occupancy and equipment costs — — 15,853 (75 ) 15,778 Clearing and exchange fees — — 6,402 — 6,402 Interest 3,281 — 3,193 (2,564 ) 3,910 Other 288 68 29,513 (508 ) 29,361 Total expenses 3,906 68 234,883 (3,147 ) 235,710 Income (loss) before income tax provision (benefit) (3,906 ) 2,593 11,164 — 9,851 Income tax provision (benefit) (1,480 ) 847 4,363 — 3,730 Equity in earnings of subsidiaries 8,145 6,399 — (14,544 ) — Net income 5,719 8,145 6,801 (14,544 ) 6,121 Less net income attributable to noncontrolling interest, net of tax — — 402 — 402 Net income attributable to Oppenheimer Holdings Inc. 5,719 8,145 6,399 (14,544 ) 5,719 Other comprehensive loss — — (567 ) — (567 ) Total comprehensive income $ 5,719 $ 8,145 $ 5,832 $ (14,544 ) $ 5,152 OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 2016 (Expressed in thousands) Parent Guarantor subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities: Cash provided by (used in) operating activities $ 5,140 $ (2,467 ) $ (44,045 ) $ — $ (41,372 ) Cash flows from investing activities: Purchase of office facilities — — (1,762 ) — (1,762 ) Cash used in investing activities — — (1,762 ) — (1,762 ) Cash flows from financing activities: Cash dividends paid on Class A non-voting and Class B voting common stock (1,476 ) — — — (1,476 ) Repurchase of Class A non-voting common stock for cancellation (3,634 ) — — — (3,634 ) Tax deficiency from share-based awards (741 ) — — — (741 ) Increase in bank call loans, net — — 48,100 — 48,100 Cash flow provided by (used in) financing activities (5,851 ) — 48,100 — 42,249 Net increase (decrease) in cash and cash equivalents (711 ) (2,467 ) 2,293 — (885 ) Cash and cash equivalents, beginning of the period 907 2,586 59,871 — 63,364 Cash and cash equivalents, end of the period $ 196 $ 119 $ 62,164 $ — $ 62,479 OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 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 $ 1,394 $ 436 $ (38,413 ) $ — $ (36,583 ) Cash flows from investing activities: Purchase of office facilities — — (474 ) — (474 ) Cash used in investing activities — — (474 ) — (474 ) Cash flows from financing activities: Cash dividends paid on Class A non-voting and Class B voting common stock (1,511 ) — — — (1,511 ) Tax deficiency from share-based awards (321 ) — — — (321 ) Increase in bank call loans, net — — 42,000 — 42,000 Cash flow provided by (used in) financing activities (1,832 ) — 42,000 — 40,168 Net increase (decrease) in cash and cash equivalents (438 ) 436 3,113 — 3,111 Cash and cash equivalents, beginning of the period 439 1,557 61,811 — 63,807 Cash and cash equivalents, end of the period $ 1 $ 1,993 $ 64,924 $ — $ 66,918

New Accounting Pronouncements (

New Accounting Pronouncements (Policies)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
New Accounting Pronouncements	Recently Adopted In April 2014, the FASB issued ASU No. 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." Under this ASU, a discontinued operation is defined as a disposal of a component or group of components that is disposed of and represents a strategic shift that has or will have a major effect on an entity's operation. The ASU also modified related disclosure requirements. The ASU became effective for the annual reporting period in the fiscal year that began after December 15, 2014. The adoption of this accounting guidance did not have a material impact on the Company's condensed consolidated financial statements. In June 2014, the FASB issued ASU No. 2014-11, "Transfers and Servicing – Repurchase-to-Maturity Transactions, Repurchase Financing, and Disclosures," which makes amendments to the guidance in Accounting Standards Codification 860 on accounting for certain repurchase agreements. The ASU became effective for the annual reporting period in the fiscal year that began after December 15, 2015, except for the disclosures related to transactions accounted for as secured borrowings, which became effective for the period that began on or after March 15, 2015. The adoption of this accounting guidance did not have a material impact on the Company's condensed consolidated financial statements. See Note 6, Collateralized transactions, below. In 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 became effective for the annual reporting period in the fiscal year that began after December 15, 2015. The adoption of the ASU did not have a material impact on the Company's condensed consolidated financial statements. In November 2014, the FASB issued ASU No. 2014-17, "Business Combination - Pushdown Accounting." The ASU gives the acquired entity the option of applying pushdown accounting in its stand-alone financial statements upon a change-in-control event. The ASU became effective upon issuance. The adoption of this accounting guidance did not have a material impact on the Company's condensed consolidated financial statements. 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 became effective for the annual reporting period in the fiscal year that began after December 15, 2015. The adoption of the ASU did not have a material impact on the Company's condensed consolidated financial statements. In February 2015, the FASB issued ASU No. 2015-02, "Consolidation - Amendments to the Consolidation Analysis," to eliminate the deferral of the application of the revised consolidation rules and make changes to both the variable interest model and the voting model. Under this ASU, a general partner will not consolidate a partnership or similar entity under the voting model. The ASU became effective for the annual reporting period in the fiscal year that began after December 15, 2015. The adoption of the ASU impacted the disclosure of VIEs but did not have a material impact on the Company's condensed consolidated financial statements. See Note 7, Variable interest entities, below. 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 became effective for the annual reporting period in the fiscal year that began after December 15, 2015. The adoption of the ASU did not have a material impact on the Company's condensed consolidated financial statements. In May 2015, the FASB issued ASU No. 2015-07, “Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent),” which removes the requirement to categorize within the fair value hierarchy all investments measured using the net asset value per share practical expedient and related disclosures. The ASU became effective for the annual reporting periods in the fiscal year that began after December 15, 2015. The adoption of the ASU impacted the fair value disclosures but did not have a material impact on the Company's condensed consolidated financial statements. See Note 5, Fair value measurements, below. 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 condensed consolidated financial statements. In August 2014, the FASB issued ASU No. 2014-15, "Disclosure of Uncertainties About an Entity's Ability to Continue as a Going Concern," which provides guidance on determining when and how reporting entities must disclose going-concern uncertainties in their financial statements. The ASU requires management of an entity to perform interim and annual assessments of an entity's ability to continue as a going concern within one year of the date of issuance of the entity's financial statements and also provide disclosures if there is "substantial doubt about the entity's ability to continue as a going concern." The ASU is effective for the annual reporting period in the fiscal year that begins after December 15, 2016 and early adoption is permitted. The Company will not early adopt this ASU. The Company is currently evaluating the impact on its disclosure. In January 2016, the FASB issued ASU 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities,” which revises an entity's accounting related to the classification and measurement of investments in equity securities, changes the presentation of certain fair value changes relating to instrument specific credit risk for financial liabilities and amends certain disclosure requirements associated with the fair value of financial instruments. The ASU is effective for fiscal years beginning after December 15, 2017. The adoption of the ASU will not have a material impact on the Company's condensed consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, "Leases." The ASU requires most leases to be reflected on the balance sheet. The ASU is effective for fiscal years beginning after December 15, 2018. The Company is currently evaluating the impact of the ASU. The adoption of the new lessee model is expected to have material impact on the Company's condensed consolidated financial statements. In March, 2016, the FASB issued ASU 2016-09, "Improvements to Employee Share-Based Payment Accounting," which simplifies several aspects of the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures, and minimum statutory tax withholding requirements, as well as classification in the statement of cash flows. The ASU is effective for fiscal year beginning after December 15, 2016 and early adoption is permitted. The Company will not early adopt this ASU. The Company is currently evaluating the impact, if any, that the ASU will have on its condensed consolidated financial statements.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Summary of Earnings Per Share	Earnings per share have been calculated as follows: (Expressed in thousands, except number of shares and per share amounts) For the Three Months Ended March 31, 2016 2015 Basic weighted average number of shares outstanding 13,379,827 13,704,228 Net dilutive effect of share-based awards, treasury method (1) — 578,042 Diluted weighted average number of shares outstanding 13,379,827 14,282,270 Net income (loss) $ (3,909 ) $ 6,121 Net income (loss) attributable to noncontrolling interest, net of tax (62 ) 402 Net income (loss) attributable to Oppenheimer Holdings Inc. $ (3,847 ) $ 5,719 Basic earnings (loss) per share $ (0.29 ) $ 0.42 Diluted earnings (loss) per share $ (0.29 ) $ 0.40 (1) For the three months ended March 31, 2016 , the diluted earnings per share computation does not include the anti-dilutive effect of 1,295,972 shares of Class A Stock granted under share-based compensation arrangements ( 46,076 for the three months ended March 31, 2015 ).

Receivable from and Payable t26

Receivable from and Payable to Brokers, Dealers and Clearing Organizations (Tables)	3 Months Ended
	Mar. 31, 2016
Brokers and Dealers [Abstract]
Schedule of Receivable from and Payable to Brokers, Dealers and Clearing Organizations	(Expressed in thousands) As of March 31, 2016 December 31, 2015 Receivable from brokers, dealers and clearing organizations consist of: Securities borrowed $ 190,963 $ 224,672 Receivable from brokers 36,059 49,458 Securities failed to deliver 10,914 7,799 Clearing organizations 22,957 25,030 Other 2,470 53,954 Total $ 263,363 $ 360,913 Payable to brokers, dealers and clearing organizations consist of: Securities loaned $ 143,157 $ 130,658 Payable to brokers 10,232 3,316 Securities failed to receive 24,781 21,513 Other 29,709 9,059 Total $ 207,879 $ 164,546

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 As of December 31, 2015 Owned Sold Owned Sold U.S. Government, agency and sovereign obligations $ 749,323 $ 204,003 $ 509,614 $ 77,485 Corporate debt and other obligations 22,823 11,166 16,138 1,652 Mortgage and other asset-backed securities 4,151 27 3,504 27 Municipal obligations 80,220 — 30,132 — Convertible bonds 50,984 15,988 54,693 5,951 Corporate equities 44,964 39,768 34,475 41,378 Money markets 132 — 35 — Auction rate securities 84,185 — 86,802 — Total $ 1,036,782 $ 270,952 $ 735,393 $ 126,493
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 March 31, 2016 Product Principal Valuation Adjustment Fair Value Valuation Technique Unobservable Input Range Weighted Average Auction Rate Securities ("ARS") Owned (1) Auction Rate Preferred Securities $ 83,175 $ 2,406 $ 80,769 Discounted Cash Flow Discount Rate (2) 1.15% to 1.56% 1.36% Duration 4.0 years 4.0 years Current Yield (3) 0.47% to 0.75% 0.61% Municipal Auction Rate Securities 25 1 24 Discounted Cash Flow Discount Rate (4) 1.98% 1.98% Duration 4.5 years 4.5 years Current Yield (3) 1.15% 1.15% Student Loan Auction Rate Securities 300 25 275 Discounted Cash Flow Discount Rate (5) 2.75% 2.75% Duration 7.0 years 7.0 years Current Yield (3) 1.44% 1.44% Other (7) 3,625 508 3,117 Secondary Market Trading Activity Observable trades in inactive market for in portfolio securities 85.99% of par 85.99% of par $ 87,125 $ 2,940 $ 84,185 Auction Rate Securities Commitments to Purchase (6) Auction Rate Preferred Securities $ 11,237 $ (1,540 ) $ 12,777 Discounted Cash Flow Discount Rate (2) 1.15% to 1.56% 1.36% Duration 4.0 years 4.0 years Current Yield (3) 0.47% to 0.75% 0.61% 21,312 559 20,753 Discounted Cash Flow Discount Rate (2) 1.15% to 1.56% 1.36% Duration 4.0 years 4.0 years Current Yield (3) 0.47% to 0.75% 0.61% $ 32,549 $ (981 ) $ 33,530 Total $ 119,674 $ 1,959 $ 117,715 (1) Principal amount represents the par value of the ARS and is included in securities owned in the condensed consolidated balance sheet at March 31, 2016 . The valuation adjustment amount is included as a reduction to securities owned in the condensed consolidated balance sheet at March 31, 2016 . (2) Derived by applying a multiple to the spread between 110% to 150% to the U.S. Treasury rate of 1.04% . (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 1.13% . (5) Derived by applying the sum of the spread of 1.20% to the U.S. Treasury rate of 1.55% . (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 amounts, unrealized gains and losses, are included in other assets and accounts payable and other liabilities, respectively, on the condensed consolidated balance sheet at March 31, 2016 . (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 March 31, 2016 : (Expressed in thousands) Fair Value Unfunded Commitments Redemption Frequency Redemption Notice Period Hedge funds (1) $ 2,396 $ — Quarterly - Annually 30 - 120 Days Private equity funds (2) 4,866 1,251 N/A N/A $ 7,262 $ 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 March 31, 2016 and December 31, 2015 , 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 March 31, 2016 (Expressed in thousands) Fair Value Measurements at March 31, 2016 Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 13,449 $ — $ — $ 13,449 Deposits with clearing organizations 29,981 — — 29,981 Securities owned: U.S. Treasury securities 715,404 — — 715,404 U.S. Agency securities 1,000 29,545 — 30,545 Sovereign obligations — 3,374 — 3,374 Corporate debt and other obligations — 22,823 — 22,823 Mortgage and other asset-backed securities — 4,151 — 4,151 Municipal obligations — 80,135 85 80,220 Convertible bonds — 50,984 — 50,984 Corporate equities 44,964 — — 44,964 Money markets 132 — — 132 Auction rate securities — — 84,185 84,185 Securities owned, at fair value 761,500 191,012 84,270 1,036,782 Investments (1) — — 161 161 Loans held for sale — 13,532 — 13,532 Derivative contracts: TBAs — 811 — 811 Interest rate lock commitments — — 14,024 14,024 ARS purchase commitments — — 1,540 1,540 Derivative contracts, total — 811 15,564 16,375 Total $ 804,930 $ 205,355 $ 99,995 $ 1,110,280 Liabilities Securities sold, but not yet purchased: U.S. Treasury securities $ 202,838 $ — $ — $ 202,838 U.S. Agency securities — 13 — 13 Sovereign obligations — 1,152 — 1,152 Corporate debt and other obligations — 11,166 — 11,166 Mortgage and other asset-backed securities — 27 — 27 Convertible bonds — 15,988 — 15,988 Corporate equities 39,768 — — 39,768 Securities sold, but not yet purchased, at fair value 242,606 28,346 — 270,952 Derivative contracts: Futures 709 — — 709 Foreign currency forward contracts 17 — — 17 TBAs — 11,816 — 11,816 ARS purchase commitments — — 559 559 Derivative contracts, total 726 11,816 559 13,101 Total $ 243,332 $ 40,162 $ 559 $ 284,053 (1) Included in other assets on the condensed consolidated balance sheet. Assets and liabilities measured at fair value on a recurring basis as of December 31, 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) — — 157 157 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 $ 96,201 $ 1,062,348 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 condensed consolidated balance sheet. (2) Included in securities purchased under agreements to resell where the Company has elected fair value option treatment.
Changes in Level 3 Assets and Liabilities Measured at Fair Value on Recurring Basis	The following tables present changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the three months ended March 31, 2016 and 2015 : (Expressed in thousands) Level 3 Assets and Liabilities For the Three Months Ended March 31, 2016 Total Realized and Unrealized Beginning Gains Purchases Sales and Transfers Ending Balance (Losses) (4)(5) and Issuances Settlements In (Out) Balance Assets Municipals $ 81 $ 4 $ — $ — $ — $ 85 Auction rate securities (1)(6)(7) 86,802 2,233 11,450 (16,300 ) — 84,185 Interest rate lock commitments (2) 9,161 4,863 — — 14,024 Investments 157 4 — 161 ARS purchase commitments (3) — 1,540 — — — 1,540 Liabilities Interest rate lock commitments (2) 923 923 — — — — ARS purchase commitments (3) 1,369 810 — — — 559 (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) Represents the difference in principal and fair value for auction rate securities purchase commitments outstanding at the end of the period. (4) Included in principal transactions on the condensed consolidated statement of operations, except for investments which are included in other income on the condensed consolidated statement of operations. (5) Unrealized gains (losses) are attributable to assets or liabilities that are still held at the reporting date. (6) 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. (7) Sales and settlements for the ARS purchase commitments represent additional purchase commitments made during the period for regulatory and legal ARS settlements and awards. (Expressed in thousands) Level 3 Assets and Liabilities For the Three Months Ended March 31, 2015 Total Realized and Unrealized Beginning Gains Purchases Sales and Transfers Ending Balance (Losses) (4)(5) and Issuances Settlements In (Out) Balance Assets Municipals $ 164 $ (60 ) $ — $ — $ — $ 104 Auction rate securities (1)(6)(7) 91,422 935 8,225 (1,525 ) — 99,057 Interest rate lock commitments (2) 7,576 3,848 — — — 11,424 Investments 193 (9 ) — — — 184 Liabilities Interest rate lock commitments (2) 1,222 678 — — — 544 ARS purchase commitments (3) 902 105 — — — 797 (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) Represents the difference in principal and fair value for auction rate securities purchase commitments outstanding at the end of the period. (4) Included in principal transactions on the condensed consolidated statement of operations, except for investments which are included in other income on the condensed consolidated statement of operations. (5) Unrealized gains (losses) are attributable to assets or liabilities that are still held at the reporting date. (6) 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. (7) Sales and settlements for the ARS purchase commitments represent additional purchase commitments made during the period for regulatory and legal ARS settlements and awards.
Assets and Liabilities Not Measured at Fair Value on Recurring Basis	Assets and liabilities not measured at fair value as of March 31, 2016 (Expressed in thousands) Fair Value Measurement: Assets As of March 31, 2016 As of March 31, 2016 Carrying Value Fair Value Level 1 Level 2 Level 3 Total Cash $ 49,030 $ 49,030 $ 49,030 $ — $ — $ 49,030 Deposits with clearing organization 26,586 26,586 26,586 — — 26,586 Receivable from brokers, dealers and clearing organizations: Securities borrowed 190,963 190,963 — 190,963 — 190,963 Receivables from brokers 36,059 36,059 — 36,059 — 36,059 Securities failed to deliver 10,914 10,914 — 10,914 — 10,914 Clearing organizations 22,957 22,957 — 22,957 — 22,957 Other 2,470 2,470 — 2,470 — 2,470 263,363 263,363 — 263,363 — 263,363 Receivable from customers 791,631 791,631 — 791,631 — 791,631 Mortgage servicing rights 28,024 41,777 — — 41,777 41,777 Investments (1) 53,482 53,482 — 53,482 — 53,482 (1) Included in other assets on the condensed consolidated balance sheet. (Expressed in thousands) Fair Value Measurement: Liabilities As of March 31, 2016 As of March 31, 2016 Carrying Value Fair Value Level 1 Level 2 Level 3 Total Drafts payable $ 37,663 $ 37,663 $ 37,663 $ — $ — $ 37,663 Bank call loans 148,300 148,300 — 148,300 — 148,300 Payables to brokers, dealers and clearing organizations: Securities loaned 143,157 143,157 — 143,157 — 143,157 Payable to brokers 10,232 10,232 — 10,232 — 10,232 Securities failed to receive 24,781 24,781 — 24,781 — 24,781 Other 29,709 29,709 — 29,709 — 29,709 207,879 207,879 — 207,879 — 207,879 Payables to customers 521,557 521,557 — 521,557 — 521,557 Securities sold under agreements to repurchase 529,752 529,752 — 529,752 — 529,752 Warehouse payable 11,845 11,845 — 11,845 — 11,845 Senior secured notes 150,000 152,195 — 152,195 — 152,195 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 condensed 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
Notional Amounts and Fair Values of Derivatives by Product	The notional amounts and fair values of the Company’s derivatives at March 31, 2016 and December 31, 2015 by product were as follows: (Expressed in thousands) Fair Value of Derivative Instruments at March 31, 2016 Description Notional Fair Value Assets Derivatives not designated as hedging instruments (1) Other contracts TBAs $ 135,100 $ 803 TBA sale contracts 3,480 8 Interest rate lock commitments 248,420 14,024 ARS purchase commitments 11,237 1,540 $ 398,237 $ 16,375 Liabilities Derivatives not designated as hedging instruments (1) Commodity contracts Futures $ 4,060,000 $ 709 Other contracts Foreign exchange forward contracts 400 17 TBAs 132,900 798 TBA sale contracts 257,592 11,018 ARS purchase commitments 21,312 559 Forward start repurchase agreements 680,000 — $ 5,152,204 $ 13,101 (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, 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.
Fair Value Amounts of Derivative Instruments and their Effect on Statement of Operations	The following table presents the location and fair value amounts of the Company’s derivative instruments and their effect on the condensed consolidated statements of operations for the three months ended March 31, 2016 and 2015 : (Expressed in thousands) The Effect of Derivative Instruments on the Statement of Operations For the Three Months Ended March 31, 2016 Recognized in Income on Derivatives (pre-tax) Types Description Location Gain (Loss) Commodity contracts Futures Principal transactions revenue $ (1,754 ) Other contracts Foreign exchange forward contracts Other revenue 17 TBAs Principal transactions revenue (9 ) TBA sale contracts Other revenue (7,901 ) Interest rate lock commitments Other revenue 5,786 ARS purchase commitments Principal transactions revenue 2,350 $ (1,511 ) (Expressed in thousands) The Effect of Derivative Instruments on the Statement of Operations For the Three Months Ended March 31, 2015 Recognized in Income on Derivatives (pre-tax) Types Description Location Gain (Loss) Commodity contracts Futures Principal transactions revenue $ (1,480 ) Other contracts Foreign exchange forward contracts Other revenue 3 TBAs Principal transactions revenue (14 ) TBA sale contracts Other revenue (1,619 ) Interest rate lock commitments Other revenue 4,526 ARS purchase commitments Principal transactions revenue 105 $ 1,521

Collateralized Transactions (Ta

Collateralized Transactions (Tables)	3 Months Ended
	Mar. 31, 2016
Brokers and Dealers [Abstract]
Schedule of Securities Financing Transactions	The following table presents a disaggregation of the gross obligation by the class of collateral pledged and the remaining contractual maturity of the repurchase agreements and securities loaned transactions as of March 31, 2016 : (Expressed in thousands) Overnight and Open Repurchase agreements: U.S. Treasury and Agency securities $ 850,440 Securities loaned: Equity securities 143,157 Gross amount of recognized liabilities for repurchase agreements and securities loaned $ 993,597
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 March 31, 2016 and December 31, 2015 : As of March 31, 2016 (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 $ 320,688 $ (320,688 ) $ — $ — $ — $ — Securities borrowed (1) 190,963 — 190,963 (185,319 ) — 5,644 Total $ 511,651 $ (320,688 ) $ 190,963 $ (185,319 ) $ — $ 5,644 (1) Included in receivable from brokers, dealers and clearing organizations on the condensed consolidated balance sheet. Gross Amounts Not Offset on the Balance Sheet Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Balance Sheet Net Amounts of Liabilities Presented on the Balance Sheet Financial Instruments Cash Collateral Pledged Net Amount Repurchase agreements $ 850,440 $ (320,688 ) $ 529,752 $ (518,518 ) $ — $ 11,234 Securities loaned (2) 143,157 — 143,157 (139,315 ) — 3,842 Total $ 993,597 $ (320,688 ) $ 672,909 $ (657,833 ) $ — $ 15,076 (2) Included in payable to brokers, dealers and clearing organizations on the condensed consolidated balance sheet. As of December 31, 2015 (Expressed in thousands) Gross Amounts Not Offset on the Balance Sheet Gross Amounts of Recognized Assets Gross Amounts Offset in the Balance Sheet Net Amounts of Assets Presented on the Balance Sheet Financial Instruments Cash Collateral Received Net Amount Reverse repurchase agreements $ 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 condensed consolidated balance sheet. Gross Amounts Not Offset on the Balance Sheet Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Balance Sheet Net Amounts of Liabilities Presented on the Balance Sheet Financial Instruments Cash Collateral Pledged Net Amount Repurchase agreements $ 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 condensed consolidated balance sheet.

Variable Interest Entities ("29

Variable Interest Entities ("VIEs") (Tables)	3 Months Ended
	Mar. 31, 2016
Noncontrolling Interest [Abstract]
Variable Interest Entities ("VIEs")	The following tables set forth the total VIE assets, the carrying value of the subsidiaries’ variable interests, and the Company’s maximum exposure to loss in Company-sponsored non-consolidated VIEs in which the Company holds variable interests and other non-consolidated VIEs in which the Company holds variable interests at March 31, 2016 and December 31, 2015 : (Expressed in thousands) At March 31, 2016 Maximum Exposure to Loss in Non-consolidated VIEs Carrying Value of the Total Company’s Variable Interest Capital VIE Assets (1) Assets (2) Liabilities Commitments Hedge funds $ 317,804 $ 609 $ — $ — $ 609 Private equity funds 52,800 15 — 2 17 Total $ 370,604 $ 624 $ — $ 2 $ 626 (1) Represents the total assets of the VIEs and does not represent the Company’s interests in the VIEs. (2) Represents the Company’s interests in the VIEs and is included in other assets on the condensed consolidated balance sheet. (Expressed in thousands) At December 31, 2015 Maximum Exposure to Loss in Non-consolidated VIEs Carrying Value of the Total Company’s Variable Interest Capital VIE Assets (1) Assets (2) Liabilities Commitments Hedge funds $ 1,775,503 $ 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 condensed consolidated balance sheet.

Commercial Mortgage Banking (Ta

Commercial Mortgage Banking (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 and December 31, 2015 was as follows: (Expressed in thousands) As of March 31, 2016 As of December 31, 2015 Unpaid principal balance of loans $ 3,937,592 $ 3,974,292
Summary of Changes in Carrying Value of Mortgage Servicing Rights	The following tables summarize the changes in carrying value of MSRs for the three months ended March 31, 2016 and 2015 : (Expressed in thousands) For the Three Months Ended March 31, 2016 2015 Balance at beginning of period $ 28,168 $ 30,140 Originations (1) 1,388 601 Purchases 111 208 Disposals (1) (861 ) (2,328 ) Amortization expense (782 ) (230 ) Balance at end of period $ 28,024 $ 28,391 (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 $ 2,340 $ 791 $ 3,131 2017 3,116 1,053 4,169 2018 3,091 1,046 4,137 2019 2,995 985 3,980 2020 2,851 886 3,737 Thereafter 7,610 1,260 8,870 $ 22,003 $ 6,021 $ 28,024
Components of Mortgage Servicing Rights Fees	The Company receives fees during the course of servicing the mortgage loans. The fees for the three months ended March 31, 2016 and 2015 were as follows: (Expressed in thousands) For the Three Months Ended March 31, 2016 2015 Servicing fees $ 1,455 $ 1,467 Ancillary fees 105 101 Total MSR fees $ 1,560 $ 1,568

Long-term Debt (Tables)

Long-term Debt (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	(Expressed in thousands) Issued Maturity Date At March 31, 2016 At December 31, 2015 Senior Secured Notes 4/15/2018 $ 150,000 $ 150,000

Share Capital (Tables)

Share Capital (Tables)	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
Changes in Number of Shares of Class A Stock Outstanding	The following table reflects changes in the number of shares of Class A Stock outstanding for the periods indicated: For the Three Months Ended March 31, 2016 2015 Class A Stock outstanding, beginning of period 13,238,486 13,530,688 Issued pursuant to shared-based compensation plans 265,320 104,143 Repurchased and canceled pursuant to the stock buy-back (240,274 ) — Class A Stock outstanding, end of period 13,263,532 13,634,831

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Reported Revenue and Profit Before Income Taxes	The table below presents information about the reported revenue and net income before taxes of the Company for the three months ended March 31, 2016 and 2015 . 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 Three Months Ended March 31, 2016 2015 Revenue Private client (1) $ 127,544 $ 139,932 Asset management (1) 22,974 24,461 Capital markets 61,065 72,166 Commercial mortgage banking 3,738 8,386 Corporate/Other 3,373 616 Total $ 218,694 $ 245,561 Income (loss) before income tax provision (benefit) Private client (1) $ 16,317 $ 16,757 Asset management (1) 6,768 7,886 Capital markets (6,798 ) 6,735 Commercial mortgage banking (657 ) 4,037 Corporate/Other (23,627 ) (25,564 ) Total $ (7,997 ) $ 9,851 (1) Asset management fees are allocated 22.5% to the Asset Management and 77.5% to the Private Client segments.
Revenue Classified by Major Geographic Areas	Revenue, classified by the major geographic areas in which it was earned for the three months ended March 31, 2016 and 2015 , was as follows: (Expressed in thousands) For the Three Months Ended March 31, 2016 2015 Americas $ 207,207 $ 233,031 Europe/Middle East 10,592 10,972 Asia 895 1,558 Total $ 218,694 $ 245,561

Condensed Consolidating Finan34

Condensed Consolidating Financial Information (Tables)	3 Months Ended
	Mar. 31, 2016
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Condensed Consolidating Balance Sheet	OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING BALANCE SHEET AS OF MARCH 31, 2016 (Expressed in thousands) Parent Guarantor subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated ASSETS Cash and cash equivalents $ 196 $ 119 $ 62,164 $ — $ 62,479 Deposits with clearing organizations — — 56,567 — 56,567 Receivable from brokers, dealers and clearing organizations — — 263,363 — 263,363 Receivable from customers, net of allowance for credit losses of $2,573 — — 791,631 — 791,631 Income tax receivable 34,696 27,742 — (45,177 ) 17,261 Securities owned, including amounts pledged of $705,835, at fair value — 1,213 1,035,569 — 1,036,782 Notes receivable, net of accumulated amortization and allowance for uncollectibles of $58,350 and $8,722, respectively — — 32,869 — 32,869 Office facilities, net of accumulated depreciation of $106,206 — 21,477 7,041 — 28,518 Loans held for sale, at fair value — — 13,532 — 13,532 Mortgage servicing rights — — 28,024 — 28,024 Subordinated loan receivable — 112,558 — (112,558 ) — Intangible assets — — 31,700 — 31,700 Goodwill — — 137,889 — 137,889 Other assets 138 2,739 117,372 — 120,249 Deferred tax assets 1,135 317 27,550 (29,002 ) — Investment in subsidiaries 577,002 528,357 — (1,105,359 ) — Intercompany receivables 53,871 18,409 — (72,280 ) — Total assets $ 667,038 $ 712,931 $ 2,605,271 $ (1,364,376 ) $ 2,620,864 LIABILITIES AND STOCKHOLDERS’ EQUITY Liabilities Drafts payable $ — $ — $ 37,663 $ — $ 37,663 Bank call loans — — 148,300 — 148,300 Payable to brokers, dealers and clearing organizations — — 207,879 — 207,879 Payable to customers — — 521,557 — 521,557 Securities sold under agreements to repurchase — — 529,752 — 529,752 Securities sold, but not yet purchased, at fair value — — 270,952 — 270,952 Accrued compensation — — 93,835 — 93,835 Accounts payable and other liabilities 6,225 35,488 84,470 — 126,183 Income tax payable 2,440 22,189 20,548 (45,177 ) — Senior secured notes, net of debt issuance costs of $1,011 148,989 — — — 148,989 Subordinated indebtedness — — 112,558 (112,558 ) — Deferred tax liabilities — — 48,410 (29,002 ) 19,408 Intercompany payables — 62,204 10,076 (72,280 ) — Total liabilities 157,654 119,881 2,086,000 (259,017 ) 2,104,518 Stockholders’ equity Stockholders’ equity attributable to Oppenheimer Holdings Inc. 509,384 593,050 512,309 (1,105,359 ) 509,384 Noncontrolling interest — — 6,962 — 6,962 Total stockholders’ equity 509,384 593,050 519,271 (1,105,359 ) 516,346 Total liabilities and stockholders’ equity $ 667,038 $ 712,931 $ 2,605,271 $ (1,364,376 ) $ 2,620,864 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 69 3,224 102,458 — 105,751 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 $ 672,601 $ 714,046 $ 2,682,033 $ (1,376,848 ) $ 2,691,832 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, net of debt issuance costs of $1,132 148,868 — — — 148,868 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 154,543 120,205 2,158,879 (266,877 ) 2,166,750 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 $ 672,601 $ 714,046 $ 2,682,033 $ (1,376,848 ) $ 2,691,832
Condensed Consolidating Statement of Operations	OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 2016 (Expressed in thousands) Parent Guarantor subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated REVENUES Commissions $ — $ — $ 103,833 $ — $ 103,833 Advisory fees — — 66,379 (353 ) 66,026 Investment banking — — 12,383 — 12,383 Interest — 2,557 13,389 (2,567 ) 13,379 Principal transactions, net — 30 1,501 — 1,531 Other — 78 21,542 (78 ) 21,542 Total revenue — 2,665 219,027 (2,998 ) 218,694 EXPENSES Compensation and related expenses 387 — 151,026 — 151,413 Communications and technology 28 — 17,753 — 17,781 Occupancy and equipment costs — — 15,056 (78 ) 14,978 Clearing and exchange fees — — 6,921 — 6,921 Interest 3,281 — 4,374 (2,567 ) 5,088 Other 673 3 30,187 (353 ) 30,510 Total expenses 4,369 3 225,317 (2,998 ) 226,691 Income (loss) before income tax provision (benefit) (4,369 ) 2,662 (6,290 ) — (7,997 ) Income tax provision (benefit) (1,714 ) 1,004 (3,378 ) — (4,088 ) Equity in earnings of subsidiaries (1,192 ) (2,850 ) — 4,042 — Net loss (3,847 ) (1,192 ) (2,912 ) 4,042 (3,909 ) Less net loss attributable to noncontrolling interest, net of tax — — (62 ) — (62 ) Net loss attributable to Oppenheimer Holdings Inc. (3,847 ) (1,192 ) (2,850 ) 4,042 (3,847 ) Other comprehensive income — — 873 — 873 Total comprehensive loss $ (3,847 ) $ (1,192 ) $ (1,977 ) $ 4,042 $ (2,974 ) OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 2015 (Expressed in thousands) Parent Guarantor subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated REVENUES Commissions $ — $ — $ 109,695 $ — $ 109,695 Advisory fees — — 71,420 (454 ) 70,966 Investment banking — — 27,305 — 27,305 Interest — 2,566 11,033 (2,564 ) 11,035 Principal transactions, net — — 18,609 (54 ) 18,555 Other — 95 7,985 (75 ) 8,005 Total revenue — 2,661 246,047 (3,147 ) 245,561 EXPENSES Compensation and related expenses 312 — 162,779 — 163,091 Communications and technology 25 — 17,143 — 17,168 Occupancy and equipment costs — — 15,853 (75 ) 15,778 Clearing and exchange fees — — 6,402 — 6,402 Interest 3,281 — 3,193 (2,564 ) 3,910 Other 288 68 29,513 (508 ) 29,361 Total expenses 3,906 68 234,883 (3,147 ) 235,710 Income (loss) before income tax provision (benefit) (3,906 ) 2,593 11,164 — 9,851 Income tax provision (benefit) (1,480 ) 847 4,363 — 3,730 Equity in earnings of subsidiaries 8,145 6,399 — (14,544 ) — Net income 5,719 8,145 6,801 (14,544 ) 6,121 Less net income attributable to noncontrolling interest, net of tax — — 402 — 402 Net income attributable to Oppenheimer Holdings Inc. 5,719 8,145 6,399 (14,544 ) 5,719 Other comprehensive loss — — (567 ) — (567 ) Total comprehensive income $ 5,719 $ 8,145 $ 5,832 $ (14,544 ) $ 5,152
Condensed Consolidating Statement of Cash Flows	OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 2016 (Expressed in thousands) Parent Guarantor subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities: Cash provided by (used in) operating activities $ 5,140 $ (2,467 ) $ (44,045 ) $ — $ (41,372 ) Cash flows from investing activities: Purchase of office facilities — — (1,762 ) — (1,762 ) Cash used in investing activities — — (1,762 ) — (1,762 ) Cash flows from financing activities: Cash dividends paid on Class A non-voting and Class B voting common stock (1,476 ) — — — (1,476 ) Repurchase of Class A non-voting common stock for cancellation (3,634 ) — — — (3,634 ) Tax deficiency from share-based awards (741 ) — — — (741 ) Increase in bank call loans, net — — 48,100 — 48,100 Cash flow provided by (used in) financing activities (5,851 ) — 48,100 — 42,249 Net increase (decrease) in cash and cash equivalents (711 ) (2,467 ) 2,293 — (885 ) Cash and cash equivalents, beginning of the period 907 2,586 59,871 — 63,364 Cash and cash equivalents, end of the period $ 196 $ 119 $ 62,164 $ — $ 62,479 OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 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 $ 1,394 $ 436 $ (38,413 ) $ — $ (36,583 ) Cash flows from investing activities: Purchase of office facilities — — (474 ) — (474 ) Cash used in investing activities — — (474 ) — (474 ) Cash flows from financing activities: Cash dividends paid on Class A non-voting and Class B voting common stock (1,511 ) — — — (1,511 ) Tax deficiency from share-based awards (321 ) — — — (321 ) Increase in bank call loans, net — — 42,000 — 42,000 Cash flow provided by (used in) financing activities (1,832 ) — 42,000 — 40,168 Net increase (decrease) in cash and cash equivalents (438 ) 436 3,113 — 3,111 Cash and cash equivalents, beginning of the period 439 1,557 61,811 — 63,807 Cash and cash equivalents, end of the period $ 1 $ 1,993 $ 64,924 $ — $ 66,918

Organization and Basis of Pre35

Organization and Basis of Presentation (Details) $ in Thousands	Mar. 31, 2016USD ($)countryofficestate	Dec. 31, 2015USD ($)
Organization And Basis Of Presentation [Line Items]
Number of foreign jurisdiction | country	5
Percentage of controlling interest owned by the company in OMHHF	83.68%
Noncontrolling interest | $	$ 6,962	$ 7,024
United States [Member]
Organization And Basis Of Presentation [Line Items]
Number of Stores | office	82
Number of states in which an entity operates | state	24

Earnings Per Share - Summary of

Earnings Per Share - Summary of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Schedule Of Earnings Per Share Basic And Diluted [Line Items]
Basic weighted average number of shares outstanding (in shares)		13,379,827	13,704,228
Net dilutive effect of share-based awards, treasury method (in shares)	[1]	0	578,042
Diluted weighted average number of shares outstanding (in shares)		13,379,827	14,282,270
Net income (loss) for the period		$ (3,909)	$ 6,121
Net income (loss) attributable to noncontrolling interest, net of tax		(62)	402
Net income (loss) attributable to Oppenheimer Holdings Inc.		$ (3,847)	$ 5,719
Basic earnings (loss) per share (in dollars per share)		$ (0.29)	$ 0.42
Diluted earnings (loss) per share (in dollars per share)		$ (0.29)	$ 0.40
Class A Stock [Member]
Schedule Of Earnings Per Share Basic And Diluted [Line Items]
Number of anti-dilutive warrants, options and restricted shares, for the year		1,295,972	46,076
[1]	For the three months ended March 31, 2016, the diluted earnings per share computation does not include the anti-dilutive effect of 1,295,972 shares of Class A Stock granted under share-based compensation arrangements (46,076 for the three months ended March 31, 2015).

Receivable from and Payable t37

Receivable from and Payable to Brokers, Dealers and Clearing Organizations - Schedule of Receivable from and Payable to Brokers, Dealers and Clearing Organization (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Receivable from brokers, dealers and clearing organizations consist of:
Securities borrowed	$ 190,963	$ 224,672
Receivable from brokers	36,059	49,458
Securities failed to deliver	10,914	7,799
Clearing organizations	22,957	25,030
Other	2,470	53,954
Receivables from brokers, dealers and clearing organizations	263,363	360,913
Payable to brokers, dealers and clearing organizations consist of:
Securities loaned	143,157	130,658
Payable to brokers	10,232	3,316
Securities failed to receive	24,781	21,513
Other	29,709	9,059
Payable to brokers, dealers and clearing organizations	$ 207,879	$ 164,546

Fair Value Measurements - Secur

Fair Value Measurements - Securities Owned and Securities Sold, But Not Yet Purchased at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned	$ 1,036,782	$ 735,393
Securities Sold	270,952	126,493
US Treasury and Government [Member]
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned	749,323	509,614
Securities Sold	204,003	77,485
Corporate Debt and Other Obligations [Member]
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned	22,823	16,138
Securities Sold	11,166	1,652
Mortgage and Other Asset-Backed Securities [Member]
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned	4,151	3,504
Securities Sold	27	27
Municipal Bonds [Member]
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned	80,220	30,132
Securities Sold	0	0
Convertible Bonds [Member]
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned	50,984	54,693
Securities Sold	15,988	5,951
Equity Securities [Member]
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned	44,964	34,475
Securities Sold	39,768	41,378
Money Markets [Member]
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned	132	35
Securities Sold	0	0
Auction Rate Securities [Member]
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned	84,185	86,802
Securities Sold	$ 0	$ 0

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015	Apr. 12, 2011
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities owned, including amounts pledged of $705,835 ($546,334 in 2015), at fair value	$ 1,036,782,000	$ 735,393,000
Auction rate securities, firm purchased and hold	87,100,000
Amount of ARS committed to purchase from clients	32,500,000
Valuation adjustment (unrealized loss) for ARS	$ 1,959,000
Interest rate	8.75%		8.75%
Loans held for sale period (in days)	60 days
Maximum period held for sale (in days)	90 days
Book value of loan held for sale	$ 12,700,000
Mortgages Held-for-sale, Fair Value Disclosure	13,532,000
Loans held for sale	$ 13,532,000	60,234,000
Forward or delayed delivery of the underlying instrument with settlement (in days)	180 days
Maximum [Member] | LIBOR or Treasury Yield [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Auction market preferred securities variable interest rate earned	200.00%
Auction Rate Securities [Member] | Fair Value, Valuation Scenario Two [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Change in discount rate	50.00%
Decrease in fair value of ARS	$ 2,200,000
Auction Rate Securities [Member] | Fair Value, Valuation Scenario One [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Change in discount rate	25.00%
Decrease in fair value of ARS	$ 1,100,000
Auction Rate Securities [Member] | Maximum [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commitment to purchase ARS period maximum	2,020
Mortgage Servicing Rights [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Permanent and construction loans , discount rate	12.00%
Continuous prepayment rate used up to loans prepayment penalty rate hit 4%	0.00%
Continuous prepayment rate	4.00%
Continuous prepayment rate vast majority range minimum	10.00%
Continuous prepayment rate vast majority range maximum	15.00%
Continuous prepayment rate vast majority range average rate	12.00%
Estimated future cost to service loans on an annual basis per loan, average	$ 1,250
Auction Rate Securities Purchase Commitment [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Valuation adjustment (unrealized loss) for ARS	(981,000)
Auction Rate Securities Purchase Commitment [Member] | Auction Rate Preferred Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Valuation adjustment (unrealized loss) for ARS	(1,540,000)
Auction Rate Securities Purchase Commitment [Member] | Auction Rate Preferred Securities 01 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Valuation adjustment (unrealized loss) for ARS	$ 559,000
Auction Rate Securities Purchase Commitment [Member] | Maximum [Member] | Auction Rate Preferred Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Permanent and construction loans , discount rate	1.56%
Auction Rate Securities Purchase Commitment [Member] | Maximum [Member] | Auction Rate Preferred Securities 01 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Permanent and construction loans , discount rate	1.56%
Equity Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities owned, including amounts pledged of $705,835 ($546,334 in 2015), at fair value	$ 44,964,000	34,475,000
Auction Rate Securities Owned [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Valuation adjustment (unrealized loss) for ARS	2,940,000
Auction Rate Securities Owned [Member] | Auction Rate Preferred Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Valuation adjustment (unrealized loss) for ARS	$ 2,406,000
Auction Rate Securities Owned [Member] | Maximum [Member] | Auction Rate Preferred Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Permanent and construction loans , discount rate	1.56%
Deferred Compensation, Excluding Share-based Payments and Retirement Benefits [Member] | Equity Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities owned, including amounts pledged of $705,835 ($546,334 in 2015), at fair value	$ 13,500,000	$ 14,000,000

Fair Value Measurements - Quant

Fair Value Measurements - Quantitative Information about Level 3 Fair Value Measurements (Details)	3 Months Ended
	Mar. 31, 2016USD ($)
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Principal	$ 119,674,000
Valuation Adjustment	1,959,000
Fair Value	$ 117,715,000
Auction Rate Preferred Securities [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
U S Treasury Rate	1.04%
Municipal Auction Rate Securities 01 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Spread To U S Treasury Rate	175.00%
U S Treasury Rate	1.13%
Student Loan Auction Rate Securities [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Spread To U S Treasury Rate	1.20%
U S Treasury Rate	1.55%
Minimum [Member] | Auction Rate Preferred Securities [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Spread To U S Treasury Rate	110.00%
Maximum [Member] | Auction Rate Preferred Securities [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Spread To U S Treasury Rate	150.00%
Auction Rate Securities Owned [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Principal	$ 87,125,000
Valuation Adjustment	2,940,000
Fair Value	84,185,000
Auction Rate Securities Owned [Member] | Auction Rate Preferred Securities [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Principal	83,175,000
Valuation Adjustment	2,406,000
Fair Value	$ 80,769,000
Valuation Technique	Discounted Cash Flow
Duration	4 years
Auction Rate Securities Owned [Member] | Municipal Auction Rate Securities 01 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Principal	$ 25,000
Valuation Adjustment	1,000
Fair Value	$ 24,000
Valuation Technique	Discounted Cash Flow
Discount Rate	1.98%
Duration	4 years 6 months
Current Yield	1.15%
Auction Rate Securities Owned [Member] | Student Loan Auction Rate Securities [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Principal	$ 300,000
Valuation Adjustment	25,000
Fair Value	$ 275,000
Valuation Technique	Discounted Cash Flow
Discount Rate	2.75%
Duration	7 years
Current Yield	1.44%
Auction Rate Securities Owned [Member] | Other Auction Rate Securities [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Principal	$ 3,625,000
Valuation Adjustment	508,000
Fair Value	$ 3,117,000
Valuation Technique	Secondary Market Trading Activity
Percent of Par	85.99%
Auction Rate Securities Owned [Member] | Minimum [Member] | Auction Rate Preferred Securities [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Discount Rate	1.15%
Current Yield	0.47%
Auction Rate Securities Owned [Member] | Maximum [Member] | Auction Rate Preferred Securities [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Discount Rate	1.56%
Current Yield	0.75%
Auction Rate Securities Owned [Member] | Weighted Average [Member] | Auction Rate Preferred Securities [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Discount Rate	1.36%
Duration	4 years
Current Yield	0.61%
Auction Rate Securities Owned [Member] | Weighted Average [Member] | Municipal Auction Rate Securities 01 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Discount Rate	1.98%
Duration	4 years 6 months
Current Yield	1.15%
Auction Rate Securities Owned [Member] | Weighted Average [Member] | Student Loan Auction Rate Securities [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Discount Rate	2.75%
Duration	7 years
Current Yield	1.44%
Auction Rate Securities Owned [Member] | Weighted Average [Member] | Other Auction Rate Securities [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Percent of Par	85.99%
Auction Rate Securities Purchase Commitment [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Principal	$ 32,549,000
Valuation Adjustment	(981,000)
Fair Value	33,530,000
Auction Rate Securities Purchase Commitment [Member] | Auction Rate Preferred Securities [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Principal	11,237,000
Valuation Adjustment	(1,540,000)
Fair Value	$ 12,777,000
Valuation Technique	Discounted Cash Flow
Duration	4 years
Auction Rate Securities Purchase Commitment [Member] | Auction Rate Preferred Securities 01 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Principal	$ 21,312,000
Valuation Adjustment	559,000
Fair Value	$ 20,753,000
Valuation Technique	Discounted Cash Flow
Duration	4 years
Auction Rate Securities Purchase Commitment [Member] | Minimum [Member] | Auction Rate Preferred Securities [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Discount Rate	1.15%
Current Yield	0.47%
Auction Rate Securities Purchase Commitment [Member] | Minimum [Member] | Auction Rate Preferred Securities 01 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Discount Rate	1.15%
Current Yield	0.47%
Auction Rate Securities Purchase Commitment [Member] | Maximum [Member] | Auction Rate Preferred Securities [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Discount Rate	1.56%
Current Yield	0.75%
Auction Rate Securities Purchase Commitment [Member] | Maximum [Member] | Auction Rate Preferred Securities 01 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Discount Rate	1.56%
Current Yield	0.75%
Auction Rate Securities Purchase Commitment [Member] | Weighted Average [Member] | Auction Rate Preferred Securities [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Discount Rate	1.36%
Duration	4 years
Current Yield	0.61%
Auction Rate Securities Purchase Commitment [Member] | Weighted Average [Member] | Auction Rate Preferred Securities 01 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Discount Rate	1.36%
Duration	4 years
Current Yield	0.61%

Fair Value Measurements - Inves

Fair Value Measurements - Investments in Company-Sponsored Funds (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)
Investment Holdings [Line Items]
Fair Value	$ 7,262
Unfunded Commitments	1,251
Hedge Funds [Member]
Investment Holdings [Line Items]
Fair Value	2,396
Unfunded Commitments	$ 0
Redemption Frequency	Quarterly - Annually
Investment Redemption Notice Period Minimum	30 days
Investment Redemption Notice Period Maximum	120 days
Private Equity Funds [Member]
Investment Holdings [Line Items]
Fair Value	$ 4,866
Unfunded Commitments	$ 1,251
Investments Lock In Period	10 years
Maximum [Member] | Hedge Funds [Member]
Investment Holdings [Line Items]
Investments Lock In Period	1 year

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
ASSETS
Cash equivalents	$ 13,449	$ 13,000
Deposits with clearing organizations	29,981	31,456
Securities owned:
Securities owned	1,036,782	735,393
Investments	7,262
Loans held for sale	13,532	60,234
Securities purchased under agreements to resell		206,499
Derivative contracts:
Derivative contracts	16,375	15,609
Total	1,110,280	1,062,348
Financial Instruments Sold, Not yet Purchased, at Fair Value [Abstract]
Securities sold, but not yet purchased, at fair value	270,952	126,493
Derivative contracts:
Derivative contracts	13,101	14,162
Total	284,053	140,655
Future [Member]
Derivative contracts:
Derivative contracts	709	249
Foreign Exchange Forward [Member]
Derivative contracts:
Derivative contracts	17	2
To Be Announced Security [Member]
Derivative contracts:
Derivative contracts	811	6,448
Derivative contracts:
Derivative contracts	11,816	11,619
Interest Rate Lock Commitments [Member]
Derivative contracts:
Derivative contracts	14,024	9,161
Derivative contracts:
Derivative contracts		923
Auction Rate Securities Purchase Commitment [Member]
Derivative contracts:
Derivative contracts	1,540
Derivative contracts:
Derivative contracts	559	1,369
Investments [Member]
Securities owned:
Investments	161	157
Equity Securities [Member]
Securities owned:
Securities owned	44,964	34,475
Financial Instruments Sold, Not yet Purchased, at Fair Value [Abstract]
Securities sold, but not yet purchased, at fair value	39,768	41,378
Money Markets [Member]
Securities owned:
Securities owned	132	35
Auction Rate Securities [Member]
Securities owned:
Securities owned	84,185	86,802
U.S. Treasury Securities [Member]
Securities owned:
Securities owned	715,404	436,533
Financial Instruments Sold, Not yet Purchased, at Fair Value [Abstract]
Securities sold, but not yet purchased, at fair value	202,838	75,653
US Government Agencies Debt Securities [Member]
Securities owned:
Securities owned	30,545	71,416
Financial Instruments Sold, Not yet Purchased, at Fair Value [Abstract]
Securities sold, but not yet purchased, at fair value	13	15
Sovereign Obligations [Member]
Securities owned:
Securities owned	3,374	1,665
Financial Instruments Sold, Not yet Purchased, at Fair Value [Abstract]
Securities sold, but not yet purchased, at fair value	1,152	1,817
Corporate Debt and Other Obligations [Member]
Securities owned:
Securities owned	22,823	16,138
Financial Instruments Sold, Not yet Purchased, at Fair Value [Abstract]
Securities sold, but not yet purchased, at fair value	11,166	1,652
Mortgage and Other Asset-Backed Securities [Member]
Securities owned:
Securities owned	4,151	3,504
Financial Instruments Sold, Not yet Purchased, at Fair Value [Abstract]
Securities sold, but not yet purchased, at fair value	27	27
Municipal Bonds [Member]
Securities owned:
Securities owned	80,220	30,132
Financial Instruments Sold, Not yet Purchased, at Fair Value [Abstract]
Securities sold, but not yet purchased, at fair value	0	0
Convertible Bonds [Member]
Securities owned:
Securities owned	50,984	54,693
Financial Instruments Sold, Not yet Purchased, at Fair Value [Abstract]
Securities sold, but not yet purchased, at fair value	15,988	5,951
Level 1 [Member]
ASSETS
Cash equivalents	13,449	13,000
Deposits with clearing organizations	29,981	31,456
Securities owned:
Securities owned	761,500	496,283
Derivative contracts:
Total	804,930	540,739
Financial Instruments Sold, Not yet Purchased, at Fair Value [Abstract]
Securities sold, but not yet purchased, at fair value	242,606	117,031
Derivative contracts:
Derivative contracts	726	251
Total	243,332	117,282
Level 1 [Member] | Future [Member]
Derivative contracts:
Derivative contracts	709	249
Level 1 [Member] | Foreign Exchange Forward [Member]
Derivative contracts:
Derivative contracts	17	2
Level 1 [Member] | Equity Securities [Member]
Securities owned:
Securities owned	44,964	34,475
Financial Instruments Sold, Not yet Purchased, at Fair Value [Abstract]
Securities sold, but not yet purchased, at fair value	39,768	41,378
Level 1 [Member] | Money Markets [Member]
Securities owned:
Securities owned	132	35
Level 1 [Member] | U.S. Treasury Securities [Member]
Securities owned:
Securities owned	715,404	436,533
Financial Instruments Sold, Not yet Purchased, at Fair Value [Abstract]
Securities sold, but not yet purchased, at fair value	202,838	75,653
Level 1 [Member] | US Government Agencies Debt Securities [Member]
Securities owned:
Securities owned	1,000	25,240
Level 2 [Member]
Securities owned:
Securities owned	191,012	152,227
Loans held for sale	13,532	60,234
Securities purchased under agreements to resell		206,499
Derivative contracts:
Derivative contracts	811	6,448
Total	205,355	425,408
Financial Instruments Sold, Not yet Purchased, at Fair Value [Abstract]
Securities sold, but not yet purchased, at fair value	28,346	9,462
Derivative contracts:
Derivative contracts	11,816	11,619
Total	40,162	21,081
Level 2 [Member] | To Be Announced Security [Member]
Derivative contracts:
Derivative contracts	811	6,448
Derivative contracts:
Derivative contracts	11,816	11,619
Level 2 [Member] | US Government Agencies Debt Securities [Member]
Securities owned:
Securities owned	29,545	46,176
Financial Instruments Sold, Not yet Purchased, at Fair Value [Abstract]
Securities sold, but not yet purchased, at fair value	13	15
Level 2 [Member] | Sovereign Obligations [Member]
Securities owned:
Securities owned	3,374	1,665
Financial Instruments Sold, Not yet Purchased, at Fair Value [Abstract]
Securities sold, but not yet purchased, at fair value	1,152	1,817
Level 2 [Member] | Corporate Debt and Other Obligations [Member]
Securities owned:
Securities owned	22,823	16,138
Financial Instruments Sold, Not yet Purchased, at Fair Value [Abstract]
Securities sold, but not yet purchased, at fair value	11,166	1,652
Level 2 [Member] | Mortgage and Other Asset-Backed Securities [Member]
Securities owned:
Securities owned	4,151	3,504
Financial Instruments Sold, Not yet Purchased, at Fair Value [Abstract]
Securities sold, but not yet purchased, at fair value	27	27
Level 2 [Member] | Municipal Bonds [Member]
Securities owned:
Securities owned	80,135	30,051
Level 2 [Member] | Convertible Bonds [Member]
Securities owned:
Securities owned	50,984	54,693
Financial Instruments Sold, Not yet Purchased, at Fair Value [Abstract]
Securities sold, but not yet purchased, at fair value	15,988	5,951
Level 3 [Member]
Securities owned:
Securities owned	84,270	86,883
Derivative contracts:
Derivative contracts	15,564	9,161
Total	99,995	96,201
Derivative contracts:
Derivative contracts	559	2,292
Total	559	2,292
Level 3 [Member] | Interest Rate Lock Commitments [Member]
Derivative contracts:
Derivative contracts	14,024	9,161
Derivative contracts:
Derivative contracts		923
Level 3 [Member] | Auction Rate Securities Purchase Commitment [Member]
Derivative contracts:
Derivative contracts	1,540
Level 3 [Member] | Investments [Member]
Securities owned:
Investments	161	157
Level 3 [Member] | Auction Rate Securities [Member]
Securities owned:
Securities owned	84,185	86,802
Level 3 [Member] | Auction Rate Securities Purchase Commitment [Member]
Derivative contracts:
Derivative contracts	559	1,369
Level 3 [Member] | Municipal Bonds [Member]
Securities owned:
Securities owned	$ 85	$ 81

Fair Value Measurements - Chang

Fair Value Measurements - Changes in Level 3 Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings	$ 4	$ (9)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Asset beginning balance	157	193
Asset ending balance	161	184
Interest Rate Lock Commitments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings	923	678
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings	4,863	3,848
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Asset beginning balance	9,161	7,576
Liability beginning balance	923	1,222
Asset ending balance	14,024	11,424
Liability ending balance	0	544
Auction Rate Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings	2,233	935
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases	11,450	8,225
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Asset beginning balance	86,802	91,422
Sales and settlements	(16,300)	(1,525)
Asset ending balance	84,185	99,057
Auction Rate Securities Purchase Commitment [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings	810	105
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings	1,540
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Asset beginning balance	0
Liability beginning balance	1,369	902
Asset ending balance	1,540
Liability ending balance	559	797
Municipal Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings	4	(60)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Asset beginning balance	81	164
Asset ending balance	$ 85	$ 104

Fair Value Measurements - Ass44

Fair Value Measurements - Assets and Liabilities Not Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Nonrecurring [Member]
Fair Value Measurement: Assets
Cash	$ 49,030	$ 50,364
Deposits with clearing organization	26,586	18,034
Receivable from brokers, dealers and clearing organizations:
Securities borrowed	190,963	224,672
Receivables from brokers	36,059	49,458
Securities failed to deliver	10,914	7,799
Clearing organizations	22,957	25,030
Other	2,470	53,954
Total Receivable from brokers, dealers and clearing organizations	263,363	360,913
Receivable from customers	791,631	840,355
Mortgage servicing rights	41,777	41,838
Investments (1)	53,482	53,286
Fair Value Measurement: Liabilities
Drafts payable	37,663	48,011
Bank call loans	148,300	100,200
Payables to brokers, dealers and clearing organizations:
Securities loaned	143,157	130,658
Payable to brokers	10,232	3,316
Securities failed to receive	24,781	21,513
Other	29,709	9,059
Total payables to brokers, dealers and clearing organizations	207,879	164,546
Payables to customers	521,557	594,833
Securities sold under agreements to repurchase	529,752	651,445
Warehouse payable	11,845	54,341
Senior secured notes	152,195	154,568
Level 1 [Member] | Nonrecurring [Member]
Fair Value Measurement: Assets
Cash	49,030	50,364
Deposits with clearing organization	26,586	18,034
Fair Value Measurement: Liabilities
Drafts payable	37,663	48,011
Level 2 [Member] | Nonrecurring [Member]
Receivable from brokers, dealers and clearing organizations:
Securities borrowed	190,963	224,672
Receivables from brokers	36,059	49,458
Securities failed to deliver	10,914	7,799
Clearing organizations	22,957	25,030
Other	2,470	53,954
Total Receivable from brokers, dealers and clearing organizations	263,363	360,913
Receivable from customers	791,631	840,355
Investments (1)	53,482	53,286
Fair Value Measurement: Liabilities
Bank call loans	148,300	100,200
Payables to brokers, dealers and clearing organizations:
Securities loaned	143,157	130,658
Payable to brokers	10,232	3,316
Securities failed to receive	24,781	21,513
Other	29,709	9,059
Total payables to brokers, dealers and clearing organizations	207,879	164,546
Payables to customers	521,557	594,833
Securities sold under agreements to repurchase	529,752	651,445
Warehouse payable	11,845	54,341
Senior secured notes	152,195	154,568
Level 3 [Member] | Nonrecurring [Member]
Receivable from brokers, dealers and clearing organizations:
Mortgage servicing rights	41,777	41,838
Carrying Value [Member]
Fair Value Measurement: Assets
Deposits with clearing organization		18,034
Carrying Value [Member] | Nonrecurring [Member]
Fair Value Measurement: Assets
Cash	49,030	50,364
Deposits with clearing organization	26,586
Receivable from brokers, dealers and clearing organizations:
Securities borrowed	190,963	224,672
Receivables from brokers	36,059	49,458
Securities failed to deliver	10,914	7,799
Clearing organizations	22,957	25,030
Other	2,470	53,954
Total Receivable from brokers, dealers and clearing organizations	263,363	360,913
Receivable from customers	791,631	840,355
Mortgage servicing rights	28,024	28,168
Investments (1)	53,482	53,286
Fair Value Measurement: Liabilities
Drafts payable	37,663	48,011
Bank call loans	148,300	100,200
Payables to brokers, dealers and clearing organizations:
Securities loaned	143,157	130,658
Payable to brokers	10,232	3,316
Securities failed to receive	24,781	21,513
Other	29,709	9,059
Total payables to brokers, dealers and clearing organizations	207,879	164,546
Payables to customers	521,557	594,833
Securities sold under agreements to repurchase	529,752	651,445
Warehouse Agreement Borrowings	11,845	54,300
Warehouse payable		54,341
Senior secured notes	150,000	150,000
Fair Value [Member]
Fair Value Measurement: Assets
Deposits with clearing organization		18,034
Fair Value [Member] | Nonrecurring [Member]
Fair Value Measurement: Assets
Cash	49,030	50,364
Deposits with clearing organization	26,586
Receivable from brokers, dealers and clearing organizations:
Securities borrowed	190,963	224,672
Receivables from brokers	36,059	49,458
Securities failed to deliver	10,914	7,799
Clearing organizations	22,957	25,030
Other	2,470	53,954
Total Receivable from brokers, dealers and clearing organizations	263,363	360,913
Receivable from customers	791,631	840,355
Mortgage servicing rights	41,777	41,838
Investments (1)	53,482	53,286
Fair Value Measurement: Liabilities
Drafts payable	37,663	48,011
Bank call loans	148,300	100,200
Payables to brokers, dealers and clearing organizations:
Securities loaned	143,157	130,658
Payable to brokers	10,232	3,316
Securities failed to receive	24,781	21,513
Other	29,709	9,059
Total payables to brokers, dealers and clearing organizations	207,879	164,546
Payables to customers	521,557	594,833
Securities sold under agreements to repurchase	529,752	651,445
Warehouse payable	11,845	54,341
Senior secured notes	$ 152,195	$ 154,568

Fair Value Measurements - Notio

Fair Value Measurements - Notional Amounts and Fair Values of Derivatives by Product (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Derivatives, Fair Value [Line Items]
Derivatives asset, Notional	$ 398,237	$ 323,108
Derivatives asset, Fair Value	16,375	15,609
Derivative liability, notional	5,152,204	3,268,047
Derivative liability, Fair Value	13,101	14,162
Commodity Contracts [Member] | Future [Member]
Derivatives, Fair Value [Line Items]
Derivative liability, notional	4,060,000	2,943,000
Derivative liability, Fair Value	709	249
Other Contracts [Member] | Foreign Exchange Forward [Member]
Derivatives, Fair Value [Line Items]
Derivative liability, notional	400	400
Derivative liability, Fair Value	17	2
Other Contracts [Member] | Interest Rate Lock Commitments [Member]
Derivatives, Fair Value [Line Items]
Derivatives asset, Notional	248,420	203,648
Derivatives asset, Fair Value	14,024	9,161
Derivative liability, notional		48,638
Derivative liability, Fair Value		923
Other Contracts [Member] | Forward Start Repurchase Agreement [Member]
Derivatives, Fair Value [Line Items]
Derivative liability, notional	680,000
Derivative liability, Fair Value	0
To Be Announced Security [Member] | Other Contracts [Member]
Derivatives, Fair Value [Line Items]
Derivatives asset, Notional	135,100	35,650
Derivatives asset, Fair Value	803	4
Derivative liability, notional	132,900	24,350
Derivative liability, Fair Value	798	5
Tba Sale Agreements [Member] | Other Contracts [Member]
Derivatives, Fair Value [Line Items]
Derivatives asset, Notional	3,480	83,810
Derivatives asset, Fair Value	8	6,444
Derivative liability, notional	257,592	223,846
Derivative liability, Fair Value	11,018	11,614
Auction Rate Securities Purchase Commitment [Member] | Other Contracts [Member]
Derivatives, Fair Value [Line Items]
Derivatives asset, Notional	11,237
Derivatives asset, Fair Value	1,540
Derivative liability, notional	21,312	27,813
Derivative liability, Fair Value	$ 559	$ 1,369

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value Amounts of Derivative Instruments and their Effect on Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Recognized in Income on Derivatives (pre-tax) Gain (Loss)	$ (1,511)	$ 1,521
Commodity Contracts [Member] | Future [Member] | Principal Transaction Revenue [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Recognized in Income on Derivatives (pre-tax) Gain (Loss)	(1,754)	(1,480)
Other Contracts [Member] | Principal Transaction Revenue [Member] | Auction Rate Securities Purchase Commitment [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Recognized in Income on Derivatives (pre-tax) Gain (Loss)	2,350	105
Other Contracts [Member] | Other [Member] | Tba Sale Agreements [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Recognized in Income on Derivatives (pre-tax) Gain (Loss)	(7,901)	(1,619)
Other Contracts [Member] | Other [Member] | Interest Rate Lock Commitments [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Recognized in Income on Derivatives (pre-tax) Gain (Loss)	5,786	4,526
Other Contracts [Member] | Foreign Exchange Forward [Member] | Other [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Recognized in Income on Derivatives (pre-tax) Gain (Loss)	17	3
Other Contracts [Member] | To Be Announced Security [Member] | Principal Transaction Revenue [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Recognized in Income on Derivatives (pre-tax) Gain (Loss)	$ (9)	$ (14)

Collateralized Transactions - N

Collateralized Transactions - Narrative (Details)	3 Months Ended
	Mar. 31, 2016USD ($)broker-dealer	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Bank call loans	$ 148,300,000		$ 100,200,000
Customer securities under customer margin loans available to be pledged	1,100,000,000
Customer securities under customer margin loans agreement available to be repledged	114,700,000
Customer securities deposited to secure obligations and margin requirements under option contracts	360,700,000
Carrying value of pledged securities owned that can be sold or re-pledged by the counterparty	705,800,000		546,300,000
Carrying value of securities owned by the Company loaned or pledged	$ 163,700,000		142,700,000
Receivable from brokers and clearing organizations, number of major broker-dealers | broker-dealer	4
Receivable from brokers and clearing organizations	$ 124,800,000
Nonrecurring [Member] | Carrying Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warehouse Agreement Borrowings	$ 11,845,000		54,300,000
Minimum [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Settlement with Financial Institution, Period to Complete Transactions	1 day
Maximum [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Settlement with Financial Institution, Period to Complete Transactions	3 days
Credit Concentration Risk [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Guaranteed mortgages for a period	15 days
Variable interest rate under warehouse facility	one month LIBOR
Interest expense	$ 200,000	$ 125,000
Securities Borrowed Transactions [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Customer securities under customer margin loans agreement available to be repledged	23,400,000		36,000,000
Securities received as collateral under securities borrowed transaction with market value	185,900,000		217,000,000
Reverse Repurchase Agreements [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Customer securities under customer margin loans agreement available to be repledged	320,800,000		278,800,000
Securities received as collateral under securities borrowed transaction with market value	320,800,000		$ 278,800,000
Corporate [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Collateralized loans, collateralized by firm	163,500,000
Other Than Corporate Customer [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Collateralized loans, collateralized by customer securities	$ 230,600,000

Collateralized Transactions - S

Collateralized Transactions - Schedule of Gross Amount Recognized Liabilities (Details) - Maturity Overnight and Open [Member] $ in Thousands	Mar. 31, 2016USD ($)
Securities loaned:
Securities Loaned and Securities Sold under Agreement to Repurchase, Gross Including Not Subject to Master Netting Arrangement	$ 993,597
US Treasury and Government [Member]
Repurchase agreements:
U.S. Treasury and Agency securities	850,440
Equity Securities [Member]
Securities loaned:
Equity securities	$ 143,157

Collateralized Transactions -49

Collateralized Transactions - Schedule of Gross Amounts and Offsetting Amounts of Reverse Repurchase Agreements, Repurchase Agreements, Securities Borrowed and Securities Lending Transactions (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Reverse repurchase agreements
Securities Purchased under Agreements to Resell, Gross	$ 320,688	$ 282,042
Securities Purchased under Agreements to Resell, Liability	320,688	75,543
Securities purchased under agreements to resell	0	206,499
Securities Purchased under Agreements to Resell, Collateral, Obligation to Return Securities	0	(203,266)
Securities Purchased under Agreements to Resell, Collateral, Obligation to Return Cash	0	0
Securities Purchased under Agreements to Resell, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election	0	3,233
Securities borrowed
Securities Borrowed, Gross	190,963	224,672
Securities Borrowed, Liability	0	0
Securities borrowed	190,963	224,672
Securities Borrowed, Collateral, Obligation to Return Securities	(185,319)
Securities Borrowed, Collateral, Obligation to Return Cash	0	0
Securities Borrowed, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election	5,644	5,573
Gross Amounts of Recognized Assets	511,651	506,714
Gross Amounts Offset in the Balance Sheet	(320,688)	(75,543)
Net Amounts of Assets Presented on the Balance Sheet	190,963	431,171
Financial Instruments	(185,319)	(422,365)
Derivative Asset, Securities Purchased under Agreements to Resell, Securities Borrowed, Collateral, Obligation to Return Cash	0	0
Net Amount	5,644	8,806
Repurchase agreements
U.S. Treasury and agency securities	850,440	726,988
Securities Sold under Agreements to Repurchase, Asset	320,688
Net Amounts of Liabilities Presented on the Balance Sheet	529,752	651,445
Securities Sold under Agreements to Repurchase, Collateral, Right to Reclaim Securities	(518,518)	(645,498)
Securities Sold under Agreements to Repurchase, Collateral, Right to Reclaim Cash	0	0
Securities Sold under Agreements to Repurchase, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election	11,234	5,947
Securities loaned:
Equity securities	143,157	130,658
Securities Loaned, Asset	0	0
Securities loaned	143,157	130,658
Securities Loaned, Collateral, Right to Reclaim Securities	(139,315)	(122,650)
Securities Loaned, Collateral, Right to Reclaim Cash	0	0
Securities Loaned, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election	3,842	8,008
Gross amount of recognized liabilities for repurchase agreements and securities loaned	993,597	857,646
Gross Amounts Offset in the Balance Sheet	(320,688)	(75,543)
Net Amounts of Liabilities Presented on the Balance Sheet	672,909	782,103
Financial Instruments	(657,833)	(768,148)
Derivative Liability, Securities Sold under Agreements to Repurchase, Securities Loaned, Collateral, Right to Reclaim Cash	0	0
Net Amount	$ 15,076	13,955
Securities Borrowed [Member]
Securities borrowed
Securities Borrowed, Collateral, Obligation to Return Securities		(219,099)
Repurchase Agreements [Member]
Repurchase agreements
Securities Sold under Agreements to Repurchase, Asset		$ 75,543

Variable Interest Entities ("50

Variable Interest Entities ("VIEs") - Variable Interest Entities (Details) - USD ($) $ in Thousands	Mar. 31, 2016		Dec. 31, 2015
Variable Interest Entity [Line Items]
Total VIE Assets	$ 370,604	[1]	$ 1,830,303	[2]
Carrying Value of Variable Interest Assets	624	[3]	1,381	[4]
Capital Commitments	2		2
Maximum Exposure to Loss in Non- consolidated VIEs	626		1,383
Hedge Funds [Member]
Variable Interest Entity [Line Items]
Total VIE Assets	317,804		1,775,503
Carrying Value of Variable Interest Assets	609		1,354
Variable Interest Entity, Nonconsolidated, Carrying Amount, Liabilities	0		0
Capital Commitments	0		0
Maximum Exposure to Loss in Non- consolidated VIEs	609		1,354
Private Equity Funds [Member]
Variable Interest Entity [Line Items]
Total VIE Assets	52,800		54,800
Carrying Value of Variable Interest Assets	15		27
Variable Interest Entity, Nonconsolidated, Carrying Amount, Liabilities	0		0
Capital Commitments	2		2
Maximum Exposure to Loss in Non- consolidated VIEs	$ 17		$ 29
[1]	Represents the total assets of the VIEs and does not represent the Company’s interests in the VIEs.
[2]	Represents the total assets of the VIEs and does not represent the Company’s interests in the VIEs.
[3]	Represents the Company’s interests in the VIEs and is included in other assets on the condensed consolidated balance sheet.
[4]	Represents the Company’s interests in the VIEs and is included in other assets on the condensed consolidated balance sheet.

Commercial Mortgage Banking - N

Commercial Mortgage Banking - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Mortgage Banking [Abstract]
Percentage of controlling interest owned by the company in OMHHF	83.68%
Non-controlling interest	16.32%
Number of related party	1
Prepayment costs	$ 1,200	$ 8,200
Custodial escrow accounts	256,100		$ 421,500
Uninsured balance relation to escrow accounts	138,000
Fair value of servicing rights	41,800		41,800
Carrying value of loan servicing rights	$ 28,024	$ 28,391	$ 28,168	$ 30,140
Servicing rights are amortized using straight-line method	10 years

Commercial Mortgage Banking - U

Commercial Mortgage Banking - Unpaid Principal Balance of Loans (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Transfers and Servicing [Abstract]
Unpaid principal balance of loans	$ 3,937,592	$ 3,974,292

Commercial Mortgage Banking - S

Commercial Mortgage Banking - Summary of Changes in Carrying Value of Mortgage Servicing Rights (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Transfers and Servicing
Balance at beginning of period		$ 28,168	$ 30,140
Originations	[1]	1,388	601
Purchases		111	208
Disposals	[1]	(861)	(2,328)
Amortization expense		(782)	(230)
Balance at end of period		$ 28,024	$ 28,391
[1]	Includes refinancings

Commercial Mortgage Banking -54

Commercial Mortgage Banking - Schedule of Amortization Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Servicing Asset at Amortized Cost [Line Items]
2,016	$ 3,131
2,017	4,169
2,018	4,137
2,019	3,980
2,020	3,737
Thereafter	8,870
Amortization expense	28,024	$ 28,168	$ 28,391	$ 30,140
Originated MSRs [Member]
Servicing Asset at Amortized Cost [Line Items]
2,016	2,340
2,017	3,116
2,018	3,091
2,019	2,995
2,020	2,851
Thereafter	7,610
Amortization expense	22,003
Purchased MSRs [Member]
Servicing Asset at Amortized Cost [Line Items]
2,016	791
2,017	1,053
2,018	1,046
2,019	985
2,020	886
Thereafter	1,260
Amortization expense	$ 6,021

Commercial Mortgage Banking - C

Commercial Mortgage Banking - Components of Mortgage Servicing Rights Fees (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Transfers and Servicing [Abstract]
Servicing fees	$ 1,455	$ 1,467
Ancillary fees	105	101
Total MSR fees	$ 1,560	$ 1,568

Long-term Debt - Schedule of Lo

Long-term Debt - Schedule of Long-Term Debt (Details) - Senior Secured Notes [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Maturity date	Apr. 15, 2018
Long-term Debt, Gross	$ 150,000	$ 150,000

Long-term Debt - Narrative (Det

Long-term Debt - Narrative (Details) - USD ($)	Apr. 12, 2011	Mar. 31, 2016	Mar. 31, 2015	Apr. 15, 2014
Debt Instrument [Line Items]
Private placement date	Apr. 12, 2011
Issuance of private placement, principal amount	$ 200,000,000
Interest rate	8.75%	8.75%
Term of payments of interest on notes	semi-annually
Total amount of debt to be retired				$ 50,000,000
Percentage of debt to be retired from the total debt				25.00%
Interest expense on note		$ 3,300,000
Senior Secured Notes [Member]
Debt Instrument [Line Items]
Interest expense on note			$ 3,300,000

Share Capital - Narrative (Deta

Share Capital - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		12 Months Ended	39 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015	Dec. 31, 2014	Sep. 15, 2015	Oct. 07, 2011
Class of Stock [Line Items]
Preferred stock, authorized (in shares)	50,000,000
Preferred stock, par value (dollars per share)	$ 0.001
Preferred stock, issued (in shares)	0
Class A Stock [Member]
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	50,000,000		50,000,000
Common stock, par value (dollars per share)	$ 0.001		$ 0.001
Common stock, shares issued (in shares)	13,263,532		13,238,486
Common stock, shares outstanding (in shares)	13,263,532	13,634,831	13,238,486	13,530,688
Repurchased and canceled pursuant to the stock buy-back (in shares)	240,274	0
Class A Stock [Member] | New Program [Member]
Class of Stock [Line Items]
Common stock, shares issued (in shares)					13,348,369
Common stock, shares outstanding (in shares)					13,348,369
Number of shares authorized to be repurchased (in shares)					665,000
Percentage of repurchase of class A common stock					5.00%
Repurchased and canceled pursuant to the stock buy-back (in shares)	240,274
Stock repurchased and retired during period, value	$ 3.6
Stock repurchased and retired during period (dollars per share)	$ 15.13
Remaining number of shares authorized to be repurchased (in shares)	329,844
Class A Stock [Member] | Previous Program [Member]
Class of Stock [Line Items]
Number of shares authorized to be repurchased (in shares)						675,000
Repurchased and canceled pursuant to the stock buy-back (in shares)			328,844	322,177
Stock repurchased and retired during period, value			$ 6.6
Stock repurchased and retired during period (dollars per share)			$ 20.12
Remaining number of shares authorized to be repurchased (in shares)			23,979
Class B Stock [Member]
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	99,665		99,665
Common stock, par value (dollars per share)	$ 0.001		$ 0.001
Common stock, shares issued (in shares)	99,665		99,665
Common stock, shares outstanding (in shares)	99,665		99,665

Share Capital - Changes in Numb

Share Capital - Changes in Number of Shares of Class A Stock Outstanding (Details) - Class A Stock [Member] - shares	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Class of Stock [Line Items]
Class A Stock outstanding, beginning of period (in shares)	13,238,486	13,530,688	13,530,688
Issued pursuant to shared-based compensation plans (in shares)	265,320	104,143
Repurchased and canceled pursuant to the stock buy-back (in shares)	(240,274)	0
Class A Stock outstanding, end of period (in shares)	13,263,532	13,634,831	13,238,486

Contingencies - Narrative (Deta

Contingencies - Narrative (Details) - USD ($)	Jan. 27, 2017	Feb. 17, 2015	Feb. 09, 2015	Jan. 27, 2015	Mar. 31, 2016
Loss Contingencies [Line Items]
Minimum estimated range of aggregate loss for legal proceedings					$ 0
Maximum estimated range of aggregate loss for legal proceedings					49,000,000
Auction rate securities, firm purchased and hold					87,100,000
Amount of ARS committed to purchase from clients					32,500,000
Eligible investor subject to future buyback potential additional losses related to valuation adjustments					37,300,000
Eligible Investor Subject To Future Buyback Potential Additional Losses Related To Valuation Adjustments					0
Litigation settlement, expense					$ 10,000,000
SEC [Member]
Loss Contingencies [Line Items]
Litigation settlement, amount				$ 10,000,000
Payments for legal settlements		$ 5,000,000
SEC [Member] | Disgorgement [Member]
Loss Contingencies [Line Items]
Litigation settlement, amount				4,200,000
SEC [Member] | Prejudgment Interest [Member]
Loss Contingencies [Line Items]
Litigation settlement, amount				753,500
SEC [Member] | Civil Penalties [Member]
Loss Contingencies [Line Items]
Litigation settlement, amount				5,100,000
United States Department of the Treasury [Member]
Loss Contingencies [Line Items]
Litigation settlement, amount				$ 10,000,000
Payments for legal settlements			$ 5,000,000
Forecast [Member] | SEC [Member]
Loss Contingencies [Line Items]
Payments for legal settlements	$ 5,000,000

Regulatory Requirements - Narra

Regulatory Requirements - Narrative (Details)	3 Months Ended
	Mar. 31, 2016USD ($)
Oppenheimer [Member]
Regulatory Capital Requirements [Line Items]
Required percentage of net capital to aggregate customer-related debit items	2.00%
Initial capital	$ 112,800,000
Aggregate indebtedness	9.61%
Excess capital	$ 89,300,000
Freedom [Member]
Regulatory Capital Requirements [Line Items]
Initial capital	$ 5,700,000
Aggregate indebtedness	6.67%
Freedom maintain net capital equal to the greater	$ 100,000
Net capital in excess of minimum required	$ 5,600,000
Oppenheimer Europe Ltd [Member] | Basel Three New Requirements [Member]
Regulatory Capital Requirements [Line Items]
Common equity Tier 1 capital ratio	12.32%
Common equity Tier 1 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 [Member]
Regulatory Capital Requirements [Line Items]
Initial capital	$ 2,200,000
Net capital in excess of minimum required	1,800,000
Initial required capital	$ 387,000

Segment Information - Reported

Segment Information - Reported Revenue and Profit Before Income Taxes (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Revenue
Revenue		$ 218,694	$ 245,561
Income (loss) before income tax provision (benefit)
Total income (loss) before income taxes		(7,997)	9,851
Private Client Division [Member]
Revenue
Revenue	[1]	127,544	139,932
Income (loss) before income tax provision (benefit)
Total income (loss) before income taxes	[1]	$ 16,317	$ 16,757
Asset management fees		77.50%	77.50%
Asset Management [Member]
Revenue
Revenue	[1]	$ 22,974	$ 24,461
Income (loss) before income tax provision (benefit)
Total income (loss) before income taxes	[1]	$ 6,768	$ 7,886
Asset management fees		22.50%	22.50%
Capital Markets [Member]
Revenue
Revenue		$ 61,065	$ 72,166
Income (loss) before income tax provision (benefit)
Total income (loss) before income taxes		(6,798)	6,735
Commercial Mortgage Banking [Member]
Revenue
Revenue		3,738	8,386
Income (loss) before income tax provision (benefit)
Total income (loss) before income taxes		(657)	4,037
Corporate and Other [Member]
Revenue
Revenue		3,373	616
Income (loss) before income tax provision (benefit)
Total income (loss) before income taxes		$ (23,627)	$ (25,564)
[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
	Mar. 31, 2016	Mar. 31, 2015
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 218,694	$ 245,561
United States [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	207,207	233,031
United Kingdom Israel [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	10,592	10,972
CHINA
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 895	$ 1,558

Subsequent Events - Narrative (

Subsequent Events - Narrative (Details) - $ / shares	Apr. 29, 2016	Mar. 31, 2016	Mar. 31, 2015
Subsequent Event [Line Items]
Dividends declared per share (in dollars per share)		$ 0.11	$ 0.11
Subsequent Event [Member]
Subsequent Event [Line Items]
Date of announcement of dividend	Apr. 29, 2016
Dividends declared per share (in dollars per share)	$ 0.11
Date of payment of dividend	May 27, 2016
Date of record of dividend	May 13, 2016

Condensed Consolidating Finan65

Condensed Consolidating Financial Information - Narrative (Details)	3 Months Ended
	Mar. 31, 2016
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Interest owned by the holding company	100.00%

Condensed Consolidating Finan66

Condensed Consolidating Financial Information - Condensed Consolidating Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
ASSETS
Cash and cash equivalents	$ 62,479	$ 63,364	$ 66,918	$ 63,807
Deposits with clearing organizations	56,567	49,490
Receivable from brokers, dealers and clearing organizations	263,363	360,913
Receivable from customers, net of allowance	791,631	840,355
Income tax receivable	17,261	10,937
Securities purchased under agreements to resell	0	206,499
Securities owned	1,036,782	735,393
Notes receivable, net of accumulated amortization and allowance for uncollectibles	32,869	32,849
Office facilities, net of accumulated depreciation	28,518	28,290
Loans held for sale	13,532	60,234
Mortgage servicing rights	28,024	28,168	28,391	30,140
Subordinated loan receivable	0	0
Intangible assets	31,700	31,700
Goodwill	137,889	137,889
Other assets	120,249	105,751
Deferred tax assets	0	0
Investment in subsidiaries	0	0
Intercompany receivables	0	0
Total assets	2,620,864	2,691,832
Liabilities
Drafts payable	37,663	48,011
Bank call loans	148,300	100,200
Payable to brokers, dealers and clearing organizations	207,879	164,546
Payable to customers	521,557	594,833
Securities sold under agreements to repurchase	529,752	651,445
Securities sold, but not yet purchased, at fair value	270,952	126,493
Accrued compensation	93,835	150,898
Accounts payable and other liabilities	126,183	164,783
Income tax payable	0	0
Long-term Debt	148,989	148,868
Subordinated indebtedness	0	0
Deferred Tax Liabilities, Net	19,408	16,673
Intercompany payables	0	0
Total liabilities	2,104,518	2,166,750
Stockholders’ equity
Stockholders’ equity attributable to Oppenheimer Holdings Inc.	509,384	518,058
Noncontrolling interest	6,962	7,024
Total stockholders’ equity	516,346	525,082	536,669
Total liabilities and stockholders’ equity	2,620,864	2,691,832
Unamortized Debt Issuance Expense	1,011	1,132
Net accumulated depreciation	106,206	104,961
Accumulated amortization	58,350	54,919
Accumulated allowance	8,722	8,444
Allowance for credit losses	2,573	2,545
Amounts pledged	705,835	546,334
Eliminations [Member]
ASSETS
Cash and cash equivalents	0	0	0	0
Deposits with clearing organizations	0	0
Receivable from brokers, dealers and clearing organizations	0	0
Receivable from customers, net of allowance	0	0
Income tax receivable	(45,177)	(50,400)
Securities purchased under agreements to resell		0
Securities owned	0	0
Notes receivable, net of accumulated amortization and allowance for uncollectibles	0	0
Office facilities, net of accumulated depreciation	0	0
Loans held for sale	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	(29,002)	(30,547)
Investment in subsidiaries	(1,105,359)	(1,109,971)
Intercompany receivables	(72,280)	(73,372)
Total assets	(1,364,376)	(1,376,848)
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	(45,177)	(50,400)
Long-term Debt	0	0
Subordinated indebtedness	(112,558)	(112,558)
Deferred Tax Liabilities, Net	(29,002)	(30,547)
Intercompany payables	(72,280)	(73,372)
Total liabilities	(259,017)	(266,877)
Stockholders’ equity
Stockholders’ equity attributable to Oppenheimer Holdings Inc.	(1,105,359)	(1,109,971)
Noncontrolling interest	0	0
Total stockholders’ equity	(1,105,359)	(1,109,971)
Total liabilities and stockholders’ equity	(1,364,376)	(1,376,848)
Parent Company [Member]
ASSETS
Cash and cash equivalents	196	907	1	439
Deposits with clearing organizations	0	0
Receivable from brokers, dealers and clearing organizations	0	0
Receivable from customers, net of allowance	0	0
Income tax receivable	34,696	33,801
Securities purchased under agreements to resell		0
Securities owned	0	0
Notes receivable, net of accumulated amortization and allowance for uncollectibles	0	0
Office facilities, net of accumulated depreciation	0	0
Loans held for sale	0	0
Mortgage servicing rights	0	0
Subordinated loan receivable	0	0
Intangible assets	0	0
Goodwill	0	0
Other assets	138	69
Deferred tax assets	1,135	317
Investment in subsidiaries	577,002	577,320
Intercompany receivables	53,871	60,187
Total assets	667,038	672,601
Liabilities
Drafts payable	0	0
Bank call loans	0	0
Payable to brokers, dealers and clearing organizations	0	0
Payable to customers	0	0
Securities sold under agreements to repurchase	0	0
Securities sold, but not yet purchased, at fair value	0	0
Accrued compensation	0	0
Accounts payable and other liabilities	6,225	3,235
Income tax payable	2,440	2,440
Long-term Debt	148,989	148,868
Subordinated indebtedness	0	0
Deferred Tax Liabilities, Net	0	0
Intercompany payables	0	0
Total liabilities	157,654	154,543
Stockholders’ equity
Stockholders’ equity attributable to Oppenheimer Holdings Inc.	509,384	518,058
Noncontrolling interest	0	0
Total stockholders’ equity	509,384	518,058
Total liabilities and stockholders’ equity	667,038	672,601
Guarantor Subsidiaries [Member]
ASSETS
Cash and cash equivalents	119	2,586	1,993	1,557
Deposits with clearing organizations	0	0
Receivable from brokers, dealers and clearing organizations	0	0
Receivable from customers, net of allowance	0	0
Income tax receivable	27,742	27,536
Securities purchased under agreements to resell		0
Securities owned	1,213	1,183
Notes receivable, net of accumulated amortization and allowance for uncollectibles	0	0
Office facilities, net of accumulated depreciation	21,477	20,793
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	2,739	3,224
Deferred tax assets	317	330
Investment in subsidiaries	528,357	532,651
Intercompany receivables	18,409	13,185
Total assets	712,931	714,046
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	35,488	35,812
Income tax payable	22,189	22,189
Long-term Debt	0	0
Subordinated indebtedness	0	0
Deferred Tax Liabilities, Net	0	0
Intercompany payables	62,204	62,204
Total liabilities	119,881	120,205
Stockholders’ equity
Stockholders’ equity attributable to Oppenheimer Holdings Inc.	593,050	593,841
Noncontrolling interest	0	0
Total stockholders’ equity	593,050	593,841
Total liabilities and stockholders’ equity	712,931	714,046
Non-Guarantor Subsidiaries [Member]
ASSETS
Cash and cash equivalents	62,164	59,871	$ 64,924	$ 61,811
Deposits with clearing organizations	56,567	49,490
Receivable from brokers, dealers and clearing organizations	263,363	360,913
Receivable from customers, net of allowance	791,631	840,355
Income tax receivable	0	0
Securities purchased under agreements to resell		206,499
Securities owned	1,035,569	734,210
Notes receivable, net of accumulated amortization and allowance for uncollectibles	32,869	32,849
Office facilities, net of accumulated depreciation	7,041	7,497
Loans held for sale	13,532	60,234
Mortgage servicing rights	28,024	28,168
Subordinated loan receivable	0	0
Intangible assets	31,700	31,700
Goodwill	137,889	137,889
Other assets	117,372	102,458
Deferred tax assets	27,550	29,900
Investment in subsidiaries	0	0
Intercompany receivables	0	0
Total assets	2,605,271	2,682,033
Liabilities
Drafts payable	37,663	48,011
Bank call loans	148,300	100,200
Payable to brokers, dealers and clearing organizations	207,879	164,546
Payable to customers	521,557	594,833
Securities sold under agreements to repurchase	529,752	651,445
Securities sold, but not yet purchased, at fair value	270,952	126,493
Accrued compensation	93,835	150,898
Accounts payable and other liabilities	84,470	125,736
Income tax payable	20,548	25,771
Long-term Debt	0	0
Subordinated indebtedness	112,558	112,558
Deferred Tax Liabilities, Net	48,410	47,220
Intercompany payables	10,076	11,168
Total liabilities	2,086,000	2,158,879
Stockholders’ equity
Stockholders’ equity attributable to Oppenheimer Holdings Inc.	512,309	516,130
Noncontrolling interest	6,962	7,024
Total stockholders’ equity	519,271	523,154
Total liabilities and stockholders’ equity	$ 2,605,271	$ 2,682,033

Condensed Consolidating Finan67

Condensed Consolidating Financial Information - Condensed Consolidating Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
REVENUES
Commissions	$ 103,833	$ 109,695
Advisory fees	66,026	70,966
Investment banking	12,383	27,305
Interest	13,379	11,035
Principal transactions, net	1,531	18,555
Other	21,542	8,005
Total revenue	218,694	245,561
EXPENSES
Compensation and related expenses	151,413	163,091
Communications and technology	17,781	17,168
Occupancy and equipment costs	14,978	15,778
Clearing and exchange fees	6,921	6,402
Interest	5,088	3,910
Other	30,510	29,361
Total expenses	226,691	235,710
Income (loss) before income tax provision (benefit)	(7,997)	9,851
Income tax provision (benefit)	(4,088)	3,730
Equity in earnings of subsidiaries	0	0
Net income (loss) for the period	(3,909)	6,121
Less net income (loss) attributable to noncontrolling interests	(62)	402
Net income (loss) attributable to Oppenheimer Holdings Inc.	(3,847)	5,719
Other comprehensive income (loss)	873	(567)
Comprehensive income (loss) attributable to Oppenheimer Holdings Inc.	(2,974)	5,152
Eliminations [Member]
REVENUES
Commissions	0	0
Advisory fees	(353)	(454)
Investment banking	0	0
Interest	(2,567)	(2,564)
Principal transactions, net	0	(54)
Other	(78)	(75)
Total revenue	(2,998)	(3,147)
EXPENSES
Compensation and related expenses	0	0
Communications and technology	0	0
Occupancy and equipment costs	(78)	(75)
Clearing and exchange fees	0	0
Interest	(2,567)	(2,564)
Other	(353)	(508)
Total expenses	(2,998)	(3,147)
Income (loss) before income tax provision (benefit)	0	0
Income tax provision (benefit)	0	0
Equity in earnings of subsidiaries	4,042	(14,544)
Net income (loss) for the period	4,042	(14,544)
Less net income (loss) attributable to noncontrolling interests	0	0
Net income (loss) attributable to Oppenheimer Holdings Inc.	4,042	(14,544)
Other comprehensive income (loss)	0	0
Comprehensive income (loss) attributable to Oppenheimer Holdings Inc.	4,042	(14,544)
Parent Company [Member]
REVENUES
Commissions	0	0
Advisory fees	0	0
Investment banking	0	0
Interest	0	0
Principal transactions, net	0	0
Other	0	0
Total revenue	0	0
EXPENSES
Compensation and related expenses	387	312
Communications and technology	28	25
Occupancy and equipment costs	0	0
Clearing and exchange fees	0	0
Interest	3,281	3,281
Other	673	288
Total expenses	4,369	3,906
Income (loss) before income tax provision (benefit)	(4,369)	(3,906)
Income tax provision (benefit)	(1,714)	(1,480)
Equity in earnings of subsidiaries	(1,192)	8,145
Net income (loss) for the period	(3,847)	5,719
Less net income (loss) attributable to noncontrolling interests	0	0
Net income (loss) attributable to Oppenheimer Holdings Inc.	(3,847)	5,719
Other comprehensive income (loss)	0	0
Comprehensive income (loss) attributable to Oppenheimer Holdings Inc.	(3,847)	5,719
Guarantor Subsidiaries [Member]
REVENUES
Commissions	0	0
Advisory fees	0	0
Investment banking	0	0
Interest	2,557	2,566
Principal transactions, net	30	0
Other	78	95
Total revenue	2,665	2,661
EXPENSES
Compensation and related expenses	0	0
Communications and technology	0	0
Occupancy and equipment costs	0	0
Clearing and exchange fees	0	0
Interest	0	0
Other	3	68
Total expenses	3	68
Income (loss) before income tax provision (benefit)	2,662	2,593
Income tax provision (benefit)	1,004	847
Equity in earnings of subsidiaries	(2,850)	6,399
Net income (loss) for the period	(1,192)	8,145
Less net income (loss) attributable to noncontrolling interests	0	0
Net income (loss) attributable to Oppenheimer Holdings Inc.	(1,192)	8,145
Other comprehensive income (loss)	0	0
Comprehensive income (loss) attributable to Oppenheimer Holdings Inc.	(1,192)	8,145
Non-Guarantor Subsidiaries [Member]
REVENUES
Commissions	103,833	109,695
Advisory fees	66,379	71,420
Investment banking	12,383	27,305
Interest	13,389	11,033
Principal transactions, net	1,501	18,609
Other	21,542	7,985
Total revenue	219,027	246,047
EXPENSES
Compensation and related expenses	151,026	162,779
Communications and technology	17,753	17,143
Occupancy and equipment costs	15,056	15,853
Clearing and exchange fees	6,921	6,402
Interest	4,374	3,193
Other	30,187	29,513
Total expenses	225,317	234,883
Income (loss) before income tax provision (benefit)	(6,290)	11,164
Income tax provision (benefit)	(3,378)	4,363
Equity in earnings of subsidiaries	0	0
Net income (loss) for the period	(2,912)	6,801
Less net income (loss) attributable to noncontrolling interests	(62)	402
Net income (loss) attributable to Oppenheimer Holdings Inc.	(2,850)	6,399
Other comprehensive income (loss)	873	(567)
Comprehensive income (loss) attributable to Oppenheimer Holdings Inc.	$ (1,977)	$ 5,832

Condensed Consolidating Finan68

Condensed Consolidating Financial Information - Condensed Consolidating Statement of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Cash used in operating activities	$ (41,372)	$ (36,583)
Cash flows from investing activities
Purchase of office facilities	(1,762)	(474)
Cash used in investing activities	(1,762)	(474)
Cash flows from financing activities
Cash dividends paid on Class A non-voting and Class B voting common stock	(1,476)	(1,511)
Repurchase of Class A non-voting common stock for cancellation	(3,634)	0
Tax deficiency from share-based awards	(741)	(321)
Other financing activities	48,100	42,000
Cash flow provided by (used in) financing activities	42,249	40,168
Net increase (decrease) in cash and cash equivalents	(885)	3,111
Cash and cash equivalents, beginning of period	63,364	63,807
Cash and cash equivalents, end of period	62,479	66,918
Class A Stock [Member]
Cash flows from financing activities
Repurchase of Class A non-voting common stock for cancellation	(3,634)
Parent Company [Member]
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Cash used in operating activities	5,140	1,394
Cash flows from investing activities
Purchase of office facilities	0	0
Cash used in investing activities	0	0
Cash flows from financing activities
Cash dividends paid on Class A non-voting and Class B voting common stock	(1,476)	(1,511)
Tax deficiency from share-based awards	(741)	(321)
Other financing activities	0	0
Cash flow provided by (used in) financing activities	(5,851)	(1,832)
Net increase (decrease) in cash and cash equivalents	(711)	(438)
Cash and cash equivalents, beginning of period	907	439
Cash and cash equivalents, end of period	196	1
Parent Company [Member] | Class A Stock [Member]
Cash flows from financing activities
Repurchase of Class A non-voting common stock for cancellation	(3,634)
Guarantor Subsidiaries [Member]
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Cash used in operating activities	(2,467)	436
Cash flows from investing activities
Purchase of office facilities	0	0
Cash used in investing activities	0	0
Cash flows from financing activities
Cash dividends paid on Class A non-voting and Class B voting common stock	0	0
Tax deficiency from share-based awards	0	0
Other financing activities	0	0
Cash flow provided by (used in) financing activities	0	0
Net increase (decrease) in cash and cash equivalents	(2,467)	436
Cash and cash equivalents, beginning of period	2,586	1,557
Cash and cash equivalents, end of period	119	1,993
Guarantor Subsidiaries [Member] | Class A Stock [Member]
Cash flows from financing activities
Repurchase of Class A non-voting common stock for cancellation	0
Non-Guarantor Subsidiaries [Member]
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Cash used in operating activities	(44,045)	(38,413)
Cash flows from investing activities
Purchase of office facilities	(1,762)	(474)
Cash used in investing activities	(1,762)	(474)
Cash flows from financing activities
Cash dividends paid on Class A non-voting and Class B voting common stock	0	0
Tax deficiency from share-based awards	0	0
Other financing activities	48,100	42,000
Cash flow provided by (used in) financing activities	48,100	42,000
Net increase (decrease) in cash and cash equivalents	2,293	3,113
Cash and cash equivalents, beginning of period	59,871	61,811
Cash and cash equivalents, end of period	62,164	64,924
Non-Guarantor Subsidiaries [Member] | Class A Stock [Member]
Cash flows from financing activities
Repurchase of Class A non-voting common stock for cancellation	0
Consolidation, Eliminations [Member]
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Cash used in operating activities	0	0
Cash flows from investing activities
Purchase of office facilities	0	0
Cash used in investing activities	0	0
Cash flows from financing activities
Cash dividends paid on Class A non-voting and Class B voting common stock	0	0
Tax deficiency from share-based awards	0	0
Other financing activities	0	0
Cash flow provided by (used in) financing activities	0	0
Net increase (decrease) in cash and cash equivalents	0	0
Cash and cash equivalents, beginning of period	0	0
Cash and cash equivalents, end of period	0	$ 0
Consolidation, Eliminations [Member] | Class A Stock [Member]
Cash flows from financing activities
Repurchase of Class A non-voting common stock for cancellation	$ 0