Oppenheimer (OPY) 10-Q 29 Jul 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Jul. 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	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Amendment Flag	false
Class A Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		13,268,439
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	Jun. 30, 2016	Dec. 31, 2015
ASSETS
Cash and cash equivalents	$ 107,537	$ 63,364
Deposits with clearing organizations	42,910	49,490
Receivable from brokers, dealers and clearing organizations	315,308	365,791
Receivable from customers, net of allowance for credit losses of $2,543 ($2,545 in 2015)	780,670	840,355
Income tax receivable	17,534	12,231
Securities purchased under agreements to resell	0	206,499
Securities owned, including amounts pledged of $657,527 ($546,334 in 2015), at fair value	951,906	734,831
Notes receivable, net of accumulated amortization and allowance for uncollectibles of $61,671 and $8,062, respectively ($54,919 and $8,444, respectively, in 2015)	33,012	32,849
Office facilities, net of accumulated depreciation of $107,810 ($104,812 in 2015)	27,880	28,285
Assets held for sale	21,764	99,881
Intangible assets	31,700	31,700
Goodwill	137,889	137,889
Other assets	107,619	94,839
Total assets	2,575,729	2,698,004
Liabilities
Drafts payable	26,759	48,011
Bank call loans	151,900	100,200
Payable to brokers, dealers and clearing organizations	172,362	164,546
Payable to customers	596,441	594,833
Securities sold under agreements to repurchase	432,912	651,445
Securities sold, but not yet purchased, at fair value	259,032	126,493
Liabilities held for sale	36,490	74,680
Accrued compensation	108,097	149,092
Accounts payable and other liabilities	110,367	108,637
Senior secured notes	149,110	148,868
Deferred tax liabilities	10,147	6,117
Total liabilities	2,053,617	2,172,922
Contingencies
Share capital
Common stock	59,306	57,520
Contributed capital	39,608	44,438
Retained earnings	415,680	417,001
Accumulated other comprehensive loss	(682)	(901)
Total Oppenheimer Holdings Inc. stockholders' equity	513,912	518,058
Noncontrolling interest	8,200	7,024
Total stockholders' equity	522,112	525,082
Total liabilities and stockholders' equity	2,575,729	2,698,004
Class A Stock [Member]
Share capital
Common stock	59,173	57,387
Class B Stock [Member]
Share capital
Common stock	$ 133	$ 133

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014
Allowance for credit losses	$ 2,543		$ 2,545
Amounts pledged	657,527		546,334
Accumulated amortization	61,671		54,919
Accumulated allowance	8,062		8,444
Net accumulated depreciation	107,810		104,812
Unamortized debt issuance expense	890		1,132
Deferred tax assets, gross	$ 61,198		$ 63,481
Class A Stock [Member]
Common stock, shares authorized (in shares)	50,000,000		50,000,000
Common stock, shares issued (in shares)	13,259,715		13,238,486
Common stock, shares outstanding (in shares)	13,259,715	13,263,532	13,238,486	13,650,149	13,634,831	13,530,688
Common stock, par value (dollars per share)	$ 0.001		$ 0.001
Class B Stock [Member]
Common stock, shares authorized (in shares)	99,665		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			6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	[1]	Jun. 30, 2016	Jun. 30, 2015	[1]
REVENUE
Commissions	$ 92,591	$ 103,556		$ 196,424	$ 213,251
Advisory fees	66,104	72,243		132,130	143,209
Investment banking	18,881	29,020		31,264	56,325
Interest	12,007	11,313		25,049	22,016
Principal transactions, net	7,577	3,541		14,195	12,038
Other	14,914	8,286		27,968	18,295
Total revenue	212,074	227,959		427,030	465,134
EXPENSES
Compensation and related expenses	141,721	153,805		290,216	314,629
Communications and technology	17,638	16,307		35,318	33,379
Occupancy and equipment costs	14,984	15,911		29,887	31,612
Clearing and exchange fees	6,199	6,231		13,120	12,633
Interest	4,972	4,105		9,839	7,875
Other	31,806	32,701		61,236	60,293
Total expenses	217,320	229,060		439,616	460,421
Income (loss) before income taxes from continuing operations	(5,246)	(1,101)		(12,586)	4,713
Income taxes	(2,627)	400		(6,439)	2,555
Net income (loss) from continuing operations	(2,619)	(1,501)		(6,147)	2,158
Income from discontinued operations	15,366	3,731		14,709	7,768
Income taxes	6,036	1,585		5,760	3,160
Net income from discontinued operations	9,330	2,146		8,949	4,608
Net income	6,711	645		2,802	6,766
Less net income attributable to noncontrolling interest, net of tax	1,523	350		1,461	752
Net income attributable to Oppenheimer Holdings Inc.	$ 5,188	$ 295		$ 1,341	$ 6,014
Basic earnings (loss) per share attributable to Oppenheimer Holdings Inc.
Continuing operations, basic (in dollars per share)	$ (0.20)	$ (0.11)		$ (0.46)	$ 0.16
Discontinued operations, basic (in dollars per share)	0.59	0.13		0.56	0.28
Basic (in dollars per share)	0.39	0.02		0.10	0.44
Diluted earnings (loss) per share attributable to Oppenheimer Holdings Inc.
Continuing operations, diluted (in dollars per share)	(0.20)	(0.11)		(0.46)	0.15
Discontinued operations, diluted (in dollars per share)	0.59	0.13		0.56	0.27
Diluted (in dollars per share)	0.39	0.02		0.10	0.42
Dividends declared per share (in dollars per share)	$ 0.11	$ 0.11		$ 0.22	$ 0.22
Weighted average number of common shares outstanding
Basic (in shares)	13,367,248	13,745,957		13,373,537	13,725,208
Diluted (in shares)	13,367,248	13,745,957		13,373,537	14,342,474
[1]	Amounts have been recast to reflect discontinued operations. See Note 3 for details.

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands		3 Months Ended			6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015		Jun. 30, 2016	Jun. 30, 2015
Statement of Comprehensive Income [Abstract]
Net income		$ 6,711	$ 645	[1]	$ 2,802	$ 6,766	[1]
Other comprehensive income (loss), net of tax
Currency translation adjustment	[2]	(654)	1,317		219	750
Comprehensive income		6,057	1,962		3,021	7,516
Less net income attributable to noncontrolling interests		1,523	350	[1]	1,461	752	[1]
Comprehensive income attributable to Oppenheimer Holdings Inc.		$ 4,534	$ 1,612		$ 1,560	$ 6,764
[1]	Amounts have been recast to reflect discontinued operations. See Note 3 for details.
[2]	Total other comprehensive income (loss) is attributable to Oppenheimer Holdings Inc. No other comprehensive income (loss) is attributable to noncontrolling interests.

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total		Share Capital [Member]	Share Capital [Member]Class A Stock [Member]	Contributed Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income [Member]	Parent [Member]	Non-Controlling Interest [Member]
Balance at beginning of period at Dec. 31, 2014			$ 62,397		$ 45,118	$ 421,047	$ (918)		$ 6,088
Issuance of Class A non-voting common stock				$ 3,139
Repurchase of Class A non-voting common stock for cancellation				0
Tax deficiency from share-based awards					(270)
Share-based expense					2,362
Vested employee share plan awards					(4,822)
Net income attributable to Oppenheimer Holdings Inc.	$ 6,014	[1]				6,014
Dividends paid ($0.22 per share)						(3,023)
Preferred dividends received						0			0
Currency translation adjustment	750	[2]					750
Net income attributable to noncontrolling interest	(752)	[1]							752
Balance at end of period at Jun. 30, 2015	538,634		65,536		42,388	424,038	(168)	$ 531,794	6,840
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
Issuance of Class A non-voting common stock				5,584
Repurchase of Class A non-voting common stock for cancellation				$ 3,798
Tax deficiency from share-based awards					(747)
Share-based expense					2,842
Vested employee share plan awards					(6,925)
Net income attributable to Oppenheimer Holdings Inc.	1,341					1,341
Dividends paid ($0.22 per share)						(2,947)
Preferred dividends received						285			(285)
Currency translation adjustment	219	[2]					219
Net income attributable to noncontrolling interest	(1,461)								1,461
Balance at end of period at Jun. 30, 2016	$ 522,112		$ 59,306		$ 39,608	$ 415,680	$ (682)	$ 513,912	$ 8,200
[1]	Amounts have been recast to reflect discontinued operations. See Note 3 for details.
[2]	Total other comprehensive income (loss) is attributable to Oppenheimer Holdings Inc. No other comprehensive income (loss) is attributable to noncontrolling interests.

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Retained Earnings [Member]
Dividends (in US dollars per share)	$ 0.22	$ 0.22

Condensed Consolidated Stateme8

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash flows from operating activities
Net income (loss) from continuing operations	$ 2,802	$ 6,766	[1]
Adjustments to reconcile net income to net cash used in operating activities
Payment of taxes due for vested share-based awards related to amounts the Company withheld on behalf of its employees to meet minimum statutory tax withholding requirements	1,341	1,683
Depreciation and amortization of office facilities and leasehold improvements	2,981	3,564
Deferred income taxes	(5,725)	5,085
Amortization of notes receivable	6,752	6,831
Amortization of debt issuance costs	242	242
Amortization of mortgage servicing rights	1,224	495
Provision for credit losses	(2)	64
Share-based compensation	2,595	4,462
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax	14,916
Gain on sale of assets		0
Decrease (increase) in operating assets:
Cash and securities segregated for regulatory and other purposes	0	17,739
Deposits with clearing organizations	(6,580)	15,115
Receivable from brokers, dealers and clearing organizations	57,593	(42,695)
Receivable from customers	59,687	(41,262)
Income tax receivable	10,213	(47)
Securities purchased under agreements to resell	206,499	147,305
Securities owned	(217,075)	(161,995)
Notes receivable	(6,915)	(6,985)
Loans held for sale	58,491	(57,108)
Mortgage servicing rights	(1,036)	425
Other assets	(19,022)	(4,377)
Increase (decrease) in operating liabilities:
Drafts payable	(21,252)	(31,319)
Payable to brokers, dealers and clearing organizations	7,816	(19,154)
Payable to customers	1,608	1,985
Securities sold under agreements to repurchase	(218,533)	(63,588)
Securities sold, but not yet purchased	132,539	128,157
Accrued compensation	(42,521)	(45,254)
Accounts payable and other liabilities	(49,999)	41,074
Cash used in operating activities	(40,715)	(126,388)
Cash flows from investing activities
Purchase of office facilities	(2,572)	(1,913)
Proceeds from sale of assets	43,252	0
Cash provided by (used in) investing activities	40,680	(1,913)
Cash flows from financing activities
Cash dividends paid on Class A non-voting and Class B voting common stock	(2,947)	(3,023)
Repurchase of Class A non-voting common stock for cancellation	(3,798)	0
Tax deficiency from share-based awards	(747)	(270)
Increase in bank call loans, net	51,700	118,100
Cash provided by financing activities	44,208	114,807
Net increase (decrease) in cash and cash equivalents	44,173	(13,494)
Cash and cash equivalents, beginning of period	63,364	63,807
Cash and cash equivalents, end of period	107,537	50,313
Schedule of non-cash financing activities
Employee share plan issuance	5,584	3,139
Supplemental disclosure of cash flow information
Cash paid during the period for interest	10,270	8,343
Cash (received) paid during the period for income taxes, net of refunds	$ (4,420)	$ 863
[1]	Amounts have been recast to reflect discontinued operations. See Note 3 for details.

Organization and Basis of Prese

Organization and Basis of Presentation	6 Months Ended
	Jun. 30, 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, 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, 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 Multifamily Housing & Healthcare Finance, Inc. ("OMHHF") was formerly engaged in Federal Housing Administration ("FHA")-insured commercial mortgage origination and servicing and is in the process of selling its remaining operating assets and discontinuing its business. Oppenheimer provides its services from 94 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 six month period ended June 30, 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 June 30, 2016 , the Company owned 83.68% of OMHHF and the noncontrolling interest recorded in the condensed consolidated balance sheet was $8.2 million .

New Accounting Pronouncements

New Accounting Pronouncements	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
New Accounting Pronouncements	New accounting pronouncements Recently Adopted 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 interim and annual reporting periods 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 interim and annual reporting periods 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 8, 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 interim and annual reporting periods 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 interim and 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 6, 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 provides amendments that defer the effective date of ASU 2014-09 by one year. In 2016, the FASB additionally issued ASU No. 2016-08-Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net); ASU No. 2016-10, "Identifying Performance Obligations and Licensing,"; and ASU 2016-12 Revenue from Contracts with Customers (Topic 606); Narrow-Scope Improvements and Practical Expedients. The amendments in these updates are effective either retrospectively to each prior reporting period presented, or as a cumulative-effect adjustment as of the date of adoption, during interim and annual periods beginning after December 15, 2017, with early adoption permitted beginning after December 15, 2016. The Company is currently assessing the impact of the adoption of this update on its financial condition, results of operations and cash flows, or disclosures thereto. 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 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 of the ASU and the adoption of the ASU will not have a material impact on its condensed consolidated financial statements. In June 16, 2016, the FASB issued ASU 2016-13, "Measurement of Credit Losses on Financial Instruments", which amends the FASB's guidance on the impairment of financial Instruments. The ASU adds to U.S. GAAP an impairment model ("current expected credit loss model"). Under this new guidance, an entity recognizes as an allowance its estimate of expected credit losses. The ASU is effective for the fiscal year beginning after December 15, 2019. The Company is currently evaluating the impact, if any, that the ASU will have on its condensed consolidated financial statements.

Discontinued Operations

Discontinued Operations	6 Months Ended
	Jun. 30, 2016
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Discontinued operations OMHHF historically has been 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 offered mortgage services to developers of commercial properties including apartments, elderly housing and nursing homes that satisfy FHA criteria. OMHHF maintained a mortgage servicing portfolio for which it provided a full array of services, including the collection of mortgage payments from mortgagors which were 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. On June 2, 2016, OMHHF entered into a definitive agreement to sell OMHHF's entire portfolio of permanent mortgage loans (consisting of over 480 permanent loans insured by the U.S. Department of Housing and Urban Development), including the associated mortgage servicing rights, to Walker & Dunlop, LLC. On June 20, 2016, OMHHF completed the transaction for cash consideration of approximately $45.0 million . An amount equal to $1.4 million was withheld from the purchase price until such time as one loan in the mortgage loan portfolio becomes current or is modified. The Company recorded a net gain of $14.9 million related to this transaction included in discontinued operations on the condensed consolidated statement of operations. During the second quarter of 2016, the Company also sold its business pipeline of mortgage loans for approximately $1.5 million . The Company determined that the sale of the assets of OMHHF met the criteria to be classified within discontinued operations, and the results of OMHHF are reported as discontinued operations in the condensed consolidated statements of operations. Prior-period amounts have been recast for discontinued operations. The following is a summary of the assets and liabilities of OMHHF as of June 30, 2016 and December 31, 2015: (Expressed in thousands) June 30, 2016 December 31, 2015 ASSETS Securities owned $ 562 $ 562 Loans held for sale 1,743 60,234 Mortgage servicing rights 1,993 28,168 Other assets 17,466 10,917 Total assets $ 21,764 $ 99,881 LIABILITIES Accounts payable and other liabilities $ 35,689 $ 64,124 Deferred tax liability 801 10,556 Total liabilities $ 36,490 $ 74,680 The following is a summary of revenue and expenses of OMHHF for the three and six months ended June 30, 2016 and 2015: (Expressed in thousands) For the Three Months Ended June 30, For the Six Months Ended June 30, 2016 2015 2016 2015 REVENUE Interest $ 472 $ 717 $ 809 $ 1,049 Principal transactions, net (1,541 ) (1,831 ) (6,628 ) 8,226 Gain on sale of assets 14,916 — 14,916 — Other 4,070 12,082 12,558 10,079 Total revenue 17,917 10,968 21,655 19,354 EXPENSES Compensation and related expenses 735 4,409 3,652 6,676 Communications and technology 59 100 161 196 Occupancy and equipment costs 286 74 362 150 Interest 159 399 380 540 Other 1,312 2,255 2,391 4,024 Total expenses 2,551 7,237 6,946 11,586 Income before income taxes $ 15,366 $ 3,731 $ 14,709 $ 7,768 Income attributable to noncontrolling interest before income taxes $ 2,508 $ 609 $ 2,401 $ 1,268 The following is a summary of cash flows of OMHHF for the three and six months ended June 30, 2016 and 2015: (Expressed in thousands) For the Six Months Ended June 30, 2016 2015 Cash provided by operating activities $ 5,624 $ 1,960 Cash provided by investing activities 43,252 — Cash used in financing activities (124 ) (124 ) Net increase in cash and cash equivalents $ 48,752 $ 1,836 Intraperiod tax allocation rules require the Company to allocate the provision for income taxes between continuing operations and other categories of earnings, such as discontinued operations. In periods in which the Company has a year-to-date loss before income taxes from continuing operations and income before income taxes in other categories of earnings, such as discontinued operations, the Company must allocate the tax provision to the other categories of earnings, and then record a related tax benefit in continuing operations. During the three and six months ended June 30, 2016, the Company recognized net income from discontinued operations, and, as a result, recorded income tax expense of $6.0 million and $5.8 million , respectively, which is included in net income from discontinued operations in the consolidated statement of operations and statement of comprehensive income. Accordingly, the Company recognized a related income tax benefit of $2.6 million and $6.4 million from continuing operations in the consolidated statement of operations and statement of comprehensive income for the three and six months ended June 30, 2016, respectively.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 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 June 30, For the Six Months Ended June 30, 2016 2015 2016 2015 Net income (loss) from continuing operations $ (2,619 ) $ (1,501 ) $ (6,147 ) $ 2,158 Net income from discontinued operations 9,330 2,146 8,949 4,608 Net income 6,711 645 2,802 6,766 Less net income attributable to noncontrolling interest, net of tax 1,523 350 1,461 752 Net income attributable to Oppenheimer Holdings Inc. $ 5,188 $ 295 $ 1,341 $ 6,014 Basic weighted average number of shares outstanding 13,367,248 13,745,957 13,373,537 13,725,208 Net dilutive effect of share-based awards, treasury method (1) — — — 617,266 Diluted weighted average number of shares outstanding 13,367,248 13,745,957 13,373,537 14,342,474 Basic earnings (loss) per share attributable to Oppenheimer Holdings Inc. Continuing operations $ (0.20 ) $ (0.11 ) $ (0.46 ) $ 0.16 Discontinued operations 0.59 0.13 0.56 0.28 Net earnings per share attributable to Oppenheimer Holdings Inc. $ 0.39 $ 0.02 $ 0.10 $ 0.44 Diluted earnings (loss) per share attributable to Oppenheimer Holdings Inc. Continuing operations $ (0.20 ) $ (0.11 ) $ (0.46 ) $ 0.15 Discontinued operations 0.59 0.13 0.56 0.27 Net earnings per share attributable to Oppenheimer Holdings Inc. $ 0.39 $ 0.02 $ 0.10 $ 0.42 (1) For both the three and six months ended June 30, 2016 , the diluted earnings per share computation does not include the anti-dilutive effect of 1,271,124 shares of Class A Stock granted under share-based compensation arrangements ( 1,312,760 and 40,309 , respectively, for the three and six months ended June 30, 2015 ).

Receivable from and Payable to

Receivable from and Payable to Brokers, Dealers and Clearing Organizations	6 Months Ended
	Jun. 30, 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 June 30, 2016 December 31, 2015 Receivable from brokers, dealers and clearing organizations consist of: Securities borrowed $ 216,419 $ 224,672 Receivable from brokers 42,763 49,458 Securities failed to deliver 17,541 7,799 Clearing organizations 24,669 25,030 Other 13,916 58,832 Total $ 315,308 $ 365,791 Payable to brokers, dealers and clearing organizations consist of: Securities loaned $ 125,548 $ 130,658 Payable to brokers 1,068 3,316 Securities failed to receive 23,491 21,513 Other 22,255 9,059 Total $ 172,362 $ 164,546

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 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 June 30, 2016 As of December 31, 2015 Owned (1) Sold Owned (1) Sold U.S. treasury, agency and sovereign obligations $ 616,831 $ 179,562 $ 509,614 $ 77,485 Corporate debt and other obligations 40,311 23,811 16,138 1,652 Mortgage and other asset-backed securities 3,875 27 3,504 27 Municipal obligations 106,661 — 30,132 — Convertible bonds 56,582 12,505 54,693 5,951 Corporate equities 38,612 43,127 34,475 41,378 Money markets 495 — 35 — Auction rate securities 89,101 — 86,802 — Total $ 952,468 $ 259,032 $ 735,393 $ 126,493 (1) $562,000 is included in assets held for sale on the condensed consolidated balance sheet. See Note 3 for details. Securities owned and securities sold, but not yet purchased, consist of trading and investment securities at fair values. Included in securities owned at June 30, 2016 are corporate equities with estimated fair values of approximately $13.7 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 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 June 30, 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 June 30, 2016 , the Company purchased and holds (net of redemptions) approximately $90.7 million in ARS from its clients. In addition, the Company is committed to purchase another $26.9 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 June 30, 2016 Product Principal Valuation Adjustment Fair Value Valuation Technique Unobservable Input Range Weighted Average Auction Rate Securities ("ARS") Owned (1) Auction Rate Preferred Securities $ 86,750 $ 1,156 $ 85,594 Discounted Cash Flow Discount Rate (2) 0.94% to 1.29% 1.11% Duration 4.0 years 4.0 years Current Yield (3) 0.77% 0.77% Municipal Auction Rate Securities 25 — 25 Discounted Cash Flow Discount Rate (4) 1.64% 1.64% Duration 4.5 years 4.5 years Current Yield (3) 1.19% 1.19% Student Loan Auction Rate Securities 300 21 279 Discounted Cash Flow Discount Rate (5) 2.49% 2.49% Duration 7.0 years 7.0 years Current Yield (3) 1.43% 1.43% Other (7) 3,625 422 3,203 Secondary Market Trading Activity Observable trades in inactive market for in portfolio securities 88.36% of par 88.36% of par $ 90,700 $ 1,599 $ 89,101 Auction Rate Securities Commitments to Purchase (6) Auction Rate Preferred Securities $ 6,372 $ (911 ) $ 7,283 Discounted Cash Flow Discount Rate (2) 0.94% to 1.29% 1.11% Duration 4.0 years 4.0 years Current Yield (3) 0.77% 0.77% Auction Rate Preferred Securities 20,495 142 20,353 Discounted Cash Flow Discount Rate (2) 0.94% to 1.29% 1.11% Duration 4.0 years 4.0 years Current Yield (3) 0.77% 0.77% $ 26,867 $ (769 ) $ 27,636 Total $ 117,567 $ 830 $ 116,737 (1) Principal amount represents the par value of the ARS and is included in securities owned in the condensed consolidated balance sheet at June 30, 2016 . The valuation adjustment amount is included as a reduction to securities owned in the condensed consolidated balance sheet at June 30, 2016 . (2) Derived by applying a multiple to the spread between 110% to 150% to the U.S. Treasury rate of 0.86% . (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 0.94% . (5) Derived by applying the sum of the spread of 1.20% to the U.S. Treasury rate of 1.29% . (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 June 30, 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 June 30, 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 June 30, 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 June 30, 2016 , the Company had a valuation adjustment (unrealized loss) of $1.6 million for ARS owned which is included as a reduction to securities owned on the condensed consolidated balance sheet. As of June 30, 2016 , the Company also had a net valuation adjustment (unrealized gain) of $769,000 on ARS purchase commitments from settlements with the Regulators and legal settlements and awards, comprised of unrealized gains of $911,000 and unrealized losses of $142,000 , which are included in other assets and accounts payable and other liabilities, respectively, on the condensed consolidated balance sheet. The total valuation adjustment was $830,000 as of June 30, 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 June 30, 2016 : (Expressed in thousands) Fair Value Unfunded Commitments Redemption Frequency Redemption Notice Period Hedge funds (1) $ 2,614 $ — Quarterly - Annually 30 - 120 Days Private equity funds (2) 4,629 1,251 N/A N/A $ 7,243 $ 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, and OMHHF Chief Operating Officer, 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 June 30, 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 June 30, 2016 (Expressed in thousands) Fair Value Measurements at June 30, 2016 Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 22,156 $ — $ — $ 22,156 Deposits with clearing organizations 22,975 — — 22,975 Securities owned: U.S. Treasury securities (1) 593,897 — — 593,897 U.S. Agency securities 4,515 18,387 — 22,902 Sovereign obligations — 32 — 32 Corporate debt and other obligations — 40,311 — 40,311 Mortgage and other asset-backed securities — 3,875 — 3,875 Municipal obligations — 106,636 25 106,661 Convertible bonds — 56,582 — 56,582 Corporate equities 38,612 — — 38,612 Money markets 495 — — 495 Auction rate securities — — 89,101 89,101 Securities owned, at fair value 637,519 225,823 89,126 952,468 Investments (2) — — 158 158 Loans held for sale (3) — 1,743 — 1,743 Derivative contracts: TBAs — 1,296 — 1,296 Interest rate lock commitments — — 13,453 13,453 ARS purchase commitments — — 911 911 Derivative contracts, total — 1,296 14,364 15,660 Total $ 682,650 $ 228,862 $ 103,648 $ 1,015,160 Liabilities Securities sold, but not yet purchased: U.S. Treasury securities 179,554 $ — $ — $ 179,554 U.S. Agency securities — 8 — 8 Corporate debt and other obligations — 23,811 — 23,811 Mortgage and other asset-backed securities — 27 — 27 Convertible bonds — 12,505 — 12,505 Corporate equities 43,127 — — 43,127 Securities sold, but not yet purchased, at fair value 222,681 36,351 — 259,032 Derivative contracts: Futures 950 — — 950 Foreign currency forward contracts 6 — — 6 TBAs — 12,507 — 12,507 ARS purchase commitments — — 142 142 Derivative contracts, total 956 12,507 142 13,605 Total $ 223,637 $ 48,858 $ 142 $ 272,637 (1) $562,000 is included in assets held for sale on the condensed consolidated balance sheet. See Note 3 for details. (2) Included in other assets on the condensed consolidated balance sheet. (3) Included in assets held for sale on the condensed consolidated balance sheet. See Note 3 for details. 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 (1) 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 (2) — — 157 157 Loans held for sale (3) — 60,234 — 60,234 Securities purchased under agreements to resell (4) — 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) $562,000 is included in assets held for sale on the condensed consolidated balance sheet. See Note 3 for details. (2) Included in other assets on the condensed consolidated balance sheet. (3) Included in assets held for sale on the condensed consolidated balance sheet. See Note 3 for details. (4) 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 and six months ended June 30, 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 June 30, 2016 and 2015 : (Expressed in thousands) Level 3 Assets and Liabilities For the Three Months Ended June 30, 2016 Total Realized and Unrealized Beginning Gains Purchases Sales and Transfers Ending Balance (Losses) (4)(5) and Issuances Settlements In (Out) Balance Assets Municipals $ 85 $ 2 $ — $ (62 ) $ — $ 25 Auction rate securities (1)(6)(7) 84,185 1,341 5,000 (1,425 ) — 89,101 Interest rate lock commitments (2) 14,024 (571 ) — — — 13,453 Investments 161 (3 ) — — — 158 ARS purchase commitments (3) 1,540 (629 ) — — — 911 Liabilities ARS purchase commitments (3) 559 417 — — — 142 (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 June 30, 2015 Total Realized and Unrealized Beginning Gains Purchases Sales and Transfers Ending Balance (Losses) (4)(5) and Issuances Settlements In (Out) Balance Assets Municipals $ 104 $ (22 ) $ — $ (20 ) $ — $ 62 Auction rate securities (1)(6)(7) 99,057 (998 ) 2,500 (175 ) — 100,384 Interest rate lock commitments (2) 11,424 (6,364 ) — — — 5,060 Investments 184 31 — — — 215 Liabilities Interest rate lock commitments (2) 544 (139 ) — — — 683 ARS purchase commitments (3) 797 (237 ) — — — 1,034 (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. The following tables present changes in Level 3 assets and liabilities measured at fair value on a recurri

Collateralized Transactions

Collateralized Transactions	6 Months Ended
	Jun. 30, 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 June 30, 2016 , bank call loans were $151.9 million ( $100.2 million at December 31, 2015 ). At June 30, 2016 , such loans were collateralized by firm and customer securities with market values of approximately $173.0 million and $171.6 million , respectively, with commercial banks. At June 30, 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 $96.3 million under securities loan agreements. At June 30, 2016 , the Company had pledged $343.1 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 June 30, 2016 : (Expressed in thousands) Overnight and Open Repurchase agreements: U.S. Treasury and Agency securities $ 665,135 Securities loaned: Equity securities 125,548 Gross amount of recognized liabilities for repurchase agreements and securities loaned $ 790,683 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 June 30, 2016 and December 31, 2015 : As of June 30, 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 $ 232,223 $ (232,223 ) $ — $ — $ — $ — Securities borrowed (1) 216,419 — 216,419 (210,012 ) — 6,407 Total $ 448,642 $ (232,223 ) $ 216,419 $ (210,012 ) $ — $ 6,407 (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 $ 665,135 $ (232,223 ) $ 432,912 $ (425,411 ) $ — $ 7,501 Securities loaned (2) 125,548 — 125,548 (123,587 ) — 1,961 Total $ 790,683 $ (232,223 ) $ 558,460 $ (548,998 ) $ — $ 9,462 (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 June 30, 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 June 30, 2016 , the fair value of securities received as collateral under securities borrowed transactions and reverse repurchase agreements was $211.1 million ( $217.0 million at December 31, 2015 ) and $232.4 million ( $278.8 million at December 31, 2015 ), respectively, of which the Company has sold and re-pledged approximately $26.2 million ( $36.0 million at December 31, 2015 ) under securities loaned transactions and $232.4 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 $657.5 million , as presented on the face of the condensed consolidated balance sheet at June 30, 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 $173.0 million at June 30, 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 June 30, 2016 are receivables from two major U.S. broker-dealers totaling approximately $107.9 million . Warehouse Facilities The Company reached an agreement with RBS Citizens, NA ("Citizens") that was announced in July 2012, whereby the Company, through OPY Credit Corp., will introduce lending opportunities to Citizens, which Citizens can elect to accept and in which the Company will participate in the fees earned from any related commitment by Citizens. The Company can also in certain circumstances assume a portion of Citizen's syndication and lending risk under such loans, and if it does so it shall be obligated to secure such obligations via a cash deposit determined through risk-based formulas. Neither the Company nor Citizens is obligated to make any specific loan or to commit any minimum amount of lending capacity to the relationship. The agreement also calls for Citizens and the Company at their option to jointly participate in the arrangement of various loan syndications. At June 30, 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 June 30, 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 June 30, 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 historically 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 liabilities held for sale 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 June 30, 2016 , OMHHF had $1.5 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 and six months ended June 30, 2016 and was $159,000 and $359,000 , respectively ( $385,000 and $510,000 , respectively, for the three and six months ended June 30, 2015). As discussed in Note 6, 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")	6 Months Ended
	Jun. 30, 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 June 30, 2016 and December 31, 2015 : (Expressed in thousands) At June 30, 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 $ 320,101 $ 656 $ — $ — $ 656 Private equity funds 37,100 15 — 2 17 Total $ 357,201 $ 671 $ — $ 2 $ 673 (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	6 Months Ended
	Jun. 30, 2016
Transfers and Servicing [Abstract]
Commercial Mortgage Banking	Commercial mortgage banking The Commercial Mortgage Banking segment, which operates out of OMHHF, became a discontinued operation during second quarter of 2016. See Note 3 for further details. 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 $5.3 million and $6.5 million for the three and six months ended June 30, 2016 , respectively ( $7.8 million and $16.0 million for the three and six months ended June 30, 2015 , respectively). Funding Commitments OMHHF provides its clients with commitments to fund FHA-insured permanent or constructions loans. Upon providing these commitments to fund, OMHHF enters into TBA sale contracts directly or indirectly with counterparties to offset its exposures related to these funding commitments. See Note 6, 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 $27.6 million at June 30, 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 June 30, 2016 was approximately $15.7 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 June 30, 2016 and December 31, 2015 was as follows: (Expressed in thousands) As of June 30, 2016 As of December 31, 2015 Unpaid principal balance of loans $ 196,726 $ 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 6, Fair value measurements, for more information. The fair value of the servicing rights on the loan portfolio was $6.2 million and $41.8 million at June 30, 2016 and December 31, 2015 , respectively (carrying value of $2.0 million and $28.2 million at June 30, 2016 and December 31, 2015 , respectively). The following tables summarize the changes in carrying value of MSRs for the six months ended June 30, 2016 and 2015 : (Expressed in thousands) For the Six Months Ended June 30, 2016 2015 Balance at beginning of period $ 28,168 $ 30,140 Originations 2,311 3,491 Purchases 478 653 Disposals (1,753 ) — Sale of MSRs (25,987 ) (4,569 ) Amortization expense (1,224 ) (495 ) Balance at end of period $ 1,993 $ 29,220 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 $ 97 $ 19 $ 116 2017 195 37 232 2018 195 37 232 2019 195 37 232 2020 195 37 232 Thereafter 791 158 949 $ 1,668 $ 325 $ 1,993 The Company receives fees during the course of servicing the mortgage loans. The fees for the three and six months ended June 30, 2016 and 2015 were as follows: (Expressed in thousands) For the Three Months Ended June 30, For the Six Months Ended June 30, 2016 2015 2016 2015 Servicing fees $ 1,409 $ 1,454 $ 2,864 $ 2,921 Ancillary fees 49 93 154 194 Total MSR fees $ 1,458 $ 1,547 $ 3,018 $ 3,115

Long-term Debt

Long-term Debt	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Long-term Debt	Long-term debt (Expressed in thousands) Issued Maturity Date At June 30, 2016 At December 31, 2015 Senior Secured Notes 4/15/2018 $ 150,000 $ 150,000 Unamortized Debt Issuance Costs 890 1,132 $ 149,110 $ 148,868 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 June 30, 2016 , the Company was in compliance with all of its covenants. As discussed in Note 3, "Discontinued operations", the Company has sold most of the assets of its Commercial Mortgage Banking business which operates out of its OMHHF subsidiary. Under the indenture for the Notes, OMHHF is a restricted subsidiary and the Company has pledged its equity interests in OMHHF as collateral for the Notes. Net proceeds received by the Company and restricted subsidiaries from asset sales must either be used within twelve months from the date to make an offer to repurchase the Notes or to make an investment in Replacement Assets, as defined in the indenture, or if any such proceeds are not so applied, and the total thereof is at least $15.0 million , the Company must offer to purchase Notes at par with an aggregate principal amount equal to the amount of such proceeds. Interest expense for both the three and six months ended June 30, 2016 and 2015 on the Notes was $3.3 million and $6.6 million , respectively.

Share Capital

Share Capital	6 Months Ended
	Jun. 30, 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 June 30, For the Six Months Ended June 30, 2016 2015 2016 2015 Class A Stock outstanding, beginning of period 13,263,532 13,634,831 13,238,486 13,530,688 Issued pursuant to shared-based compensation plans 7,163 15,318 272,483 119,461 Repurchased and canceled pursuant to the stock buy-back (10,980 ) — (251,254 ) — Class A Stock outstanding, end of period 13,259,715 13,650,149 13,259,715 13,650,149 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 and six months ended June 30, 2016 , the Company purchased and canceled an aggregate of 10,980 and 251,254 shares of Class A Stock, respectively, for a total consideration of $163,900 ( $14.93 per share) and $3.8 million ( $15.12 per share), respectively, under the New Program. As of June 30, 2016 , 318,864 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	6 Months Ended
	Jun. 30, 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 $54.0 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 June 30, 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 June 30, 2016 , the Company purchased and holds (net of redemptions) approximately $90.7 million in ARS from its clients. In addition, the Company is committed to purchase another $26.9 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 $34.3 million of ARS principal value as of June 30, 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 June 30, 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 June 30, 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. For several quarters, Oppenheimer has been responding to information requests from FINRA regarding the sale of leveraged and inverse exchange traded funds ("ETFs"). On June 7, 2016, Oppenheimer entered into a settlement with FINRA of its inquiry pursuant to which Oppenheimer consented to a censure and to pay a fine of $2.3 million and to pay restitution to eligible clients of approximately $717,000 . All amounts due under the settlement had been previously accrued.

Regulatory Requirements

Regulatory Requirements	6 Months Ended
	Jun. 30, 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 June 30, 2016 , the net capital of Oppenheimer as calculated under the Rule was $120.5 million or 11.05% of Oppenheimer's aggregate debit items. This was $98.7 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 June 30, 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 June 30, 2016 , the capital required and held under CRD IV was as follows: • Common Equity Tier 1 ratio 10.72% (required 4.5% ); • Tier 1 Capital ratio 10.72% (required 6.0% ); and • Total Capital ratio 12.14% (required 8.0% ). At June 30, 2016 , the regulatory capital of Oppenheimer Investments Asia Limited was $1.9 million , which was $1.5 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	6 Months Ended
	Jun. 30, 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; 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 Commercial Mortgage Banking segment became a discontinued segment during second quarter of 2016. See Note 3 for further details. The table below presents information about the reported revenue and net income before taxes from continuing operations of the Company for the three and six months ended June 30, 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 June 30, For the Six Months Ended June 30, 2016 2015 2016 2015 Revenue Private client (1) $ 121,358 $ 133,783 $ 248,902 $ 273,715 Asset management (1) 22,770 25,344 45,744 49,805 Capital markets 65,524 69,531 126,589 141,697 Corporate/Other 2,422 (699 ) 5,795 (83 ) Total $ 212,074 $ 227,959 $ 427,030 $ 465,134 Income (loss) before income taxes from c ontinuing operations Private client (1) $ 14,345 $ 13,402 $ 30,662 $ 30,159 Asset management (1) 5,703 7,801 12,471 15,687 Capital markets 4,045 3,623 (2,753 ) 10,358 Corporate/Other (29,339 ) (25,927 ) (52,966 ) (51,491 ) Total $ (5,246 ) $ (1,101 ) $ (12,586 ) $ 4,713 (1) Asset management fees are allocated 22.5% to the Asset Management and 77.5% to the Private Client segments. Revenue, from continuing operations, classified by the major geographic areas in which it was earned for the three and six months ended June 30, 2016 and 2015 , was as follows: (Expressed in thousands) For the Three Months Ended June 30, For the Six Months Ended June 30, 2016 2015 2016 2015 Americas $ 202,821 $ 218,748 $ 406,290 $ 443,393 Europe/Middle East 8,440 8,332 19,032 19,304 Asia 813 879 1,708 2,437 Total $ 212,074 $ 227,959 $ 427,030 $ 465,134

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2016
Subsequent Events [Abstract]
Subsequent Events	Subsequent events On July 21, 2016, the Company, through its OMHHF subsidiary, entered into an agreement with Berkeley Point Capital LLC to sell its entire portfolio of construction loans including the associated servicing rights for cash consideration of $3.7 million . On July 29, 2016 , the Company announced a quarterly dividend in the amount of $0.11 per share, payable on August 26, 2016 to holders of Class A Stock and Class B Stock of record on August 12, 2016 .

Condensed Consolidating Financi

Condensed Consolidating Financial Information	6 Months Ended
	Jun. 30, 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 10. 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 JUNE 30, 2016 (Expressed in thousands) Parent Guarantor subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated ASSETS Cash and cash equivalents $ 606 $ 525 $ 106,406 $ — $ 107,537 Deposits with clearing organizations — — 42,910 — 42,910 Receivable from brokers, dealers and clearing organizations — — 315,308 — 315,308 Receivable from customers, net of allowance for credit losses of $2,543 — — 780,670 — 780,670 Income tax receivable 39,056 27,984 — (49,506 ) 17,534 Securities owned, including amounts pledged of $657,527, at fair value — 1,261 950,645 — 951,906 Notes receivable, net of accumulated amortization and allowance for uncollectibles of $61,671 and $8,062, respectively — — 33,012 — 33,012 Office facilities, net of accumulated depreciation of $107,810 — 21,274 6,606 — 27,880 Assets held for sale — — 21,764 — 21,764 Subordinated loan receivable — 112,558 — (112,558 ) — Intangible assets — — 31,700 — 31,700 Goodwill — — 137,889 — 137,889 Other assets 100 2,502 105,017 — 107,619 Deferred tax assets 48 309 39,147 (39,504 ) — Investment in subsidiaries 582,743 522,841 — (1,105,584 ) — Intercompany receivables 45,929 29,362 — (75,291 ) — Total assets $ 668,482 $ 718,616 $ 2,571,074 $ (1,382,443 ) $ 2,575,729 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities Drafts payable $ — $ — $ 26,759 $ — $ 26,759 Bank call loans — — 151,900 — 151,900 Payable to brokers, dealers and clearing organizations — — 172,362 — 172,362 Payable to customers — — 596,441 — 596,441 Securities sold under agreements to repurchase — — 432,912 — 432,912 Securities sold, but not yet purchased, at fair value — — 259,032 — 259,032 Liabilities held for sale — — 36,490 — 36,490 Accrued compensation — — 108,097 — 108,097 Accounts payable and other liabilities 3,020 35,089 72,258 — 110,367 Income tax payable 2,440 22,189 24,877 (49,506 ) — Senior secured notes, net of debt issuance costs of $890 149,110 — — — 149,110 Subordinated indebtedness — — 112,558 (112,558 ) — Deferred tax liabilities, net of deferred tax assets of $61,198 — 10 49,641 (39,504 ) 10,147 Intercompany payables — 62,204 13,087 (75,291 ) — Total liabilities 154,570 119,492 2,056,414 (276,859 ) 2,053,617 Stockholders' equity Stockholders' equity attributable to Oppenheimer Holdings Inc. 513,912 599,124 506,460 (1,105,584 ) 513,912 Noncontrolling interest — — 8,200 — 8,200 Total stockholders' equity 513,912 599,124 514,660 (1,105,584 ) 522,112 Total liabilities and stockholders' equity $ 668,482 $ 718,616 $ 2,571,074 $ (1,382,443 ) $ 2,575,729 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 — — 365,791 — 365,791 Receivable from customers, net of allowance for credit losses of $2,545 — — 840,355 — 840,355 Income tax receivable 33,801 27,536 — (49,106 ) 12,231 Securities purchased under agreements to resell — — 206,499 — 206,499 Securities owned, including amounts pledged of $546,334, at fair value — 1,183 733,648 — 734,831 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 $104,812 — 20,793 7,492 — 28,285 Assets held for sale — — 99,881 — 99,881 Subordinated loan receivable — 112,558 — (112,558 ) — Intangible assets — — 31,700 — 31,700 Goodwill — — 137,889 — 137,889 Other assets 69 3,224 91,546 — 94,839 Deferred tax assets 317 330 40,456 (41,103 ) — Investment in subsidiaries 577,320 532,651 — (1,109,971 ) — Intercompany receivables 60,187 13,185 — (73,372 ) — Total assets $ 672,601 $ 714,046 $ 2,697,467 $ (1,386,110 ) $ 2,698,004 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 Liabilities held for sale — — 74,680 — 74,680 Accrued compensation — — 149,092 — 149,092 Accounts payable and other liabilities 3,235 35,812 69,590 — 108,637 Income tax payable 2,440 22,189 24,477 (49,106 ) — Senior secured notes, net of debt issuance costs of $1,132 148,868 — — — 148,868 Subordinated indebtedness — — 112,558 (112,558 ) — Deferred tax liabilities, net of deferred tax assets of $63,481 — — 47,220 (41,103 ) 6,117 Intercompany payables — 62,204 11,168 (73,372 ) — Total liabilities 154,543 120,205 2,174,313 (276,139 ) 2,172,922 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 $ 2,697,467 $ (1,386,110 ) $ 2,698,004 OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE THREE MONTHS ENDED JUNE 30, 2016 (Expressed in thousands) Parent Guarantor subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated REVENUES Commissions $ — $ — $ 92,591 $ — $ 92,591 Advisory fees — — 66,511 (407 ) 66,104 Investment banking — — 18,881 — 18,881 Interest — 2,556 12,016 (2,565 ) 12,007 Principal transactions, net — 22 7,555 — 7,577 Other — 81 14,913 (80 ) 14,914 Total revenue — 2,659 212,467 (3,052 ) 212,074 EXPENSES Compensation and related expenses 356 — 141,365 — 141,721 Communications and technology 34 — 17,604 — 17,638 Occupancy and equipment costs — — 15,064 (80 ) 14,984 Clearing and exchange fees — — 6,199 — 6,199 Interest 3,282 — 4,255 (2,565 ) 4,972 Other 523 2 31,688 (407 ) 31,806 Total expenses 4,195 2 216,175 (3,052 ) 217,320 Income (loss) before income taxes (4,195 ) 2,657 (3,708 ) — (5,246 ) Income taxes (3,272 ) 999 (354 ) — (2,627 ) Net income (loss) from continuing operations (923 ) 1,658 (3,354 ) — (2,619 ) Discontinued operations Income from discontinued operations — — 15,366 — 15,366 Income taxes — — 6,036 — 6,036 Net income from discontinued operations — — 9,330 — 9,330 Equity in earnings of subsidiaries 6,111 4,453 — (10,564 ) — Net income 5,188 6,111 5,976 (10,564 ) 6,711 Less net income attributable to noncontrolling interest, net of tax — — 1,523 — 1,523 Net income attributable to Oppenheimer Holdings Inc. 5,188 6,111 4,453 (10,564 ) 5,188 Other comprehensive loss — — (654 ) — (654 ) Total comprehensive income $ 5,188 $ 6,111 $ 3,799 $ (10,564 ) $ 4,534 OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2016 (Expressed in thousands) Parent Guarantor subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated REVENUES Commissions $ — $ — $ 196,424 $ — $ 196,424 Advisory fees — — 132,890 (760 ) 132,130 Investment banking — — 31,264 — 31,264 Interest — 5,113 25,068 (5,132 ) 25,049 Principal transactions, net — 52 14,143 — 14,195 Other — 159 27,967 (158 ) 27,968 Total revenue — 5,324 427,756 (6,050 ) 427,030 EXPENSES Compensation and related expenses 743 — 289,473 — 290,216 Communications and technology 62 — 35,256 — 35,318 Occupancy and equipment costs — — 30,045 (158 ) 29,887 Clearing and exchange fees — — 13,120 — 13,120 Interest 6,563 — 8,408 (5,132 ) 9,839 Other 1,196 5 60,795 (760 ) 61,236 Total expenses 8,564 5 437,097 (6,050 ) 439,616 Income (loss) before income taxes (8,564 ) 5,319 (9,341 ) — (12,586 ) Income taxes (4,986 ) 2,003 (3,456 ) — (6,439 ) Net income (loss) from continuing operations (3,578 ) 3,316 (5,885 ) — (6,147 ) Discontinued operations Income from discontinued operations — — 14,709 — 14,709 Income taxes — — 5,760 — 5,760 Net income from discontinued operations — — 8,949 — 8,949 Equity in earnings of subsidiaries 4,919 1,603 — (6,522 ) — Net income 1,341 4,919 3,064 (6,522 ) 2,802 Less net income attributable to noncontrolling interest, net of tax — — 1,461 — 1,461 Net income attributable to Oppenheimer Holdings Inc. 1,341 4,919 1,603 (6,522 ) 1,341 Other comprehensive income — — 219 — 219 Total comprehensive income $ 1,341 $ 4,919 $ 1,822 $ (6,522 ) $ 1,560 OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE THREE MONTHS ENDED JUNE 30, 2015 (Expressed in thousands) Parent Guarantor subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated REVENUES Commissions $ — $ — $ 103,556 $ — $ 103,556 Advisory fees — — 72,654 (411 ) 72,243 Investment banking — — 29,020 — 29,020 Interest — 2,557 11,321 (2,565 ) 11,313 Principal transactions, net — — 3,571 (30 ) 3,541 Other — 96 8,266 (76 ) 8,286 Total revenue — 2,653 228,388 (3,082 ) 227,959 EXPENSES Compensation and related expenses 263 — 153,542 — 153,805 Communications and technology 42 — 16,265 — 16,307 Occupancy and equipment costs — — 15,987 (76 ) 15,911 Clearing and exchange fees — — 6,231 — 6,231 Interest 3,281 3,389 (2,565 ) 4,105 Other 258 45 32,839 (441 ) 32,701 Total expenses 3,844 45 228,253 (3,082 ) 229,060 Income (loss) before income taxes (3,844 ) 2,608 135 — (1,101 ) Income taxes (1,521 ) 923 998 — 400 Net income (loss) from continuing operations (2,323 ) 1,685 (863 ) — (1,501 ) Discontinued operations Income from discontinued operations — — 3,731 — 3,731 Income taxes — — 1,585 — 1,585 Net income from discontinued operations — — 2,146 — 2,146 Equity in earnings of subsidiaries 2,618 933 — (3,551 ) — Net income 295 2,618 1,283 (3,551 ) 645 Less net income attributable to noncontrolling interest, net of tax — — 350 — 350 Net income attributable to Oppenheimer Holdings Inc. 295 2,618 933 (3,551 ) 295 Other comprehensive income — — 1,317 — 1,317 Total comprehensive income $ 295 $ 2,618 $ 2,250 $ (3,551 ) $ 1,612 OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2015 (Expressed in thousands) Parent Guarantor subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated REVENUES Commissions $ — $ — $ 213,251 $ — $ 213,251 Advisory fees — — 144,074 (865 ) 143,209 Investment banking — — 56,325 — 56,325 Interest — 5,123 22,022 (5,129 ) 22,016 Principal transactions, net — — 12,122 (84 ) 12,038 Other — 191 18,255 (151 ) 18,295 Total revenue — 5,314 466,049 (6,229 ) 465,134 EXPENSES Compensation and related expenses 575 — 314,054 — 314,629 Communications and technology 67 — 33,312 — 33,379 Occupancy and equipment costs — — 31,763 (151 ) 31,612 Clearing and exchange fees — — 12,633 — 12,633 Interest 6,562 — 6,442 (5,129 ) 7,875 Other 546 113 60,583 (949 ) 60,293 Total expenses 7,750 113 458,787 (6,229 ) 460,421 Income (loss) before income taxes (7,750 ) 5,201 7,262 — 4,713 Income taxes (3,001 ) 1,770 3,786 — 2,555 Net income (loss) from continuing operations (4,749 ) 3,431 3,476 — 2,158 Discontinued operations Income from discontinued operations — — 7,768 — 7,768 Income taxes — — 3,160 — 3,160 Net income from discontinued operations — — 4,608 — 4,608 Equity in earnings of subsidiaries 10,763 7,332 — (18,095 ) — Net income 6,014 10,763 8,084 (18,095 ) 6,766 Less net income attributable to noncontrolling interest, net of tax — — 752 — 752 Net income attributable to Oppenheimer Holdings Inc. 6,014 10,763 7,332 (18,095 ) 6,014 Other comprehensive income — — 750 — 750 Total comprehensive income $ 6,014 $ 10,763 $ 8,082 $ (18,095 ) $ 6,764 OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2016 (Expressed in thousands) Parent Guarantor subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities: Cash provided by (used in) operating activities $ 7,191 $ (2,061 ) $ (45,845 ) $ — $ (40,715 ) Cash flows from investing activities: Purchase of office facilities — — (2,572 ) — (2,572 ) Proceeds from sale of assets — — 43,252 — 43,252 Cash provided by investing activities — — 40,680 — 40,680 Cash flows from financing activities: Cash dividends paid on Class A non-voting and Class B voting common stock (2,947 ) — — — (2,947 ) Repurchase of Class A non-voting common stock for cancellation (3,798 ) — — — (3,798 ) Tax deficiency from share-based awards (747 ) — — — (747 ) Increase in bank call loans, net — — 51,700 — 51,700 Cash flow provided by (used in) financing activities (7,492 ) — 51,700 — 44,208 Net increase (decrease) in cash and cash equivalents (301 ) (2,061 ) 46,535 — 44,173 Cash and cash equivalents, beginning of the period 907 2,586 59,871 — 63,364 Cash and cash equivalents, end of the period $ 606 $ 525 $ 106,406 $ — $ 107,537 OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2015 (Expressed in thousands) Parent Guarantor subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities: Cash provided by (used in) operating activities $ 2,883 $ 1,128 $ (130,399 ) $ — $ (126,388 ) Cash flows from investing activities: Purchase of office facilities — — (1,913 ) — (1,913 ) Cash used in investing activities — — (1,913 ) — (1,913 ) Cash flows from financing activities: Cash dividends paid on Class A non-voting and Class B voting common stock (3,023 ) — — — (3,023 ) Tax deficiency from share-based awards (270 ) — — — (270 ) Increase in bank call loans, net — — 118,100 — 118,100 Cash flow provided by (used in) financing activities (3,293 ) — 118,100 — 114,807 Net increase (decrease) in cash and cash equivalents (410 ) 1,128 (14,212 ) — (13,494 ) Cash and cash equivalents, beginning of the period 439 1,557 61,811 — 63,807 Cash and cash equivalents, end of the period $ 29 $ 2,685 $ 47,599 $ — $ 50,313

New Accounting Pronouncements (

New Accounting Pronouncements (Policies)	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
New Accounting Pronouncements	Recently Adopted 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 interim and annual reporting periods 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 interim and annual reporting periods 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 8, 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 interim and annual reporting periods 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 interim and 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 6, 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 provides amendments that defer the effective date of ASU 2014-09 by one year. In 2016, the FASB additionally issued ASU No. 2016-08-Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net); ASU No. 2016-10, "Identifying Performance Obligations and Licensing,"; and ASU 2016-12 Revenue from Contracts with Customers (Topic 606); Narrow-Scope Improvements and Practical Expedients. The amendments in these updates are effective either retrospectively to each prior reporting period presented, or as a cumulative-effect adjustment as of the date of adoption, during interim and annual periods beginning after December 15, 2017, with early adoption permitted beginning after December 15, 2016. The Company is currently assessing the impact of the adoption of this update on its financial condition, results of operations and cash flows, or disclosures thereto. 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 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 of the ASU and the adoption of the ASU will not have a material impact on its condensed consolidated financial statements. In June 16, 2016, the FASB issued ASU 2016-13, "Measurement of Credit Losses on Financial Instruments", which amends the FASB's guidance on the impairment of financial Instruments. The ASU adds to U.S. GAAP an impairment model ("current expected credit loss model"). Under this new guidance, an entity recognizes as an allowance its estimate of expected credit losses. The ASU is effective for the fiscal year beginning after December 15, 2019. The Company is currently evaluating the impact, if any, that the ASU will have on its condensed consolidated financial statements.

Discontinued Operations (Tables

Discontinued Operations (Tables)	6 Months Ended
	Jun. 30, 2016
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations	The following is a summary of the assets and liabilities of OMHHF as of June 30, 2016 and December 31, 2015: (Expressed in thousands) June 30, 2016 December 31, 2015 ASSETS Securities owned $ 562 $ 562 Loans held for sale 1,743 60,234 Mortgage servicing rights 1,993 28,168 Other assets 17,466 10,917 Total assets $ 21,764 $ 99,881 LIABILITIES Accounts payable and other liabilities $ 35,689 $ 64,124 Deferred tax liability 801 10,556 Total liabilities $ 36,490 $ 74,680 The following is a summary of revenue and expenses of OMHHF for the three and six months ended June 30, 2016 and 2015: (Expressed in thousands) For the Three Months Ended June 30, For the Six Months Ended June 30, 2016 2015 2016 2015 REVENUE Interest $ 472 $ 717 $ 809 $ 1,049 Principal transactions, net (1,541 ) (1,831 ) (6,628 ) 8,226 Gain on sale of assets 14,916 — 14,916 — Other 4,070 12,082 12,558 10,079 Total revenue 17,917 10,968 21,655 19,354 EXPENSES Compensation and related expenses 735 4,409 3,652 6,676 Communications and technology 59 100 161 196 Occupancy and equipment costs 286 74 362 150 Interest 159 399 380 540 Other 1,312 2,255 2,391 4,024 Total expenses 2,551 7,237 6,946 11,586 Income before income taxes $ 15,366 $ 3,731 $ 14,709 $ 7,768 Income attributable to noncontrolling interest before income taxes $ 2,508 $ 609 $ 2,401 $ 1,268 The following is a summary of cash flows of OMHHF for the three and six months ended June 30, 2016 and 2015: (Expressed in thousands) For the Six Months Ended June 30, 2016 2015 Cash provided by operating activities $ 5,624 $ 1,960 Cash provided by investing activities 43,252 — Cash used in financing activities (124 ) (124 ) Net increase in cash and cash equivalents $ 48,752 $ 1,836

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 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 June 30, For the Six Months Ended June 30, 2016 2015 2016 2015 Net income (loss) from continuing operations $ (2,619 ) $ (1,501 ) $ (6,147 ) $ 2,158 Net income from discontinued operations 9,330 2,146 8,949 4,608 Net income 6,711 645 2,802 6,766 Less net income attributable to noncontrolling interest, net of tax 1,523 350 1,461 752 Net income attributable to Oppenheimer Holdings Inc. $ 5,188 $ 295 $ 1,341 $ 6,014 Basic weighted average number of shares outstanding 13,367,248 13,745,957 13,373,537 13,725,208 Net dilutive effect of share-based awards, treasury method (1) — — — 617,266 Diluted weighted average number of shares outstanding 13,367,248 13,745,957 13,373,537 14,342,474 Basic earnings (loss) per share attributable to Oppenheimer Holdings Inc. Continuing operations $ (0.20 ) $ (0.11 ) $ (0.46 ) $ 0.16 Discontinued operations 0.59 0.13 0.56 0.28 Net earnings per share attributable to Oppenheimer Holdings Inc. $ 0.39 $ 0.02 $ 0.10 $ 0.44 Diluted earnings (loss) per share attributable to Oppenheimer Holdings Inc. Continuing operations $ (0.20 ) $ (0.11 ) $ (0.46 ) $ 0.15 Discontinued operations 0.59 0.13 0.56 0.27 Net earnings per share attributable to Oppenheimer Holdings Inc. $ 0.39 $ 0.02 $ 0.10 $ 0.42 (1) For both the three and six months ended June 30, 2016 , the diluted earnings per share computation does not include the anti-dilutive effect of 1,271,124 shares of Class A Stock granted under share-based compensation arrangements ( 1,312,760 and 40,309 , respectively, for the three and six months ended June 30, 2015 ).

Receivable from and Payable t28

Receivable from and Payable to Brokers, Dealers and Clearing Organizations (Tables)	6 Months Ended
	Jun. 30, 2016
Brokers and Dealers [Abstract]
Schedule of Receivable from and Payable to Brokers, Dealers and Clearing Organizations	(Expressed in thousands) As of June 30, 2016 December 31, 2015 Receivable from brokers, dealers and clearing organizations consist of: Securities borrowed $ 216,419 $ 224,672 Receivable from brokers 42,763 49,458 Securities failed to deliver 17,541 7,799 Clearing organizations 24,669 25,030 Other 13,916 58,832 Total $ 315,308 $ 365,791 Payable to brokers, dealers and clearing organizations consist of: Securities loaned $ 125,548 $ 130,658 Payable to brokers 1,068 3,316 Securities failed to receive 23,491 21,513 Other 22,255 9,059 Total $ 172,362 $ 164,546

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2016 As of December 31, 2015 Owned (1) Sold Owned (1) Sold U.S. treasury, agency and sovereign obligations $ 616,831 $ 179,562 $ 509,614 $ 77,485 Corporate debt and other obligations 40,311 23,811 16,138 1,652 Mortgage and other asset-backed securities 3,875 27 3,504 27 Municipal obligations 106,661 — 30,132 — Convertible bonds 56,582 12,505 54,693 5,951 Corporate equities 38,612 43,127 34,475 41,378 Money markets 495 — 35 — Auction rate securities 89,101 — 86,802 — Total $ 952,468 $ 259,032 $ 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 June 30, 2016 Product Principal Valuation Adjustment Fair Value Valuation Technique Unobservable Input Range Weighted Average Auction Rate Securities ("ARS") Owned (1) Auction Rate Preferred Securities $ 86,750 $ 1,156 $ 85,594 Discounted Cash Flow Discount Rate (2) 0.94% to 1.29% 1.11% Duration 4.0 years 4.0 years Current Yield (3) 0.77% 0.77% Municipal Auction Rate Securities 25 — 25 Discounted Cash Flow Discount Rate (4) 1.64% 1.64% Duration 4.5 years 4.5 years Current Yield (3) 1.19% 1.19% Student Loan Auction Rate Securities 300 21 279 Discounted Cash Flow Discount Rate (5) 2.49% 2.49% Duration 7.0 years 7.0 years Current Yield (3) 1.43% 1.43% Other (7) 3,625 422 3,203 Secondary Market Trading Activity Observable trades in inactive market for in portfolio securities 88.36% of par 88.36% of par $ 90,700 $ 1,599 $ 89,101 Auction Rate Securities Commitments to Purchase (6) Auction Rate Preferred Securities $ 6,372 $ (911 ) $ 7,283 Discounted Cash Flow Discount Rate (2) 0.94% to 1.29% 1.11% Duration 4.0 years 4.0 years Current Yield (3) 0.77% 0.77% Auction Rate Preferred Securities 20,495 142 20,353 Discounted Cash Flow Discount Rate (2) 0.94% to 1.29% 1.11% Duration 4.0 years 4.0 years Current Yield (3) 0.77% 0.77% $ 26,867 $ (769 ) $ 27,636 Total $ 117,567 $ 830 $ 116,737 (1) Principal amount represents the par value of the ARS and is included in securities owned in the condensed consolidated balance sheet at June 30, 2016 . The valuation adjustment amount is included as a reduction to securities owned in the condensed consolidated balance sheet at June 30, 2016 . (2) Derived by applying a multiple to the spread between 110% to 150% to the U.S. Treasury rate of 0.86% . (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 0.94% . (5) Derived by applying the sum of the spread of 1.20% to the U.S. Treasury rate of 1.29% . (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 June 30, 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 June 30, 2016 : (Expressed in thousands) Fair Value Unfunded Commitments Redemption Frequency Redemption Notice Period Hedge funds (1) $ 2,614 $ — Quarterly - Annually 30 - 120 Days Private equity funds (2) 4,629 1,251 N/A N/A $ 7,243 $ 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 June 30, 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 June 30, 2016 (Expressed in thousands) Fair Value Measurements at June 30, 2016 Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 22,156 $ — $ — $ 22,156 Deposits with clearing organizations 22,975 — — 22,975 Securities owned: U.S. Treasury securities (1) 593,897 — — 593,897 U.S. Agency securities 4,515 18,387 — 22,902 Sovereign obligations — 32 — 32 Corporate debt and other obligations — 40,311 — 40,311 Mortgage and other asset-backed securities — 3,875 — 3,875 Municipal obligations — 106,636 25 106,661 Convertible bonds — 56,582 — 56,582 Corporate equities 38,612 — — 38,612 Money markets 495 — — 495 Auction rate securities — — 89,101 89,101 Securities owned, at fair value 637,519 225,823 89,126 952,468 Investments (2) — — 158 158 Loans held for sale (3) — 1,743 — 1,743 Derivative contracts: TBAs — 1,296 — 1,296 Interest rate lock commitments — — 13,453 13,453 ARS purchase commitments — — 911 911 Derivative contracts, total — 1,296 14,364 15,660 Total $ 682,650 $ 228,862 $ 103,648 $ 1,015,160 Liabilities Securities sold, but not yet purchased: U.S. Treasury securities 179,554 $ — $ — $ 179,554 U.S. Agency securities — 8 — 8 Corporate debt and other obligations — 23,811 — 23,811 Mortgage and other asset-backed securities — 27 — 27 Convertible bonds — 12,505 — 12,505 Corporate equities 43,127 — — 43,127 Securities sold, but not yet purchased, at fair value 222,681 36,351 — 259,032 Derivative contracts: Futures 950 — — 950 Foreign currency forward contracts 6 — — 6 TBAs — 12,507 — 12,507 ARS purchase commitments — — 142 142 Derivative contracts, total 956 12,507 142 13,605 Total $ 223,637 $ 48,858 $ 142 $ 272,637 (1) $562,000 is included in assets held for sale on the condensed consolidated balance sheet. See Note 3 for details. (2) Included in other assets on the condensed consolidated balance sheet. (3) Included in assets held for sale on the condensed consolidated balance sheet. See Note 3 for details. 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 (1) 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 (2) — — 157 157 Loans held for sale (3) — 60,234 — 60,234 Securities purchased under agreements to resell (4) — 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) $562,000 is included in assets held for sale on the condensed consolidated balance sheet. See Note 3 for details. (2) Included in other assets on the condensed consolidated balance sheet. (3)
Changes in Level 3 Assets and Liabilities Measured at Fair Value on Recurring Basis	(Expressed in thousands) Level 3 Assets and Liabilities For the Three Months Ended June 30, 2016 Total Realized and Unrealized Beginning Gains Purchases Sales and Transfers Ending Balance (Losses) (4)(5) and Issuances Settlements In (Out) Balance Assets Municipals $ 85 $ 2 $ — $ (62 ) $ — $ 25 Auction rate securities (1)(6)(7) 84,185 1,341 5,000 (1,425 ) — 89,101 Interest rate lock commitments (2) 14,024 (571 ) — — — 13,453 Investments 161 (3 ) — — — 158 ARS purchase commitments (3) 1,540 (629 ) — — — 911 Liabilities ARS purchase commitments (3) 559 417 — — — 142 (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 June 30, 2015 Total Realized and Unrealized Beginning Gains Purchases Sales and Transfers Ending Balance (Losses) (4)(5) and Issuances Settlements In (Out) Balance Assets Municipals $ 104 $ (22 ) $ — $ (20 ) $ — $ 62 Auction rate securities (1)(6)(7) 99,057 (998 ) 2,500 (175 ) — 100,384 Interest rate lock commitments (2) 11,424 (6,364 ) — — — 5,060 Investments 184 31 — — — 215 Liabilities Interest rate lock commitments (2) 544 (139 ) — — — 683 ARS purchase commitments (3) 797 (237 ) — — — 1,034 (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. The following tables present changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the six months ended June 30, 2016 and 2015 : (Expressed in thousands) Level 3 Assets and Liabilities For the Six Months Ended June 30, 2016 Total Realized Beginning and Unrealized Purchases Sales and Transfers Ending Balance Gains (4)(5) and Issuances Settlements In (Out) Balance Assets Municipals $ 81 $ 6 $ — $ (62 ) $ — $ 25 Auction rate securities (1)(6)(7) 86,802 3,574 11,775 (13,050 ) — 89,101 Interest rate lock commitments (2) 9,161 4,292 — — — 13,453 Investments 157 1 — — — 158 ARS purchase commitments (3) — 911 — — — 911 Liabilities Interest rate lock commitments (2) 923 923 — — — — ARS purchase commitments (3) 1,369 1,227 — — — 142 (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 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 Six Months Ended June 30, 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 $ (82 ) $ — $ (20 ) $ — $ 62 Auction rate securities (1)(6)(7) 91,422 (63 ) 10,725 (1,700 ) — 100,384 Interest rate lock commitments (2) 7,576 (2,516 ) — — — 5,060 Investments 193 22 — — — 215 Liabilities Interest rate lock commitments (2) 1,222 539 — — — 683 ARS purchase commitments (3) 902 (132 ) — — — 1,034 (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 June 30, 2016 (Expressed in thousands) Fair Value Measurement: Assets As of June 30, 2016 As of June 30, 2016 Carrying Value Fair Value Level 1 Level 2 Level 3 Total Cash $ 85,381 $ 85,381 $ 85,381 $ — $ — $ 85,381 Deposits with clearing organization 19,935 19,935 19,935 — — 19,935 Receivable from brokers, dealers and clearing organizations: Securities borrowed 216,419 216,419 — 216,419 — 216,419 Receivables from brokers 42,763 42,763 — 42,763 — 42,763 Securities failed to deliver 17,541 17,541 — 17,541 — 17,541 Clearing organizations 24,669 24,669 — 24,669 — 24,669 Other 13,916 13,916 — 13,916 — 13,916 315,308 315,308 — 315,308 — 315,308 Receivable from customers 780,670 780,670 — 780,670 — 780,670 Mortgage servicing rights (1) 1,993 6,170 — — 6,170 6,170 Investments (2) 53,941 53,941 — 53,941 — 53,941 (1) Included in assets held for sale on the condensed consolidated balance sheet. See Note 3 for details. (2) Included in other assets on the condensed consolidated balance sheet. (Expressed in thousands) Fair Value Measurement: Liabilities As of June 30, 2016 As of June 30, 2016 Carrying Value Fair Value Level 1 Level 2 Level 3 Total Drafts payable $ 26,759 $ 26,759 $ 26,759 $ — $ — $ 26,759 Bank call loans 151,900 151,900 — 151,900 — 151,900 Payables to brokers, dealers and clearing organizations: Securities loaned 125,548 125,548 — 125,548 — 125,548 Payable to brokers 1,068 1,068 — 1,068 — 1,068 Securities failed to receive 23,491 23,491 — 23,491 — 23,491 Other 22,255 22,255 — 22,255 — 22,255 172,362 172,362 — 172,362 — 172,362 Payables to customers 596,441 596,441 — 596,441 — 596,441 Securities sold under agreements to repurchase 432,912 432,912 — 432,912 — 432,912 Warehouse payable (1) 1,486 1,486 — 1,486 — 1,486 Senior secured notes 150,000 152,345 — 152,345 — 152,345 (1) Included in liabilities held for sale on the condensed consolidated balance sheet. See Note 3 for details. 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 58,832 58,832 — 58,832 — 58,832 365,791 365,791 — 365,791 — 365,791 Receivable from customers 840,355 840,355 — 840,355 — 840,355 Mortgage servicing rights (1) 28,168 41,838 — — 41,838 41,838 Investments (2) 53,286 53,286 — 53,286 — 53,286 (1) Included in assets held for sale on the condensed consolidated balance sheet. See Note 3 for details. (2) 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 (1) 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 June 30, 2016 and December 31, 2015 by product were as follows: (Expressed in thousands) Fair Value of Derivative Instruments at June 30, 2016 Description Notional Fair Value Assets Derivatives not designated as hedging instruments (1) Other contracts TBAs $ 134,400 $ 1,296 Interest rate lock commitments 186,205 13,453 ARS purchase commitments 6,372 911 $ 326,977 $ 15,660 Liabilities Derivatives not designated as hedging instruments (1) Commodity contracts Futures $ 4,503,000 $ 950 Other contracts Foreign exchange forward contracts 400 6 TBAs 134,400 1,309 TBA sale contracts 187,809 11,198 ARS purchase commitments 20,495 142 $ 4,846,104 $ 13,605 (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	(Expressed in thousands) The Effect of Derivative Instruments on the Statement of Operations For the Three Months Ended June 30, 2016 Recognized in Income on Derivatives (pre-tax) Types Description Location Gain (Loss) Commodity contracts Futures Principal transactions revenue $ (1,306 ) Other contracts Foreign exchange forward contracts Other revenue (6 ) TBAs Principal transactions revenue (4 ) TBA sale contracts Other revenue (228 ) Interest rate lock commitments Other revenue (571 ) ARS purchase commitments Principal transactions revenue (212 ) $ (2,327 ) (Expressed in thousands) The Effect of Derivative Instruments on the Statement of Operations For the Three Months Ended June 30, 2015 Recognized in Income on Derivatives (pre-tax) Types Description Location Gain (Loss) Commodity contracts Futures Principal transactions revenue $ (641 ) Other contracts Foreign exchange forward contracts Other revenue 28 TBAs Principal transactions revenue 1 TBA sale contracts Other revenue 7,531 Interest rate lock commitments Other revenue (6,503 ) ARS purchase commitments Principal transactions revenue (237 ) $ 179 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 six months ended June 30, 2016 and 2015 : (Expressed in thousands) The Effect of Derivative Instruments on the Statement of Operations For the Six Months Ended June 30, 2016 Recognized in Income on Derivatives (pre-tax) Types Description Location Gain (Loss) Commodity contracts Futures Principal transactions revenue $ (3,061 ) Other contracts Foreign exchange forward contracts Other revenue 11 TBAs Principal transactions revenue (13 ) Interest rate lock commitments Other revenue 5,215 ARS purchase commitments Principal transactions revenue 2,138 Forward sale commitments Other revenue (8,129 ) $ (3,839 ) (Expressed in thousands) The Effect of Derivative Instruments on the Statement of Operations For the Six Months Ended June 30, 2015 Recognized in Income on Derivatives (pre-tax) Types Description Location Gain (Loss) Commodity contracts Futures Principal transactions revenue $ (2,121 ) Other contracts Foreign exchange forward contracts Other revenue 31 TBAs Principal transactions revenue (13 ) TBA sale contracts Other revenue 5,912 Interest rate lock commitments Other revenue (1,977 ) ARS purchase commitments Principal transactions revenue (132 ) $ 1,700

Collateralized Transactions (Ta

Collateralized Transactions (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2016 : (Expressed in thousands) Overnight and Open Repurchase agreements: U.S. Treasury and Agency securities $ 665,135 Securities loaned: Equity securities 125,548 Gross amount of recognized liabilities for repurchase agreements and securities loaned $ 790,683
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 June 30, 2016 and December 31, 2015 : As of June 30, 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 $ 232,223 $ (232,223 ) $ — $ — $ — $ — Securities borrowed (1) 216,419 — 216,419 (210,012 ) — 6,407 Total $ 448,642 $ (232,223 ) $ 216,419 $ (210,012 ) $ — $ 6,407 (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 $ 665,135 $ (232,223 ) $ 432,912 $ (425,411 ) $ — $ 7,501 Securities loaned (2) 125,548 — 125,548 (123,587 ) — 1,961 Total $ 790,683 $ (232,223 ) $ 558,460 $ (548,998 ) $ — $ 9,462 (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 ("31

Variable Interest Entities ("VIEs") (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2016 and December 31, 2015 : (Expressed in thousands) At June 30, 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 $ 320,101 $ 656 $ — $ — $ 656 Private equity funds 37,100 15 — 2 17 Total $ 357,201 $ 671 $ — $ 2 $ 673 (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)	6 Months Ended
	Jun. 30, 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 June 30, 2016 and December 31, 2015 was as follows: (Expressed in thousands) As of June 30, 2016 As of December 31, 2015 Unpaid principal balance of loans $ 196,726 $ 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 six months ended June 30, 2016 and 2015 : (Expressed in thousands) For the Six Months Ended June 30, 2016 2015 Balance at beginning of period $ 28,168 $ 30,140 Originations 2,311 3,491 Purchases 478 653 Disposals (1,753 ) — Sale of MSRs (25,987 ) (4,569 ) Amortization expense (1,224 ) (495 ) Balance at end of period $ 1,993 $ 29,220
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 $ 97 $ 19 $ 116 2017 195 37 232 2018 195 37 232 2019 195 37 232 2020 195 37 232 Thereafter 791 158 949 $ 1,668 $ 325 $ 1,993
Components of Mortgage Servicing Rights Fees	The Company receives fees during the course of servicing the mortgage loans. The fees for the three and six months ended June 30, 2016 and 2015 were as follows: (Expressed in thousands) For the Three Months Ended June 30, For the Six Months Ended June 30, 2016 2015 2016 2015 Servicing fees $ 1,409 $ 1,454 $ 2,864 $ 2,921 Ancillary fees 49 93 154 194 Total MSR fees $ 1,458 $ 1,547 $ 3,018 $ 3,115

Long-term Debt (Tables)

Long-term Debt (Tables)	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	(Expressed in thousands) Issued Maturity Date At June 30, 2016 At December 31, 2015 Senior Secured Notes 4/15/2018 $ 150,000 $ 150,000 Unamortized Debt Issuance Costs 890 1,132 $ 149,110 $ 148,868

Share Capital (Tables)

Share Capital (Tables)	6 Months Ended
	Jun. 30, 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 June 30, For the Six Months Ended June 30, 2016 2015 2016 2015 Class A Stock outstanding, beginning of period 13,263,532 13,634,831 13,238,486 13,530,688 Issued pursuant to shared-based compensation plans 7,163 15,318 272,483 119,461 Repurchased and canceled pursuant to the stock buy-back (10,980 ) — (251,254 ) — Class A Stock outstanding, end of period 13,259,715 13,650,149 13,259,715 13,650,149

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 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 from continuing operations of the Company for the three and six months ended June 30, 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 June 30, For the Six Months Ended June 30, 2016 2015 2016 2015 Revenue Private client (1) $ 121,358 $ 133,783 $ 248,902 $ 273,715 Asset management (1) 22,770 25,344 45,744 49,805 Capital markets 65,524 69,531 126,589 141,697 Corporate/Other 2,422 (699 ) 5,795 (83 ) Total $ 212,074 $ 227,959 $ 427,030 $ 465,134 Income (loss) before income taxes from c ontinuing operations Private client (1) $ 14,345 $ 13,402 $ 30,662 $ 30,159 Asset management (1) 5,703 7,801 12,471 15,687 Capital markets 4,045 3,623 (2,753 ) 10,358 Corporate/Other (29,339 ) (25,927 ) (52,966 ) (51,491 ) Total $ (5,246 ) $ (1,101 ) $ (12,586 ) $ 4,713 (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, from continuing operations, classified by the major geographic areas in which it was earned for the three and six months ended June 30, 2016 and 2015 , was as follows: (Expressed in thousands) For the Three Months Ended June 30, For the Six Months Ended June 30, 2016 2015 2016 2015 Americas $ 202,821 $ 218,748 $ 406,290 $ 443,393 Europe/Middle East 8,440 8,332 19,032 19,304 Asia 813 879 1,708 2,437 Total $ 212,074 $ 227,959 $ 427,030 $ 465,134

Condensed Consolidating Finan36

Condensed Consolidating Financial Information (Tables)	6 Months Ended
	Jun. 30, 2016
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Condensed Consolidating Balance Sheet	OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING BALANCE SHEET AS OF JUNE 30, 2016 (Expressed in thousands) Parent Guarantor subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated ASSETS Cash and cash equivalents $ 606 $ 525 $ 106,406 $ — $ 107,537 Deposits with clearing organizations — — 42,910 — 42,910 Receivable from brokers, dealers and clearing organizations — — 315,308 — 315,308 Receivable from customers, net of allowance for credit losses of $2,543 — — 780,670 — 780,670 Income tax receivable 39,056 27,984 — (49,506 ) 17,534 Securities owned, including amounts pledged of $657,527, at fair value — 1,261 950,645 — 951,906 Notes receivable, net of accumulated amortization and allowance for uncollectibles of $61,671 and $8,062, respectively — — 33,012 — 33,012 Office facilities, net of accumulated depreciation of $107,810 — 21,274 6,606 — 27,880 Assets held for sale — — 21,764 — 21,764 Subordinated loan receivable — 112,558 — (112,558 ) — Intangible assets — — 31,700 — 31,700 Goodwill — — 137,889 — 137,889 Other assets 100 2,502 105,017 — 107,619 Deferred tax assets 48 309 39,147 (39,504 ) — Investment in subsidiaries 582,743 522,841 — (1,105,584 ) — Intercompany receivables 45,929 29,362 — (75,291 ) — Total assets $ 668,482 $ 718,616 $ 2,571,074 $ (1,382,443 ) $ 2,575,729 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities Drafts payable $ — $ — $ 26,759 $ — $ 26,759 Bank call loans — — 151,900 — 151,900 Payable to brokers, dealers and clearing organizations — — 172,362 — 172,362 Payable to customers — — 596,441 — 596,441 Securities sold under agreements to repurchase — — 432,912 — 432,912 Securities sold, but not yet purchased, at fair value — — 259,032 — 259,032 Liabilities held for sale — — 36,490 — 36,490 Accrued compensation — — 108,097 — 108,097 Accounts payable and other liabilities 3,020 35,089 72,258 — 110,367 Income tax payable 2,440 22,189 24,877 (49,506 ) — Senior secured notes, net of debt issuance costs of $890 149,110 — — — 149,110 Subordinated indebtedness — — 112,558 (112,558 ) — Deferred tax liabilities, net of deferred tax assets of $61,198 — 10 49,641 (39,504 ) 10,147 Intercompany payables — 62,204 13,087 (75,291 ) — Total liabilities 154,570 119,492 2,056,414 (276,859 ) 2,053,617 Stockholders' equity Stockholders' equity attributable to Oppenheimer Holdings Inc. 513,912 599,124 506,460 (1,105,584 ) 513,912 Noncontrolling interest — — 8,200 — 8,200 Total stockholders' equity 513,912 599,124 514,660 (1,105,584 ) 522,112 Total liabilities and stockholders' equity $ 668,482 $ 718,616 $ 2,571,074 $ (1,382,443 ) $ 2,575,729 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 — — 365,791 — 365,791 Receivable from customers, net of allowance for credit losses of $2,545 — — 840,355 — 840,355 Income tax receivable 33,801 27,536 — (49,106 ) 12,231 Securities purchased under agreements to resell — — 206,499 — 206,499 Securities owned, including amounts pledged of $546,334, at fair value — 1,183 733,648 — 734,831 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 $104,812 — 20,793 7,492 — 28,285 Assets held for sale — — 99,881 — 99,881 Subordinated loan receivable — 112,558 — (112,558 ) — Intangible assets — — 31,700 — 31,700 Goodwill — — 137,889 — 137,889 Other assets 69 3,224 91,546 — 94,839 Deferred tax assets 317 330 40,456 (41,103 ) — Investment in subsidiaries 577,320 532,651 — (1,109,971 ) — Intercompany receivables 60,187 13,185 — (73,372 ) — Total assets $ 672,601 $ 714,046 $ 2,697,467 $ (1,386,110 ) $ 2,698,004 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 Liabilities held for sale — — 74,680 — 74,680 Accrued compensation — — 149,092 — 149,092 Accounts payable and other liabilities 3,235 35,812 69,590 — 108,637 Income tax payable 2,440 22,189 24,477 (49,106 ) — Senior secured notes, net of debt issuance costs of $1,132 148,868 — — — 148,868 Subordinated indebtedness — — 112,558 (112,558 ) — Deferred tax liabilities, net of deferred tax assets of $63,481 — — 47,220 (41,103 ) 6,117 Intercompany payables — 62,204 11,168 (73,372 ) — Total liabilities 154,543 120,205 2,174,313 (276,139 ) 2,172,922 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 $ 2,697,467 $ (1,386,110 ) $ 2,698,004
Condensed Consolidating Statement of Operations	OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE THREE MONTHS ENDED JUNE 30, 2016 (Expressed in thousands) Parent Guarantor subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated REVENUES Commissions $ — $ — $ 92,591 $ — $ 92,591 Advisory fees — — 66,511 (407 ) 66,104 Investment banking — — 18,881 — 18,881 Interest — 2,556 12,016 (2,565 ) 12,007 Principal transactions, net — 22 7,555 — 7,577 Other — 81 14,913 (80 ) 14,914 Total revenue — 2,659 212,467 (3,052 ) 212,074 EXPENSES Compensation and related expenses 356 — 141,365 — 141,721 Communications and technology 34 — 17,604 — 17,638 Occupancy and equipment costs — — 15,064 (80 ) 14,984 Clearing and exchange fees — — 6,199 — 6,199 Interest 3,282 — 4,255 (2,565 ) 4,972 Other 523 2 31,688 (407 ) 31,806 Total expenses 4,195 2 216,175 (3,052 ) 217,320 Income (loss) before income taxes (4,195 ) 2,657 (3,708 ) — (5,246 ) Income taxes (3,272 ) 999 (354 ) — (2,627 ) Net income (loss) from continuing operations (923 ) 1,658 (3,354 ) — (2,619 ) Discontinued operations Income from discontinued operations — — 15,366 — 15,366 Income taxes — — 6,036 — 6,036 Net income from discontinued operations — — 9,330 — 9,330 Equity in earnings of subsidiaries 6,111 4,453 — (10,564 ) — Net income 5,188 6,111 5,976 (10,564 ) 6,711 Less net income attributable to noncontrolling interest, net of tax — — 1,523 — 1,523 Net income attributable to Oppenheimer Holdings Inc. 5,188 6,111 4,453 (10,564 ) 5,188 Other comprehensive loss — — (654 ) — (654 ) Total comprehensive income $ 5,188 $ 6,111 $ 3,799 $ (10,564 ) $ 4,534 OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2016 (Expressed in thousands) Parent Guarantor subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated REVENUES Commissions $ — $ — $ 196,424 $ — $ 196,424 Advisory fees — — 132,890 (760 ) 132,130 Investment banking — — 31,264 — 31,264 Interest — 5,113 25,068 (5,132 ) 25,049 Principal transactions, net — 52 14,143 — 14,195 Other — 159 27,967 (158 ) 27,968 Total revenue — 5,324 427,756 (6,050 ) 427,030 EXPENSES Compensation and related expenses 743 — 289,473 — 290,216 Communications and technology 62 — 35,256 — 35,318 Occupancy and equipment costs — — 30,045 (158 ) 29,887 Clearing and exchange fees — — 13,120 — 13,120 Interest 6,563 — 8,408 (5,132 ) 9,839 Other 1,196 5 60,795 (760 ) 61,236 Total expenses 8,564 5 437,097 (6,050 ) 439,616 Income (loss) before income taxes (8,564 ) 5,319 (9,341 ) — (12,586 ) Income taxes (4,986 ) 2,003 (3,456 ) — (6,439 ) Net income (loss) from continuing operations (3,578 ) 3,316 (5,885 ) — (6,147 ) Discontinued operations Income from discontinued operations — — 14,709 — 14,709 Income taxes — — 5,760 — 5,760 Net income from discontinued operations — — 8,949 — 8,949 Equity in earnings of subsidiaries 4,919 1,603 — (6,522 ) — Net income 1,341 4,919 3,064 (6,522 ) 2,802 Less net income attributable to noncontrolling interest, net of tax — — 1,461 — 1,461 Net income attributable to Oppenheimer Holdings Inc. 1,341 4,919 1,603 (6,522 ) 1,341 Other comprehensive income — — 219 — 219 Total comprehensive income $ 1,341 $ 4,919 $ 1,822 $ (6,522 ) $ 1,560 OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE THREE MONTHS ENDED JUNE 30, 2015 (Expressed in thousands) Parent Guarantor subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated REVENUES Commissions $ — $ — $ 103,556 $ — $ 103,556 Advisory fees — — 72,654 (411 ) 72,243 Investment banking — — 29,020 — 29,020 Interest — 2,557 11,321 (2,565 ) 11,313 Principal transactions, net — — 3,571 (30 ) 3,541 Other — 96 8,266 (76 ) 8,286 Total revenue — 2,653 228,388 (3,082 ) 227,959 EXPENSES Compensation and related expenses 263 — 153,542 — 153,805 Communications and technology 42 — 16,265 — 16,307 Occupancy and equipment costs — — 15,987 (76 ) 15,911 Clearing and exchange fees — — 6,231 — 6,231 Interest 3,281 3,389 (2,565 ) 4,105 Other 258 45 32,839 (441 ) 32,701 Total expenses 3,844 45 228,253 (3,082 ) 229,060 Income (loss) before income taxes (3,844 ) 2,608 135 — (1,101 ) Income taxes (1,521 ) 923 998 — 400 Net income (loss) from continuing operations (2,323 ) 1,685 (863 ) — (1,501 ) Discontinued operations Income from discontinued operations — — 3,731 — 3,731 Income taxes — — 1,585 — 1,585 Net income from discontinued operations — — 2,146 — 2,146 Equity in earnings of subsidiaries 2,618 933 — (3,551 ) — Net income 295 2,618 1,283 (3,551 ) 645 Less net income attributable to noncontrolling interest, net of tax — — 350 — 350 Net income attributable to Oppenheimer Holdings Inc. 295 2,618 933 (3,551 ) 295 Other comprehensive income — — 1,317 — 1,317 Total comprehensive income $ 295 $ 2,618 $ 2,250 $ (3,551 ) $ 1,612 OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2015 (Expressed in thousands) Parent Guarantor subsidiaries Non-guarantor Subsidiaries Eliminations Consolidated REVENUES Commissions $ — $ — $ 213,251 $ — $ 213,251 Advisory fees — — 144,074 (865 ) 143,209 Investment banking — — 56,325 — 56,325 Interest — 5,123 22,022 (5,129 ) 22,016 Principal transactions, net — — 12,122 (84 ) 12,038 Other — 191 18,255 (151 ) 18,295 Total revenue — 5,314 466,049 (6,229 ) 465,134 EXPENSES Compensation and related expenses 575 — 314,054 — 314,629 Communications and technology 67 — 33,312 — 33,379 Occupancy and equipment costs — — 31,763 (151 ) 31,612 Clearing and exchange fees — — 12,633 — 12,633 Interest 6,562 — 6,442 (5,129 ) 7,875 Other 546 113 60,583 (949 ) 60,293 Total expenses 7,750 113 458,787 (6,229 ) 460,421 Income (loss) before income taxes (7,750 ) 5,201 7,262 — 4,713 Income taxes (3,001 ) 1,770 3,786 — 2,555 Net income (loss) from continuing operations (4,749 ) 3,431 3,476 — 2,158 Discontinued operations Income from discontinued operations — — 7,768 — 7,768 Income taxes — — 3,160 — 3,160 Net income from discontinued operations — — 4,608 — 4,608 Equity in earnings of subsidiaries 10,763 7,332 — (18,095 ) — Net income 6,014 10,763 8,084 (18,095 ) 6,766 Less net income attributable to noncontrolling interest, net of tax — — 752 — 752 Net income attributable to Oppenheimer Holdings Inc. 6,014 10,763 7,332 (18,095 ) 6,014 Other comprehensive income — — 750 — 750 Total comprehensive income $ 6,014 $ 10,763 $ 8,082 $ (18,095 ) $ 6,764
Condensed Consolidating Statement of Cash Flows	OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2016 (Expressed in thousands) Parent Guarantor subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities: Cash provided by (used in) operating activities $ 7,191 $ (2,061 ) $ (45,845 ) $ — $ (40,715 ) Cash flows from investing activities: Purchase of office facilities — — (2,572 ) — (2,572 ) Proceeds from sale of assets — — 43,252 — 43,252 Cash provided by investing activities — — 40,680 — 40,680 Cash flows from financing activities: Cash dividends paid on Class A non-voting and Class B voting common stock (2,947 ) — — — (2,947 ) Repurchase of Class A non-voting common stock for cancellation (3,798 ) — — — (3,798 ) Tax deficiency from share-based awards (747 ) — — — (747 ) Increase in bank call loans, net — — 51,700 — 51,700 Cash flow provided by (used in) financing activities (7,492 ) — 51,700 — 44,208 Net increase (decrease) in cash and cash equivalents (301 ) (2,061 ) 46,535 — 44,173 Cash and cash equivalents, beginning of the period 907 2,586 59,871 — 63,364 Cash and cash equivalents, end of the period $ 606 $ 525 $ 106,406 $ — $ 107,537 OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2015 (Expressed in thousands) Parent Guarantor subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities: Cash provided by (used in) operating activities $ 2,883 $ 1,128 $ (130,399 ) $ — $ (126,388 ) Cash flows from investing activities: Purchase of office facilities — — (1,913 ) — (1,913 ) Cash used in investing activities — — (1,913 ) — (1,913 ) Cash flows from financing activities: Cash dividends paid on Class A non-voting and Class B voting common stock (3,023 ) — — — (3,023 ) Tax deficiency from share-based awards (270 ) — — — (270 ) Increase in bank call loans, net — — 118,100 — 118,100 Cash flow provided by (used in) financing activities (3,293 ) — 118,100 — 114,807 Net increase (decrease) in cash and cash equivalents (410 ) 1,128 (14,212 ) — (13,494 ) Cash and cash equivalents, beginning of the period 439 1,557 61,811 — 63,807 Cash and cash equivalents, end of the period $ 29 $ 2,685 $ 47,599 $ — $ 50,313

Organization and Basis of Pre37

Organization and Basis of Presentation (Details) $ in Thousands	Jun. 30, 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 | $	$ 8,200	$ 7,024
United States [Member]
Organization And Basis Of Presentation [Line Items]
Number of Stores | office	94
Number of states in which an entity operates | state	24

Discontinued Operations - Addit

Discontinued Operations - Additional Information (Details) $ in Thousands	Jun. 02, 2016USD ($)loan	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	[1]	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)		Jun. 20, 2016USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percentage of controlling interest owned by the company in OMHHF		83.68%			83.68%
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax					$ 14,916
Proceeds from sale of assets					43,252	$ 0
Tax effect of discontinued operation		$ 6,036	$ 1,585		5,760	3,160	[1]
Income taxes		$ 2,627	$ (400)		$ 6,439	$ (2,555)	[1]
OMHHF
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percentage of controlling interest owned by the company in OMHHF		83.68%			83.68%
Non-controlling interest percent		16.32%			16.32%
Number of loans insured by U.S. Department of Housing and Urban Development (in loans) | loan	480
Disposal group, including discontinued operation, consideration								$ 45,000
Disposal group, including discontinued operation, consideration withheld								$ 1,400
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax	$ 14,900
Business Pipeline of Mortgage Loans
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of assets		$ 1,500
[1]	Amounts have been recast to reflect discontinued operations. See Note 3 for details.

Discontinued Operations - Asset

Discontinued Operations - Assets and Liabilities of Discontinued Operations (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
ASSETS
Mortgage servicing rights	$ 1,993,000	$ 28,168,000	$ 29,220,000	$ 30,140,000
Total assets	21,764,000	99,881,000
LIABILITIES
Total liabilities	36,490,000	74,680,000
OMHHF
ASSETS
Securities owned	562,000	562,000
Loans held for sale	1,743,000	60,234,000
Mortgage servicing rights	1,993,000	28,168,000
Other assets	17,466,000	10,917,000
Total assets	21,764,000	99,881,000
LIABILITIES
Accounts payable and other liabilities	35,689,000	64,124,000
Deferred tax liability	801,000	10,556,000
Total liabilities	$ 36,490,000	$ 74,680,000

Discontinued Operations - Reven

Discontinued Operations - Revenue and Expenses from Discontinued Operation (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015		Jun. 30, 2016	Jun. 30, 2015
EXPENSES
Income attributable to noncontrolling interest before income taxes	$ 15,366	$ 3,731	[1]	$ 14,709	$ 7,768	[1]
OMHHF
REVENUE
Interest	472	717		809	1,049
Principal transactions, net	(1,541)	(1,831)		(6,628)	8,226
Gain on sale of assets	14,916	0		14,916	0
Other	4,070	12,082		12,558	10,079
Total revenue	17,917	10,968		21,655	19,354
EXPENSES
Compensation and related expenses	735	4,409		3,652	6,676
Communications and technology	59	100		161	196
Occupancy and equipment costs	286	74		362	150
Interest	159	399		380	540
Other	1,312	2,255		2,391	4,024
Total expenses	2,551	7,237		6,946	11,586
Income before income taxes	15,366	3,731		14,709	7,768
Income attributable to noncontrolling interest before income taxes	$ 2,508	$ 609		$ 2,401	$ 1,268
[1]	Amounts have been recast to reflect discontinued operations. See Note 3 for details.

Discontinued Operations - Cash

Discontinued Operations - Cash Flows from Discontinued Operations (Details) - OMHHF - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash provided by operating activities	$ 5,624	$ 1,960
Cash provided by investing activities	43,252	0
Cash used in financing activities	(124)	(124)
Net increase in cash and cash equivalents	$ 48,752	$ 1,836

Earnings Per Share - Summary of

Earnings Per Share - Summary of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended			6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015		Jun. 30, 2016	Jun. 30, 2015
Schedule Of Earnings Per Share Basic And Diluted [Line Items]
Net income (loss) from continuing operations		$ (2,619)	$ (1,501)	[1]	$ (6,147)	$ 2,158	[1]
Net income from discontinued operations		9,330	2,146	[1]	8,949	4,608	[1]
Net income		6,711	645	[1]	2,802	6,766	[1]
Less net income attributable to noncontrolling interest, net of tax		1,523	350	[1]	1,461	752	[1]
Net income attributable to Oppenheimer Holdings Inc.		$ 5,188	$ 295	[1]	$ 1,341	$ 6,014	[1]
Basic weighted average number of shares outstanding (in shares)		13,367,248	13,745,957	[1]	13,373,537	13,725,208	[1]
Net dilutive effect of share-based awards, treasury method (in shares)	[2]	0	0		0	617,266
Diluted weighted average number of shares outstanding (in shares)		13,367,248	13,745,957	[1]	13,373,537	14,342,474	[1]
Basic earnings (loss) per share attributable to Oppenheimer Holdings Inc.
Continuing operations, basic (in dollars per share)		$ (0.20)	$ (0.11)	[1]	$ (0.46)	$ 0.16	[1]
Discontinued operations, basic (in dollars per share)		0.59	0.13	[1]	0.56	0.28	[1]
Basic (in dollars per share)		0.39	0.02	[1]	0.10	0.44	[1]
Diluted earnings (loss) per share attributable to Oppenheimer Holdings Inc.
Continuing operations, diluted (in dollars per share)		(0.20)	(0.11)	[1]	(0.46)	0.15	[1]
Discontinued operations, diluted (in dollars per share)		0.59	0.13	[1]	0.56	0.27	[1]
Diluted (in dollars per share)		$ 0.39	$ 0.02	[1]	$ 0.10	$ 0.42	[1]
Class A Stock [Member]
Diluted earnings (loss) per share attributable to Oppenheimer Holdings Inc.
Number of anti-dilutive warrants, options and restricted shares, for the year (in shares)		1,271,124	1,312,760		1,271,124	40,309
[1]	Amounts have been recast to reflect discontinued operations. See Note 3 for details.
[2]	For both the three and six months ended June 30, 2016, the diluted earnings per share computation does not include the anti-dilutive effect of 1,271,124 shares of Class A Stock granted under share-based compensation arrangements (1,312,760 and 40,309, respectively, for the three and six months ended June 30, 2015).

Receivable from and Payable t43

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	Jun. 30, 2016	Dec. 31, 2015
Receivable from brokers, dealers and clearing organizations consist of:
Securities borrowed	$ 216,419	$ 224,672
Receivable from brokers	42,763	49,458
Securities failed to deliver	17,541	7,799
Clearing organizations	24,669	25,030
Other	13,916	58,832
Receivables from brokers, dealers and clearing organizations	315,308	365,791
Payable to brokers, dealers and clearing organizations consist of:
Securities loaned	125,548	130,658
Payable to brokers	1,068	3,316
Securities failed to receive	23,491	21,513
Other	22,255	9,059
Payable to brokers, dealers and clearing organizations	$ 172,362	$ 164,546

Fair Value Measurements - Secur

Fair Value Measurements - Securities Owned and Securities Sold, But Not Yet Purchased at Fair Value (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned	$ 952,468,000	$ 735,393,000
Securities Sold	259,032,000	126,493,000
OMHHF
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned	562,000	562,000
US Treasury and Government [Member]
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned	616,831,000	509,614,000
Securities Sold	179,562,000	77,485,000
Corporate Debt and Other Obligations [Member]
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned	40,311,000	16,138,000
Securities Sold	23,811,000	1,652,000
Mortgage and Other Asset-Backed Securities [Member]
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned	3,875,000	3,504,000
Securities Sold	27,000	27,000
Municipal Bonds [Member]
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned	106,661,000	30,132,000
Securities Sold	0	0
Convertible Bonds [Member]
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned	56,582,000	54,693,000
Securities Sold	12,505,000	5,951,000
Equity Securities [Member]
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned	38,612,000	34,475,000
Securities Sold	43,127,000	41,378,000
Money Markets [Member]
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned	495,000	35,000
Securities Sold	0	0
Auction Rate Securities [Member]
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned	89,101,000	86,802,000
Securities Sold	$ 0	$ 0

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($)	6 Months Ended
	Jun. 30, 2016	Dec. 31, 2015	Apr. 12, 2011
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities owned, including amounts pledged of $657,527 ($546,334 in 2015), at fair value	$ 951,906,000	$ 734,831,000
Auction rate securities, firm purchased and hold	90,700,000
Amount of ARS committed to purchase from clients	26,900,000
Valuation adjustment (unrealized loss) for ARS	$ 830,000
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	$ 1,600,000
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	(769,000)
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	(911,000)
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	$ 142,000
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	1.29%
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	1.29%
Auction Rate Securities Owned [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Valuation adjustment (unrealized loss) for ARS	$ 1,599,000
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	$ 1,156,000
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	1.29%
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 $657,527 ($546,334 in 2015), at fair value	$ 13,700,000	$ 14,000,000

Fair Value Measurements - Quant

Fair Value Measurements - Quantitative Information about Level 3 Fair Value Measurements (Details)	6 Months Ended
	Jun. 30, 2016USD ($)
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Principal	$ 117,567,000
Valuation Adjustment	830,000
Fair Value	$ 116,737,000
Auction Rate Preferred Securities [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
U S Treasury Rate	0.86%
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	0.94%
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	1.29%
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	$ 90,700,000
Valuation Adjustment	1,599,000
Fair Value	89,101,000
Auction Rate Securities Owned [Member] | Auction Rate Preferred Securities [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Principal	86,750,000
Valuation Adjustment	1,156,000
Fair Value	$ 85,594,000
Valuation Technique	Discounted Cash Flow
Duration	4 years
Current Yield	0.77%
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	0
Fair Value	$ 25,000
Valuation Technique	Discounted Cash Flow
Discount Rate	1.64%
Duration	4 years 6 months
Current Yield	1.19%
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	21,000
Fair Value	$ 279,000
Valuation Technique	Discounted Cash Flow
Discount Rate	2.49%
Duration	7 years
Current Yield	1.43%
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	422,000
Fair Value	$ 3,203,000
Valuation Technique	Secondary Market Trading Activity
Percent of Par	88.36%
Auction Rate Securities Owned [Member] | Minimum [Member] | Auction Rate Preferred Securities [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Discount Rate	0.94%
Auction Rate Securities Owned [Member] | Maximum [Member] | Auction Rate Preferred Securities [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Discount Rate	1.29%
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	1.11%
Duration	4 years
Current Yield	0.77%
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	1.64%
Duration	4 years 6 months
Current Yield	1.19%
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	2.49%
Duration	7 years
Current Yield	1.43%
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	88.36%
Auction Rate Securities Purchase Commitment [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Principal	$ 26,867,000
Valuation Adjustment	(769,000)
Fair Value	27,636,000
Auction Rate Securities Purchase Commitment [Member] | Auction Rate Preferred Securities [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Principal	6,372,000
Valuation Adjustment	(911,000)
Fair Value	$ 7,283,000
Valuation Technique	Discounted Cash Flow
Duration	4 years
Current Yield	0.77%
Auction Rate Securities Purchase Commitment [Member] | Auction Rate Preferred Securities 01 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Principal	$ 20,495,000
Valuation Adjustment	142,000
Fair Value	$ 20,353,000
Valuation Technique	Discounted Cash Flow
Duration	4 years
Current Yield	0.77%
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	0.94%
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	0.94%
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	1.29%
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	1.29%
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	1.11%
Duration	4 years
Current Yield	0.77%
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	1.11%
Duration	4 years
Current Yield	0.77%

Fair Value Measurements - Inves

Fair Value Measurements - Investments in Company-Sponsored Funds (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2016USD ($)	Jun. 30, 2016USD ($)
Investment Holdings [Line Items]
Fair Value	$ 7,243	$ 7,243
Unfunded Commitments	1,251	1,251
Hedge Funds [Member]
Investment Holdings [Line Items]
Fair Value	2,614	2,614
Unfunded Commitments	0	$ 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	4,629	$ 4,629
Unfunded Commitments	$ 1,251	$ 1,251
Investments Lock In Period	10 years
Maximum [Member] | Hedge Funds [Member]
Investment Holdings [Line Items]
Investments Lock In Period	1 year

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
ASSETS
Cash equivalents	$ 22,156,000	$ 13,000,000
Deposits with clearing organizations	22,975,000	31,456,000
Securities owned:
Securities owned	952,468,000	735,393,000
Investments	7,243,000
Loans held for sale (3)	1,743,000	60,234,000
Securities purchased under agreements to resell		206,499,000
Derivative contracts:
Derivative contracts	15,660,000	15,609,000
Total	1,015,160,000	1,062,348,000
Financial Instruments Sold, Not yet Purchased, at Fair Value [Abstract]
Securities sold, but not yet purchased, at fair value	259,032,000	126,493,000
Derivative contracts:
Derivative contracts	13,605,000	14,162,000
Total	272,637,000	140,655,000
Future [Member]
Derivative contracts:
Derivative contracts	950,000	249,000
Foreign Exchange Forward [Member]
Derivative contracts:
Derivative contracts	6,000	2,000
To Be Announced Security [Member]
Derivative contracts:
Derivative contracts	1,296,000	6,448,000
Derivative contracts:
Derivative contracts	12,507,000	11,619,000
Interest Rate Lock Commitments [Member]
Derivative contracts:
Derivative contracts	13,453,000	9,161,000
Derivative contracts:
Derivative contracts		923,000
Auction Rate Securities Purchase Commitment [Member]
Derivative contracts:
Derivative contracts	911,000
Derivative contracts:
Derivative contracts	142,000	1,369,000
Investments [Member]
Securities owned:
Investments	158,000	157,000
Equity Securities [Member]
Securities owned:
Securities owned	38,612,000	34,475,000
Financial Instruments Sold, Not yet Purchased, at Fair Value [Abstract]
Securities sold, but not yet purchased, at fair value	43,127,000	41,378,000
Money Markets [Member]
Securities owned:
Securities owned	495,000	35,000
Auction Rate Securities [Member]
Securities owned:
Securities owned	89,101,000	86,802,000
U.S. Treasury Securities [Member]
Securities owned:
Securities owned	593,897,000	436,533,000
Financial Instruments Sold, Not yet Purchased, at Fair Value [Abstract]
Securities sold, but not yet purchased, at fair value	179,554,000	75,653,000
US Government Agencies Debt Securities [Member]
Securities owned:
Securities owned	22,902,000	71,416,000
Financial Instruments Sold, Not yet Purchased, at Fair Value [Abstract]
Securities sold, but not yet purchased, at fair value	8,000	15,000
Sovereign Obligations [Member]
Securities owned:
Securities owned	32,000	1,665,000
Financial Instruments Sold, Not yet Purchased, at Fair Value [Abstract]
Securities sold, but not yet purchased, at fair value		1,817,000
Corporate Debt and Other Obligations [Member]
Securities owned:
Securities owned	40,311,000	16,138,000
Financial Instruments Sold, Not yet Purchased, at Fair Value [Abstract]
Securities sold, but not yet purchased, at fair value	23,811,000	1,652,000
Mortgage and Other Asset-Backed Securities [Member]
Securities owned:
Securities owned	3,875,000	3,504,000
Financial Instruments Sold, Not yet Purchased, at Fair Value [Abstract]
Securities sold, but not yet purchased, at fair value	27,000	27,000
Municipal Bonds [Member]
Securities owned:
Securities owned	106,661,000	30,132,000
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	56,582,000	54,693,000
Financial Instruments Sold, Not yet Purchased, at Fair Value [Abstract]
Securities sold, but not yet purchased, at fair value	12,505,000	5,951,000
Level 1 [Member]
ASSETS
Cash equivalents	22,156,000	13,000,000
Deposits with clearing organizations	22,975,000	31,456,000
Securities owned:
Securities owned	637,519,000	496,283,000
Derivative contracts:
Total	682,650,000	540,739,000
Financial Instruments Sold, Not yet Purchased, at Fair Value [Abstract]
Securities sold, but not yet purchased, at fair value	222,681,000	117,031,000
Derivative contracts:
Derivative contracts	956,000	251,000
Total	223,637,000	117,282,000
Level 1 [Member] | Future [Member]
Derivative contracts:
Derivative contracts	950,000	249,000
Level 1 [Member] | Foreign Exchange Forward [Member]
Derivative contracts:
Derivative contracts	6,000	2,000
Level 1 [Member] | Equity Securities [Member]
Securities owned:
Securities owned	38,612,000	34,475,000
Financial Instruments Sold, Not yet Purchased, at Fair Value [Abstract]
Securities sold, but not yet purchased, at fair value	43,127,000	41,378,000
Level 1 [Member] | Money Markets [Member]
Securities owned:
Securities owned	495,000	35,000
Level 1 [Member] | U.S. Treasury Securities [Member]
Securities owned:
Securities owned	593,897,000	436,533,000
Financial Instruments Sold, Not yet Purchased, at Fair Value [Abstract]
Securities sold, but not yet purchased, at fair value	179,554,000	75,653,000
Level 1 [Member] | US Government Agencies Debt Securities [Member]
Securities owned:
Securities owned	4,515,000	25,240,000
Level 2 [Member]
Securities owned:
Securities owned	225,823,000	152,227,000
Loans held for sale (3)	1,743,000	60,234,000
Securities purchased under agreements to resell		206,499,000
Derivative contracts:
Derivative contracts	1,296,000	6,448,000
Total	228,862,000	425,408,000
Financial Instruments Sold, Not yet Purchased, at Fair Value [Abstract]
Securities sold, but not yet purchased, at fair value	36,351,000	9,462,000
Derivative contracts:
Derivative contracts	12,507,000	11,619,000
Total	48,858,000	21,081,000
Level 2 [Member] | To Be Announced Security [Member]
Derivative contracts:
Derivative contracts	1,296,000	6,448,000
Derivative contracts:
Derivative contracts	12,507,000	11,619,000
Level 2 [Member] | US Government Agencies Debt Securities [Member]
Securities owned:
Securities owned	18,387,000	46,176,000
Financial Instruments Sold, Not yet Purchased, at Fair Value [Abstract]
Securities sold, but not yet purchased, at fair value	8,000	15,000
Level 2 [Member] | Sovereign Obligations [Member]
Securities owned:
Securities owned	32,000	1,665,000
Financial Instruments Sold, Not yet Purchased, at Fair Value [Abstract]
Securities sold, but not yet purchased, at fair value		1,817,000
Level 2 [Member] | Corporate Debt and Other Obligations [Member]
Securities owned:
Securities owned	40,311,000	16,138,000
Financial Instruments Sold, Not yet Purchased, at Fair Value [Abstract]
Securities sold, but not yet purchased, at fair value	23,811,000	1,652,000
Level 2 [Member] | Mortgage and Other Asset-Backed Securities [Member]
Securities owned:
Securities owned	3,875,000	3,504,000
Financial Instruments Sold, Not yet Purchased, at Fair Value [Abstract]
Securities sold, but not yet purchased, at fair value	27,000	27,000
Level 2 [Member] | Municipal Bonds [Member]
Securities owned:
Securities owned	106,636,000	30,051,000
Level 2 [Member] | Convertible Bonds [Member]
Securities owned:
Securities owned	56,582,000	54,693,000
Financial Instruments Sold, Not yet Purchased, at Fair Value [Abstract]
Securities sold, but not yet purchased, at fair value	12,505,000	5,951,000
Level 3 [Member]
Securities owned:
Securities owned	89,126,000	86,883,000
Derivative contracts:
Derivative contracts	14,364,000	9,161,000
Total	103,648,000	96,201,000
Derivative contracts:
Derivative contracts	142,000	2,292,000
Total	142,000	2,292,000
Level 3 [Member] | Interest Rate Lock Commitments [Member]
Derivative contracts:
Derivative contracts	13,453,000	9,161,000
Derivative contracts:
Derivative contracts		923,000
Level 3 [Member] | Auction Rate Securities Purchase Commitment [Member]
Derivative contracts:
Derivative contracts	911,000
Level 3 [Member] | Investments [Member]
Securities owned:
Investments	158,000	157,000
Level 3 [Member] | Auction Rate Securities [Member]
Securities owned:
Securities owned	89,101,000	86,802,000
Level 3 [Member] | Auction Rate Securities Purchase Commitment [Member]
Derivative contracts:
Derivative contracts	142,000	1,369,000
Level 3 [Member] | Municipal Bonds [Member]
Securities owned:
Securities owned	25,000	81,000
OMHHF
Derivative contracts:
Securities owned	$ 562,000	$ 562,000

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		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 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	$ (3)	$ 31	$ 1	$ 22
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Asset beginning balance	161	184	157	193
Asset ending balance	158	215	158	215
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		(139)	923	539
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings	(571)	(6,364)	4,292	(2,516)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Asset beginning balance	14,024	11,424	9,161	7,576
Liability beginning balance		544	923	1,222
Asset ending balance	13,453	5,060	13,453	5,060
Liability ending balance	0	683	0	683
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	1,341	(998)	3,574	(63)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases	5,000	2,500	11,775	10,725
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Asset beginning balance	84,185	99,057	86,802	91,422
Sales and settlements	(1,425)	(175)	(13,050)	(1,700)
Asset ending balance	89,101	100,384	89,101	100,384
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	417	(237)	1,227	(132)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings	(629)		911
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Asset beginning balance	1,540		0
Liability beginning balance	559	797	1,369	902
Asset ending balance	911		911
Liability ending balance	142	1,034	142	1,034
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	2	(22)	6	(82)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Asset beginning balance	85	104	81	164
Sales and settlements	(62)	(20)	(62)	(20)
Asset ending balance	$ 25	$ 62	$ 25	$ 62

Fair Value Measurements - Ass50

Fair Value Measurements - Assets and Liabilities Not Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Nonrecurring [Member]
Fair Value Measurement: Assets
Cash	$ 85,381	$ 50,364
Deposits with clearing organization	19,935	18,034
Receivable from brokers, dealers and clearing organizations:
Securities borrowed	216,419	224,672
Receivables from brokers	42,763	49,458
Securities failed to deliver	17,541	7,799
Clearing organizations	24,669	25,030
Other	13,916	58,832
Total Receivable from brokers, dealers and clearing organizations	315,308	365,791
Receivable from customers	780,670	840,355
Mortgage servicing rights (1)	6,170	41,838
Investments (2)	53,941	53,286
Fair Value Measurement: Liabilities
Drafts payable	26,759	48,011
Bank call loans	151,900	100,200
Payables to brokers, dealers and clearing organizations:
Securities loaned	125,548	130,658
Payable to brokers	1,068	3,316
Securities failed to receive	23,491	21,513
Other	22,255	9,059
Total payables to brokers, dealers and clearing organizations	172,362	164,546
Payables to customers	596,441	594,833
Securities sold under agreements to repurchase	432,912	651,445
Warehouse payable (1)	1,486	54,341
Senior secured notes	152,345	154,568
Level 1 [Member] | Nonrecurring [Member]
Fair Value Measurement: Assets
Cash	85,381	50,364
Deposits with clearing organization	19,935	18,034
Fair Value Measurement: Liabilities
Drafts payable	26,759	48,011
Level 2 [Member] | Nonrecurring [Member]
Receivable from brokers, dealers and clearing organizations:
Securities borrowed	216,419	224,672
Receivables from brokers	42,763	49,458
Securities failed to deliver	17,541	7,799
Clearing organizations	24,669	25,030
Other	13,916	58,832
Total Receivable from brokers, dealers and clearing organizations	315,308	365,791
Receivable from customers	780,670	840,355
Investments (2)	53,941	53,286
Fair Value Measurement: Liabilities
Bank call loans	151,900	100,200
Payables to brokers, dealers and clearing organizations:
Securities loaned	125,548	130,658
Payable to brokers	1,068	3,316
Securities failed to receive	23,491	21,513
Other	22,255	9,059
Total payables to brokers, dealers and clearing organizations	172,362	164,546
Payables to customers	596,441	594,833
Securities sold under agreements to repurchase	432,912	651,445
Warehouse payable (1)	1,486	54,341
Senior secured notes	152,345	154,568
Level 3 [Member] | Nonrecurring [Member]
Receivable from brokers, dealers and clearing organizations:
Mortgage servicing rights (1)	6,170	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	85,381	50,364
Deposits with clearing organization	19,935
Receivable from brokers, dealers and clearing organizations:
Securities borrowed	216,419	224,672
Receivables from brokers	42,763	49,458
Securities failed to deliver	17,541	7,799
Clearing organizations	24,669	25,030
Other	13,916	58,832
Total Receivable from brokers, dealers and clearing organizations	315,308	365,791
Receivable from customers	780,670	840,355
Mortgage servicing rights (1)	1,993	28,168
Investments (2)	53,941	53,286
Fair Value Measurement: Liabilities
Drafts payable	26,759	48,011
Bank call loans	151,900	100,200
Payables to brokers, dealers and clearing organizations:
Securities loaned	125,548	130,658
Payable to brokers	1,068	3,316
Securities failed to receive	23,491	21,513
Other	22,255	9,059
Total payables to brokers, dealers and clearing organizations	172,362	164,546
Payables to customers	596,441	594,833
Securities sold under agreements to repurchase	432,912	651,445
Warehouse Agreement Borrowings	1,486	54,300
Warehouse payable (1)		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	85,381	50,364
Deposits with clearing organization	19,935
Receivable from brokers, dealers and clearing organizations:
Securities borrowed	216,419	224,672
Receivables from brokers	42,763	49,458
Securities failed to deliver	17,541	7,799
Clearing organizations	24,669	25,030
Other	13,916	58,832
Total Receivable from brokers, dealers and clearing organizations	315,308	365,791
Receivable from customers	780,670	840,355
Mortgage servicing rights (1)	6,170	41,838
Investments (2)	53,941	53,286
Fair Value Measurement: Liabilities
Drafts payable	26,759	48,011
Bank call loans	151,900	100,200
Payables to brokers, dealers and clearing organizations:
Securities loaned	125,548	130,658
Payable to brokers	1,068	3,316
Securities failed to receive	23,491	21,513
Other	22,255	9,059
Total payables to brokers, dealers and clearing organizations	172,362	164,546
Payables to customers	596,441	594,833
Securities sold under agreements to repurchase	432,912	651,445
Warehouse payable (1)	1,486	54,341
Senior secured notes	$ 152,345	$ 154,568

Fair Value Measurements - Notio

Fair Value Measurements - Notional Amounts and Fair Values of Derivatives by Product (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Derivatives, Fair Value [Line Items]
Derivatives asset, Notional	$ 326,977	$ 323,108
Derivatives asset, Fair Value	15,660	15,609
Derivative liability, notional	4,846,104	3,268,047
Derivative liability, Fair Value	13,605	14,162
Commodity Contracts [Member] | Future [Member]
Derivatives, Fair Value [Line Items]
Derivative liability, notional	4,503,000	2,943,000
Derivative liability, Fair Value	950	249
Other Contracts [Member] | Foreign Exchange Forward [Member]
Derivatives, Fair Value [Line Items]
Derivative liability, notional	400	400
Derivative liability, Fair Value	6	2
Other Contracts [Member] | Interest Rate Lock Commitments [Member]
Derivatives, Fair Value [Line Items]
Derivatives asset, Notional	186,205	203,648
Derivatives asset, Fair Value	13,453	9,161
Derivative liability, notional		48,638
Derivative liability, Fair Value		923
To Be Announced Security [Member] | Other Contracts [Member]
Derivatives, Fair Value [Line Items]
Derivatives asset, Notional	134,400	35,650
Derivatives asset, Fair Value	1,296	4
Derivative liability, notional	134,400	24,350
Derivative liability, Fair Value	1,309	5
Tba Sale Agreements [Member] | Other Contracts [Member]
Derivatives, Fair Value [Line Items]
Derivatives asset, Notional		83,810
Derivatives asset, Fair Value		6,444
Derivative liability, notional	187,809	223,846
Derivative liability, Fair Value	11,198	11,614
Auction Rate Securities Purchase Commitment [Member] | Other Contracts [Member]
Derivatives, Fair Value [Line Items]
Derivatives asset, Notional	6,372
Derivatives asset, Fair Value	911
Derivative liability, notional	20,495	27,813
Derivative liability, Fair Value	$ 142	$ 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		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Recognized in Income on Derivatives (pre-tax) Gain (Loss)	$ (2,327)	$ 179	$ (3,839)	$ 1,700
Commodity Contracts [Member] | Future [Member] | Principal Transaction Revenue [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Recognized in Income on Derivatives (pre-tax) Gain (Loss)	(1,306)	(641)	(3,061)	(2,121)
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)	(212)	(237)	2,138	(132)
Other Contracts [Member] | Other [Member] | Tba Sale Agreements [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Recognized in Income on Derivatives (pre-tax) Gain (Loss)	(228)	7,531		5,912
Other Contracts [Member] | Other [Member] | Forward Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Recognized in Income on Derivatives (pre-tax) Gain (Loss)			(8,129)
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)	(571)	(6,503)	5,215	(1,977)
Other Contracts [Member] | Foreign Exchange Forward [Member] | Other [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Recognized in Income on Derivatives (pre-tax) Gain (Loss)	(6)	28	11	31
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)	$ (4)	$ 1	$ (13)	$ (13)

Collateralized Transactions - N

Collateralized Transactions - Narrative (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2016USD ($)broker-dealer	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)broker-dealer	Jun. 30, 2015USD ($)	Dec. 31, 2015USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Bank call loans	$ 151,900,000		$ 151,900,000		$ 100,200,000
Customer securities under customer margin loans available to be pledged	1,100,000,000		1,100,000,000
Customer securities under customer margin loans agreement available to be repledged	96,300,000		96,300,000
Customer securities deposited to secure obligations and margin requirements under option contracts	343,100,000		343,100,000
Carrying value of pledged securities owned that can be sold or re-pledged by the counterparty	657,500,000		657,500,000		546,300,000
Carrying value of securities owned by the Company loaned or pledged	$ 173,000,000		$ 173,000,000		142,700,000
Receivable from brokers and clearing organizations, number of major broker-dealers | broker-dealer	2		2
Receivable from brokers and clearing organizations	$ 107,900,000		$ 107,900,000
Nonrecurring [Member] | Carrying Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warehouse Agreement Borrowings	1,486,000		$ 1,486,000		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	159,000	$ 385,000	$ 359,000	$ 510,000
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	26,200,000		26,200,000		36,000,000
Securities received as collateral under securities borrowed transaction with market value	211,100,000		211,100,000		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	232,400,000		232,400,000		278,800,000
Securities received as collateral under securities borrowed transaction with market value	232,400,000		232,400,000		$ 278,800,000
Corporate [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Collateralized loans, collateralized by firm	173,000,000		173,000,000
Other Than Corporate Customer [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Collateralized loans, collateralized by customer securities	$ 171,600,000		$ 171,600,000

Collateralized Transactions - S

Collateralized Transactions - Schedule of Gross Amount Recognized Liabilities (Details) - Maturity Overnight and Open [Member] $ in Thousands	Jun. 30, 2016USD ($)
Securities loaned:
Securities Loaned and Securities Sold under Agreement to Repurchase, Gross Including Not Subject to Master Netting Arrangement	$ 790,683
US Treasury and Government [Member]
Repurchase agreements:
U.S. Treasury and Agency securities	665,135
Equity Securities [Member]
Securities loaned:
Equity securities	$ 125,548

Collateralized Transactions -55

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	Jun. 30, 2016	Dec. 31, 2015
Reverse repurchase agreements
Securities Purchased under Agreements to Resell, Gross	$ 232,223	$ 282,042
Securities Purchased under Agreements to Resell, Liability	232,223	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	216,419	224,672
Securities Borrowed, Liability	0	0
Securities borrowed	216,419	224,672
Securities Borrowed, Collateral, Obligation to Return Securities	(210,012)
Securities Borrowed, Collateral, Obligation to Return Cash	0	0
Securities Borrowed, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election	6,407	5,573
Gross Amounts of Recognized Assets	448,642	506,714
Gross Amounts Offset in the Balance Sheet	(232,223)	(75,543)
Net Amounts of Assets Presented on the Balance Sheet	216,419	431,171
Financial Instruments	(210,012)	(422,365)
Derivative Asset, Securities Purchased under Agreements to Resell, Securities Borrowed, Collateral, Obligation to Return Cash	0	0
Net Amount	6,407	8,806
Repurchase agreements
U.S. Treasury and agency securities	665,135	726,988
Securities Sold under Agreements to Repurchase, Asset	232,223
Net Amounts of Liabilities Presented on the Balance Sheet	432,912	651,445
Securities Sold under Agreements to Repurchase, Collateral, Right to Reclaim Securities	(425,411)	(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	7,501	5,947
Securities loaned:
Equity securities	125,548	130,658
Securities Loaned, Asset	0	0
Securities loaned	125,548	130,658
Securities Loaned, Collateral, Right to Reclaim Securities	(123,587)	(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	1,961	8,008
Gross amount of recognized liabilities for repurchase agreements and securities loaned	790,683	857,646
Gross Amounts Offset in the Balance Sheet	(232,223)	(75,543)
Net Amounts of Liabilities Presented on the Balance Sheet	558,460	782,103
Financial Instruments	(548,998)	(768,148)
Derivative Liability, Securities Sold under Agreements to Repurchase, Securities Loaned, Collateral, Right to Reclaim Cash	0	0
Net Amount	$ 9,462	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 ("56

Variable Interest Entities ("VIEs") - Variable Interest Entities (Details) - USD ($) $ in Thousands	Jun. 30, 2016		Dec. 31, 2015
Variable Interest Entity [Line Items]
Total VIE Assets	$ 357,201	[1]	$ 1,830,303	[2]
Carrying Value of Variable Interest Assets	671	[3]	1,381	[4]
Capital Commitments	2		2
Maximum Exposure to Loss in Non- consolidated VIEs	673		1,383
Hedge Funds [Member]
Variable Interest Entity [Line Items]
Total VIE Assets	320,101		1,775,503
Carrying Value of Variable Interest Assets	656		1,354
Variable Interest Entity, Nonconsolidated, Carrying Amount, Liabilities	0		0
Capital Commitments	0		0
Maximum Exposure to Loss in Non- consolidated VIEs	656		1,354
Private Equity Funds [Member]
Variable Interest Entity [Line Items]
Total VIE Assets	37,100		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) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Mortgage Banking [Abstract]
Prepayment costs	$ 5,300	$ 7,800	$ 6,500	$ 16,000
Custodial escrow accounts	27,600		27,600		$ 421,500
Uninsured balance relation to escrow accounts	15,700		15,700
Fair value of servicing rights	6,200		6,200		41,800
Carrying value of loan servicing rights	$ 1,993		1,993		28,168	$ 29,220	$ 30,140
Servicing rights are amortized using straight-line method	10 years
OMHHF
Mortgage Banking [Abstract]
Carrying value of loan servicing rights	$ 1,993		$ 1,993		$ 28,168

Commercial Mortgage Banking - U

Commercial Mortgage Banking - Unpaid Principal Balance of Loans (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Transfers and Servicing [Abstract]
Unpaid principal balance of loans	$ 196,726	$ 3,974,292

Commercial Mortgage Banking - S

Commercial Mortgage Banking - Summary of Changes in Carrying Value of Mortgage Servicing Rights (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Transfers and Servicing
Balance at beginning of period	$ 28,168	$ 30,140
Originations	2,311	3,491
Purchases	478	653
Disposals	(1,753)	0
Sale of MSRs	25,987	4,569
Amortization expense	(1,224)	$ (495)
Balance at end of period	$ 1,993

Commercial Mortgage Banking -60

Commercial Mortgage Banking - Schedule of Amortization Expense (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Servicing Asset at Amortized Cost [Line Items]
2,016	$ 116
2,017	232
2,018	232
2,019	232
2,020	232
Thereafter	949
Amortization expense	1,993	$ 28,168	$ 29,220	$ 30,140
Originated MSRs [Member]
Servicing Asset at Amortized Cost [Line Items]
2,016	97
2,017	195
2,018	195
2,019	195
2,020	195
Thereafter	791
Amortization expense	1,668
Purchased MSRs [Member]
Servicing Asset at Amortized Cost [Line Items]
2,016	19
2,017	37
2,018	37
2,019	37
2,020	37
Thereafter	158
Amortization expense	$ 325

Commercial Mortgage Banking - C

Commercial Mortgage Banking - Components of Mortgage Servicing Rights Fees (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Transfers and Servicing [Abstract]
Servicing fees	$ 1,409	$ 1,454	$ 2,864	$ 2,921
Ancillary fees	49	93	154	194
Total MSR fees	$ 1,458	$ 1,547	$ 3,018	$ 3,115

Long-term Debt - Schedule of Lo

Long-term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 150,000	$ 150,000
Unamortized debt issuance expense	890	1,132
Senior secured notes	$ 149,110	$ 148,868
Senior Secured Notes [Member]
Debt Instrument [Line Items]
Maturity date	Apr. 15, 2018

Long-term Debt - Narrative (Det

Long-term Debt - Narrative (Details) - USD ($)	Apr. 12, 2011	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 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%		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%
Proceeds from sale of assets, limit				$ 15,000,000
Interest expense on note		$ 3,300,000	$ 3,300,000	$ 6,600,000	$ 6,600,000

Share Capital - Narrative (Deta

Share Capital - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended	39 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015	Dec. 31, 2014	Mar. 31, 2016	Sep. 15, 2015	Mar. 31, 2015	Oct. 07, 2011
Class of Stock [Line Items]
Preferred stock, authorized (in shares)	50,000,000		50,000,000
Preferred stock, par value (dollars per share)	$ 0.001		$ 0.001
Preferred stock, issued (in shares)	0		0
Class A Stock [Member]
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	50,000,000		50,000,000		50,000,000
Common stock, par value (dollars per share)	$ 0.001		$ 0.001		$ 0.001
Common stock, shares issued (in shares)	13,259,715		13,259,715		13,238,486
Common stock, shares outstanding (in shares)	13,259,715	13,650,149	13,259,715	13,650,149	13,238,486	13,530,688	13,263,532		13,634,831
Repurchased and canceled pursuant to the stock buy-back (in shares)	10,980	0	251,254	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)	13,259,715		13,259,715
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)	10,980		251,254
Stock repurchased and retired during period, value	$ 163,900		$ 3,800,000
Stock repurchased and retired during period (dollars per share)	$ 14.93		$ 15.12
Remaining number of shares authorized to be repurchased (in shares)	318,864		318,864
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					$ 6,600,000
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		99,665
Common stock, par value (dollars per share)	$ 0.001		$ 0.001		$ 0.001
Common stock, shares issued (in shares)	99,665		99,665		99,665
Common stock, shares outstanding (in shares)	99,665		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		6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Class of Stock [Line Items]
Class A Stock outstanding, beginning of period (in shares)	13,263,532	13,634,831	13,238,486	13,530,688	13,530,688
Issued pursuant to shared-based compensation plans (in shares)	7,163	15,318	272,483	119,461
Repurchased and canceled pursuant to the stock buy-back (in shares)	(10,980)	0	(251,254)	0
Class A Stock outstanding, end of period (in shares)	13,259,715	13,650,149	13,259,715	13,650,149	13,238,486

Contingencies - Narrative (Deta

Contingencies - Narrative (Details) - USD ($)	Jan. 27, 2017	Jun. 07, 2016	Feb. 17, 2015	Feb. 09, 2015	Jan. 27, 2015	Jun. 30, 2016
Loss Contingencies [Line Items]
Minimum estimated range of aggregate loss for legal proceedings						$ 0
Maximum estimated range of aggregate loss for legal proceedings						54,000,000
Auction rate securities, firm purchased and hold						90,700,000
Amount of ARS committed to purchase from clients						26,900,000
Eligible investor subject to future buyback potential additional losses related to valuation adjustments						34,300,000
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
FINRA Case [Member]
Loss Contingencies [Line Items]
Litigation settlement, amount		$ 2,300,000
FINRA Case [Member] | Eligible Clients
Loss Contingencies [Line Items]
Litigation settlement, amount		$ 717,000
Forecast [Member] | SEC [Member]
Loss Contingencies [Line Items]
Payments for legal settlements	$ 5,000,000

Regulatory Requirements - Narra

Regulatory Requirements - Narrative (Details)	6 Months Ended
	Jun. 30, 2016USD ($)
Oppenheimer [Member]
Regulatory Capital Requirements [Line Items]
Required percentage of net capital to aggregate customer-related debit items	2.00%
Initial capital	$ 120,500,000
Aggregate indebtedness	11.05%
Excess capital	$ 98,700,000
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	10.72%
Common equity Tier 1 required	4.50%
Tier 1 capital ratio	10.72%
Tier 1 capital ratio required	6.00%
Total capital ratio	12.14%
Total capital ratio required	8.00%
Oppenheimer Investments Asia [Member]
Regulatory Capital Requirements [Line Items]
Initial capital	$ 1,900,000
Net capital in excess of minimum required	1,500,000
Initial required capital	$ 387,000

Segment Information - Reported

Segment Information - Reported Revenue and Profit Before Income Taxes (Details) - USD ($) $ in Thousands		3 Months Ended			6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015		Jun. 30, 2016	Jun. 30, 2015
Revenue
Revenue		$ 212,074	$ 227,959	[1]	$ 427,030	$ 465,134	[1]
Income (loss) before income taxes from continuing operations
Total income (loss) before income taxes		(5,246)	(1,101)	[1]	(12,586)	4,713	[1]
Private Client Division [Member]
Revenue
Revenue	[2]	121,358	133,783		248,902	273,715
Income (loss) before income taxes from continuing operations
Total income (loss) before income taxes	[2]	14,345	13,402		$ 30,662	$ 30,159
Asset management fees					77.50%	77.50%
Asset Management [Member]
Revenue
Revenue	[2]	22,770	25,344		$ 45,744	$ 49,805
Income (loss) before income taxes from continuing operations
Total income (loss) before income taxes	[2]	5,703	7,801		$ 12,471	$ 15,687
Asset management fees					22.50%	22.50%
Capital Markets [Member]
Revenue
Revenue		65,524	69,531		$ 126,589	$ 141,697
Income (loss) before income taxes from continuing operations
Total income (loss) before income taxes		4,045	3,623		(2,753)	10,358
Corporate and Other [Member]
Revenue
Revenue		2,422	(699)		5,795	(83)
Income (loss) before income taxes from continuing operations
Total income (loss) before income taxes		$ (29,339)	$ (25,927)		$ (52,966)	$ (51,491)
[1]	Amounts have been recast to reflect discontinued operations. See Note 3 for details.
[2]	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			6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015		Jun. 30, 2016	Jun. 30, 2015
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 212,074	$ 227,959	[1]	$ 427,030	$ 465,134	[1]
United States [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	202,821	218,748		406,290	443,393
United Kingdom Israel [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	8,440	8,332		19,032	19,304
CHINA
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 813	$ 879		$ 1,708	$ 2,437
[1]	Amounts have been recast to reflect discontinued operations. See Note 3 for details.

Subsequent Events - Narrative (

Subsequent Events - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	Jul. 29, 2016	Jun. 30, 2016	Jun. 30, 2015	[1]	Jun. 30, 2016	Jun. 30, 2015	[1]	Jul. 21, 2016	Jun. 20, 2016
Subsequent Event [Line Items]
Dividends declared per share (in dollars per share)		$ 0.11	$ 0.11		$ 0.22	$ 0.22
Subsequent Event
Subsequent Event [Line Items]
Date of announcement of dividend	Jul. 29, 2016
Dividends declared per share (in dollars per share)	$ 0.11
Date of payment of dividend	Aug. 26, 2016
Date of record of dividend	Aug. 12, 2016
OMHHF
Subsequent Event [Line Items]
Disposal group, including discontinued operation, consideration									$ 45
OMHHF | Subsequent Event
Subsequent Event [Line Items]
Disposal group, including discontinued operation, consideration								$ 3.7
[1]	Amounts have been recast to reflect discontinued operations. See Note 3 for details.

Condensed Consolidating Finan71

Condensed Consolidating Financial Information - Narrative (Details)	6 Months Ended
	Jun. 30, 2016
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Interest owned by the holding company	100.00%

Condensed Consolidating Finan72

Condensed Consolidating Financial Information - Condensed Consolidating Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014
ASSETS
Cash and cash equivalents	$ 107,537	$ 63,364	$ 50,313	$ 50,313	$ 63,807
Deposits with clearing organizations	42,910	49,490
Receivable from brokers, dealers and clearing organizations	315,308	365,791
Receivable from customers, net of allowance	780,670	840,355
Income tax receivable	17,534	12,231
Securities purchased under agreements to resell	0	206,499
Securities owned	951,906	734,831
Notes receivable, net of accumulated amortization and allowance for uncollectibles	33,012	32,849
Office facilities, net of accumulated depreciation	27,880	28,285
Assets held for sale	21,764	99,881
Subordinated loan receivable	0	0
Intangible assets	31,700	31,700
Goodwill	137,889	137,889
Other assets	107,619	94,839
Deferred tax assets	0	0
Investment in subsidiaries	0	0
Intercompany receivables	0	0
Total assets	2,575,729	2,698,004
Liabilities
Drafts payable	26,759	48,011
Bank call loans	151,900	100,200
Payable to brokers, dealers and clearing organizations	172,362	164,546
Payable to customers	596,441	594,833
Securities sold under agreements to repurchase	432,912	651,445
Securities sold, but not yet purchased, at fair value	259,032	126,493
Liabilities held for sale	36,490	74,680
Accrued compensation	108,097	149,092
Accounts payable and other liabilities	110,367	108,637
Income tax payable	0	0
Senior secured notes	149,110	148,868
Subordinated indebtedness	0	0
Deferred tax liabilities	10,147	6,117
Intercompany payables	0	0
Total liabilities	2,053,617	2,172,922
Stockholders' equity
Stockholders' equity attributable to Oppenheimer Holdings Inc.	513,912	518,058
Noncontrolling interest	8,200	7,024
Total stockholders' equity	522,112	525,082	$ 538,634
Total liabilities and stockholders' equity	2,575,729	2,698,004
Allowance for credit losses	2,543	2,545
Amounts pledged	657,527	546,334
Net accumulated depreciation	107,810	104,812
Accumulated amortization	61,671	54,919
Accumulated allowance	8,062	8,444
Unamortized debt issuance expense	890	1,132
Deferred tax assets, gross	61,198	63,481
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	(49,506)	(49,106)
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
Assets held for sale	0	0
Subordinated loan receivable	(112,558)	(112,558)
Intangible assets	0	0
Goodwill	0	0
Other assets	0	0
Deferred tax assets	(39,504)	(41,103)
Investment in subsidiaries	(1,105,584)	(1,109,971)
Intercompany receivables	(75,291)	(73,372)
Total assets	(1,382,443)	(1,386,110)
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
Liabilities held for sale	0	0
Accrued compensation	0	0
Accounts payable and other liabilities	0	0
Income tax payable	(49,506)	(49,106)
Senior secured notes	0	0
Subordinated indebtedness	(112,558)	(112,558)
Deferred tax liabilities	(39,504)	(41,103)
Intercompany payables	(75,291)	(73,372)
Total liabilities	(276,859)	(276,139)
Stockholders' equity
Stockholders' equity attributable to Oppenheimer Holdings Inc.	(1,105,584)	(1,109,971)
Noncontrolling interest	0	0
Total stockholders' equity	(1,105,584)	(1,109,971)
Total liabilities and stockholders' equity	(1,382,443)	(1,386,110)
Parent Company [Member]
ASSETS
Cash and cash equivalents	606	907		29	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	39,056	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
Assets held for sale	0	0
Subordinated loan receivable	0	0
Intangible assets	0	0
Goodwill	0	0
Other assets	100	69
Deferred tax assets	48	317
Investment in subsidiaries	582,743	577,320
Intercompany receivables	45,929	60,187
Total assets	668,482	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
Liabilities held for sale	0	0
Accrued compensation	0	0
Accounts payable and other liabilities	3,020	3,235
Income tax payable	2,440	2,440
Senior secured notes	149,110	148,868
Subordinated indebtedness	0	0
Deferred tax liabilities	0	0
Intercompany payables	0	0
Total liabilities	154,570	154,543
Stockholders' equity
Stockholders' equity attributable to Oppenheimer Holdings Inc.	513,912	518,058
Noncontrolling interest	0	0
Total stockholders' equity	513,912	518,058
Total liabilities and stockholders' equity	668,482	672,601
Guarantor Subsidiaries [Member]
ASSETS
Cash and cash equivalents	525	2,586		2,685	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	27,984	27,536
Securities purchased under agreements to resell		0
Securities owned	1,261	1,183
Notes receivable, net of accumulated amortization and allowance for uncollectibles	0	0
Office facilities, net of accumulated depreciation	21,274	20,793
Assets held for sale	0	0
Subordinated loan receivable	112,558	112,558
Intangible assets	0	0
Goodwill	0	0
Other assets	2,502	3,224
Deferred tax assets	309	330
Investment in subsidiaries	522,841	532,651
Intercompany receivables	29,362	13,185
Total assets	718,616	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
Liabilities held for sale	0	0
Accrued compensation	0	0
Accounts payable and other liabilities	35,089	35,812
Income tax payable	22,189	22,189
Senior secured notes	0	0
Subordinated indebtedness	0	0
Deferred tax liabilities	10	0
Intercompany payables	62,204	62,204
Total liabilities	119,492	120,205
Stockholders' equity
Stockholders' equity attributable to Oppenheimer Holdings Inc.	599,124	593,841
Noncontrolling interest	0	0
Total stockholders' equity	599,124	593,841
Total liabilities and stockholders' equity	718,616	714,046
Non-Guarantor Subsidiaries [Member]
ASSETS
Cash and cash equivalents	106,406	59,871		$ 47,599	$ 61,811
Deposits with clearing organizations	42,910	49,490
Receivable from brokers, dealers and clearing organizations	315,308	365,791
Receivable from customers, net of allowance	780,670	840,355
Income tax receivable	0	0
Securities purchased under agreements to resell		206,499
Securities owned	950,645	733,648
Notes receivable, net of accumulated amortization and allowance for uncollectibles	33,012	32,849
Office facilities, net of accumulated depreciation	6,606	7,492
Assets held for sale	21,764	99,881
Subordinated loan receivable	0	0
Intangible assets	31,700	31,700
Goodwill	137,889	137,889
Other assets	105,017	91,546
Deferred tax assets	39,147	40,456
Investment in subsidiaries	0	0
Intercompany receivables	0	0
Total assets	2,571,074	2,697,467
Liabilities
Drafts payable	26,759	48,011
Bank call loans	151,900	100,200
Payable to brokers, dealers and clearing organizations	172,362	164,546
Payable to customers	596,441	594,833
Securities sold under agreements to repurchase	432,912	651,445
Securities sold, but not yet purchased, at fair value	259,032	126,493
Liabilities held for sale	36,490	74,680
Accrued compensation	108,097	149,092
Accounts payable and other liabilities	72,258	69,590
Income tax payable	24,877	24,477
Senior secured notes	0	0
Subordinated indebtedness	112,558	112,558
Deferred tax liabilities	49,641	47,220
Intercompany payables	13,087	11,168
Total liabilities	2,056,414	2,174,313
Stockholders' equity
Stockholders' equity attributable to Oppenheimer Holdings Inc.	506,460	516,130
Noncontrolling interest	8,200	7,024
Total stockholders' equity	514,660	523,154
Total liabilities and stockholders' equity	$ 2,571,074	$ 2,697,467

Condensed Consolidating Finan73

Condensed Consolidating Financial Information - Condensed Consolidating Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015		Jun. 30, 2016	Jun. 30, 2015
REVENUES
Commissions	$ 92,591	$ 103,556	[1]	$ 196,424	$ 213,251	[1]
Advisory fees	66,104	72,243	[1]	132,130	143,209	[1]
Investment banking	18,881	29,020	[1]	31,264	56,325	[1]
Interest	12,007	11,313	[1]	25,049	22,016	[1]
Principal transactions, net	7,577	3,541	[1]	14,195	12,038	[1]
Other	14,914	8,286	[1]	27,968	18,295	[1]
Total revenue	212,074	227,959	[1]	427,030	465,134	[1]
EXPENSES
Compensation and related expenses	141,721	153,805	[1]	290,216	314,629	[1]
Communications and technology	17,638	16,307	[1]	35,318	33,379	[1]
Occupancy and equipment costs	14,984	15,911	[1]	29,887	31,612	[1]
Clearing and exchange fees	6,199	6,231	[1]	13,120	12,633	[1]
Interest	4,972	4,105	[1]	9,839	7,875	[1]
Other	31,806	32,701	[1]	61,236	60,293	[1]
Total expenses	217,320	229,060	[1]	439,616	460,421	[1]
Income (loss) before income taxes	(5,246)	(1,101)	[1]	(12,586)	4,713	[1]
Income taxes	(2,627)	400	[1]	(6,439)	2,555	[1]
Net income (loss) from continuing operations	(2,619)	(1,501)	[1]	(6,147)	2,158	[1]
Income attributable to noncontrolling interest before income taxes	15,366	3,731	[1]	14,709	7,768	[1]
Tax effect of discontinued operation	6,036	1,585	[1]	5,760	3,160	[1]
Net income from discontinued operations	9,330	2,146	[1]	8,949	4,608	[1]
Equity in earnings of subsidiaries	0	0		0	0
Net income	6,711	645	[1]	2,802	6,766	[1]
Less net income attributable to noncontrolling interests	1,523	350	[1]	1,461	752	[1]
Net income attributable to Oppenheimer Holdings Inc.	5,188	295	[1]	1,341	6,014	[1]
Other comprehensive income (loss)	(654)	1,317		219	750
Comprehensive income attributable to Oppenheimer Holdings Inc.	4,534	1,612		1,560	6,764
Eliminations [Member]
REVENUES
Commissions	0	0		0	0
Advisory fees	(407)	(411)		(760)	(865)
Investment banking	0	0		0	0
Interest	(2,565)	(2,565)		(5,132)	(5,129)
Principal transactions, net	0	(30)		0	(84)
Other	(80)	(76)		(158)	(151)
Total revenue	(3,052)	(3,082)		(6,050)	(6,229)
EXPENSES
Compensation and related expenses	0	0		0	0
Communications and technology	0	0		0	0
Occupancy and equipment costs	(80)	(76)		(158)	(151)
Clearing and exchange fees	0	0		0	0
Interest	(2,565)	(2,565)		(5,132)	(5,129)
Other	(407)	(441)		(760)	(949)
Total expenses	(3,052)	(3,082)		(6,050)	(6,229)
Income (loss) before income taxes	0	0		0	0
Income taxes	0	0		0	0
Net income (loss) from continuing operations	0	0		0	0
Income attributable to noncontrolling interest before income taxes	0	0		0	0
Tax effect of discontinued operation	0	0		0	0
Net income from discontinued operations	0	0		0	0
Equity in earnings of subsidiaries	(10,564)	(3,551)		(6,522)	(18,095)
Net income	(10,564)	(3,551)		(6,522)	(18,095)
Less net income attributable to noncontrolling interests	0	0		0	0
Net income attributable to Oppenheimer Holdings Inc.	(10,564)	(3,551)		(6,522)	(18,095)
Other comprehensive income (loss)	0	0		0	0
Comprehensive income attributable to Oppenheimer Holdings Inc.	(10,564)	(3,551)		(6,522)	(18,095)
Parent Company [Member]
REVENUES
Commissions	0	0		0	0
Advisory fees	0	0		0	0
Investment banking	0	0		0	0
Interest	0	0		0	0
Principal transactions, net	0	0		0	0
Other	0	0		0	0
Total revenue	0	0		0	0
EXPENSES
Compensation and related expenses	356	263		743	575
Communications and technology	34	42		62	67
Occupancy and equipment costs	0	0		0	0
Clearing and exchange fees	0	0		0	0
Interest	3,282	3,281		6,563	6,562
Other	523	258		1,196	546
Total expenses	4,195	3,844		8,564	7,750
Income (loss) before income taxes	(4,195)	(3,844)		(8,564)	(7,750)
Income taxes	(3,272)	(1,521)		(4,986)	(3,001)
Net income (loss) from continuing operations	(923)	(2,323)		(3,578)	(4,749)
Income attributable to noncontrolling interest before income taxes	0	0		0	0
Tax effect of discontinued operation	0	0		0	0
Net income from discontinued operations	0	0		0	0
Equity in earnings of subsidiaries	6,111	2,618		4,919	10,763
Net income	5,188	295		1,341	6,014
Less net income attributable to noncontrolling interests	0	0		0	0
Net income attributable to Oppenheimer Holdings Inc.	5,188	295		1,341	6,014
Other comprehensive income (loss)	0	0		0	0
Comprehensive income attributable to Oppenheimer Holdings Inc.	5,188	295		1,341	6,014
Guarantor Subsidiaries [Member]
REVENUES
Commissions	0	0		0	0
Advisory fees	0	0		0	0
Investment banking	0	0		0	0
Interest	2,556	2,557		5,113	5,123
Principal transactions, net	22	0		52	0
Other	81	96		159	191
Total revenue	2,659	2,653		5,324	5,314
EXPENSES
Compensation and related expenses	0	0		0	0
Communications and technology	0	0		0	0
Occupancy and equipment costs	0	0		0	0
Clearing and exchange fees	0	0		0	0
Interest	0			0	0
Other	2	45		5	113
Total expenses	2	45		5	113
Income (loss) before income taxes	2,657	2,608		5,319	5,201
Income taxes	999	923		2,003	1,770
Net income (loss) from continuing operations	1,658	1,685		3,316	3,431
Income attributable to noncontrolling interest before income taxes	0	0		0	0
Tax effect of discontinued operation	0	0		0	0
Net income from discontinued operations	0	0		0	0
Equity in earnings of subsidiaries	4,453	933		1,603	7,332
Net income	6,111	2,618		4,919	10,763
Less net income attributable to noncontrolling interests	0	0		0	0
Net income attributable to Oppenheimer Holdings Inc.	6,111	2,618		4,919	10,763
Other comprehensive income (loss)	0	0		0	0
Comprehensive income attributable to Oppenheimer Holdings Inc.	6,111	2,618		4,919	10,763
Non-Guarantor Subsidiaries [Member]
REVENUES
Commissions	92,591	103,556		196,424	213,251
Advisory fees	66,511	72,654		132,890	144,074
Investment banking	18,881	29,020		31,264	56,325
Interest	12,016	11,321		25,068	22,022
Principal transactions, net	7,555	3,571		14,143	12,122
Other	14,913	8,266		27,967	18,255
Total revenue	212,467	228,388		427,756	466,049
EXPENSES
Compensation and related expenses	141,365	153,542		289,473	314,054
Communications and technology	17,604	16,265		35,256	33,312
Occupancy and equipment costs	15,064	15,987		30,045	31,763
Clearing and exchange fees	6,199	6,231		13,120	12,633
Interest	4,255	3,389		8,408	6,442
Other	31,688	32,839		60,795	60,583
Total expenses	216,175	228,253		437,097	458,787
Income (loss) before income taxes	(3,708)	135		(9,341)	7,262
Income taxes	(354)	998		(3,456)	3,786
Net income (loss) from continuing operations	(3,354)	(863)		(5,885)	3,476
Income attributable to noncontrolling interest before income taxes	15,366	3,731		14,709	7,768
Tax effect of discontinued operation	6,036	1,585		5,760	3,160
Net income from discontinued operations	9,330	2,146		8,949	4,608
Equity in earnings of subsidiaries	0	0		0	0
Net income	5,976	1,283		3,064	8,084
Less net income attributable to noncontrolling interests	1,523	350		1,461	752
Net income attributable to Oppenheimer Holdings Inc.	4,453	933		1,603	7,332
Other comprehensive income (loss)	(654)	1,317		219	750
Comprehensive income attributable to Oppenheimer Holdings Inc.	$ 3,799	$ 2,250		$ 1,822	$ 8,082
[1]	Amounts have been recast to reflect discontinued operations. See Note 3 for details.

Condensed Consolidating Finan74

Condensed Consolidating Financial Information - Condensed Consolidating Statement of Cash Flows (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Cash provided by (used in) operating activities	$ (40,715)	$ (126,388)
Cash flows from investing activities
Purchase of office facilities	(2,572)	(1,913)
Proceeds from sale of assets	43,252	0
Cash provided by (used in) investing activities	40,680	(1,913)
Cash flows from financing activities
Cash dividends paid on Class A non-voting and Class B voting common stock	(2,947)	(3,023)
Repurchase of Class A non-voting common stock for cancellation	(3,798)	0
Tax deficiency from share-based awards	(747)	(270)
Other financing activities	51,700	118,100
Cash flow provided by (used in) financing activities	44,208	114,807
Net increase (decrease) in cash and cash equivalents	44,173	(13,494)
Cash and cash equivalents, beginning of period	63,364	63,807
Cash and cash equivalents, end of period	107,537	50,313
Class A Stock [Member]
Cash flows from financing activities
Repurchase of Class A non-voting common stock for cancellation	(3,798)
Parent Company [Member]
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Cash provided by (used in) operating activities	7,191	2,883
Cash flows from investing activities
Purchase of office facilities	0	0
Proceeds from sale of assets	0
Cash provided by (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	(2,947)	(3,023)
Tax deficiency from share-based awards	(747)	(270)
Other financing activities	0	0
Cash flow provided by (used in) financing activities	(7,492)	(3,293)
Net increase (decrease) in cash and cash equivalents	(301)	(410)
Cash and cash equivalents, beginning of period	907	439
Cash and cash equivalents, end of period	606
Parent Company [Member] | Class A Stock [Member]
Cash flows from financing activities
Repurchase of Class A non-voting common stock for cancellation	(3,798)
Guarantor Subsidiaries [Member]
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Cash provided by (used in) operating activities	(2,061)	1,128
Cash flows from investing activities
Purchase of office facilities	0	0
Proceeds from sale of assets	0
Cash provided by (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	(2,061)	1,128
Cash and cash equivalents, beginning of period	2,586	1,557
Cash and cash equivalents, end of period	525
Guarantor Subsidiaries [Member] | Class A Stock [Member]
Cash flows from financing activities
Repurchase of Class A non-voting common stock for cancellation	0
Non-Guarantor Subsidiaries [Member]
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Cash provided by (used in) operating activities	(45,845)	(130,399)
Cash flows from investing activities
Purchase of office facilities	(2,572)	(1,913)
Proceeds from sale of assets	43,252
Cash provided by (used in) investing activities	40,680	(1,913)
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	51,700	118,100
Cash flow provided by (used in) financing activities	51,700	118,100
Net increase (decrease) in cash and cash equivalents	46,535	(14,212)
Cash and cash equivalents, beginning of period	59,871	61,811
Cash and cash equivalents, end of period	106,406
Non-Guarantor Subsidiaries [Member] | Class A Stock [Member]
Cash flows from financing activities
Repurchase of Class A non-voting common stock for cancellation	0
Consolidation, Eliminations [Member]
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Cash provided by (used in) operating activities	0	0
Cash flows from investing activities
Purchase of office facilities	0	0
Proceeds from sale of assets	0
Cash provided by (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
Consolidation, Eliminations [Member] | Class A Stock [Member]
Cash flows from financing activities
Repurchase of Class A non-voting common stock for cancellation	$ 0