Oppenheimer (OPY) 10-K 1 Mar 21 2020 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Mar. 01, 2021	Jun. 30, 2020
Document Information [Line Items]
Document Annual Report	true
Document Transition Report	false
Entity File Number	1-12043
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	98-0080034
Entity Address, Address Line One	85 Broad Street,
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10004
City Area Code	212
Local Phone Number	668-8000
Title of 12(b) Security	Class A non-voting common stock
Trading Symbol	OPY
Security Exchange Name	NYSE
Entity Central Index Key	0000791963
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Interactive Data Current	Yes
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Document Type	10-K
Document Period End Date	Dec. 31, 2020
Current Fiscal Year End Date	--12-31
Entity Registrant Name	OPPENHEIMER HOLDINGS INC.
Entity Public Float			$ 271.2
Entity Shell Company	false
ICFR Auditor Attestation Flag	true
Class A Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		12,580,734
Class B Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		99,665

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
ASSETS
Cash and cash equivalents	$ 35,424	$ 79,550
Deposits with clearing organizations	83,343	48,415
Receivable from brokers, dealers and clearing organizations	203,494	163,293
Receivable from customers, net of allowance for credit losses of $410 ($451 in 2019)	1,110,835	796,934
Income tax receivable	0	5,170
Securities owned, including amounts pledged of $440,531 ($357,120 in 2019), at fair value	610,517	799,719
Notes receivable, net	46,161	43,670
Furniture, equipment and leasehold improvements, net of accumulated depreciation of $90,958 ($94,773 in 2019)	27,762	31,377
Operating Lease, Right-of-Use Asset	153,502	160,297
Intangible assets	32,100	32,100
Goodwill	137,889	137,889
Other assets	272,876	166,341
Total assets	2,713,903	2,464,755
Liabilities
Bank call loans	82,000	0
Payable to brokers, dealers and clearing organizations	259,911	520,975
Payable to customers	502,807	334,735
Securities sold under agreements to repurchase	342,438	287,265
Securities sold but not yet purchased, at fair value	126,171	100,571
Accrued compensation	298,263	207,358
Accounts payable and other liabilities	44,791	44,725
Accrued Income Taxes	9,726	0
Operating Lease, Liability	193,373
Operating Lease, Liability, Noncurrent		203,140
Senior secured notes, net of debt issuance costs of $1,154 ($485 in 2019)	123,846	149,515
Deferred tax liabilities, net of deferred tax assets of $44,104 ($43,630 in 2019)	44,909	23,749
Total liabilities	2,028,235	1,872,033
Commitments and contingencies (note 17)
Share capital
Common stock	39,333	46,557
Contributed capital	41,481	47,406
Retained earnings	601,406	496,998
Accumulated other comprehensive income	3,448	1,761
Total stockholders' equity	685,668	592,722
Total liabilities and stockholders' equity	2,713,903	2,464,755
Class A Stock
Share capital
Common stock	39,200	46,424
Class B Stock
Share capital
Common stock	$ 133	$ 133

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Allowance for credit losses	$ 410	$ 451
Amounts pledged	440,531	357,120
Furniture equipment and leasehold improvements, net accumulated depreciation	90,958	94,773
Accounts and Notes Receivable, Accumulated Amortization	26,758	38,355
Beginning balance	4,234	3,673
Unamortized debt issuance expense	1,154	485
Operating Lease Right-of-use Asset Accumulated Amortization	50,336	25,186
Deferred Income Tax Liabilities, Net
Net deferred tax assets	$ 44,104	$ 43,630
Common Class A [Member]
Common stock, authorized	50,000,000	50,000,000
Common stock, shares issued	12,381,778	12,698,703
Common stock, shares outstanding	12,381,778	12,698,703
Common stock, par value	$ 0.001	$ 0.001
Class B Stock
Common stock, authorized	99,665	99,665
Common stock, shares issued	99,665	99,665
Common stock, shares outstanding	99,665	99,665
Common stock, par value	$ 0.001	$ 0.001

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
REVENUE
Commissions	$ 395,097	$ 320,114	$ 329,668
Investment Advisory Fee Revenue	455,261	353,671	314,349
Investment banking	222,298	126,211	115,353
Interest Income, Deposits with Financial Institutions	34,829	117,422	116,052
Interest	33,477	50,723	52,484
Principal transactions, net	27,874	30,094	14,461
Other	29,831	35,144	15,787
Total revenue	1,198,667	1,033,379	958,154
EXPENSES
Compensation and related expenses	770,997	657,714	607,192
Communications and technology	82,132	81,588	74,479
Occupancy and equipment costs	62,352	62,198	61,171
Clearing and exchange fees	22,978	21,962	22,985
Interest	15,680	45,687	46,396
Other	75,528	89,318	101,062
Total expenses	1,029,667	958,467	913,285
Operating Income (Loss), Total	169,000	74,912	44,869
Income Tax Expense (Benefit)	46,014	21,959	15,977
Net income (loss) attributable to Oppenheimer Holdings Inc.	$ 122,986	$ 52,953	$ 28,892
Earnings per share
Earnings Per Share, Basic	$ 9.73	$ 4.10	$ 2.18
Diluted earnings per share	9.30	3.82	$ 2.05
Dividends	$ 1.48	$ 0.46
Weighted average shares
Basic	12,642,576	12,904,397	13,248,876
Diluted	13,217,335	13,851,832	14,061,369
Class A Stock
Earnings per share
Dividends	$ 1.48	$ 0.46	$ 0.44
Retained Earnings [Member]
EXPENSES
Net income (loss) attributable to Oppenheimer Holdings Inc.	$ 122,986	$ 52,953	$ 28,892
Earnings per share
Dividends	$ 1.48	$ 0.46	$ 0.44

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Comprehensive Income [Abstract]
Net Income (Loss) Attributable to Parent	$ 122,986	$ 52,953	$ 28,892
Other comprehensive income (loss), net of tax
Currency translation adjustment	1,687	1,596	(1,417)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent, Total	$ 124,673	$ 54,549	$ 27,475

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Common Class A [Member]	Share Capital	Share CapitalCommon Class A [Member]	Contributed Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Parent	Non-Controlling Interest
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stockholders' Equity Attributable to Parent			$ 58,492		$ 36,546	$ 426,930	$ 1,582
Dividends		$ 0.44				$ 0.44
Balance at beginning of year at Dec. 31, 2017									$ 361
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Class A non-voting common stock	$ 724			$ 794
Repurchase of Class A non-voting common stock for cancellation				(5,894)
Share-based expense					6,061
Vested employee share plan awards					(831)
Net Income (Loss) Attributable to Parent	28,892					$ 28,892
Dividends paid ($0.44 per share for the years 2012, 2013 & 2014)						(5,833)
Adjustments to Additional Paid in Capital, Other						(314)
Currency translation adjustment	(1,417)						(1,417)
Less net income (loss) attributable to non-controlling interest, net of tax									(16)
Dividends paid to non-controlling interest	372								(345)
Balance at end of year at Dec. 31, 2018	$ 545,322								0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stockholders' Equity Attributable to Parent			53,392		41,776	$ 449,989	165	$ 545,322
Non-controlling interest									0
Dividends	$ 0.46	0.46				$ 0.46
Issuance of Class A non-voting common stock	$ 2,192			1,565
Repurchase of Class A non-voting common stock for cancellation				(8,400)
Share-based expense					8,128
Vested employee share plan awards					(2,498)
Net Income (Loss) Attributable to Parent	52,953					$ 52,953
Dividends paid ($0.44 per share for the years 2012, 2013 & 2014)						(5,944)
Adjustments to Additional Paid in Capital, Other						0
Currency translation adjustment	1,596						1,596
Less net income (loss) attributable to non-controlling interest, net of tax									0
Dividends paid to non-controlling interest	0								0
Balance at end of year at Dec. 31, 2019									0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stockholders' Equity Attributable to Parent	$ 592,722		46,557		47,406	$ 496,998	1,761	592,722
Non-controlling interest									0
Dividends	$ 1.48	$ 1.48				$ 1.48
Issuance of Class A non-voting common stock	$ 12,167			7,824
Repurchase of Class A non-voting common stock for cancellation				$ (15,048)
Share-based expense					7,683
Vested employee share plan awards					(13,608)
Net Income (Loss) Attributable to Parent	122,986					$ 122,986
Dividends paid ($0.44 per share for the years 2012, 2013 & 2014)						(18,578)
Adjustments to Additional Paid in Capital, Other						0
Currency translation adjustment	1,687						1,687
Less net income (loss) attributable to non-controlling interest, net of tax									0
Dividends paid to non-controlling interest	0								0
Stockholders' Equity Attributable to Parent	$ 685,668		$ 39,333		$ 41,481	$ 601,406	$ 3,448	$ 685,668
Non-controlling interest									$ 0

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Dividends	$ 1.12	$ 0.12	$ 0.12	$ 0.12	$ 0.12	$ 0.12	$ 0.11	$ 0.11	$ 1.48	$ 0.46
Retained Earnings
Dividends									$ 1.48	$ 0.46	$ 0.44

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Cash Flows [Abstract]
Net income	$ 122,986,000	$ 52,953,000	$ 28,892,000
Non-cash items included in net income:
Depreciation and amortization of furniture, equipment and leasehold improvements	8,143,000	7,635,000	6,871,000
Deferred Income Taxes and Tax Credits	21,336,000	9,878,000	2,773,000
Amortization of notes receivable	11,763,000	12,971,000	12,540,000
Amortization of debt issuance costs	206,000	236,000	259,000
Write-off of debt issuance costs	341,000	184,000	0
Provision for (reversal of) credit losses	(41,000)	(435,000)	117,000
Share-based compensation	16,220,000	11,819,000	6,710,000
Operating Lease Right-of-use Asset, Amortization	25,150,000	25,186,000	0
Gain (Loss) on Repurchase of Debt Instrument	(86,000)
Decrease (increase) in operating assets:
Deposits with clearing organizations	(34,928,000)	19,263,000	(25,456,000)
Receivable from brokers, dealers and clearing organizations	(40,201,000)	3,200,000	20,622,000
Increase (Decrease) in Accounts and Other Receivables	313,860,000	75,722,000	(127,332,000)
Income tax receivable	5,170,000	(4,156,000)	1,925,000
Securities purchased under agreements to resell	0	290,000	368,000
Securities owned	189,202,000	37,865,000	89,013,000
Notes receivable	(14,254,000)	(12,583,000)	(16,078,000)
Other assets	(105,435,000)	(53,698,000)	30,272,000
Increase (decrease) in operating liabilities:
Drafts payable	0	(16,348,000)	(26,064,000)
Payable to brokers, dealers and clearing organizations	(261,064,000)	231,768,000	77,724,000
Payable to customers	168,072,000	(1,881,000)	(49,291,000)
Securities sold under agreements to repurchase	55,173,000	(196,953,000)	(102,260,000)
Securities sold but not yet purchased	25,600,000	15,125,000	(9,040,000)
Accrued compensation	82,367,000	36,319,000	(6,418,000)
Increase (Decrease) in Income Taxes Payable	9,726,000
Accounts payable and other liabilities	(25,645,000)	(23,774,000)	(2,241,000)
Cash (used in) provided by operating activities	(54,059,000)	79,142,000	168,570,000
Cash flows from investing activities
Purchase of furniture, equipment and leasehold improvements	(4,528,000)	(10,024,000)	(8,672,000)
Payments to Acquire Intangible Assets	0	0	(400,000)
Proceeds from Life Insurance Policy	587,000	1,720,000	881,000
Cash used in investing activities	(3,941,000)	(8,304,000)	(8,191,000)
Cash flows from financing activities
Cash dividends paid on Class A non-voting and Class B voting common stock	(18,578,000)	(5,944,000)	(5,833,000)
Payments of Ordinary Dividends, Noncontrolling Interest	0	0	(372,000)
Issuance of Class A non-voting common stock	56,000	83,000	70,000
Repurchase of Class A non-voting common stock for cancellation	(15,048,000)	(8,400,000)	(5,894,000)
Payment, Tax Withholding, Share-based Payment Arrangement	(5,839,000)	(1,014,000)	(2,529,000)
Proceeds from Issuance of Senior Long-term Debt	125,000,000	0	0
Redemption of senior secured notes	(148,574,000)	(50,000,000)	0
Repayments of Debt	1,426,000
Payments of Debt Issuance Costs	(1,210,000)	0	0
Payments For Debt Redemption Cost	(2,507,000)	(1,688,000)	0
Redemption of senior secured notes	82,000,000	(15,000,000)	(103,300,000)
Cash provided by (used in) financing activities	13,874,000	(81,963,000)	(117,858,000)
Net (decrease) increase in cash and cash equivalents	(44,126,000)	(11,125,000)	42,521,000
Cash and cash equivalents, beginning of year	79,550,000	90,675,000	48,154,000
Cash and cash equivalents, end of year	35,424,000	79,550,000	90,675,000
Schedule of non-cash financing activities
Employee share plan issuance	12,167,000	2,192,000	724,000
Supplemental disclosure of cash flow information
Cash paid during the year for interest	19,013,000	40,678,000	53,559,000
Cash paid during the year for income taxes, net	$ 11,191,000	$ 16,816,000	$ 11,520,000

Organization

Organization	12 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Oppenheimer Holdings Inc. ("OPY" or the "Parent") is incorporated under the laws of the State of Delaware. The consolidated financial statements include the accounts of OPY and its consolidated subsidiaries (together, the "Company"). Oppenheimer Holdings Inc., through its operating subsidiaries, is a leading middle market investment bank and full service broker-dealer that is engaged in a broad range of activities in the financial services industry, including retail securities brokerage, institutional sales and trading, investment banking (corporate and public finance), equity and fixed income research, market-making, trust services, and investment advisory and asset management services. The Company is headquartered in New York and has 92 retail branch offices in the United States and institutional businesses located in London, Tel Aviv, and Hong Kong. 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, 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, Germany and Switzerland, which provides institutional equities and fixed income brokerage and corporate finance and is regulated by the Financial Conduct Authority; and Oppenheimer Investments Asia Limited, based in Hong Kong, China, which provides fixed income and equities brokerage services to institutional investors and is regulated by the Securities and Futures Commission.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of significant accounting policies and estimates Basis of Presentation The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("US GAAP"). Intercompany transactions and balances have been eliminated in the preparation of the consolidated financial statements. Use of Estimates The preparation of the consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the dates of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. In presenting the consolidated financial statements, management makes estimates regarding valuations of financial instruments, loans and allowances for credit losses, the outcome of legal and regulatory matters, goodwill and other intangible assets, share-based compensation plans and income taxes. Estimates, by their nature, are based on judgment and available information. Therefore, actual results could be materially different from these estimates. A discussion of certain critical accounting policies in which estimates are a significant component of the amounts reported on the consolidated financial statements follows. On January 30, 2020, the spread of the novel coronavirus ("COVID-19") was declared a Public Health Emergency of International Concern by the World Health Organization ("WHO"). Subsequently, on March 11, 2020, the WHO characterized the COVID-19 outbreak as a pandemic (the "COVID-19 Pandemic"). COVID-19 Pandemic coupled with the current market volatility has created an economic environment which may have significant accounting and financial reporting implications. The disruption of businesses around the globe due to COVID-19 may be a "trigger event" for companies to reassess valuation and accounting estimates and assumptions such as, impairment of goodwill, valuation allowances of deferred tax assets, fair value of investments and collectability of receivables. We have reviewed the assumptions on which we value our goodwill, as well as valuation allowances on certain assets and the collectability of our receivables as of December 31, 2020 which did not result in any impairment or write off. Financial Instruments and F ai r Value Financial Instruments Securities owned, securities sold but not yet purchased, investments and derivative contracts are carried at fair value with changes in fair value recognized in earnings each period. Fair Value Measurements Accounting guidance for the fair value measurement of financial assets, defines fair value, establishes a framework for measuring fair value, establishes a fair value measurement hierarchy, and expands fair value measurement disclosures. Fair value, as defined by the accounting guidance, is the price that would be received in the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy established by this accounting guidance prioritizes the inputs used in valuation techniques into the following three categories (highest to lowest priority): Level 1: Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets; Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly; and Level 3: Unobservable inputs that are significant to the overall fair value measurement. The Company's financial instruments that are recorded at fair value generally are classified within Level 1 or Level 2 within the fair value hierarchy using quoted market prices or quotes from market makers or broker-dealers. Financial instruments classified within Level 1 are valued based on quoted market prices in active markets and consist of U.S. Treasury and Agency securities, corporate equities, and certain money market instruments. Level 2 financial instruments primarily consist of investment grade and high-yield corporate debt, convertible bonds, mortgage and asset-backed securities, and municipal obligations. Financial instruments classified as Level 2 are valued based on quoted prices for similar assets and liabilities in active markets and quoted prices for identical or similar assets and liabilities in markets that are not active. Some financial instruments are classified within Level 3 within the fair value hierarchy as observable pricing inputs are not available due to limited market activity for the asset or liability. Such financial instruments include certain distressed municipal securities, auction rate securities ("ARS") and investments in hedge funds and private equity funds where the Company, through its subsidiaries, is general partner. Fair Value Option The Company has the option to measure certain financial assets and financial liabilities at fair value with changes in fair value recognized in earnings each period. The Company may make a fair value option election on an instrument-by-instrument basis at initial recognition of an asset or liability or upon an event that gives rise to a new basis of accounting for that instrument. Consolidation The Company consolidates all subsidiaries in which it has a controlling financial interest, as well as any variable interest entities ("VIEs") where the Company is deemed to be the primary beneficiary, when it has the power to make the decisions that most significantly affect the economic performance of the VIE and has the obligation to absorb significant losses or the right to receive benefits that could potentially be significant to the VIE. The Company reviews factors, including the rights of the equity holders at risk and obligations of equity holders to absorb losses or receive expected residual returns, to determine if the entity is a VIE. In evaluating whether the Company is the primary beneficiary, the Company evaluates its economic interests in the entity held either directly or indirectly by the Company. Under US GAAP, a general partner will not consolidate a partnership or similar entity under the voting interest model. See note 9 for further details. Financing Receivables The Company's financing receivables include customer margin loans, securities purchased under agreements to resell ("reverse repurchase agreements"), and securities borrowed transactions. The Company uses financing receivables to extend margin loans to customers, meet trade settlement requirements, and facilitate its matched-book arrangements and inventory requirements. The Company's financing receivables are secured by collateral received from clients and counterparties. In many cases, the Company is permitted to sell or re-pledge securities held as collateral. These securities may be used to collateralize repurchase agreements, to enter into securities lending agreements, to cover short positions or fulfill the obligation of securities fails to deliver. The Company monitors the market value of the collateral received on a daily basis and may require clients and counterparties to deposit additional collateral or return collateral pledged, when appropriate. Customer receivables, primarily consisting of customer margin loans collateralized by customer-owned securities, are stated net of allowance for credit losses. The Company reviews large customer accounts that do not comply with the Company's margin requirements on a case-by-case basis to determine the likelihood of collection and records an allowance for credit loss following that process. For small customer accounts that do not comply with the Company's margin requirements, the allowance for credit loss is generally recorded as the amount of unsecured or partially secured receivables. The Company also makes loans to financial advisors as part of its hiring process. These loans are recorded as notes receivable on its consolidated balance sheet. Allowances are established on these loans if the financial advisor is no longer associated with the Company and the loan has not been promptly repaid. Legal and Regulatory Reserves The Company records reserves related to legal and regulatory proceedings in accounts payable and other liabilities. The determination of the amounts of these reserves requires significant judgment on the part of management. In accordance with applicable accounting guidance, the Company establishes reserves for litigation and regulatory matters where available information indicates that it is probable a liability had been incurred and the Company can reasonably estimate the amount of that loss. When loss contingencies are not probable or cannot be reasonably estimated, the Company does not establish reserves. When determining whether to record a reserve, management considers many factors including, but not limited to, the amount of the claim; the stage and forum of the proceeding, the sophistication of the claimant, the amount of the loss, if any, in the client's account and the possibility of wrongdoing, if any, on the part of an employee of the Company; the basis and validity of the claim; previous results in similar cases; and applicable legal precedents and case law. Each legal and regulatory proceeding is reviewed with counsel in each accounting period and the reserve is adjusted as deemed appropriate by management. Any change in the reserve amount is recorded in the results of that period. The assumptions of management in determining the estimates of reserves may be incorrect and the actual disposition of a legal or regulatory proceeding could be greater or less than the reserve amount. Leases In the first quarter of 2019, the Company adopted ASU 2016-02, "Leases". The ASU requires the recognition of right-of use ("ROU") assets and lease liabilities on the consolidated balance sheet by lessees for those leases classified as operating leases under previous guidance. ROU assets and lease liabilities are initially recognized based on the present value of the future minimum lease payments over the lease term, excluding non-base rent components such as fixed common area maintenance costs and other fixed costs such as real estate taxes and insurance. The discount rates used in determining the present value of leases are the Company’s incremental borrowing rates, developed based upon each lease’s term. The lease term includes options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. For operating leases, the ROU assets also include any prepaid lease payments and initial direct costs incurred and are reduced by lease incentives. For these leases, lease expense is recognized on a straight-line basis over the lease term if the ROU asset has not been impaired or abandoned. Goodwill The Company defines a reporting unit as an operating segment. The Company's goodwill resides in its Private Client Division ("PCD") reporting unit. Goodwill of a reporting unit is subject to at least an annual test for impairment to determine if the estimated fair value of a reporting unit is less than its carrying amount. Goodwill of a reporting unit is required to be tested for impairment between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Due to the volatility in the financial services sector and equity markets in general, determining whether an impairment of goodwill has occurred is increasingly difficult and requires management to exercise significant judgment. The Company's annual goodwill impairment analysis performed as of December 31, 2020 applied the same valuation methodologies with consistent inputs as that performed as of December 31, 2019, as follows: In estimating the fair value of the PCD reporting unit, the Company uses traditional standard valuation methods, including the market comparable approach and income approach. The market comparable approach is based on comparisons of the subject company to public companies whose stocks are actively traded ("Price Multiples") or to similar companies engaged in an actual merger or acquisition ("Precedent Transactions"). As part of this process, multiples of value relative to financial variables, such as earnings or stockholders' equity, are developed and applied to the appropriate financial variables of the subject company to indicate its value. The income approach involves estimating the present value of the subject company's future cash flows by using projections of the cash flows that the business is expected to generate, and discounting these cash flows at a given rate of return ("Discounted Cash Flow" or "DCF"). Each of these standard valuation methodologies requires the use of management estimates and assumptions. In its Price Multiples valuation analysis, the Company uses various operating metrics of comparable companies, including revenues, after-tax earnings, and EBITDA as well as price-to-book value ratios at a point in time. The Company analyzes prices paid in Precedent Transactions that are comparable to the business conducted in the PCD. The DCF analysis includes the Company's assumptions regarding discount rate, growth rates of the PCD's revenues, expenses, EBITDA, and capital expenditures, adjusted for current economic conditions and expectations. The Company weighs each of the three valuation methods equally in its overall valuation. Given the subjectivity involved in selecting which valuation method to use, the corresponding weightings, and the input variables for use in the analyses, it is possible that a different valuation model and the selection of different input variables could produce a materially different estimate of the fair value of the PCD reporting unit. Intangible Assets Indefinite intangible assets are comprised of trademarks, trade names and an Internet domain name. These intangible assets carried at $32.1 million, which are not amortized, are subject to at least an annual test for impairment to determine if the estimated fair value is less than their carrying amount. The fair value of the trademarks and trade names was substantially in excess of their carrying value as of December 31, 2020. Share-Based Compensation Plans As part of the compensation to employees and directors, the Company uses stock-based compensation, consisting of restricted stock, stock options and stock appreciation rights. In accordance with ASC Topic 718, "Compensation - Stock Compensation," the Company classifies the stock options and restricted stock awards as equity awards, which requires the compensation cost to be recognized in the consolidated income statements over the requisite service period of the award at grant date fair value and adjusted for actual forfeitures. The fair value of restricted stock awards is determined based on the grant date closing price of the Company's Class A non-voting common stock ("Class A Stock") adjusted for the present value of the dividend to be received upon vesting. The fair value of stock options is determined using the Black-Scholes model. Key assumptions used to estimate the fair value include the expected term and the expected volatility of the Company's Class A Stock over the term of the award, the risk-free interest rate over the expected term, and the Company's expected annual dividend yield. The Company classifies stock appreciation rights ("OARs") as liability awards, which requires the fair value to be remeasured at each reporting period until the award vests. The fair value of OARs is also determined using the Black-Scholes model at the end of each reporting period. The compensation cost is adjusted each reporting period for changes in fair value prorated for the portion of the requisite service period rendered. Revenue Recognition Brokerage Customers' securities and commodities transactions are reported on a settlement date basis, which is generally two one Principal Transactions Transactions in proprietary securities and related revenue and expenses are recorded on a trade date basis. Securities owned and securities sold but not yet purchased are reported at fair value generally based upon quoted prices. Realized and unrealized changes in fair value are recognized in principal transactions, net in the period in which the change occurs. Investment Banking Fees Advisory fees from mergers, acquisitions and restructuring transactions are recorded when services for the transactions are completed and income is reasonably determinable, generally as set forth under the terms of the engagement. Retainer fees and engagement fees are recognized ratably over the service period. Underwriting fees are recorded when the transactions are completed. Transaction-related expenses, primarily consisting of legal, travel and other costs directly associated with the transaction, are deferred and recognized in the same period as the related investment banking transaction revenue. Underwriting revenues and the related expenses are presented gross on the consolidated income statements. Interest Interest revenue represents interest earned on margin debit balances, securities borrowed transactions, reverse repurchase agreements, fixed income securities, firm investments, and cash and cash equivalents. Interest revenue is recognized in the period earned based upon average or daily asset balances, contractual cash flows, and interest rates. Asset Management Asset management fees are generally recognized over the period the related service is provided based on the account value at the valuation date per the respective asset management agreements. In certain circumstances, OAM is entitled to receive performance (or incentive) fees when the return on assets under management ("AUM") exceeds certain benchmark returns or other performance targets. Performance fees are generally based on investment performance over a 12-month period and are not subject to adjustment once the measurement period ends. Such fees are computed as of the fund's year-end when the measurement period ends and generally are recorded as earned in the fourth quarter of the Company's fiscal year. Asset management fees and performance fees are included in advisory fees in the consolidated income statements. Assets under management are not included as assets of the Company. Bank Deposit Sweep Income Bank deposit sweep income consists of revenues earned from the Advantage Bank Deposit Program. Under this program, client funds are swept into deposit accounts at participating banks and are eligible for FDIC deposit insurance up to FDIC standard maximum deposit insurance amounts. The Company earns the fee paid on these deposits after administrative fees are paid to the administrator of the program. The fee earned in the period is recorded in bank deposit sweep income and the portion of interest credited to clients is recorded in interest expense in the consolidated income statements. Balance Sheet Cash and Cash Equivalents The Company defines cash equivalents as highly liquid investments with original maturities of less than 90 days that are not held for sale in the ordinary course of business. Receivables from / Payables to Brokers, Dealers and Clearing Organizations Securities borrowed and securities loaned are carried at the amounts of cash collateral advanced or received. Securities borrowed transactions require the Company to deposit cash or other collateral with the lender. The Company receives cash or collateral in an amount generally in excess of the market value of securities loaned. The Company monitors the market value of securities borrowed and loaned on a daily basis and may require counterparties to deposit additional collateral or return collateral pledged, when appropriate. Securities failed to deliver and receive represent the contract value of securities which have not been delivered or received, respectively, by settlement date. Receivables from / Payables to Customers Receivables from and payables to customers include balances arising from customer securities and margin transactions. Receivables from customers are recorded when margin loans are extended to customers and are recorded on a settlement date basis. Payables to customers are recorded when customers deposit cash into their accounts and are recorded on a settlement date basis. Interest earned from the customer margin loans are recorded in the consolidated income statements in interest income. Interest expenses incurred on customer cash balances are recorded in the consolidated income statements in interest expense. Securities Purchased under Agreements to Resell and Securities Sold under Agreements to Repurchase Reverse repurchase agreements and securities sold under agreements to repurchase ("repurchase agreements") are treated as collateralized financing transactions and are recorded at their contractual amounts plus accrued interest. The resulting interest income and expense for these arrangements are included in interest income and interest expense in the consolidated income statements. Additionally, the Company elected the fair value option for repurchase agreements and reverse repurchase agreements that do not settle overnight or have an open settlement date. The Company can present the reverse repurchase and repurchase transactions on a net-by-counterparty basis when the specific offsetting requirements are satisfied. Notes Receivable Notes receivable represent recruiting and retention payments generally in the form of upfront loans to financial advisors and key revenue producers as part of the Company's overall growth strategy. These notes generally amortize over a service period of 3 to 10 years from the initial date of the note or based on productivity levels of employees. All such notes are contingent on the employees' continued employment with the Company. The unforgiven portion of the notes becomes due on demand in the event the employee departs during the service period. Amortization of notes receivable is included in the consolidated income statements in compensation and related expenses. Furniture, Equipment and Leasehold Improvements Furniture, equipment and leasehold improvements are stated at cost less accumulated depreciation. Depreciation of furniture, fixtures, and equipment is provided on a straight-line basis generally over 3 to 7 years. Leasehold improvements are amortized on a straight-line basis over the shorter of the life of the improvement or the remaining term of the lease. Drafts Payable Drafts payable represent amounts drawn by the Company against a bank. Bank Call Loans Bank call loans are generally payable on demand and bear interest at various rates, and such loans are collateralized by firm and/or customer's margin securities. Foreign Currency Translations Foreign currency balances have been translated into U.S. dollars as follows: monetary assets and liabilities at exchange rates prevailing at period end; revenue and expenses at average rates for the period; and non-monetary assets and stockholders' equity at historical rates. The functional currency of the overseas operations is the local currency in each location except for Oppenheimer Europe Ltd. and Oppenheimer Investments Asia Limited which have the U.S. dollar as their functional currency. Income Taxes The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Company recognizes deferred tax assets to the extent it believes these assets are more likely than not to be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies, and the results of recent operations. The Company records uncertain tax positions in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 740, "Income Taxes" on the basis of a two-step process whereby it determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. The Company records interest and penalties accruing on unrecognized tax benefits in pre-tax income as interest expense and other expense, respectively, in its consolidated income statements. The Company permanently reinvests eligible earnings of its foreign subsidiaries and, accordingly, does not accrue any U.S. income taxes that would arise if such earnings were repatriated.

Credit Losses

Credit Losses	12 Months Ended
	Dec. 31, 2020
Credit Loss [Abstract]
Credit Loss, Financial Instrument	Financial Instruments - Credit Losses On January 1, 2020, the Company adopted ASU 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments", which replaces the incurred loss methodology with a current expected credit loss ("CECL") methodology. The Company elected the modified retrospective method which did not result in a cumulative effect adjustment at the date of adoption. The Company can elect to use an approach to measure the allowance for credit losses using the fair value of collateral where the borrower is required to, and reasonably expected to, continually adjust and replenish the amount of collateral securing the instrument to reflect changes in the fair value of such collateral. The Company has elected to use this approach for securities borrowed, margin loans and reverse repurchase agreements. No material historical losses have been reported on these assets. See note 8 for details. As of December 31, 2020, the Company has $46.2 million of notes receivable. Notes receivable represents recruiting and retention payments generally in the form of upfront loans to financial advisors and key revenue producers as part of the Company's overall growth strategy. These notes generally amortize over a service period of 3 to 10 years from the initial date of the note or based on productivity levels of employees. All such notes are contingent on the employees' continued employment with the Company. The unforgiven portion of the notes becomes due on demand in the event the employee departs during the service period. At this point any uncollected portion of the notes gets reclassified into a defaulted notes category. The allowance for uncollectibles is a valuation account that is deducted from the amortized cost basis of the defaulted notes balance to present the net amount expected to be collected. Balances are charged-off against the allowance when management deems the amount to be uncollectible. The Company reserves 100% of the uncollected balance of defaulted notes which are five years and older and applies an expected loss rate to the remaining balance. The expected loss rate is based on historical collection rates of defaulted notes. The expected loss rate is adjusted for changes in environmental and market conditions such as changes in unemployment rates, changes in interest rates and other relevant factors. For the year ended December 31, 2020 no adjustments were made to the expected loss rates. The Company will continuously monitor the effect of these factors on the expected loss rate and adjust it as necessary. The allowance is measured on a pool basis as the Company has determined that the entire defaulted portion of notes receivable has similar risk characteristics. As of December 31, 2020, the uncollected balance of defaulted notes was $5.7 million and the allowance for uncollectibles was $4.2 million. The allowance for uncollectibles consisted of $3.1 million related to defaulted notes balances (five years and older) and $1.1 million (under five years) using an expected loss rate of 42.0%. The following table presents the disaggregation of defaulted notes by year of origination as of December 31, 2020: (Expressed in thousands) As of December 31, 2020 2020 $ 741 2019 445 2018 177 2017 737 2016 484 2015 and prior 3,149 Total $ 5,733 The following table presents activity in the allowance for uncollectibles of defaulted notes for the year ended December 31, 2020: (Expressed in thousands) For the Year Ended December 31, 2020 (1) Beginning balance $ 3,673 Additions and other adjustments 561 Ending balance $ 4,234 (1) Beginning balance on January 1, 2020 upon adoption of ASU 2016-13

Leases (Notes)

Leases (Notes)	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Leases of Lessee Disclosure	4. Leases In the first quarter of 2019, the Company adopted ASU 2016-02, "Leases". The ASU requires the recognition of a right-of use asset and lease liability on the consolidated balance sheet by lessees for those leases classified as operating leases under previous guidance. The Company elected the modified retrospective method which did not result in a cumulative-effect adjustment at the date of adoption. The Company and its subsidiaries have operating leases for office space and equipment expiring at various dates through 2034. The Company leases its corporate headquarters at 85 Broad Street, New York, New York which houses its executive management team and many administrative functions for the firm as well as its research, trading, investment banking, and asset management divisions and an office in Troy, Michigan, which among other things, houses its payroll and human resources departments. In addition, the Company has 92 retail branch offices in the United States as well as offices in London, England, St. Helier, Isle of Jersey, Geneva, Switzerland, Frankfurt, Germany, Tel Aviv, Israel and Hong Kong, China. The Company is constantly assessing its needs for office space and, on a rolling basis, has many leases that expire in any given year. The majority of the leases are held by the Company's subsidiary, Viner Finance Inc., which is a consolidated subsidiary and 100% owned by the Company. Leases with an initial term of 12 months or less are not recorded on the balance sheet; the Company recognizes lease expense for these leases on a straight-line basis over the lease term. Most leases include an option to renew and the exercise of lease renewal options is at our sole discretion. The Company did not include the renewal options as part of the right of use assets and liabilities. The depreciable life of assets and leasehold improvements is limited by the expected lease term. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. As of December 31, 2020, the Company had right of use operating lease assets of $153.5 million (net of accumulated amortization of $50.3 million) which are comprised of real estate leases of $150.9 million (net of accumulated amortization of $46.6 million) and equipment leases of $2.6 million (net of accumulated amortization of $3.7 million). As of December 31, 2020, the Company had operating lease liabilities of $193.4 million which are comprised of real estate lease liabilities of $190.8 million and equipment lease liabilities of $2.6 million . As of December 31, 2020, the Company had not made any cash payments for amounts included in the measurement of operating lease liabilities or right of use assets obtained in exchange for operating lease obligations. The Company had no finance leases or embedded leases as of December 31, 2020. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company used the incremental borrowing rate on January 1, 2019 for operating leases that commenced prior to that date. The Company used the incremental borrowing rate as of the lease commencement date for the operating leases commenced subsequent to January 1, 2019. The following table presents the weighted average lease term and weighted average discount rate for our operating leases as of December 31, 2020 and December 31, 2019, respectively: As of Weighted average remaining lease term (in years) 7.84 8.31 Weighted average discount rate 7.43% 7.89% The following table presents operating lease costs recognized for the years ended December 31, 2020 and December 31, 2019, respectively, which are included in occupancy and equipment costs on the consolidated income statements: (Expressed in thousands) For the Year Ended For the Year Ended Operating lease costs: Real estate leases - Right-of-use lease asset amortization $ 23,271 $ 23,308 Real estate leases - Interest expense 15,142 15,815 Equipment leases - Right-of-use lease asset amortization 1,879 1,878 Equipment leases - Interest expense 197 227 The maturities of lease liabilities as of December 31, 2020 are as follows: (Expressed in thousands) As of 2021 $ 40,981 2022 36,999 2023 33,984 2024 29,425 2025 23,872 After 2025 92,069 Total lease payments $ 257,330 Less interest (63,957) Present value of lease liabilities $ 193,373 As of December 31, 2020, the Company had $19.2 million of additional operating leases that have not yet commenced. ($11.1 million as of December 31, 2019).

Revenue Recognition (Notes)

Revenue Recognition (Notes)	12 Months Ended
	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer [Text Block]	5. Revenues from contracts with customers In the first quarter of 2018, the Company adopted ASU 2014-09, "Revenue from Contracts with Customers." The Company has elected the modified retrospective method which did not result in a cumulative-effect adjustment at the date of adoption. The implementation of this new standard had no material impact on the Company's consolidated financial statements for the years ended December 31, 2020 and 2019. Revenue from contracts with customers is recognized when, or as, the Company satisfies its performance obligations by transferring the promised goods or services to customers. A good or service is transferred to a customer when, or as, the customer obtains control of that good or service. A performance obligation may be satisfied over time or at a point in time. Revenue from a performance obligation satisfied over time is recognized by measuring the Company's progress in satisfying the performance obligation in a manner that depicts the transfer of the goods or services to the customer. Revenue from a performance obligation satisfied at a point in time is recognized at the point in time that the Company determines the customer obtains control over the promised good or service. The amount of revenue recognized reflects the consideration to which the Company expects to be entitled in exchange for those promised goods or services (i.e., the "transaction price"). In determining the transaction price, the Company considers multiple factors, including the effects of variable consideration. Variable consideration is included in the transaction price only to the extent it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainties with respect to the amount are resolved. In determining when to include variable consideration in the transaction price, the Company considers the range of possible outcomes, the predictive value of our past experiences, the time period of when uncertainties expect to be resolved and the amount of consideration that is susceptible to factors outside of the Company's influence, such as market volatility or the judgment and actions of third parties. The Company earns revenue from contracts with customers and other sources (principal transactions, interest and other). The following provides detailed information on the recognition of the Company's revenue from contracts with customers: Commissions Commissions from Sales and Trading — The Company earns commission revenue by executing, settling and clearing transactions with clients primarily in exchange-traded and over-the-counter corporate equity and debt securities, money market instruments and exchange-traded options and futures contracts. A substantial portion of Company's revenue is derived from commissions from private clients through accounts with transaction-based pricing. Trade execution and clearing services, when provided together, represent a single performance obligation as the services are not separately identifiable in the context of the contract. Commission revenue associated with combined trade execution and clearing services, as well as trade execution services on a standalone basis, is recognized at a point in time on trade date when the performance obligation is satisfied. Commission revenue is generally paid on settlement date, which is generally two business days after trade date for equity securities and corporate bond transactions and one day for government securities and commodities transactions. The Company records a receivable on the trade date and receives a payment on the settlement date. Mutual Fund Income — The Company earns mutual fund income for sales and distribution of mutual fund shares. Many mutual fund companies pay distribution fees to intermediaries, such as broker-dealers, for selling their shares. The fees are operational expenses of the mutual fund and are included in its expense ratio. The Company recognizes mutual fund income at a point in time on trade date when the performance obligation is satisfied which is when the mutual fund interest is sold to the investor. Mutual fund income is generally received within 90 days. Advisory Fees The Company earns management and performance (or incentive) fees in connection with the advisory and asset management services it provides to various types of funds and investment vehicles through its subsidiaries. Management fees are generally based on the account value at the valuation date per the respective asset management agreements and are recognized over time as the customer receives the benefits of the services evenly throughout the term of the contract. Performance fees are recognized when the return on client AUM exceeds a specified benchmark return or other performance targets over a 12-month measurement period are met. Performance fees are considered variable as they are subject to fluctuation and/or are contingent on a future event over the measurement period and are not subject to adjustment once the measurement period ends. Such fees are computed as of the fund's year-end when the measurement period ends and generally are recorded as earned in the fourth quarter of the Company's fiscal year. Both management and performance fees are generally received within 90 days. Investment Banking The Company earns underwriting revenues by providing capital raising solutions for corporate clients through initial public offerings, follow-on offerings, equity-linked offerings, private investments in public entities, and private placements. Underwriting revenues are recognized at a point in time on trade date, as the client obtains the control and benefit of the capital markets offering at that point. These fees are generally received within 90 days after the transactions are completed. Transaction-related expenses, primarily consisting of legal, travel and other costs directly associated with the transaction, are deferred and recognized in the same period as the related investment banking transaction revenue. Underwriting revenues and related expenses are presented gross on the consolidated income statements. Revenue from financial advisory services includes fees generated in connection with mergers, acquisitions and restructuring transactions and such revenue and fees are primarily recorded at a point in time when services for the transactions are completed and income is reasonably determinable, generally as set forth under the terms of the engagement. Payment for advisory services is generally due upon a completion of the transaction or milestone. Retainer fees and fees earned from certain advisory services are recognized ratably over the service period as the customer receives the benefit of the services throughout the term of the contracts, and such fees are collected based on the terms of the contracts. Bank Deposit Sweep Income Bank deposit sweep income consists of revenue earned from the FDIC-insured bank deposit program. Under this program, client funds are swept into deposit accounts at participating banks and are eligible for FDIC deposit insurance up to FDIC standard maximum deposit insurance amounts. Fees are earned over time and are generally received within 30 days. Disaggregation of Revenue The following presents the Company's revenue from contracts with customers disaggregated by major business activity and other sources of revenue for the years ended December 31, 2020 and 2019: (Expressed in thousands) For the Year Ended December 31, 2020 Reportable Segments Private Client Asset Management Capital Markets Corporate/Other Total Revenues from contracts with customers: Commissions from sales and trading $ 174,346 $ — $ 185,542 $ 29 $ 359,917 Mutual fund income 35,101 3 9 67 35,180 Advisory fees 326,858 128,258 2 143 455,261 Investment banking - capital markets 16,093 — 123,670 — 139,763 Investment banking - advisory — 2,000 80,535 — 82,535 Bank deposit sweep income 34,829 — — — 34,829 Other 14,316 — 2,485 127 16,928 Total revenues from contracts with customers 601,543 130,261 392,243 366 1,124,413 Other sources of revenue: Interest 25,148 — 7,749 580 33,477 Principal transactions, net 3,300 — 26,306 (1,732) 27,874 Other 12,092 13 454 344 12,903 Total other sources of revenue 40,540 13 34,509 (808) 74,254 Total revenue $ 642,083 $ 130,274 $ 426,752 $ (442) $ 1,198,667 (Expressed in thousands) For the Year Ended December 31, 2019 Reportable Segments Private Client Asset Management Capital Markets Corporate/Other Total Revenues from contracts with customers: Commissions from sales and trading $ 148,661 $ — $ 131,380 $ 28 $ 280,069 Mutual fund income 40,025 — 3 17 40,045 Advisory fees 264,839 88,748 10 74 353,671 Investment banking - capital markets 13,528 — 59,251 — 72,779 Investment banking - advisory — — 53,432 — 53,432 Bank deposit sweep income 117,422 — — — 117,422 Other 13,288 5 1,713 2,398 17,404 Total revenues from contracts with customers 597,763 88,753 245,789 2,517 934,822 Other sources of revenue: Interest 35,809 — 13,302 1,612 50,723 Principal transactions, net 3,341 — 31,621 (4,868) 30,094 Other 16,496 2 118 1,124 17,740 Total other sources of revenue 55,646 2 45,041 (2,132) 98,557 Total revenue $ 653,409 $ 88,755 $ 290,830 $ 385 $ 1,033,379 Contract Balances The timing of the Company's revenue recognition may differ from the timing of payment by its customers. The Company records receivables when revenue is recognized prior to payment and it has an unconditional right to payment. Alternatively, when payment precedes the provision of the related services, the Company records deferred revenue until the performance obligations are satisfied. The Company had receivables related to revenue from contracts with customers of $30.8 million and $28.9 million at December 31, 2020 and December 31, 2019, respectively. The Company had no significant impairments related to these receivables during the years ended December 31, 2020 and 2019. Deferred revenue relates to IRA fees received annually in advance on customers' IRA accounts managed by the Company and retainer fees and other fees earned from certain advisory transactions where the performance obligations have not yet been satisfied. Total deferred revenue was $613,000 and $408,000 for years ended December 31, 2020 and 2019. The following presents the Company's contract assets and deferred revenue balances from contracts with customers, which are included in other assets and other liabilities, respectively, on the consolidated balance sheet: (Expressed in thousands) As of December 31, 2020 December 31, 2019 Contract assets (receivables): Commission (1) $ 3,107 $ 2,824 Mutual fund income (2) 5,989 6,746 Advisory fees (3) 1,590 1,594 Bank deposit sweep income (4) 687 3,454 Investment banking fees (5) 16,119 9,284 Other 3,324 4,986 Total contract assets $ 30,816 $ 28,888 Deferred revenue (payables): Investment banking fees (6) $ 613 $ 408 Total deferred revenue $ 613 $ 408 (1) Commission recorded on trade date but not yet settled. (2) Mutual fund income earned but not yet received. (3) Management and performance fees earned but not yet received. (4) Fees earned from FDIC-insured bank deposit program but not yet received. (5) Underwriting revenue and advisory fee earned but not yet received. (6) Retainer fees and fees earned from certain advisory transactions where the performance

Receivable From and Payable to

Receivable From and Payable to Brokers, Dealers and Clearing Organizations	12 Months Ended
	Dec. 31, 2020
Brokers and Dealers [Abstract]
Receivable From and Payable to Brokers, Dealers and Clearing Organizations	Receivable from and payable to brokers, dealers and clearing organizations (Expressed in thousands) As of December 31, 2020 2019 Receivable from brokers, dealers and clearing organizations consists of: Securities borrowed $ 110,932 $ 99,635 Receivable from brokers 30,133 19,024 Securities failed to deliver 17,840 7,173 Clearing organizations 28,955 36,269 Other 15,634 1,192 Total $ 203,494 $ 163,293 Payable to brokers, dealers and clearing organizations consists of: Securities loaned $ 249,499 $ 234,343 Payable to brokers 4,102 4,548 Securities failed to receive 6,218 14,603 Clearing organizations and other (1) 92 267,481 Total $ 259,911 $ 520,975

Fair value measurements

Fair value measurements	12 Months Ended
	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Fair value measurements	Fair value measurements Securities owned, securities sold but not yet purchased, investments and derivative contracts are carried at fair value with changes in fair value recognized in earnings each period. Valuation Techniques A description of the valuation techniques applied and inputs used in measuring the fair value of the Company's financial instruments is as follows: U.S. Government Obligations U.S. Treasury securities are valued using quoted market prices obtained from active market makers and inter-dealer brokers. U.S. Agency Obligations U.S. agency securities consist of agency issued debt securities and mortgage pass-through securities. Non-callable agency issued debt securities are generally valued using quoted market prices. Callable agency issued debt securities are valued by benchmarking model-derived prices to quoted market prices and trade data for identical or comparable securities. The fair value of mortgage pass-through securities are model driven with respect to spreads of the comparable to-be-announced ("TBA") security. Sovereign Obligations The fair value of sovereign obligations is determined based on quoted market prices when available or a valuation model that generally utilizes interest rate yield curves and credit spreads as inputs. Corporate Debt and Other Obligations The fair value of corporate bonds is estimated using recent transactions, broker quotations and bond spread information. Mortgage and Other Asset-Backed Securities The Company values non-agency securities collateralized by home equity and various other types of collateral 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. Auction Rate Securities ("ARS") Background 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 (the "Regulators") concluding 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. Over the last ten years, the Company has bought back $142.5 million of ARS pursuant to these settlements. These buybacks coupled with ARS issuer redemptions and tender offers have significantly reduced the level of ARS held by Eligible Investors (as defined). As of December 31, 2020, the Company had $1.3 million of ARS to purchase from Eligible Investors 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. Over the last ten years, the Company has purchased $106.1 million of ARS pursuant to these legal settlements and awards. The Company has completed its ARS purchase obligations under such legal settlements and awards. As of December 31, 2020, the Company owned $30.7 million of ARS. This amount represents the unredeemed or unsold amount that the Company holds as a result of ARS buybacks pursuant to the settlements with the Regulators and legal settlements and awards referred to above. Valuation The Company’s ARS owned and ARS purchase commitments referred to above have, for the most part, been subject to issuer tender offers. The Company has valued the ARS securities owned and the ARS purchase commitments at the tender offer price and categorized them in Level 3 of the fair value hierarchy due to the illiquid nature of the securities and the period of time since the last tender offer. The ARS purchase commitments related to the settlements with the Regulators and legal settlements and awards are considered derivative assets or liabilities. The ARS purchase commitments represent the difference between the principal value and the fair value of the ARS the Company is committed to purchase. The fair value of ARS and ARS purchase commitments is particularly sensitive to movements in interest rates. However, an increase or decrease in short-term interest rates may or may not result in a higher or lower tender offer in the future or the tender offer price may not provide a reasonable estimate of the fair value of the securities. In such cases, other valuation techniques might be necessary. As of December 31, 2020, the Company had a valuation adjustment totaling $5.2 million which consists of $5.0 million for ARS owned (which is included as a reduction to securities owned on the consolidated balance sheet) and $0.2 million for ARS purchase commitments from settlements with regulators (which is included in accounts payable and other liabilities on the consolidated balance sheet). 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 as of December 31, 2020: (Expressed in thousands) Fair Value Unfunded Redemption Redemption Hedge funds (1) $ 1,126 $ — Quarterly - Annually 30 - 120 Days Private equity funds (2) 3,710 1,238 N/A N/A $ 4,836 $ 1,238 (1) Includes investments in hedge funds and hedge fund of funds that pursue long/short, event-driven, and activist strategies. (2) Includes private equity funds and private equity fund of funds with a focus on diversified portfolios, real estate and global natural resources. The following table provides information about the Company's investments in Company-sponsored funds as of December 31, 2019: (Expressed in thousands) Fair Value Unfunded Redemption Redemption Hedge funds (1) $ 1,589 $ — Quarterly - Annually 30 - 120 Days Private equity funds (2) 4,227 1,339 N/A N/A $ 5,816 $ 1,339 (1) Includes investments in hedge funds and hedge fund of funds that pursue long/short, event-driven, and activist strategies. (2) Includes private equity funds and private equity fund of funds with a focus on diversified portfolios, real estate and global natural resources. During the year ended December 31, 2020, the Company made an investment in a financial technologies firm. The Company elected the fair value option for this investment and it is included in other assets on the consolidated balance sheet. The Company determined the fair value of the investment based on an implied market-multiple approach and observable market data, including comparable company transactions. The fair value of the investment was $4.2 million and was categorized in Level 2 of the fair value hierarchy. Assets and Liabilities Measured at Fair Value The Company's assets and liabilities, recorded at fair value on a recurring basis as of December 31, 2020 and 2019, have been categorized based upon the above fair value hierarchy as follows: Assets and liabilities measured at fair value on a recurring basis as of December 31, 2020 (Expressed in thousands) Fair Value Measurements as of December 31, 2020 Level 1 Level 2 Level 3 Total Assets Deposits with clearing organizations $ 23,991 $ — $ — $ 23,991 Securities owned: U.S. Treasury securities 448,312 — — 448,312 U.S. Agency securities — 24,616 — 24,616 Sovereign obligations — 367 — 367 Corporate debt and other obligations — 23,977 — 23,977 Mortgage and other asset-backed securities — 3,103 — 3,103 Municipal obligations — 25,190 — 25,190 Convertible bonds — 17,497 — 17,497 Corporate equities 36,554 — — 36,554 Money markets 200 — — 200 Auction rate securities — — 30,701 30,701 Securities owned, at fair value 485,066 94,750 30,701 610,517 Investments (1) — 4,181 — 4,181 Derivative contracts: TBAs — 15 — 15 Total $ 509,057 $ 98,946 $ 30,701 $ 638,704 Liabilities Securities sold but not yet purchased: U.S. Treasury securities $ 93,261 $ — $ — $ 93,261 U.S. Agency securities — 9 — 9 Sovereign obligations — 623 — 623 Corporate debt and other obligations — 5,283 — 5,283 Convertible bonds — 9,103 — 9,103 Corporate equities 17,892 — — 17,892 Securities sold but not yet purchased, at fair value 111,153 15,018 — 126,171 Investments — — — — Derivative contracts: Futures 22 — — 22 TBAs — 3 — 3 ARS purchase commitments — — 195 195 Derivative contracts, total 22 3 195 220 Total $ 111,175 $ 15,021 $ 195 $ 126,391 (1) Included in other assets on the consolidated balance sheet. Assets and liabilities measured at fair value on a recurring basis as of December 31, 2019 (Expressed in thousands) Fair Value Measurements as of December 31, 2019 Level 1 Level 2 Level 3 Total Assets Deposits with clearing organizations $ 25,118 $ — $ — $ 25,118 Securities owned: U.S. Treasury securities 613,030 — — 613,030 U.S. Agency securities 19,917 15,974 — 35,891 Sovereign obligations — 11,405 — 11,405 Corporate debt and other obligations — 8,310 — 8,310 Mortgage and other asset-backed securities — 2,697 — 2,697 Municipal obligations — 40,260 — 40,260 Convertible bonds — 29,816 — 29,816 Corporate equities 32,215 — — 32,215 Money markets 781 — — 781 Auction rate securities — 25,314 — 25,314 Securities owned, at fair value 665,943 133,776 — 799,719 Total $ 691,061 $ 133,776 $ — $ 824,837 Liabilities Securities sold but not yet purchased: U.S. Treasury securities $ 52,882 $ — $ — $ 52,882 U.S. Agency securities — 18 — 18 Sovereign obligations — 6,405 — 6,405 Corporate debt and other obligations — 664 — 664 Convertible bonds — 18,624 — 18,624 Corporate equities 21,978 — — 21,978 Securities sold but not yet purchased, at fair value 74,860 25,711 — 100,571 Derivative contracts: Futures 267 — — 267 TBAs — 124 — 124 ARS purchase commitments — 1,023 — 1,023 Derivative contracts, total 267 1,147 — 1,414 Total $ 75,127 $ 26,858 $ — $ 101,985 The following tables present changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the years ended December 31, 2020 and 2019: (Expressed in thousands) Level 3 Assets and Liabilities For the Year Ended December 31, 2020 Beginning Total Realized and Unrealized Losses (3)(4) Purchases Sales and Settlements Transfers In / (Out) (1) Ending Assets Auction rate securities $ — $ (165) $ 1,300 $ — $ 29,566 $ 30,701 Liabilities ARS purchase commitments (2) — (137) — — 332 195 (1) Transferred to Level 3 of the fair value hierarchy due to the illiquid nature of the securities as result of the length of time since the last tender offer. (2) Represents the difference in principal and fair value for auction rate securities purchase commitments outstanding at the end of the period. (3) Included in principal transactions in the consolidated income statement. (4) Unrealized gains are attributable to assets or liabilities that are still held at the reporting date. (Expressed in thousands) Level 3 Assets and Liabilities For the Year Ended December 31, 2019 Beginning Total Realized and Unrealized Gains (2)(3) Purchases Sales and Settlements Transfers In / (Out) (1) Ending Assets Auction rate securities $ 21,699 $ 1 $ — $ (350) $ (21,350) $ — Investments 101 5 — — (106) — (1) Transferred to Level 2 of the fair value hierarchy as a result of recent tender offer activities. (2) Included in principal transactions in the consolidated income statement, except for gains from investments which are included in other income in the consolidated income statement. (3) Unrealized gains are attributable to assets or liabilities that are still held at the reporting date. Financial Instruments Not Measured at Fair Value The table below presents the carrying value, fair value and fair value hierarchy category of certain financial instruments that are not measured at fair value on the consolidated balance sheets. The table below excludes non-financial assets and liabilities (e.g., furniture, equipment and leasehold improvements and accrued compensation). The carrying value of financial instruments not measured at fair value categorized in the fair value hierarchy as Level 1 or Level 2 (e.g., cash and receivables from customers) approximates fair value because of the relatively short term nature of the underlying assets. The fair value of the Company's senior secured notes, categorized in Level 2 of the fair value hierarchy, is based on quoted prices from the market in which the notes trade. Assets and liabilities not measured at fair value as of December 31, 2020 (Expressed in thousands) Fair Value Measurement: Assets Carrying Value Level 1 Level 2 Level 3 Total Cash $ 35,424 $ 35,424 $ — $ — $ 35,424 Deposits with clearing organization 59,352 59,352 — — 59,352 Receivable from brokers, dealers and clearing organizations: Securities borrowed 110,932 — 110,932 — 110,932 Receivables from brokers 30,133 — 30,133 — 30,133 Securities failed to deliver 17,840 — 17,840 — 17,840 Clearing organizations 28,955 — 28,955 — 28,955 Other 15,622 — 15,622 — 15,622 203,482 — 203,482 — 203,482 Receivable from customers 1,110,835 — 1,110,835 — 1,110,835 Notes receivable, net 46,161 — 46,161 — 46,161 Investments (1) 85,552 — 85,552 — 85,552 (1) Included in other assets on the consolidated balance sheet. (Expressed in thousands) Fair Value Measurement: Liabilities Carrying Value Level 1 Level 2 Level 3 Total Bank call loans $ 82,000 $ — $ 82,000 $ — $ 82,000 Payables to brokers, dealers and clearing organizations: Securities loaned 249,499 — 249,499 — 249,499 Payable to brokers 4,102 — 4,102 — 4,102 Securities failed to receive 6,218 — 6,218 — 6,218 Other 70 — 70 — 70 259,889 — 259,889 — 259,889 Payables to customers 502,807 — 502,807 — 502,807 Securities sold under agreements to repurchase 342,438 — 342,438 — 342,438 Senior secured notes 125,000 — 127,033 — 127,033 Assets and liabilities not measured at fair value as of December 31, 2019 (Expressed in thousands) Fair Value Measurement: Assets Carrying Value Level 1 Level 2 Level 3 Total Cash $ 79,550 $ 79,550 $ — $ — $ 79,550 Deposits with clearing organization 23,297 23,297 — — 23,297 Receivable from brokers, dealers and clearing organizations: Securities borrowed 99,635 — 99,635 — 99,635 Receivables from brokers 19,024 — 19,024 — 19,024 Securities failed to deliver 7,173 — 7,173 — 7,173 Clearing organizations 36,269 — 36,269 — 36,269 Other 1,316 — 1,316 — 1,316 163,417 — 163,417 — 163,417 Receivable from customers 796,934 — 796,934 — 796,934 Notes receivable, net 43,670 — 43,670 — 43,670 Investments (1) 73,971 — 73,971 — 73,971 (1) Included in other assets on the consolidated balance sheet. (Expressed in thousands) Fair Value Measurement: Liabilities Carrying Value Level 1 Level 2 Level 3 Total Payables to brokers, dealers and clearing organizations: Securities loaned $ 234,343 $ — $ 234,343 $ — $ 234,343 Payable to brokers 4,548 — 4,548 — 4,548 Securities failed to receive 14,603 — 14,603 — 14,603 Other 267,214 — 267,214 — 267,214 520,708 — 520,708 — 520,708 Payables to customers 334,735 — 334,735 — 334,735 Securities sold under agreements to repurchase 287,265 — 287,265 — 287,265 Senior secured notes 150,000 — 154,988 — 154,988 Derivative Instruments and Hedging Activities The Company transacts, on a limited basis, in exchange traded and over-the-counter derivatives for both asset and liability management as well as for trading and investment purposes. Risks managed using derivative instruments include interest rate risk and, to a lesser extent, foreign exchange risk. All derivative instruments are measured at fair value and are recognized as either assets or liabilities on the consolidated balance sheet. Foreign exchange hedges From time to time, the Company also utilizes forward and options contracts to hedge the foreign currency risk associated with compensation obligations to Oppenheimer Israel (OPCO) Ltd. employees denominated in New Israeli Shekel ("NIS"). Such hedges have not been designated as accounting hedges. Unrealized gains and losses on foreign exchange forward contracts are recorded in other assets on the consolidated balance sheet and other income in the consolidated income statements. Derivatives used for trading and investment purposes Futures contracts represent commitments to purchase or sell securities or other commodities at a future date and at a specified price. Market risk exists with respect to these instruments. Notional or contractual amounts are used to express the volume of these transactions and do not represent the amounts potentially subject to market risk. The Company uses futures contracts, including U.S. Treasury notes, Federal Funds, General Collateral futures and Eurodollar contracts primarily as an economic hedge of interest rate risk associated with government trading activities. Unrealized gains and losses on futures contracts are recorded on the consolidated balance sheet in payable to brokers, dealers and clearing organizations and in the consolidated income statements as principal transactions revenue, net. To-be-announced securities The Company also transacts in pass-through mortgage-backed securities eligible to be sold in the TBA market as economic hedges against mortgage-backed securities that it owns or has sold but not yet purchased. TBAs provide for the forward or delayed delivery of the underlying instrument with settlement up to 180 days. The contractual or notional amounts related to these financial instruments reflect the volume of activity and do not reflect the amounts at risk. Net unrealized gains and losses on TBAs are recorded on the consolidated balance sheet in receivable from brokers, dealers and clearing organizations or payable to brokers, dealers and clearing organizations and in the consolidated income statements as principal transactions revenue, net. The notional amounts and fair values of the Company's derivatives as of December 31, 2020 and 2019 by product were as follows: (Expressed in thousands) Fair Value of Derivative Instruments as of December 31, 2020 Description Notional Fair Value Assets: Derivatives not designated as hedging instruments (1) Other contracts TBAs $ 7,970 $ 15 $ 7,970 $ 15 Liabilities: Derivatives not designated as hedging instruments (1) Commodity contracts Futures $ 3,440,000 $ 22 Other contracts TBAs 7,936 3 ARS purchase commitments 1,313 195 $ 3,449,249 $ 220 (1) See "Derivative Instruments and Hedging Activities" above for a 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 as of December 31, 2019 Description Notional Fair Value Liabilities: Derivatives not designated as hedging instruments (1) Commodity contracts Futures $ 5,209,000 $ 267 Other contracts TBAs 13,245 124 ARS purchase commitments 7,128 1,023 $ 5,229,373 $ 1,414 (1) See "Derivative Instruments and Hedging Activities" above for a description of derivative financial instruments. Such derivative instruments are not subject to master netting agreements, thus the related amounts are not offset. The following table presents the location and fair value amounts of the Company's derivative instruments and their effect in the consolidated income statements for the years ended December 31, 2020 and 2019: (Expressed in thousands) The Effect of Derivative Instruments in the Consolidated Income Statement For the Year Ended December 31, 2020 Recognized in Income on Derivatives Types Description Location Net Gain (Loss) Commodity contracts Futures Principal transactions revenue $ (8,107) Other contracts Foreign exchange forward contracts Other revenue 72 TBAs Principal transactions revenue 31 ARS purchase commitments Principal transactions revenue 828 $ (7,176) (Expressed in thousands) The Effect of Derivative Instruments in the Consolidated Income Statement For the Year Ended December 31, 2019 Recognized in Income on Derivatives Types Description Location Net Gain (Loss) Commodity contracts Futures Principal transactions revenue $ (2,362) Other contracts Foreign exchange forward contracts Other revenue 15 TBAs Principal transactions revenue (53) ARS purchase commitments Principal transactions revenue 73 $ (2,327)

Collateralized Transactions

Collateralized Transactions	12 Months Ended
	Dec. 31, 2020
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 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. As of December 31, 2020, the outstanding balance of bank call loans was $82.0 million ($0 million as of December 31, 2019). Such loans were collateralized by the Firm's securities and customer securities with market values of approximately $63.7 million and $28.4 million, respectively, with commercial banks. As of December 31, 2020, the Company had approximately $1.6 billion of customer securities under customer margin loans that are available to be pledged, of which the Company has re-pledged approximate ly $208.0 milli on under securities loan agreements. As of December 31, 2020, the Company had pledge d $377.9 milli on of customer securities directly with the Options Clearing Corporation to secure obligations and margin requirements under option contracts written by customers. As of December 31, 2020, the Company had no outstanding letters of credit. The Company enters into reverse repurchase agreements, repurchase agreements, securities borrowed and securities loaned transactions to, among other things, acquire securities to cover short positions and settle other securities obligations, to accommodate customers' needs and to finance the Company's inventory positions. Except as described below, repurchase and reverse repurchase agreements, principally involving U.S. 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 agreements and reverse repurchase agreements are presented on a net-by-counterparty basis, when the repurchase agreements 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 agreements and reverse repurchase agreements exist in "book entry" form and certain other requirements are met. The following table presents a disaggregation of the gross obligation by the class of collateral pledged and the remaining contractual maturity of the repurchase agreements and securities loaned transactions as of December 31, 2020: (Expressed in thousands) Overnight and Open Repurchase agreements: U.S. Government and Agency securities $ 430,787 Securities loaned: Equity securities 249,499 Gross amount of recognized liabilities for repurchase agreements and securities loaned $ 680,286 The following tables present the gross amounts and the offsetting amounts of reverse repurchase agreements, repurchase agreements, securities borrowed and securities loaned transactions as of December 31, 2020 and 2019: As of December 31, 2020 (Expressed in thousands) Gross Amounts Not Offset Gross Gross Net Amounts Financial Cash Net Amount Reverse repurchase agreements $ 88,349 $ (88,349) $ — $ — $ — $ — Securities borrowed (1) 110,932 — 110,932 (109,922) — 1,010 Total $ 199,281 $ (88,349) $ 110,932 $ (109,922) $ — $ 1,010 (1) Included in receivable from brokers, dealers and clearing organizations on the consolidated balance sheet. Gross Amounts Not Offset Gross Gross Net Amounts Financial Cash Net Amount Repurchase agreements $ 430,787 $ (88,349) $ 342,438 $ (340,632) $ — $ 1,806 Securities loaned (2) 249,499 — 249,499 (242,318) — 7,181 Total $ 680,286 $ (88,349) $ 591,937 $ (582,950) $ — $ 8,987 (2) Included in payable to brokers, dealers and clearing organizations on the consolidated balance sheet. As of December 31, 2019 (Expressed in thousands) Gross Amounts Not Offset Gross Gross Net Amounts Financial Cash Net Amount Reverse repurchase agreements $ 55,927 $ (55,927) $ — $ — $ — $ — Securities borrowed (1) 99,635 — 99,635 (97,702) — 1,933 Total $ 155,562 $ (55,927) $ 99,635 $ (97,702) $ — $ 1,933 (1) Included in receivable from brokers, dealers and clearing organizations on the consolidated balance sheet. Gross Amounts Not Offset Gross Gross Net Amounts Financial Cash Net Amount Repurchase agreements $ 343,192 $ (55,927) $ 287,265 $ (285,264) $ — $ 2,001 Securities loaned (2) 234,343 — 234,343 (228,548) — 5,795 Total $ 577,535 $ (55,927) $ 521,608 $ (513,812) $ — $ 7,796 (2) Included in payable to brokers, dealers and clearing organizations on the consolidated balance sheet. 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. As of December 31, 2020, the Company did not have any repurchase agreements and reverse repurchase agreements that do not settle overnight or have an open settlement date. 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). As of December 31, 2020, the fair value of securities received as collateral under securities borrowed transactions and reverse repurchase agreements was $108.0 million ($96.3 million as of December 31, 2019) and $88.3 mi llion ($55.8 million as of December 31, 2019), respectively, of which the Company has sold and re-pledged approximately $36.2 million ($19.3 million as of December 31, 2019) under securities loaned transactions and $88.3 million under repurchase agreements ($55.8 million as of December 31, 2019). The Company pledges certain of its securities owned for securities lending and repurchase agreements and to collateralize bank call l oan transactions. The carrying value of pledged securities owned that can be sold or re-pledged by the counterparty was $440.5 million , as presented on the face of the consolidated balance sheet as of December 31, 2020 ($357.1 million as of December 31, 2019). 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 securities 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 credit risk in the event customers, counterparties including other brokers and dealers, issuers, banks, depositories or clearing organizations are unable to fulfill their contractual obligations. The Company seeks to mitigate these risks by actively monitoring exposures and obtaining collateral as deemed appropriate. Included in receivable from brokers, dealers and clearing organizations as of December 31, 2020 are receivables from three major U.S. broker-dealers totaling approximately $69.7 million. 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 two . In addition, the Company clears its non-U.S. international equities business carried on by Oppenheimer Europe Ltd. through Global Prime Partners, Ltd. 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. As of December 31, 2020, 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.

Variable Interest Entities

Variable Interest Entities	12 Months Ended
	Dec. 31, 2020
Variable Interest Entity [Abstract]
Variable Interest Entities	Variable interest entities ("VIEs") The Company's policy is to consolidate all subsidiaries in which it has a controlling financial interest, as well as any VIEs where the Company is deemed to be the primary beneficiary, when it has the power to make the decisions that most significantly affect the economic performance of the VIE and has the obligation to absorb significant losses or the right to receive benefits that could potentially be significant to the VIE. 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 to the amount committed. The Company assesses whether it is the primary beneficiary of the hedge funds and private equity funds in which it holds a variable interest in the form of general and limited partner interests. In each instance, the Company has determined that it is not the primary beneficiary and therefore need not consolidate the hedge funds or private equity funds. The subsidiaries' general and limited partnership interests, additional capital commitments, and management fees receivable represent its maximum exposure to loss. The subsidiaries' general partnership and limited partnership interests and management fees receivable are included in other assets on the consolidated balance sheet. In addition, the Company has variable interests as a sponsor of two Special Purpose Acquisition Companies ("SPAC”), that are seeking to effect a transaction which could be in the form of a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. 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 as of December 31, 2020 and 2019: (Expressed in thousands) As of December 31, 2020 Total VIE Assets (1) Carrying Value of the Capital Maximum Assets (2) Liabilities Hedge funds $ 643,251 $ — $ — $ — $ — Special Purpose Acquisition Companies 1,384 — — — — Total $ 644,635 $ — $ — $ — $ — (1) Represents the total assets of the VIEs and does not represent the Company's interests in the VIEs. (2) Represents the Company's interests in the VIEs and is included in other assets on the consolidated balance sheet. (Expressed in thousands) As of December 31, 2019 Total (1) Carrying Value of the Capital Maximum Assets (2) Liabilities Hedge funds $ 390,063 $ 259 $ — $ — $ 259 (1) Represents the total assets of the VIEs and does not represent the Company's interests in the VIEs. (2) Represents the Company's interests in the VIEs and is included in other assets on the consolidated balance sheet.

Furniture, equipment and leaseh

Furniture, equipment and leasehold imporvements	12 Months Ended
	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Furniture, equipment and leasehold imporvements	Furniture, equipment and leasehold improvements (Expressed in thousands) For the Years Ended December 31, 2020 2019 Furniture, fixtures and equipment $ 62,860 $ 62,444 Leasehold improvements 55,860 63,706 Total 118,720 126,150 Less accumulated depreciation (90,958) (94,773) Total $ 27,762 $ 31,377 Depreciation and amortization expense, included in occupancy and equipment costs in the consolidated income statements was $8.1 million, $7.6 million and $6.9 million for the years ended December 31, 2020, 2019 and 2018, respectively.

Bank Call Loans

Bank Call Loans	12 Months Ended
	Dec. 31, 2020
Bank Call Loans [Abstract]
Bank Call Loans	Bank call loans Bank call loans, primarily payable on demand, bear interest at various rates but not exceeding the broker call rate, which was 2.00% at December 31, 2020 (3.50% at December 31, 2019). Details of the bank call loans are as follows: (Expressed in thousands, except percentages) 2020 2019 Year-end balance $ 82,000 $ — Weighted interest rate (at end of year) 1.09 % — % Maximum balance (at any month-end) 203,100 76,900 Average amount outstanding (during the year) 82,760 11,063 Average interest rate (during the year) 0.93 % 3.27 % Interest expense for the year ended December 31, 2020 on bank call loans was $0.8 million ($0.4 million in 2019 and $1.4 million in 2018).

Long-Term Debt

Long-Term Debt	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Long-Term Debt	12. Long-term debt (Expressed in thousands) Issued Maturity Date December 31, 2020 December 31, 2019 5.50% Senior Secured Notes 10/1/2025 $ 125,000 $ — 6.75% Senior Secured Notes 7/1/2022 — 150,000 Unamortized Debt Issuance Cost (1,154) (485) $ 123,846 $ 149,515 5.50% Senior Secured Notes due 2025 (the "Notes") On September 22, 2020, in a private offering, we issued $125.0 million aggregate principal amount of 5.50% Senior Secured Notes due 2025 (the "Unregistered Notes") under an Indenture at an issue price of 100% of the principal amount. Interest on the Unregistered Notes is payable semi-annually on April 1st and October 1st. We used the net proceeds from the offering of the Unregistered Notes, along with cash on hand, to redeem in full our 6.75% Senior Secured Notes due July 1, 2022 (the "Old Notes") in the principal amount of $150.0 million (the Company held $1.4 million in treasury for a net outstanding amount of $148.6 million), and pay all related fees and expenses related thereto. On November 23, 2020, we completed an exchange offer in which we exchanged 99.8% of the Unregistered Notes for a like principal amount of notes with identical terms except that such new notes have been registered under the Securities Act of 1933, as amended (the "Notes"). We did not receive any proceeds in the exchange offer. The Notes will mature on October 1, 2025 and bear interest at a rate of 5.50% per annum, payable semiannually on April 1st and October 1st, respectively, of each year. The Parent used the net proceeds from the offering of the Notes, along with cash on hand, to redeem in full its Old Notes, in the principal amount of $150.0 million (the Parent held $1.4 million in treasury for a net outstanding amount of $148.6 million), and pay all related fees and expenses in relation thereto. The cost to issue the Notes was $3.1 million, of which $1.9 million was paid to its subsidiary, (Oppenheimer & Co Inc., who served as the initial purchaser of the offering), and was eliminated in consolidation. The remaining $1.2 million has been capitalized and is amortized over the term of the Notes. The Indenture governing the Notes contains covenants which place restrictions on the incurrence of indebtedness, the payment of dividends, the repurchase of equity, the sale of assets, the issuance of guarantees, mergers and acquisitions and the granting of liens. These covenants are subject to a number of important exceptions and qualifications. These exceptions and qualifications include, among other things, a variety of provisions that are intended to allow the Company to continue to conduct its brokerage operations in the ordinary course of business. In addition, certain of the covenants will be suspended upon the Parent attaining an investment grade debt rating for the Notes from both S&P Global Ratings and Moody’s Investors Service, Inc. Pursuant to the Indenture, the following covenants apply to the Parent and its restricted subsidiaries, but generally do not apply, or apply only in part, to its Regulated Subsidiaries (as defined): • limitation on indebtedness and issuances of preferred stock, which restricts the Parent’s ability to incur additional indebtedness or to issue preferred stock; • limitation on restricted payments, which generally restricts the Parent’s ability to declare certain dividends or distributions, repurchase its capital stock or to make certain investments; • limitation on dividends and other payment restrictions affecting restricted subsidiaries or Regulated Subsidiaries, which generally limits the ability of certain of the Parent’s subsidiaries to pay dividends or make other transfers; • limitation on future Subsidiary Guarantors, which prohibits certain of the Parent’s subsidiaries from guaranteeing its indebtedness or indebtedness of any restricted subsidiary unless the Notes are comparably guaranteed; • limitation on transactions with shareholders and affiliates, which generally requires transactions among the Parent’s affiliated entities to be conducted on an arm’s-length basis; • limitation on liens, which generally prohibits the Parent and its restricted subsidiaries from granting liens unless the Notes are comparably secured; and • limitation on asset sales, which generally prohibits the Parent and certain of its subsidiaries from selling assets or certain securities or property of significant subsidiaries. The Indenture also provides for events of default which, if any of them occurs, would permit or require the principal of and accrued interest on the Notes to become or to be declared due and payable. As of December 31, 2020, the Parent was in compliance with all of its covenants. The Notes are jointly and severally and fully and unconditionally guaranteed on a senior secured basis by the Subsidiary Guarantors and future subsidiaries are required to guarantee the Notes pursuant to the Indenture. The Notes are secured by a first-priority security interest in substantially all of the Parent’s and the Subsidiary Guarantors’ existing and future tangible and intangible assets, subject to certain exceptions and permitted liens. Interest expense on the Notes for the year ended December 31, 2020 was $1.9 million. 6.75% Senior Secured Notes (the "Old Notes") On June 23, 2017, the Parent issued in a private offering $200.0 million aggregate principal amount of 6.75% Senior Secured Notes due 2022 under an indenture at an issue price of 100% of the principal amount. Interest on the Old Notes was payable semi-annually on January 1st and July 1st, beginning January 1, 2018. The Company redeemed $50.0 million (25%) of the Old Notes on August 25, 2019 plus accrued and unpaid interest and incurred $1.9 million in costs associated with paying the associated Call Premium ($1.7 million) and the write-off of debt issuance costs ($0.2 million) during the third quarter of 2019. During the first quarter of 2020, the Company repurchased $1.4 million of the Old Notes. The Company recorded a gain of $85,560 on the repurchase during the first quarter of 2020. The Old Notes were scheduled to mature on July 1, 2022. On August 28, 2020, the Parent issued a conditional notice of redemption to redeem the entire $150.0 million aggregate principal amount of the outstanding Old Notes on September 28, 2020 (the “Redemption Date”). The Company held $1.4 million in treasury for a net outstanding amount of $148.6 million. The redemption was conditioned upon the consummation of a financing sufficient to provide funds to deposit with the Trustee to redeem the Old Notes. On September 22, 2020, the Parent issued a notice to satisfy and discharge all of its obligations under the Indenture governing the Old Notes (the "Old Notes Indenture"). In connection therewith, on September 22, 2020, the Parent deposited, with the Trustee for the Old Notes, funds sufficient to redeem all outstanding Old Notes on the Redemption Date and instructed the Trustee to apply such funds to redeem the Old Notes on the Redemption Date. The redemption payment deposit was an amount equal to the redemption price of 101.6875% of the aggregate principal amount of the Old Notes, which includes a call premium of $2.5 million plus accrued and unpaid interest thereon to, but not including, the Redemption Date. In addition, the Parent wrote off unamortized debt issuance costs of $341,200. On September 28, 2020, the Old Notes were fully redeemed. In connection with the satisfaction and discharge of the Old Notes Indenture, all of the obligations of the Parent and the Subsidiary Guarantors (other than certain customary provisions of the Old Notes Indenture, including those relating to the compensation and indemnification of the Trustee, that expressly survive pursuant to the terms of the Old Notes Indenture) were discharged and the guarantees of the Subsidiary Guarantors and the liens on the collateral securing the Old Notes were released. Interest expense on the Old Notes for the year ended December 31, 2020 was $7.4 million ($12.3 million in 2019 and $13.5 million in 2018). Interest paid on the Old Notes for the year ended December 31, 2020 was $7.4 million ($12.3 million in 2019).

Share Capital

Share Capital	12 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Share Capital	13. 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 Stock, par value $0.001 per share; and (c) 99,665 shares of 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 years indicated: 2020 2019 Class A Stock outstanding, beginning of year 12,698,703 12,941,809 Issued pursuant to share-based compensation plans (note 16) 401,597 80,143 Repurchased and canceled pursuant to the stock buy-back (718,522) (323,249) Class A Stock outstanding, end of year 12,381,778 12,698,703 Stock buy-back On May 15, 2020, the Company announced that its Board of Directors approved a share repurchase program that authorizes the Company to purchase up to 530,000 shares of the Company's Class A Stock, representing approximately 4.2% of its 12,636,523 then issued and outstanding shares of Class A Stock. This authorization supplemented the 98,625 shares that remained authorized and available under the Company's previous share repurchase program for a total of 628,625 shares authorized and available for repurchase at May 15, 2020. During the year ended December 31, 2020, the Company purchased and canceled an aggregate of 718,522 shares of Class A Stock for a total consideration of $15.0 million ($20.94 per share). As of December 31, 2020, 401,013 shares remained available to be purchased under this program. During the year ended December 31, 2019, the Company purchased and canceled an aggregate of 323,249 shares of Class A Stock for a total consideration of $8.4 million ($25.99 per share). As of December 31, 2019, 589,535 shares remained available to be purchased under the share repurchase 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 Notes. 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 shares 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. Dividends The Company paid cash dividends of $1.48 per share in 2020 to holders of Class A and Class B Stock which includes a special cash dividend of $1.00 per share paid on December 30, 2020 in the aggregate amount of $12.5 million. The Company paid cash dividends of $0.46 in 2019 and $0.44 in 2018.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2020
Earnings Per Share [Abstract]
Earnings Per Share	Earnings per share Basic earnings per share is computed by dividing net income over the weighted average number of shares of Class A non-voting common stock ("Class A Stock") and Class B voting common stock ("Class B Stock") outstanding. Diluted earnings per share includes the weighted average number of shares of Class A Stock and Class B Stock outstanding and 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 Years Ended December 31, 2020 2019 2018 Basic weighted average number of shares outstanding 12,642,576 12,904,397 13,248,876 Net dilutive effect of share-based awards, treasury method (1) 574,759 947,435 812,493 Diluted weighted average number of shares outstanding 13,217,335 13,851,832 14,061,369 Net income $ 122,986 $ 52,953 $ 28,892 Earnings per share Basic $ 9.73 $ 4.10 $ 2.18 Diluted $ 9.30 $ 3.82 $ 2.05 (1) For the year ended December 31, 2020, the diluted net income per share computation does not include the anti-dilutive effect of 10,770 shares of Class A Stock granted under share-based compensation arrangements (7,628 and 4,050 shares for the years ended December 31, 2019 and 2018, respectively).

Income taxes

Income taxes	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income taxes	Income taxes Income tax expenses (benefits) shown in the consolidated income statements are reconciled to amounts of tax that would have been payable (recoverable) from the application of the federal tax rate to pre-tax profit, as follows: (Expressed in thousands) For the Years Ended December 31, 2020 2019 2018 Amount Percentage Amount Percentage Amount Percentage U.S. federal statutory income tax $ 35,491 21.0 % $ 15,732 21.0 % $ 9,419 21.0 % U.S. state and local income taxes, net of U.S. federal income tax benefits 8,770 5.2 % 4,258 5.7 % 3,144 7.0 % Unrecognized tax benefit (853) (0.5) % — — % — — % Valuation allowance 517 0.3 % 1,663 2.2 % 1,833 4.1 % Non-taxable income (580) (0.3) % (738) (1.0) % (637) (1.4) % Provision to return adjustments 239 0.1 % (723) (1.0) % (326) (0.7) % Change in state and foreign tax rates 238 0.1 % (135) (0.2) % 267 0.6 % Foreign tax rate differentials (469) (0.3) % (59) (0.1) % 112 0.2 % Excess tax benefits from share-based awards (1,008) (0.6) % (234) (0.3) % (81) (0.2) % Other non-deductible expenses 3,669 2.2 % 2,195 3.0 % 2,246 5.0 % Total income taxes $ 46,014 27.2 % $ 21,959 29.3 % $ 15,977 35.6 % Income tax expenses (benefits) included in the consolidated income statements represent the following: (Expressed in thousands) For the Years Ended December 31, 2020 2019 2018 Current: U.S. federal tax $ 17,794 $ 9,502 $ 10,355 State and local tax 6,498 2,289 2,618 Non-U.S. operations 386 290 231 Total Current 24,678 12,081 13,204 Deferred: U.S. federal tax 17,182 7,177 395 State and local tax 4,310 2,924 1,438 Non-U.S. operations (156) (223) 940 Total Deferred 21,336 9,878 2,773 Total $ 46,014 $ 21,959 $ 15,977 Pre-tax income with respect to Non-U.S. operations was $1.5 million for the years ended December 31, 2020. Pre-tax loss with respect to Non-U.S. operations was $4.9 million and $4.0 million for the years ended December 31, 2019 and 2018, respectively. The effective income tax rate for the year ended December 31, 2020 was 27.2% compared with 29.3% for the year ended December 31, 2019. The lower effective tax rate for 2020 was primarily due to lower state and local income taxes, valuation allowance on foreign operations and other non-deductible expenses over higher pre-tax income in the current year compared to 2019. Deferred income taxes reflect the net tax effects of temporary differences between the financial reporting and tax bases of assets and liabilities and are measured using enacted tax rates and laws that will be in effect when such differences are expected to reverse. Significant components of the Company's deferred tax assets and liabilities as of December 31, 2020 and 2019 were as follows: (Expressed in thousands) As of December 31, 2020 2019 Deferred tax assets: Deferred compensation $ 24,782 $ 23,048 Deferred rent and lease incentives 9,951 10,026 Net operating losses and credits 8,664 7,931 Receivable reserves 1,290 1,389 Accrued expenses 407 1,367 Auction rate securities reserves 1,366 1,356 Involuntary conversion 1,693 1,678 Other 1,010 1,203 Total deferred tax assets 49,163 47,998 Valuation allowance 5,059 4,368 Deferred tax assets after valuation allowance 44,104 43,630 Deferred tax liabilities: Goodwill 41,128 40,774 Partnership investments 32,978 16,163 Company-owned life insurance 13,037 10,028 Depreciation 1,552 110 Other 318 304 Total deferred tax liabilities 89,013 67,379 Deferred tax liabilities, net $ (44,909) $ (23,749) The Company had deferred tax assets at December 31, 2020 of $3.2 million arising from net operating losses incurred by Oppenheimer Israel (OPCO) Ltd. The Company believes that realization of the deferred tax assets is more likely than not based on expectations of future taxable income in Israel. These net operating losses carry forward indefinitely and are not subject to expiration, provided that these subsidiaries and their underlying businesses continue operating normally (as is anticipated). As of December 31, 2020, the Company had deferred tax assets of $3.4 million arising from net operating losses incurred by Oppenheimer Europe Ltd and had recorded full valuation allowances as the Company believes it is more likely than not that the Company will not be able to realize its deferred tax assets in the future. Goodwill arising from the acquisitions of Josephthal Group Inc. and the Oppenheimer Divisions was amortized for tax purposes on a straight-line basis over 15 years. The difference between book and tax is recorded as a deferred tax liability. The Company or one or more of its subsidiaries files income tax returns in the U.S. federal jurisdiction and in various states and foreign jurisdictions. The Company has closed tax years through 2016 in the U.S. federal jurisdiction. The Company has unrecognized tax benefits of $0.2 million, $1.1 million and $1.1 million as of December 31, 2020, 2019 and 2018, respectively (as shown on the table below). Included in the balance of unrecognized tax benefits as of December 31, 2020 and 2019 were $167,000 and $853,000 of tax benefits for either year that, if recognized, would affect the effective tax rate. During the year ended December 31, 2020, the Company released $1.1 million in unrecognized tax benefits and added $0.2 million related to state and local tax matters. The Company does not believe any unrecognized tax benefit will significantly increase or decrease within twelve months. A reconciliation of the beginning and ending amount of unrecognized tax benefit follows: (Expressed in thousands) 2020 2019 2018 Balance at beginning of year $ 1,079 $ 1,079 $ 1,079 Additions for tax positions of prior years 212 — — Lapse in statute of limitations — — — Settlements with taxing authorities (1,079) — — Balance at end of year $ 212 $ 1,079 $ 1,079 In its consolidated income statements, the Company records interest and penalties accruing on unrecognized tax benefits in pre-tax income as interest expense and other expense, respectively. For the year ended December 31, 2020, the Company released tax-related interest expense of $227,000 in its consolidated income statement. For the year ended December 31, 2019, the Company recorded tax-related interest expense of $87,000 in its consolidated income statement. As of December 31, 2020 and 2019, the Company had an income tax-related interest payable of $205,000 and $432,000, respectively, on its consolidated balance sheets.

Employee Compensation Plans

Employee Compensation Plans	12 Months Ended
	Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
Employee Compensation Plans	Employee compensation plans The Company maintains various employee compensation plans for the benefit of its employees. Two types of employee compensation are granted under share-based compensation and cash-based compensation plans. Share-based Compensation Plans Oppenheimer Holdings Inc. 2014 Incentive Plan On February 26, 2014, the Company adopted the Oppenheimer Holdings Inc. 2014 Incentive Plan (the "OIP"). Pursuant to the OIP, the Compensation Committee of the Board of Directors of the Company (the "Committee") is permitted to grant options to purchase Class A Stock ("stock options"), Class A Stock awards and restricted Class A Stock (collectively "restricted stock awards") to or for the benefit of employees and non-employee directors of the Company and its subsidiaries as part of their compensation. Stock o ptions are generally granted for a five three five Oppenheimer Holdings Inc. Stock Appreciation Right Plan Under the Oppenheimer Holdings Inc. Stock Appreciation Right Plan, the Company awards stock appreciation rights ("OARs") to certain employees as part of their compensation package based on a formula reflecting gross production and length of service. These awards are granted once per year in January with respect to the prior year's production. The OARs vest five Restricted stock - The Company has granted restricted stock awards pursuant to the OIP. The following table summarizes the status of the Company's non-vested restricted Class A Stock awards under the OIP for the year ended December 31, 2020: Number of Class Weighted Remaining Nonvested at beginning of year 1,534,278 $ 20.34 1.4 years Granted 471,700 23.84 3.0 years Vested (623,981) 17.91 — Forfeited (53,120) 22.89 — Nonvested at end of year 1,328,877 $ 22.63 1.9 years As of December 31, 2020, all outstanding restricted Class A Stock awards were non-vested. The aggregate intrinsic value of restricted Class A Stock awards outstanding as of December 31, 2020 was $41.8 million. During the year ended December 31, 2020, the Company included $7.7 million ($8.1 million in 2019 and $6.0 million in 2018) of compensation expense in its consolidated income statements relating to restricted Class A Stock awards. As of December 31, 2020, there was $14.6 million of total unrecognized compensation cost related to unvested restricted Class A Stock awards. The cost is expected to be recognized over a weighted average period of 1.9 years. As of December 31, 2020, the number of shares of Class A Stock available under the share-based compensation plans, but not yet awarded, was 1,279,118. On January 28, 2021, the Company awarded a total of 571,940 restricted shares of Class A Stock to current employees pursuant to the OIP. Of these restricted shares, 293,690 shares will cliff vest in three five three five Stock options - The Company has granted stock options pursuant to the OIP. There were 14,209 and 14,974 options outstanding as of December 31, 2020 and 2019, respectively. In the year ended December 31, 2020, the Company included $25,300 ($26,200 in 2019 and $26,500 in 2018) of compensation expense in its consolidated income statements relating to the expensing of stock options. OARs - The Company has awarded OARs pursuant to the Oppenheimer Holdings Inc. Stock Appreciation Right Plan. The following table summarizes the status of the Company's outstanding OARs awards as of December 31, 2020: Grant Date Number of Strike Price Remaining Fair Value as of December 31, 2020 January 6, 2016 394,310 $ 15.89 5 days $ 15.54 January 6, 2017 378,020 18.90 1 year 13.37 January 5, 2018 447,310 27.05 2 years 8.79 January 11, 2019 524,566 26.45 3 years 9.31 January 10, 2020 538,640 27.54 4 years 9.14 Total OARs Outstanding 2,282,846 Total weighted average values $ 23.75 3.1 years $ 10.91 The fair value as of December 31, 2020 for each of the OARs was estimated using the Black-Scholes model with the following assumptions: Grant Date January 6, 2016 January 6, 2017 January 5, 2018 January 11, 2019 January 10, 2020 Expected term (1) 5 days 1 year 2 years 3 years 4 years Expected volatility factor (2) 8.018 % 54.499 % 43.200 % 38.231 % 35.748 % Risk-free interest rate (3) 0.015 % 0.104 % 0.121 % 0.167 % 0.265 % Quarterly dividends (4) $ 0.48 $ 0.48 $ 0.48 $ 0.48 $ 0.48 (1) The expected term was determined based on the remaining life of the actual awards. (2) The volatility factor was measured using the weighted average of historical daily price changes of the Company's Class A Stock over a historical period commensurate to the expected term of the awards. (3) The risk-free interest rate was based on periods equal to the expected term of the awards based on the U.S. Treasury yield curve in effect at December 31, 2020. (4) Quarterly dividends were used to compute the expected annual dividend yield. As of December 31, 2020, 2,282,846 of outstanding OARs were unvested and none were vested. As of December 31, 2020, the aggregate intrinsic value of OARs outstanding was $17.5 million. In the year ended December 31, 2020, the Company included $8.5 million ($3.7 million in 2019 and $650,000 in 2018) in compensation expense in its consolidated income statements relating to OARs awards. The liability related to the OARs was $15.4 million as of December 31, 2020. As of December 31, 2020, there was $9.5 million of total unrecognized compensation cost related to unvested OARs. The cost is expected to be recognized over a weighted average period of 3.1 years. On January 11, 2021, 639,050 OARs were awarded to Oppenheimer employees related to fiscal 2020 performance. These OARs will be expensed over 5 years (the vesting period). Cash-based Compensation Plans Defined Contribution Plan The Company, through its subsidiaries, maintains a defined contribution plan covering substantially all full-time U.S. employees. The Oppenheimer & Co. Inc. 401(k) Plan provides that Oppenheimer may make discretionary contributions. Eligible Oppenheimer employees could make voluntary contributions which could not exceed $19,500, $19,000 and $18,500 per annum in 2020, 2019 and 2018, respectively. The Company made contributions to the 401(k) Plan of $3.5 million, $2.4 million and $1.8 million in 2020, 2019 and 2018, respectively. Deferred Compensation Plans The Company maintains an Executive Deferred Compensation Plan ("EDCP") and a Deferred Incentive Plan ("DIP") in order to offer certain qualified high-performing financial advisors a bonus based upon a formula reflecting years of service, production, net commissions and a valuation of their clients' assets. The bonus amounts resulted in deferrals for fiscal 2020 of $10.0 million ($9.3 million in 2019 and $9.4 million in 2018). These deferrals normally vest after five In addition, the Company is maintaining a deferred compensation plan on behalf of certain employees who were formerly employed by CIBC World Markets. The Company hedges this deferred compensation obligation with a portfolio of mutual fund investments. As of December 31, 2020, the Company's liability with respect to this plan totaled $21.4 million. The total amount expensed in 2020 for the Company's deferred compensation plans was $18.1 million ($19.4 million in 2019 and $6.1 million in 2018).

Commitments and contingencies

Commitments and contingencies	12 Months Ended
	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	ontingencies Commitments As of December 31, 2020, the Company had $40.0 million in equity commitments to provide bridge financing to a rental services company and a take-private transaction. Additionally, the Company had capital commitments of $1.2 million with respect to unfunded obligation in private equity funds sponsored by the Company. As of December 31, 2020, the Company had no collateralized or uncollateralized letters of credit outstanding. Contingencies Many aspects of the Company's business involve substantial risks of liability. In the normal course of business, the Company has been named as defendant or co-defendant in various legal actions, including arbitrations, class actions and other litigation, creating substantial exposure and periodic expenses. 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 expenses, adverse judgments, settlements, fines, penalties, injunctions or other relief. The investigations include 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 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 a 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. Counsel may be required to review, analyze and resolve numerous issues, 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 the Company can reasonably estimate a loss or range of loss or additional loss for the proceeding. Even after lengthy review and analysis, the Company, in many legal and regulatory proceedings, may not be able to reasonably estimate possible losses or range of loss. For certain other legal and regulatory proceedings, the Company can estimate possible losses, or range of loss in excess of amounts accrued, but does not believe, based on current knowledge and after consultation with counsel, that such losses individually, or in the aggregate, will have a material adverse effect on the Company's consolidated financial statements as a whole. For legal and regulatory proceedings where there is at least a reasonable possibility that a loss or an additional loss may be incurred, the Company estimates a range of aggregate loss in excess of amounts accrued of $0 to $5.0 million. This estimated aggregate range is based upon currently available information for those legal proceedings in which the Company is involved, where the Company can make an estimate for such losses. For certain cases, the Company does not believe that it can make an estimate. The foregoing aggregate estimate is based on various factors, including the varying stages of the proceedings (including the fact that some 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 materially more than the current estimate.

Regulatory Requirements

Regulatory Requirements	12 Months Ended
	Dec. 31, 2020
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 Securities Exchange Act of 1934. 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. As of December 31, 2020, the net capital of Oppenheimer as calculated under the Rule was $274.5 million or 22.47% of Oppenheimer's aggregate debit items. This was $250.1 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. As of December 31, 2020, Freedom had net capital of $4.9 million, which was $4.8 million in excess of the $100,000 required to be maintained at that date. As of December 31, 2020, the capital required and held under the Capital Requirements Directive ("CRD IV") for Oppenheimer Europe Ltd. was as follows: • Common Equity Tier 1 ratio 24.00% (required 4.5%); • Tier 1 Capital ratio 24.00% (required 6.0%); and • Total Capital ratio 32.00% (required 8.0%). In December 2017, Oppenheimer Europe Ltd. received approval from the Financial Conduct Authority ("FCA") for a variation of permission to remove the limitation of "matched principal business" from the firm's scope of permitted businesses and become a "Full-Scope Prudential Sourcebook for Investment Firms (IFPRU) €730K" firm which was effective January 2018. In addition to the capital requirement under CRV IV above, Oppenheimer Europe Ltd. is required to maintain a minimum capital of EUR 730,000. As of December 31, 2020, Oppenheimer Europe Ltd. is in compliance with its regulatory requirements. As of December 31, 2020, the regulatory capital of Oppenheimer Investments Asia Limited was $3.2 million, which was $2.8 million in excess of the $386,917 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 of Hong Kong. As of December 31, 2020, Oppenheimer Investment Asia Limited was in compliance with its regulatory requirements.

Goodwill and intangibles

Goodwill and intangibles	12 Months Ended
	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and intangibles	Goodwill and intangibles Goodwill The Company's goodwill of $137.9 million resides in its PCD reporting unit. The Company performed its annual test for goodwill impairment as of December 31, 2020 and 2019, which did not result in any impairment charges for either period. At each annual goodwill impairment testing date, the PCD reporting unit had a fair value that was substantially in excess of its carrying value. Intangible Assets Indefinite intangible assets are comprised of trademarks, trade names and an Internet domain name. These intangible assets are carried at $32.1 million, are not amortized, and are subject to at least an annual test for impairment to determine if the estimated fair value is less than their carrying amount. Trademarks and trade names recorded as of December 31, 2020 and 2019 have been tested for impairment and it has been determined that no impairment has occurred. At each annual intangible assets impairment testing date, the trademarks and trade names had a fair value that was substantially in excess of their carrying value.

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2020
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, custodian fees, 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 manage client assets either in individual accounts or in funds, and includes direct expenses associated with this segment; and 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. The Company does not allocate costs associated with certain infrastructure support groups that are centrally managed for its reportable segments. These areas include, but are not limited to, legal, compliance, operations, accounting, and internal audit. Costs associated with these groups are separately reported in a Corporate/Other category and primarily include compensation and benefits. The table below presents information about the reported revenue and pre-tax income (loss) of the Company for the years ended December 31, 2020, 2019 and 2018. 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 Years Ended December 31, 2020 2019 2018 Revenue Private client (1) $ 642,083 $ 653,409 $ 617,871 Asset management (1) 130,274 88,755 71,696 Capital markets 426,752 290,830 272,719 Corporate/Other (442) 385 (4,132) Total $ 1,198,667 $ 1,033,379 $ 958,154 Pre-Tax Income (Loss) Private client (1) $ 122,844 $ 163,917 $ 149,097 Asset management (1) 71,625 31,606 18,590 Capital markets 83,442 (13,724) (13,416) Corporate/Other (108,911) (106,887) (109,402) Total $ 169,000 $ 74,912 $ 44,869 (1) Clients investing in the OAM advisory program are charged fees based on the value of AUM. Advisory fees were allocated 10.0% to the Asset Management and 90.0% to the Private Client segments. Revenue, classified by the major geographic areas in which it was earned for the years ended December 31, 2020, 2019 and 2018 was as follows: (Expressed in thousands) For the Years Ended December 31, 2020 2019 2018 Americas $ 1,146,759 $ 998,344 $ 925,127 Europe/Middle East 45,767 31,599 29,292 Asia 6,141 3,436 3,735 Total $ 1,198,667 $ 1,033,379 $ 958,154

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent eventsOn January 29, 2021, the Company announced a quarterly dividend in the amount of $0.12 per share, payable on February 26, 2021 to holders of Class A Stock and Class B Stock of record on February 12, 2021.

Quarterly Information

Quarterly Information	12 Months Ended
	Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]
Quarterly Information (unaudited)	Quarterly information (unaudited) (Expressed in thousands, except per share amounts) Fiscal Quarters For the Year Ended December 31, 2020 Fourth Third Second First Year Revenue $ 422,908 $ 276,259 $ 264,730 $ 234,770 $ 1,198,667 Expenses 309,113 254,541 241,466 224,547 1,029,667 Income before income taxes 113,795 21,718 23,264 10,223 169,000 Income taxes 31,915 6,079 5,615 2,405 46,014 Net income $ 81,880 $ 15,639 $ 17,649 $ 7,818 $ 122,986 Basic net income per share $ 6.56 $ 1.25 $ 1.40 $ 0.61 $ 9.73 Diluted net income per share $ 6.17 $ 1.19 $ 1.34 $ 0.58 $ 9.30 Dividends paid per share $ 1.12 $ 0.12 $ 0.12 $ 0.12 $ 1.48 Market price of Class A Stock (1) High $ 33.21 $ 26.11 $ 24.42 $ 28.38 $ 33.21 Low $ 22.29 $ 20.33 $ 17.20 $ 14.88 $ 14.88 (1) The price quotations above were obtained from the New York Stock Exchange website. (Expressed in thousands, except per share amounts) Fiscal Quarters For the Year Ended December 31, 2019 Fourth Third Second First Year Revenue $ 295,881 $ 234,793 $ 250,935 $ 251,770 $ 1,033,379 Expenses 260,908 228,297 233,544 235,718 958,467 Income before income taxes 34,973 6,496 17,391 16,052 74,912 Income taxes 9,538 2,547 5,016 4,858 21,959 Net income $ 25,435 $ 3,949 $ 12,375 $ 11,194 $ 52,953 Basic net income per share $ 1.99 $ 0.31 $ 0.95 $ 0.86 $ 4.10 Diluted net income per share $ 1.83 $ 0.29 $ 0.89 $ 0.81 $ 3.82 Dividends paid per share $ 0.12 $ 0.12 $ 0.11 $ 0.11 $ 0.46 Market price of Class A Stock (1) High $ 29.25 $ 31.30 $ 27.42 $ 28.73 $ 31.30 Low $ 27.09 $ 26.42 $ 24.34 $ 25.25 $ 24.34 (1) The price quotations above were obtained from the New York Stock Exchange website.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("US GAAP"). Intercompany transactions and balances have been eliminated in the preparation of the consolidated financial statements.
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the dates of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. In presenting the consolidated financial statements, management makes estimates regarding valuations of financial instruments, loans and allowances for credit losses, the outcome of legal and regulatory matters, goodwill and other intangible assets, share-based compensation plans and income taxes. Estimates, by their nature, are based on judgment and available information. Therefore, actual results could be materially different from these estimates. A discussion of certain critical accounting policies in which estimates are a significant component of the amounts reported on the consolidated financial statements follows. On January 30, 2020, the spread of the novel coronavirus ("COVID-19") was declared a Public Health Emergency of International Concern by the World Health Organization ("WHO"). Subsequently, on March 11, 2020, the WHO characterized the COVID-19 outbreak as a pandemic (the "COVID-19 Pandemic"). COVID-19 Pandemic coupled with the current market volatility has created an economic environment which may have significant accounting and financial reporting implications. The disruption of businesses around the globe due to COVID-19 may be a "trigger event" for companies to reassess valuation and accounting estimates and assumptions such as, impairment of goodwill, valuation allowances of deferred tax assets, fair value of investments and collectability of receivables. We have reviewed the assumptions on which we value our goodwill, as well as valuation allowances on certain assets and the collectability of our receivables as of December 31, 2020 which did not result in any impairment or write off.
Financial Instruments and Fair Value	nancial Instruments and F ai r Value Financial Instruments Securities owned, securities sold but not yet purchased, investments and derivative contracts are carried at fair value with changes in fair value recognized in earnings each period. Fair Value Measurements Accounting guidance for the fair value measurement of financial assets, defines fair value, establishes a framework for measuring fair value, establishes a fair value measurement hierarchy, and expands fair value measurement disclosures. Fair value, as defined by the accounting guidance, is the price that would be received in the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy established by this accounting guidance prioritizes the inputs used in valuation techniques into the following three categories (highest to lowest priority): Level 1: Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets; Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly; and Level 3: Unobservable inputs that are significant to the overall fair value measurement. The Company's financial instruments that are recorded at fair value generally are classified within Level 1 or Level 2 within the fair value hierarchy using quoted market prices or quotes from market makers or broker-dealers. Financial instruments classified within Level 1 are valued based on quoted market prices in active markets and consist of U.S. Treasury and Agency securities, corporate equities, and certain money market instruments. Level 2 financial instruments primarily consist of investment grade and high-yield corporate debt, convertible bonds, mortgage and asset-backed securities, and municipal obligations. Financial instruments classified as Level 2 are valued based on quoted prices for similar assets and liabilities in active markets and quoted prices for identical or similar assets and liabilities in markets that are not active. Some financial instruments are classified within Level 3 within the fair value hierarchy as observable pricing inputs are not available due to limited market activity for the asset or liability. Such financial instruments include certain distressed municipal securities, auction rate securities ("ARS") and investments in hedge funds and private equity funds where the Company, through its subsidiaries, is general partner. Fair Value Option
Consolidation	Consolidation The Company consolidates all subsidiaries in which it has a controlling financial interest, as well as any variable interest entities ("VIEs") where the Company is deemed to be the primary beneficiary, when it has the power to make the decisions that most significantly affect the economic performance of the VIE and has the obligation to absorb significant losses or the right to receive benefits that could potentially be significant to the VIE. The Company reviews factors, including the rights of the equity holders at risk and obligations of equity holders to absorb losses or receive expected residual returns, to determine if the entity is a VIE. In evaluating whether the Company is the primary beneficiary, the Company evaluates its economic interests in the entity held either directly or indirectly by the Company. Under US GAAP, a general partner will not consolidate a partnership or similar entity under the voting interest model. See note 9 for further details.
Financing Receivables	Financing Receivables The Company's financing receivables include customer margin loans, securities purchased under agreements to resell ("reverse repurchase agreements"), and securities borrowed transactions. The Company uses financing receivables to extend margin loans to customers, meet trade settlement requirements, and facilitate its matched-book arrangements and inventory requirements.
Allowance for Credit Losses	The Company's financing receivables are secured by collateral received from clients and counterparties. In many cases, the Company is permitted to sell or re-pledge securities held as collateral. These securities may be used to collateralize repurchase agreements, to enter into securities lending agreements, to cover short positions or fulfill the obligation of securities fails to deliver. The Company monitors the market value of the collateral received on a daily basis and may require clients and counterparties to deposit additional collateral or return collateral pledged, when appropriate. Customer receivables, primarily consisting of customer margin loans collateralized by customer-owned securities, are stated net of allowance for credit losses. The Company reviews large customer accounts that do not comply with the Company's margin requirements on a case-by-case basis to determine the likelihood of collection and records an allowance for credit loss following that process. For small customer accounts that do not comply with the Company's margin requirements, the allowance for credit loss is generally recorded as the amount of unsecured or partially secured receivables. The Company also makes loans to financial advisors as part of its hiring process. These loans are recorded as notes receivable on its consolidated balance sheet. Allowances are established on these loans if the financial advisor is no longer associated with the Company and the loan has not been promptly repaid.
Legal and Regulatory Reserves	Legal and Regulatory Reserves The Company records reserves related to legal and regulatory proceedings in accounts payable and other liabilities. The determination of the amounts of these reserves requires significant judgment on the part of management. In accordance with applicable accounting guidance, the Company establishes reserves for litigation and regulatory matters where available information indicates that it is probable a liability had been incurred and the Company can reasonably estimate the amount of that loss. When loss contingencies are not probable or cannot be reasonably estimated, the Company does not establish reserves. When determining whether to record a reserve, management considers many factors including, but not limited to, the amount of the claim; the stage and forum of the proceeding, the sophistication of the claimant, the amount of the loss, if any, in the client's account and the possibility of wrongdoing, if any, on the part of an employee of the Company; the basis and validity of the claim; previous results in similar cases; and applicable legal precedents and case law. Each legal and regulatory proceeding is reviewed with counsel in each accounting period and the reserve is adjusted as deemed appropriate by management. Any change in the reserve amount is recorded in the results of that period. The assumptions of management in determining the estimates of reserves may be incorrect and the actual disposition of a legal or regulatory proceeding could be greater or less than the reserve amount.
Goodwill	Goodwill The Company defines a reporting unit as an operating segment. The Company's goodwill resides in its Private Client Division ("PCD") reporting unit. Goodwill of a reporting unit is subject to at least an annual test for impairment to determine if the estimated fair value of a reporting unit is less than its carrying amount. Goodwill of a reporting unit is required to be tested for impairment between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Due to the volatility in the financial services sector and equity markets in general, determining whether an impairment of goodwill has occurred is increasingly difficult and requires management to exercise significant judgment. The Company's annual goodwill impairment analysis performed as of December 31, 2020 applied the same valuation methodologies with consistent inputs as that performed as of December 31, 2019, as follows: In estimating the fair value of the PCD reporting unit, the Company uses traditional standard valuation methods, including the market comparable approach and income approach. The market comparable approach is based on comparisons of the subject company to public companies whose stocks are actively traded ("Price Multiples") or to similar companies engaged in an actual merger or acquisition ("Precedent Transactions"). As part of this process, multiples of value relative to financial variables, such as earnings or stockholders' equity, are developed and applied to the appropriate financial variables of the subject company to indicate its value. The income approach involves estimating the present value of the subject company's future cash flows by using projections of the cash flows that the business is expected to generate, and discounting these cash flows at a given rate of return ("Discounted Cash Flow" or "DCF"). Each of these standard valuation methodologies requires the use of management estimates and assumptions. In its Price Multiples valuation analysis, the Company uses various operating metrics of comparable companies, including revenues, after-tax earnings, and EBITDA as well as price-to-book value ratios at a point in time. The Company analyzes prices paid in Precedent Transactions that are comparable to the business conducted in the PCD. The DCF analysis includes the Company's assumptions regarding discount rate, growth rates of the PCD's revenues, expenses, EBITDA, and capital expenditures, adjusted for current economic conditions and expectations. The Company weighs each of the three valuation methods equally in its overall valuation. Given the subjectivity involved in selecting which valuation method to use, the corresponding weightings, and the input variables for use in the analyses, it is possible that a different valuation model and the selection of different input variables could produce a materially different estimate of the fair value of the PCD reporting unit.
Intangible Assets	Intangible Assets Indefinite intangible assets are comprised of trademarks, trade names and an Internet domain name. These intangible assets carried at $32.1 million, which are not amortized, are subject to at least an annual test for impairment to determine if the estimated fair value is less than their carrying amount. The fair value of the trademarks and trade names was substantially in excess of their carrying value as of December 31, 2020.
Share-Based Compensation Plans	Share-Based Compensation Plans As part of the compensation to employees and directors, the Company uses stock-based compensation, consisting of restricted stock, stock options and stock appreciation rights. In accordance with ASC Topic 718, "Compensation - Stock Compensation," the Company classifies the stock options and restricted stock awards as equity awards, which requires the compensation cost to be recognized in the consolidated income statements over the requisite service period of the award at grant date fair value and adjusted for actual forfeitures. The fair value of restricted stock awards is determined based on the grant date closing price of the Company's Class A non-voting common stock ("Class A Stock") adjusted for the present value of the dividend to be received upon vesting. The fair value of stock options is determined using the Black-Scholes model. Key assumptions used to estimate the fair value include the expected term and the expected volatility of the Company's Class A Stock over the term of the award, the risk-free interest rate over the expected term, and the Company's expected annual dividend yield. The Company classifies stock appreciation rights ("OARs") as liability awards, which requires the fair value to be remeasured at each reporting period until the award vests. The fair value of OARs is also determined using the Black-Scholes model at the end of each reporting period. The compensation cost is adjusted each reporting period for changes in fair value prorated for the portion of the requisite service period rendered.
Revenue Recognition	Revenue Recognition Brokerage Customers' securities and commodities transactions are reported on a settlement date basis, which is generally two one Principal Transactions Transactions in proprietary securities and related revenue and expenses are recorded on a trade date basis. Securities owned and securities sold but not yet purchased are reported at fair value generally based upon quoted prices. Realized and unrealized changes in fair value are recognized in principal transactions, net in the period in which the change occurs. Investment Banking Fees Advisory fees from mergers, acquisitions and restructuring transactions are recorded when services for the transactions are completed and income is reasonably determinable, generally as set forth under the terms of the engagement. Retainer fees and engagement fees are recognized ratably over the service period. Underwriting fees are recorded when the transactions are completed. Transaction-related expenses, primarily consisting of legal, travel and other costs directly associated with the transaction, are deferred and recognized in the same period as the related investment banking transaction revenue. Underwriting revenues and the related expenses are presented gross on the consolidated income statements. Interest Interest revenue represents interest earned on margin debit balances, securities borrowed transactions, reverse repurchase agreements, fixed income securities, firm investments, and cash and cash equivalents. Interest revenue is recognized in the period earned based upon average or daily asset balances, contractual cash flows, and interest rates. Asset Management Asset management fees are generally recognized over the period the related service is provided based on the account value at the valuation date per the respective asset management agreements. In certain circumstances, OAM is entitled to receive performance (or incentive) fees when the return on assets under management ("AUM") exceeds certain benchmark returns or other performance targets. Performance fees are generally based on investment performance over a 12-month period and are not subject to adjustment once the measurement period ends. Such fees are computed as of the fund's year-end when the measurement period ends and generally are recorded as earned in the fourth quarter of the Company's fiscal year. Asset management fees and performance fees are included in advisory fees in the consolidated income statements. Assets under management are not included as assets of the Company. Bank Deposit Sweep Income
Balance Sheet	Balance Sheet Cash and Cash Equivalents The Company defines cash equivalents as highly liquid investments with original maturities of less than 90 days that are not held for sale in the ordinary course of business. Receivables from / Payables to Brokers, Dealers and Clearing Organizations Securities borrowed and securities loaned are carried at the amounts of cash collateral advanced or received. Securities borrowed transactions require the Company to deposit cash or other collateral with the lender. The Company receives cash or collateral in an amount generally in excess of the market value of securities loaned. The Company monitors the market value of securities borrowed and loaned on a daily basis and may require counterparties to deposit additional collateral or return collateral pledged, when appropriate. Securities failed to deliver and receive represent the contract value of securities which have not been delivered or received, respectively, by settlement date. Receivables from / Payables to Customers Receivables from and payables to customers include balances arising from customer securities and margin transactions. Receivables from customers are recorded when margin loans are extended to customers and are recorded on a settlement date basis. Payables to customers are recorded when customers deposit cash into their accounts and are recorded on a settlement date basis. Interest earned from the customer margin loans are recorded in the consolidated income statements in interest income. Interest expenses incurred on customer cash balances are recorded in the consolidated income statements in interest expense. Securities Purchased under Agreements to Resell and Securities Sold under Agreements to Repurchase Reverse repurchase agreements and securities sold under agreements to repurchase ("repurchase agreements") are treated as collateralized financing transactions and are recorded at their contractual amounts plus accrued interest. The resulting interest income and expense for these arrangements are included in interest income and interest expense in the consolidated income statements. Additionally, the Company elected the fair value option for repurchase agreements and reverse repurchase agreements that do not settle overnight or have an open settlement date. The Company can present the reverse repurchase and repurchase transactions on a net-by-counterparty basis when the specific offsetting requirements are satisfied. Notes Receivable Notes receivable represent recruiting and retention payments generally in the form of upfront loans to financial advisors and key revenue producers as part of the Company's overall growth strategy. These notes generally amortize over a service period of 3 to 10 years from the initial date of the note or based on productivity levels of employees. All such notes are contingent on the employees' continued employment with the Company. The unforgiven portion of the notes becomes due on demand in the event the employee departs during the service period. Amortization of notes receivable is included in the consolidated income statements in compensation and related expenses. Furniture, Equipment and Leasehold Improvements Furniture, equipment and leasehold improvements are stated at cost less accumulated depreciation. Depreciation of furniture, fixtures, and equipment is provided on a straight-line basis generally over 3 to 7 years. Leasehold improvements are amortized on a straight-line basis over the shorter of the life of the improvement or the remaining term of the lease. Drafts Payable Drafts payable represent amounts drawn by the Company against a bank. Bank Call Loans Bank call loans are generally payable on demand and bear interest at various rates, and such loans are collateralized by firm and/or customer's margin securities. Foreign Currency Translations Foreign currency balances have been translated into U.S. dollars as follows: monetary assets and liabilities at exchange rates prevailing at period end; revenue and expenses at average rates for the period; and non-monetary assets and stockholders' equity at historical rates. The functional currency of the overseas operations is the local currency in each location except for Oppenheimer Europe Ltd. and Oppenheimer Investments Asia Limited which have the U.S. dollar as their functional currency. Income Taxes The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Company recognizes deferred tax assets to the extent it believes these assets are more likely than not to be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies, and the results of recent operations. The Company records uncertain tax positions in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 740, "Income Taxes" on the basis of a two-step process whereby it determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. The Company records interest and penalties accruing on unrecognized tax benefits in pre-tax income as interest expense and other expense, respectively, in its consolidated income statements. The Company permanently reinvests eligible earnings of its foreign subsidiaries and, accordingly, does not accrue any U.S. income taxes that would arise if such earnings were repatriated.
New Accounting Pronouncements
Lessee, Leases	Leases In the first quarter of 2019, the Company adopted ASU 2016-02, "Leases". The ASU requires the recognition of right-of use ("ROU") assets and lease liabilities on the consolidated balance sheet by lessees for those leases classified as operating leases under previous guidance. ROU assets and lease liabilities are initially recognized based on the present value of the future minimum lease payments over the lease term, excluding non-base rent components such as fixed common area maintenance costs and other fixed costs such as real estate taxes and insurance. The discount rates used in determining the present value of leases are the Company’s incremental borrowing rates, developed based upon each lease’s term. The lease term includes options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. For operating leases, the ROU assets also include any prepaid lease payments and initial direct costs incurred and are reduced by lease incentives. For these leases, lease expense is recognized on a straight-line basis over the lease term if the ROU asset has not been impaired or abandoned.

Credit Losses (Tables)

Credit Losses (Tables)	12 Months Ended
	Dec. 31, 2020
Credit Loss [Abstract]
Financing Receivable Credit Quality Indicators	The following table presents the disaggregation of defaulted notes by year of origination as of December 31, 2020: (Expressed in thousands) As of December 31, 2020 2020 $ 741 2019 445 2018 177 2017 737 2016 484 2015 and prior 3,149 Total $ 5,733
Financing Receivable, Allowance for Credit Loss	The following table presents activity in the allowance for uncollectibles of defaulted notes for the year ended December 31, 2020: (Expressed in thousands) For the Year Ended December 31, 2020 (1) Beginning balance $ 3,673 Additions and other adjustments 561 Ending balance $ 4,234 (1) Beginning balance on January 1, 2020 upon adoption of ASU 2016-13

Leases Leases (Tables)

Leases Leases (Tables)	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Lease, Cost [Table Text Block]	The following table presents the weighted average lease term and weighted average discount rate for our operating leases as of December 31, 2020 and December 31, 2019, respectively: As of Weighted average remaining lease term (in years) 7.84 8.31 Weighted average discount rate 7.43% 7.89% The following table presents operating lease costs recognized for the years ended December 31, 2020 and December 31, 2019, respectively, which are included in occupancy and equipment costs on the consolidated income statements: (Expressed in thousands) For the Year Ended For the Year Ended Operating lease costs: Real estate leases - Right-of-use lease asset amortization $ 23,271 $ 23,308 Real estate leases - Interest expense 15,142 15,815 Equipment leases - Right-of-use lease asset amortization 1,879 1,878 Equipment leases - Interest expense 197 227
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	The maturities of lease liabilities as of December 31, 2020 are as follows: (Expressed in thousands) As of 2021 $ 40,981 2022 36,999 2023 33,984 2024 29,425 2025 23,872 After 2025 92,069 Total lease payments $ 257,330 Less interest (63,957) Present value of lease liabilities $ 193,373

Revenue Recognition (Tables)

Revenue Recognition (Tables)	12 Months Ended
	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue [Table Text Block]	Disaggregation of Revenue The following presents the Company's revenue from contracts with customers disaggregated by major business activity and other sources of revenue for the years ended December 31, 2020 and 2019: (Expressed in thousands) For the Year Ended December 31, 2020 Reportable Segments Private Client Asset Management Capital Markets Corporate/Other Total Revenues from contracts with customers: Commissions from sales and trading $ 174,346 $ — $ 185,542 $ 29 $ 359,917 Mutual fund income 35,101 3 9 67 35,180 Advisory fees 326,858 128,258 2 143 455,261 Investment banking - capital markets 16,093 — 123,670 — 139,763 Investment banking - advisory — 2,000 80,535 — 82,535 Bank deposit sweep income 34,829 — — — 34,829 Other 14,316 — 2,485 127 16,928 Total revenues from contracts with customers 601,543 130,261 392,243 366 1,124,413 Other sources of revenue: Interest 25,148 — 7,749 580 33,477 Principal transactions, net 3,300 — 26,306 (1,732) 27,874 Other 12,092 13 454 344 12,903 Total other sources of revenue 40,540 13 34,509 (808) 74,254 Total revenue $ 642,083 $ 130,274 $ 426,752 $ (442) $ 1,198,667

Receivable From and Payable t_2

Receivable From and Payable to Brokers, Dealers and Clearing Organizations (Tables)	12 Months Ended
	Dec. 31, 2020
Brokers and Dealers [Abstract]
Receivable from and Payable to Brokers, Dealers and Clearing Organizations	(Expressed in thousands) As of December 31, 2020 2019 Receivable from brokers, dealers and clearing organizations consists of: Securities borrowed $ 110,932 $ 99,635 Receivable from brokers 30,133 19,024 Securities failed to deliver 17,840 7,173 Clearing organizations 28,955 36,269 Other 15,634 1,192 Total $ 203,494 $ 163,293 Payable to brokers, dealers and clearing organizations consists of: Securities loaned $ 249,499 $ 234,343 Payable to brokers 4,102 4,548 Securities failed to receive 6,218 14,603 Clearing organizations and other (1) 92 267,481 Total $ 259,911 $ 520,975

Fair value measurements (Tables

Fair value measurements (Tables)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in Company-Sponsored Funds	. The following table provides information about the Company's investments in Company-sponsored funds as of December 31, 2020: (Expressed in thousands) Fair Value Unfunded Redemption Redemption Hedge funds (1) $ 1,126 $ — Quarterly - Annually 30 - 120 Days Private equity funds (2) 3,710 1,238 N/A N/A $ 4,836 $ 1,238 (1) Includes investments in hedge funds and hedge fund of funds that pursue long/short, event-driven, and activist strategies. (2) Includes private equity funds and private equity fund of funds with a focus on diversified portfolios, real estate and global natural resources. The following table provides information about the Company's investments in Company-sponsored funds as of December 31, 2019: (Expressed in thousands) Fair Value Unfunded Redemption Redemption Hedge funds (1) $ 1,589 $ — Quarterly - Annually 30 - 120 Days Private equity funds (2) 4,227 1,339 N/A N/A $ 5,816 $ 1,339 (1) Includes investments in hedge funds and hedge fund of funds that pursue long/short, event-driven, and activist strategies. (2) Includes private equity funds and private equity fund of funds with a focus on diversified portfolios, real estate and global natural resources. During the year ended December 31, 2020, the Company made an investment in a financial technologies firm. The Company elected the fair value option for this investment and it is included in other assets on the consolidated balance sheet. The Company determined the fair value of the investment based on an implied market-multiple approach and observable market data, including comparable company transactions. The fair value of the investment was $4.2 million and was categorized in Level 2 of the fair value hierarchy.
Assets and Liabilities Measured at Fair Value on Recurring Basis	The Company's assets and liabilities, recorded at fair value on a recurring basis as of December 31, 2020 and 2019, have been categorized based upon the above fair value hierarchy as follows: Assets and liabilities measured at fair value on a recurring basis as of December 31, 2020 (Expressed in thousands) Fair Value Measurements as of December 31, 2020 Level 1 Level 2 Level 3 Total Assets Deposits with clearing organizations $ 23,991 $ — $ — $ 23,991 Securities owned: U.S. Treasury securities 448,312 — — 448,312 U.S. Agency securities — 24,616 — 24,616 Sovereign obligations — 367 — 367 Corporate debt and other obligations — 23,977 — 23,977 Mortgage and other asset-backed securities — 3,103 — 3,103 Municipal obligations — 25,190 — 25,190 Convertible bonds — 17,497 — 17,497 Corporate equities 36,554 — — 36,554 Money markets 200 — — 200 Auction rate securities — — 30,701 30,701 Securities owned, at fair value 485,066 94,750 30,701 610,517 Investments (1) — 4,181 — 4,181 Derivative contracts: TBAs — 15 — 15 Total $ 509,057 $ 98,946 $ 30,701 $ 638,704 Liabilities Securities sold but not yet purchased: U.S. Treasury securities $ 93,261 $ — $ — $ 93,261 U.S. Agency securities — 9 — 9 Sovereign obligations — 623 — 623 Corporate debt and other obligations — 5,283 — 5,283 Convertible bonds — 9,103 — 9,103 Corporate equities 17,892 — — 17,892 Securities sold but not yet purchased, at fair value 111,153 15,018 — 126,171 Investments — — — — Derivative contracts: Futures 22 — — 22 TBAs — 3 — 3 ARS purchase commitments — — 195 195 Derivative contracts, total 22 3 195 220 Total $ 111,175 $ 15,021 $ 195 $ 126,391 (1) Included in other assets on the consolidated balance sheet.	Assets and liabilities measured at fair value on a recurring basis as of December 31, 2019 (Expressed in thousands) Fair Value Measurements as of December 31, 2019 Level 1 Level 2 Level 3 Total Assets Deposits with clearing organizations $ 25,118 $ — $ — $ 25,118 Securities owned: U.S. Treasury securities 613,030 — — 613,030 U.S. Agency securities 19,917 15,974 — 35,891 Sovereign obligations — 11,405 — 11,405 Corporate debt and other obligations — 8,310 — 8,310 Mortgage and other asset-backed securities — 2,697 — 2,697 Municipal obligations — 40,260 — 40,260 Convertible bonds — 29,816 — 29,816 Corporate equities 32,215 — — 32,215 Money markets 781 — — 781 Auction rate securities — 25,314 — 25,314 Securities owned, at fair value 665,943 133,776 — 799,719 Total $ 691,061 $ 133,776 $ — $ 824,837 Liabilities Securities sold but not yet purchased: U.S. Treasury securities $ 52,882 $ — $ — $ 52,882 U.S. Agency securities — 18 — 18 Sovereign obligations — 6,405 — 6,405 Corporate debt and other obligations — 664 — 664 Convertible bonds — 18,624 — 18,624 Corporate equities 21,978 — — 21,978 Securities sold but not yet purchased, at fair value 74,860 25,711 — 100,571 Derivative contracts: Futures 267 — — 267 TBAs — 124 — 124 ARS purchase commitments — 1,023 — 1,023 Derivative contracts, total 267 1,147 — 1,414 Total $ 75,127 $ 26,858 $ — $ 101,985
Changes in Level 3 Assets and Liabilities Measured at Fair Value on Recurring Basis	The following tables present changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the years ended December 31, 2020 and 2019: (Expressed in thousands) Level 3 Assets and Liabilities For the Year Ended December 31, 2020 Beginning Total Realized and Unrealized Losses (3)(4) Purchases Sales and Settlements Transfers In / (Out) (1) Ending Assets Auction rate securities $ — $ (165) $ 1,300 $ — $ 29,566 $ 30,701 Liabilities ARS purchase commitments (2) — (137) — — 332 195 (1) Transferred to Level 3 of the fair value hierarchy due to the illiquid nature of the securities as result of the length of time since the last tender offer. (2) Represents the difference in principal and fair value for auction rate securities purchase commitments outstanding at the end of the period. (3) Included in principal transactions in the consolidated income statement. (4) Unrealized gains are attributable to assets or liabilities that are still held at the reporting date. (Expressed in thousands) Level 3 Assets and Liabilities For the Year Ended December 31, 2019 Beginning Total Realized and Unrealized Gains (2)(3) Purchases Sales and Settlements Transfers In / (Out) (1) Ending Assets Auction rate securities $ 21,699 $ 1 $ — $ (350) $ (21,350) $ — Investments 101 5 — — (106) — (1) Transferred to Level 2 of the fair value hierarchy as a result of recent tender offer activities. (2) Included in principal transactions in the consolidated income statement, except for gains from investments which are included in other income in the consolidated income statement. (3) Unrealized gains are attributable to assets or liabilities that are still held at the reporting date.
Assets and Liabilities Not Measured at Fair Value on Recurring Basis	Assets and liabilities not measured at fair value as of December 31, 2020 (Expressed in thousands) Fair Value Measurement: Assets Carrying Value Level 1 Level 2 Level 3 Total Cash $ 35,424 $ 35,424 $ — $ — $ 35,424 Deposits with clearing organization 59,352 59,352 — — 59,352 Receivable from brokers, dealers and clearing organizations: Securities borrowed 110,932 — 110,932 — 110,932 Receivables from brokers 30,133 — 30,133 — 30,133 Securities failed to deliver 17,840 — 17,840 — 17,840 Clearing organizations 28,955 — 28,955 — 28,955 Other 15,622 — 15,622 — 15,622 203,482 — 203,482 — 203,482 Receivable from customers 1,110,835 — 1,110,835 — 1,110,835 Notes receivable, net 46,161 — 46,161 — 46,161 Investments (1) 85,552 — 85,552 — 85,552 (1) Included in other assets on the consolidated balance sheet. (Expressed in thousands) Fair Value Measurement: Liabilities Carrying Value Level 1 Level 2 Level 3 Total Bank call loans $ 82,000 $ — $ 82,000 $ — $ 82,000 Payables to brokers, dealers and clearing organizations: Securities loaned 249,499 — 249,499 — 249,499 Payable to brokers 4,102 — 4,102 — 4,102 Securities failed to receive 6,218 — 6,218 — 6,218 Other 70 — 70 — 70 259,889 — 259,889 — 259,889 Payables to customers 502,807 — 502,807 — 502,807 Securities sold under agreements to repurchase 342,438 — 342,438 — 342,438 Senior secured notes 125,000 — 127,033 — 127,033 Assets and liabilities not measured at fair value as of December 31, 2019 (Expressed in thousands) Fair Value Measurement: Assets Carrying Value Level 1 Level 2 Level 3 Total Cash $ 79,550 $ 79,550 $ — $ — $ 79,550 Deposits with clearing organization 23,297 23,297 — — 23,297 Receivable from brokers, dealers and clearing organizations: Securities borrowed 99,635 — 99,635 — 99,635 Receivables from brokers 19,024 — 19,024 — 19,024 Securities failed to deliver 7,173 — 7,173 — 7,173 Clearing organizations 36,269 — 36,269 — 36,269 Other 1,316 — 1,316 — 1,316 163,417 — 163,417 — 163,417 Receivable from customers 796,934 — 796,934 — 796,934 Notes receivable, net 43,670 — 43,670 — 43,670 Investments (1) 73,971 — 73,971 — 73,971 (1) Included in other assets on the consolidated balance sheet. (Expressed in thousands) Fair Value Measurement: Liabilities Carrying Value Level 1 Level 2 Level 3 Total Payables to brokers, dealers and clearing organizations: Securities loaned $ 234,343 $ — $ 234,343 $ — $ 234,343 Payable to brokers 4,548 — 4,548 — 4,548 Securities failed to receive 14,603 — 14,603 — 14,603 Other 267,214 — 267,214 — 267,214 520,708 — 520,708 — 520,708 Payables to customers 334,735 — 334,735 — 334,735 Securities sold under agreements to repurchase 287,265 — 287,265 — 287,265 Senior secured notes 150,000 — 154,988 — 154,988
Notional Amounts and Fair Values of Derivatives by Product	The notional amounts and fair values of the Company's derivatives as of December 31, 2020 and 2019 by product were as follows: (Expressed in thousands) Fair Value of Derivative Instruments as of December 31, 2020 Description Notional Fair Value Assets: Derivatives not designated as hedging instruments (1) Other contracts TBAs $ 7,970 $ 15 $ 7,970 $ 15 Liabilities: Derivatives not designated as hedging instruments (1) Commodity contracts Futures $ 3,440,000 $ 22 Other contracts TBAs 7,936 3 ARS purchase commitments 1,313 195 $ 3,449,249 $ 220 (1) See "Derivative Instruments and Hedging Activities" above for a 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 as of December 31, 2019 Description Notional Fair Value Liabilities: Derivatives not designated as hedging instruments (1) Commodity contracts Futures $ 5,209,000 $ 267 Other contracts TBAs 13,245 124 ARS purchase commitments 7,128 1,023 $ 5,229,373 $ 1,414
Fair Value Amounts of Derivative Instruments and their Effect on Statement of Operations		The following table presents the location and fair value amounts of the Company's derivative instruments and their effect in the consolidated income statements for the years ended December 31, 2020 and 2019: (Expressed in thousands) The Effect of Derivative Instruments in the Consolidated Income Statement For the Year Ended December 31, 2020 Recognized in Income on Derivatives Types Description Location Net Gain (Loss) Commodity contracts Futures Principal transactions revenue $ (8,107) Other contracts Foreign exchange forward contracts Other revenue 72 TBAs Principal transactions revenue 31 ARS purchase commitments Principal transactions revenue 828 $ (7,176) (Expressed in thousands) The Effect of Derivative Instruments in the Consolidated Income Statement For the Year Ended December 31, 2019 Recognized in Income on Derivatives Types Description Location Net Gain (Loss) Commodity contracts Futures Principal transactions revenue $ (2,362) Other contracts Foreign exchange forward contracts Other revenue 15 TBAs Principal transactions revenue (53) ARS purchase commitments Principal transactions revenue 73 $ (2,327)

Collateralized Transactions (Ta

Collateralized Transactions (Tables)	12 Months Ended
	Dec. 31, 2020
Brokers and Dealers [Abstract]
Transfer of Certain Financial Assets Accounted for as Secured Borrowings	The following table presents a disaggregation of the gross obligation by the class of collateral pledged and the remaining contractual maturity of the repurchase agreements and securities loaned transactions as of December 31, 2020: (Expressed in thousands) Overnight and Open Repurchase agreements: U.S. Government and Agency securities $ 430,787 Securities loaned: Equity securities 249,499 Gross amount of recognized liabilities for repurchase agreements and securities loaned $ 680,286
Schedule of Gross Amounts and Offsetting Amounts of Reverse Repurchase Agreements, Repurchase Agreements, Securities Borrowed and Securities Lending Transactions	The following tables present the gross amounts and the offsetting amounts of reverse repurchase agreements, repurchase agreements, securities borrowed and securities loaned transactions as of December 31, 2020 and 2019: As of December 31, 2020 (Expressed in thousands) Gross Amounts Not Offset Gross Gross Net Amounts Financial Cash Net Amount Reverse repurchase agreements $ 88,349 $ (88,349) $ — $ — $ — $ — Securities borrowed (1) 110,932 — 110,932 (109,922) — 1,010 Total $ 199,281 $ (88,349) $ 110,932 $ (109,922) $ — $ 1,010 (1) Included in receivable from brokers, dealers and clearing organizations on the consolidated balance sheet. Gross Amounts Not Offset Gross Gross Net Amounts Financial Cash Net Amount Repurchase agreements $ 430,787 $ (88,349) $ 342,438 $ (340,632) $ — $ 1,806 Securities loaned (2) 249,499 — 249,499 (242,318) — 7,181 Total $ 680,286 $ (88,349) $ 591,937 $ (582,950) $ — $ 8,987 (2) Included in payable to brokers, dealers and clearing organizations on the consolidated balance sheet. As of December 31, 2019 (Expressed in thousands) Gross Amounts Not Offset Gross Gross Net Amounts Financial Cash Net Amount Reverse repurchase agreements $ 55,927 $ (55,927) $ — $ — $ — $ — Securities borrowed (1) 99,635 — 99,635 (97,702) — 1,933 Total $ 155,562 $ (55,927) $ 99,635 $ (97,702) $ — $ 1,933 (1) Included in receivable from brokers, dealers and clearing organizations on the consolidated balance sheet. Gross Amounts Not Offset Gross Gross Net Amounts Financial Cash Net Amount Repurchase agreements $ 343,192 $ (55,927) $ 287,265 $ (285,264) $ — $ 2,001 Securities loaned (2) 234,343 — 234,343 (228,548) — 5,795 Total $ 577,535 $ (55,927) $ 521,608 $ (513,812) $ — $ 7,796 (2) Included in payable to brokers, dealers and clearing organizations on the consolidated balance sheet.

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	12 Months Ended
	Dec. 31, 2020
Variable Interest Entity [Abstract]
Variable Interest Entities	The following tables set forth the total VIE assets, the carrying value of the subsidiaries' variable interests, and the Company's maximum exposure to loss in Company-sponsored non-consolidated VIEs in which the Company holds variable interests and other non-consolidated VIEs in which the Company holds variable interests as of December 31, 2020 and 2019: (Expressed in thousands) As of December 31, 2020 Total VIE Assets (1) Carrying Value of the Capital Maximum Assets (2) Liabilities Hedge funds $ 643,251 $ — $ — $ — $ — Special Purpose Acquisition Companies 1,384 — — — — Total $ 644,635 $ — $ — $ — $ — (1) Represents the total assets of the VIEs and does not represent the Company's interests in the VIEs. (2) Represents the Company's interests in the VIEs and is included in other assets on the consolidated balance sheet. (Expressed in thousands) As of December 31, 2019 Total (1) Carrying Value of the Capital Maximum Assets (2) Liabilities Hedge funds $ 390,063 $ 259 $ — $ — $ 259

Furniture, equipment and leas_2

Furniture, equipment and leasehold imporvements (Tables)	12 Months Ended
	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Schedule of Office Facilities	(Expressed in thousands) For the Years Ended December 31, 2020 2019 Furniture, fixtures and equipment $ 62,860 $ 62,444 Leasehold improvements 55,860 63,706 Total 118,720 126,150 Less accumulated depreciation (90,958) (94,773) Total $ 27,762 $ 31,377

Bank Call Loans (Tables)

Bank Call Loans (Tables)	12 Months Ended
	Dec. 31, 2020
Bank Call Loans [Abstract]
Summary of Bank Call Loans	Bank call loans, primarily payable on demand, bear interest at various rates but not exceeding the broker call rate, which was 2.00% at December 31, 2020 (3.50% at December 31, 2019). Details of the bank call loans are as follows: (Expressed in thousands, except percentages) 2020 2019 Year-end balance $ 82,000 $ — Weighted interest rate (at end of year) 1.09 % — % Maximum balance (at any month-end) 203,100 76,900 Average amount outstanding (during the year) 82,760 11,063 Average interest rate (during the year) 0.93 % 3.27 %

Long-Term Debt (Tables)

Long-Term Debt (Tables)	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	(Expressed in thousands) Issued Maturity Date December 31, 2020 December 31, 2019 5.50% Senior Secured Notes 10/1/2025 $ 125,000 $ — 6.75% Senior Secured Notes 7/1/2022 — 150,000 Unamortized Debt Issuance Cost (1,154) (485) $ 123,846 $ 149,515

Share Capital (Tables)

Share Capital (Tables)	12 Months Ended
	Dec. 31, 2020
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 years indicated: 2020 2019 Class A Stock outstanding, beginning of year 12,698,703 12,941,809 Issued pursuant to share-based compensation plans (note 16) 401,597 80,143 Repurchased and canceled pursuant to the stock buy-back (718,522) (323,249) Class A Stock outstanding, end of year 12,381,778 12,698,703

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2020
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 Years Ended December 31, 2020 2019 2018 Basic weighted average number of shares outstanding 12,642,576 12,904,397 13,248,876 Net dilutive effect of share-based awards, treasury method (1) 574,759 947,435 812,493 Diluted weighted average number of shares outstanding 13,217,335 13,851,832 14,061,369 Net income $ 122,986 $ 52,953 $ 28,892 Earnings per share Basic $ 9.73 $ 4.10 $ 2.18 Diluted $ 9.30 $ 3.82 $ 2.05 (1) For the year ended December 31, 2020, the diluted net income per share computation does not include the anti-dilutive effect of 10,770 shares of Class A Stock granted under share-based compensation arrangements (7,628 and 4,050 shares for the years ended December 31, 2019 and 2018, respectively).

Income taxes (Tables)

Income taxes (Tables)	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Schedule of Reconciliation of Effective Income Tax Rate	ncome tax expenses (benefits) shown in the consolidated income statements are reconciled to amounts of tax that would have been payable (recoverable) from the application of the federal tax rate to pre-tax profit, as follows: (Expressed in thousands) For the Years Ended December 31, 2020 2019 2018 Amount Percentage Amount Percentage Amount Percentage U.S. federal statutory income tax $ 35,491 21.0 % $ 15,732 21.0 % $ 9,419 21.0 % U.S. state and local income taxes, net of U.S. federal income tax benefits 8,770 5.2 % 4,258 5.7 % 3,144 7.0 % Unrecognized tax benefit (853) (0.5) % — — % — — % Valuation allowance 517 0.3 % 1,663 2.2 % 1,833 4.1 % Non-taxable income (580) (0.3) % (738) (1.0) % (637) (1.4) % Provision to return adjustments 239 0.1 % (723) (1.0) % (326) (0.7) % Change in state and foreign tax rates 238 0.1 % (135) (0.2) % 267 0.6 % Foreign tax rate differentials (469) (0.3) % (59) (0.1) % 112 0.2 % Excess tax benefits from share-based awards (1,008) (0.6) % (234) (0.3) % (81) (0.2) % Other non-deductible expenses 3,669 2.2 % 2,195 3.0 % 2,246 5.0 % Total income taxes $ 46,014 27.2 % $ 21,959 29.3 % $ 15,977 35.6 %
Schedule of Current and Deferred Income Tax (Benefit)	Income tax expenses (benefits) included in the consolidated income statements represent the following: (Expressed in thousands) For the Years Ended December 31, 2020 2019 2018 Current: U.S. federal tax $ 17,794 $ 9,502 $ 10,355 State and local tax 6,498 2,289 2,618 Non-U.S. operations 386 290 231 Total Current 24,678 12,081 13,204 Deferred: U.S. federal tax 17,182 7,177 395 State and local tax 4,310 2,924 1,438 Non-U.S. operations (156) (223) 940 Total Deferred 21,336 9,878 2,773 Total $ 46,014 $ 21,959 $ 15,977
Schedule of Significant Components of Deferred Tax Assets and Liabilities	Significant components of the Company's deferred tax assets and liabilities as of December 31, 2020 and 2019 were as follows: (Expressed in thousands) As of December 31, 2020 2019 Deferred tax assets: Deferred compensation $ 24,782 $ 23,048 Deferred rent and lease incentives 9,951 10,026 Net operating losses and credits 8,664 7,931 Receivable reserves 1,290 1,389 Accrued expenses 407 1,367 Auction rate securities reserves 1,366 1,356 Involuntary conversion 1,693 1,678 Other 1,010 1,203 Total deferred tax assets 49,163 47,998 Valuation allowance 5,059 4,368 Deferred tax assets after valuation allowance 44,104 43,630 Deferred tax liabilities: Goodwill 41,128 40,774 Partnership investments 32,978 16,163 Company-owned life insurance 13,037 10,028 Depreciation 1,552 110 Other 318 304 Total deferred tax liabilities 89,013 67,379 Deferred tax liabilities, net $ (44,909) $ (23,749)
Schedule of Unrecognized Tax Benefits	A reconciliation of the beginning and ending amount of unrecognized tax benefit follows: (Expressed in thousands) 2020 2019 2018 Balance at beginning of year $ 1,079 $ 1,079 $ 1,079 Additions for tax positions of prior years 212 — — Lapse in statute of limitations — — — Settlements with taxing authorities (1,079) — — Balance at end of year $ 212 $ 1,079 $ 1,079

Employee Compensation Plans (Ta

Employee Compensation Plans (Tables)	12 Months Ended
	Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
Summarizes of Company's Non-Vested ESP/EIP Awards	The following table summarizes the status of the Company's non-vested restricted Class A Stock awards under the OIP for the year ended December 31, 2020: Number of Class Weighted Remaining Nonvested at beginning of year 1,534,278 $ 20.34 1.4 years Granted 471,700 23.84 3.0 years Vested (623,981) 17.91 — Forfeited (53,120) 22.89 — Nonvested at end of year 1,328,877 $ 22.63 1.9 years
Schedule of Stock Option Activity	There were 14,209 and 14,974 options outstanding as of December 31, 2020 and 2019, respectively.
Stock Appreciation Rights	The following table summarizes the status of the Company's outstanding OARs awards as of December 31, 2020: Grant Date Number of Strike Price Remaining Fair Value as of December 31, 2020 January 6, 2016 394,310 $ 15.89 5 days $ 15.54 January 6, 2017 378,020 18.90 1 year 13.37 January 5, 2018 447,310 27.05 2 years 8.79 January 11, 2019 524,566 26.45 3 years 9.31 January 10, 2020 538,640 27.54 4 years 9.14 Total OARs Outstanding 2,282,846 Total weighted average values $ 23.75 3.1 years $ 10.91
Schedule of Assumptions Used	The fair value as of December 31, 2020 for each of the OARs was estimated using the Black-Scholes model with the following assumptions: Grant Date January 6, 2016 January 6, 2017 January 5, 2018 January 11, 2019 January 10, 2020 Expected term (1) 5 days 1 year 2 years 3 years 4 years Expected volatility factor (2) 8.018 % 54.499 % 43.200 % 38.231 % 35.748 % Risk-free interest rate (3) 0.015 % 0.104 % 0.121 % 0.167 % 0.265 % Quarterly dividends (4) $ 0.48 $ 0.48 $ 0.48 $ 0.48 $ 0.48 (1) The expected term was determined based on the remaining life of the actual awards. (2) The volatility factor was measured using the weighted average of historical daily price changes of the Company's Class A Stock over a historical period commensurate to the expected term of the awards. (3) The risk-free interest rate was based on periods equal to the expected term of the awards based on the U.S. Treasury yield curve in effect at December 31, 2020. (4) Quarterly dividends were used to compute the expected annual dividend yield.

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2020
Segment Reporting [Abstract]
Reported Revenue and Profit Before Income Taxes	The table below presents information about the reported revenue and pre-tax income (loss) of the Company for the years ended December 31, 2020, 2019 and 2018. 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 Years Ended December 31, 2020 2019 2018 Revenue Private client (1) $ 642,083 $ 653,409 $ 617,871 Asset management (1) 130,274 88,755 71,696 Capital markets 426,752 290,830 272,719 Corporate/Other (442) 385 (4,132) Total $ 1,198,667 $ 1,033,379 $ 958,154 Pre-Tax Income (Loss) Private client (1) $ 122,844 $ 163,917 $ 149,097 Asset management (1) 71,625 31,606 18,590 Capital markets 83,442 (13,724) (13,416) Corporate/Other (108,911) (106,887) (109,402) Total $ 169,000 $ 74,912 $ 44,869 (1) Clients investing in the OAM advisory program are charged fees based on the value of AUM. Advisory fees
Revenue Classified by Major Geographic Areas	Revenue, classified by the major geographic areas in which it was earned for the years ended December 31, 2020, 2019 and 2018 was as follows: (Expressed in thousands) For the Years Ended December 31, 2020 2019 2018 Americas $ 1,146,759 $ 998,344 $ 925,127 Europe/Middle East 45,767 31,599 29,292 Asia 6,141 3,436 3,735 Total $ 1,198,667 $ 1,033,379 $ 958,154

Quarterly Information (Tables)

Quarterly Information (Tables)	12 Months Ended
	Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Information	(Expressed in thousands, except per share amounts) Fiscal Quarters For the Year Ended December 31, 2020 Fourth Third Second First Year Revenue $ 422,908 $ 276,259 $ 264,730 $ 234,770 $ 1,198,667 Expenses 309,113 254,541 241,466 224,547 1,029,667 Income before income taxes 113,795 21,718 23,264 10,223 169,000 Income taxes 31,915 6,079 5,615 2,405 46,014 Net income $ 81,880 $ 15,639 $ 17,649 $ 7,818 $ 122,986 Basic net income per share $ 6.56 $ 1.25 $ 1.40 $ 0.61 $ 9.73 Diluted net income per share $ 6.17 $ 1.19 $ 1.34 $ 0.58 $ 9.30 Dividends paid per share $ 1.12 $ 0.12 $ 0.12 $ 0.12 $ 1.48 Market price of Class A Stock (1) High $ 33.21 $ 26.11 $ 24.42 $ 28.38 $ 33.21 Low $ 22.29 $ 20.33 $ 17.20 $ 14.88 $ 14.88 (1) The price quotations above were obtained from the New York Stock Exchange website. (Expressed in thousands, except per share amounts) Fiscal Quarters For the Year Ended December 31, 2019 Fourth Third Second First Year Revenue $ 295,881 $ 234,793 $ 250,935 $ 251,770 $ 1,033,379 Expenses 260,908 228,297 233,544 235,718 958,467 Income before income taxes 34,973 6,496 17,391 16,052 74,912 Income taxes 9,538 2,547 5,016 4,858 21,959 Net income $ 25,435 $ 3,949 $ 12,375 $ 11,194 $ 52,953 Basic net income per share $ 1.99 $ 0.31 $ 0.95 $ 0.86 $ 4.10 Diluted net income per share $ 1.83 $ 0.29 $ 0.89 $ 0.81 $ 3.82 Dividends paid per share $ 0.12 $ 0.12 $ 0.11 $ 0.11 $ 0.46 Market price of Class A Stock (1) High $ 29.25 $ 31.30 $ 27.42 $ 28.73 $ 31.30 Low $ 27.09 $ 26.42 $ 24.34 $ 25.25 $ 24.34

Organization - Additional Infor

Organization - Additional Information (Narrative) (Details)	Dec. 31, 2020office
Americas
Organization And Basis Of Presentation [Line Items]
Number of offices providing services	92
Americas
Organization And Basis Of Presentation [Line Items]
Number of offices providing services	92

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Narrative) (Details)	12 Months Ended
	Dec. 31, 2020
Summary Of Significant Accounting Policies [Line Items]
Cash equivalents maximum maturity period of highly liquid investments	90 days
Minimum [Member]
Summary Of Significant Accounting Policies [Line Items]
Number of business days for related transactions	1 day
Minimum [Member] | Notes Receivable
Summary Of Significant Accounting Policies [Line Items]
Service Period	3 years
Minimum [Member] | Property, Plant and Equipment
Summary Of Significant Accounting Policies [Line Items]
Service Period	3 years
Maximum [Member]
Summary Of Significant Accounting Policies [Line Items]
Number of business days for related transactions	2 days
Maximum [Member] | Notes Receivable
Summary Of Significant Accounting Policies [Line Items]
Service Period	10 years
Maximum [Member] | Property, Plant and Equipment
Summary Of Significant Accounting Policies [Line Items]
Service Period	7 years
Securities
Summary Of Significant Accounting Policies [Line Items]
Number of business days for related transactions	2 days
Commodities
Summary Of Significant Accounting Policies [Line Items]
Number of business days for related transactions	1 day

Credit Losses (Details)

Credit Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Allowance For credit loss, Expected Loss Rate	42.00%
Due from Employees	$ 46,161	$ 43,670
2020	741
2019	445
2018	177
2017	737
2016	484
2015 and prior	3,149
Total	5,733
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	3,673
Additions and other adjustments	561
Ending balance	$ 4,234
Maximum [Member] | Notes Receivable
Financing Receivable, Credit Quality Indicator [Line Items]
Service Period	10 years
Minimum [Member] | Notes Receivable
Financing Receivable, Credit Quality Indicator [Line Items]
Service Period	3 years
Notes Receivable, Five years and Older [Member]
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Ending balance	$ 3,100
Notes Receivable, Under Five Years [Member]
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Ending balance	$ 1,100

Leases Additional information (

Leases Additional information (Details) $ in Thousands	Dec. 31, 2020USD ($)office	Dec. 31, 2019USD ($)
Operating Lease, Liability	$ 193,373
Operating Lease, Right-of-Use Asset	153,502	$ 160,297
Operating Lease Right-of-use Asset Accumulated Amortization	50,336	25,186
Lessee, Operating Lease, Lease Not Yet Commenced, Amount	19,200	$ 11,100
Equipment Leases [Member]
Operating Lease, Liability	2,600
Real Estate [Member]
Operating Lease, Liability	190,800
Real Estate Leases [Member]
Operating Lease, Right-of-Use Asset	150,900
Operating Lease Right-of-use Asset Accumulated Amortization	46,600
Equipment Leases [Member]
Operating Lease, Right-of-Use Asset	2,600
Equipment [Member]
Operating Lease Right-of-use Asset Accumulated Amortization	$ 3,700
Americas
Number of Stores | office	92

Leases Weighted average lease t

Leases Weighted average lease term and discount rate (Details)	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating Lease, Weighted Average Remaining Lease Term	7 years 10 months 2 days	8 years 3 months 21 days
Operating Lease, Weighted Average Discount Rate, Percent	7.43%	7.89%

Leases Operating lease costs (D

Leases Operating lease costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Lessee, Lease, Description [Line Items]
Operating Lease Right-of-use Asset, Amortization	$ 25,150	$ 25,186	$ 0
Real Estate [Member]
Lessee, Lease, Description [Line Items]
Operating Lease Right-of-use Asset, Amortization	23,271	23,308
Operating Lease, Interest Expense	15,142	15,815
Equipment [Member]
Lessee, Lease, Description [Line Items]
Operating Lease Right-of-use Asset, Amortization	1,879	1,878
Operating Lease, Interest Expense	$ 197	$ 227

Leases Schedule of maturities o

Leases Schedule of maturities of lease payments (Details) $ in Thousands	Dec. 31, 2020USD ($)
Leases [Abstract]
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months	$ 40,981
Lessee, Operating Lease, Liability, Payments, Due Year Two	36,999
Finance Lease, Liability, Payments, Due Year Three	33,984
Lessee, Operating Lease, Liability, Payments, Due Year Four	29,425
Lessee, Operating Lease, Liability, Payments, Due Year Five	23,872
Lessee, Operating Lease, Liability, Payments, Due after Year Five	92,069
Lessee, Operating Lease, Liability, Payments, Due	257,330
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	(63,957)
Operating Lease, Liability	$ 193,373

Revenue Recognition Disaggregat

Revenue Recognition Disaggregation of Revenue (Details) - USD ($) $ in Thousands		3 Months Ended								12 Months Ended
		Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax										$ 1,124,413	$ 934,822
Interest										33,477	50,723	$ 52,484
Principal transactions, net										27,874	30,094	14,461
Revenues, Excluding Revenue From Contract With Customers, Other										12,903	17,740
Revenues, Excluding Revenue From Contract With Customers										74,254	98,557
Revenue		$ 422,908	$ 276,259	$ 264,730	$ 234,770	$ 295,881	$ 234,793	$ 250,935	$ 251,770	1,198,667	1,033,379	958,154
Commissions From Sales And Trading [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax										359,917	280,069
Mutual Fund Income [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax										35,180	40,045
Advisory Fees [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax										455,261	353,671
Investment Banking, Capital Markets [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax										139,763	72,779
Investment Banking, Advisory [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax										82,535	53,432
Investment Banking, Advisory [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax										34,829	117,422
Other [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax										16,928	17,404
Private Client Division
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax										601,543	597,763
Interest										25,148	35,809
Principal transactions, net										3,300	3,341
Revenues, Excluding Revenue From Contract With Customers, Other										12,092	16,496
Revenues, Excluding Revenue From Contract With Customers										40,540	55,646
Revenue	[1]									642,083	653,409	617,871
Private Client Division | Commissions From Sales And Trading [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax										174,346	148,661
Private Client Division | Mutual Fund Income [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax										35,101	40,025
Private Client Division | Advisory Fees [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax										326,858	264,839
Private Client Division | Investment Banking, Capital Markets [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax										16,093	13,528
Private Client Division | Investment Banking, Advisory [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax										0	0
Private Client Division | Investment Banking, Advisory [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax										34,829	117,422
Private Client Division | Other [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax										14,316	13,288
Asset Management
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax										130,261	88,753
Interest										0	0
Principal transactions, net										0	0
Revenues, Excluding Revenue From Contract With Customers, Other										13	2
Revenues, Excluding Revenue From Contract With Customers										13	2
Revenue	[1]									130,274	88,755	71,696
Asset Management | Commissions From Sales And Trading [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax										0	0
Asset Management | Mutual Fund Income [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax										3	0
Asset Management | Advisory Fees [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax										128,258	88,748
Asset Management | Investment Banking, Capital Markets [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax										0	0
Asset Management | Investment Banking, Advisory [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax										2,000	0
Asset Management | Investment Banking, Advisory [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax										0	0
Asset Management | Other [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax										0	5
Capital markets
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax										392,243	245,789
Interest										7,749	13,302
Principal transactions, net										26,306	31,621
Revenues, Excluding Revenue From Contract With Customers, Other										454	118
Revenues, Excluding Revenue From Contract With Customers										34,509	45,041
Revenue										426,752	290,830	272,719
Capital markets | Commissions From Sales And Trading [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax										185,542	131,380
Capital markets | Mutual Fund Income [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax										9	3
Capital markets | Advisory Fees [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax										2	10
Capital markets | Investment Banking, Capital Markets [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax										123,670	59,251
Capital markets | Investment Banking, Advisory [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax										80,535	53,432
Capital markets | Investment Banking, Advisory [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax										0	0
Capital markets | Other [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax										2,485	1,713
Corporate/Other
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax										366	2,517
Interest										580	1,612
Principal transactions, net										(1,732)	4,868
Revenues, Excluding Revenue From Contract With Customers, Other										344	1,124
Revenues, Excluding Revenue From Contract With Customers										(808)	(2,132)
Revenue										(442)	385	$ (4,132)
Corporate/Other | Commissions From Sales And Trading [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax										29	28
Corporate/Other | Mutual Fund Income [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax										67	17
Corporate/Other | Advisory Fees [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax										143	74
Corporate/Other | Investment Banking, Capital Markets [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax										0	0
Corporate/Other | Investment Banking, Advisory [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax										0	0
Corporate/Other | Investment Banking, Advisory [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax										0	0
Corporate/Other | Other [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax										$ 127	$ 2,398
[1]	(1) Clients investing in the OAM advisory program are charged fees based on the value of AUM. Advisory fees were allocated 10.0% to the Asset Management and 90.0% to the Private Client segments.

Revenue Recognition Contract As

Revenue Recognition Contract Assets and Liabilities (Details) - USD ($) $ in Thousands		3 Months Ended								12 Months Ended
		Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Contracts with Customers Assets and Liabilities [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax										$ 1,124,413	$ 934,822
Contract with Customer, Asset, after Allowance for Credit Loss		$ 30,816				$ 28,888				30,816	28,888
Contract with Customer, Liability		613				408				613	408
Interest										33,477	50,723	$ 52,484
Principal transactions, net										(27,874)	(30,094)	(14,461)
Revenues, Excluding Revenue From Contract With Customers, Other										12,903	17,740
Revenues, Excluding Revenue From Contract With Customers										74,254	98,557
Revenue		422,908	$ 276,259	$ 264,730	$ 234,770	295,881	$ 234,793	$ 250,935	$ 251,770	1,198,667	1,033,379	958,154
Commission [Member]
Contracts with Customers Assets and Liabilities [Line Items]
Contract with Customer, Asset, after Allowance for Credit Loss		3,107				2,824				3,107	2,824
Mutual Fund Income [Member]
Contracts with Customers Assets and Liabilities [Line Items]
Contract with Customer, Asset, after Allowance for Credit Loss		5,989				6,746				5,989	6,746
Advisory Fees [Member]
Contracts with Customers Assets and Liabilities [Line Items]
Contract with Customer, Asset, after Allowance for Credit Loss		1,590				1,594				1,590	1,594
Bank Deposit Sweep Income [Member]
Contracts with Customers Assets and Liabilities [Line Items]
Contract with Customer, Asset, after Allowance for Credit Loss		687				3,454				687	3,454
Investment Banking Fees [Member]
Contracts with Customers Assets and Liabilities [Line Items]
Contract with Customer, Asset, after Allowance for Credit Loss		16,119				9,284				16,119	9,284
Other
Contracts with Customers Assets and Liabilities [Line Items]
Contract with Customer, Asset, after Allowance for Credit Loss		3,324				4,986				3,324	4,986
Investment Banking Fees [Member]
Contracts with Customers Assets and Liabilities [Line Items]
Contract with Customer, Liability		$ 613				$ 408				613	408
Asset Management
Contracts with Customers Assets and Liabilities [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax										130,261	88,753
Interest										0	0
Principal transactions, net										0	0
Revenues, Excluding Revenue From Contract With Customers, Other										13	2
Revenues, Excluding Revenue From Contract With Customers										13	2
Revenue	[1]									130,274	88,755	71,696
Capital markets
Contracts with Customers Assets and Liabilities [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax										392,243	245,789
Interest										7,749	13,302
Principal transactions, net										(26,306)	(31,621)
Revenues, Excluding Revenue From Contract With Customers, Other										454	118
Revenues, Excluding Revenue From Contract With Customers										34,509	45,041
Revenue										426,752	290,830	272,719
Corporate/Other
Contracts with Customers Assets and Liabilities [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax										366	2,517
Interest										580	1,612
Principal transactions, net										1,732	(4,868)
Revenues, Excluding Revenue From Contract With Customers, Other										344	1,124
Revenues, Excluding Revenue From Contract With Customers										(808)	(2,132)
Revenue										(442)	385	(4,132)
Private Client Division
Contracts with Customers Assets and Liabilities [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax										601,543	597,763
Interest										25,148	35,809
Principal transactions, net										(3,300)	(3,341)
Revenues, Excluding Revenue From Contract With Customers, Other										12,092	16,496
Revenues, Excluding Revenue From Contract With Customers										40,540	55,646
Revenue	[1]									642,083	653,409	$ 617,871
Other [Member]
Contracts with Customers Assets and Liabilities [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax										16,928	17,404
Other [Member] | Asset Management
Contracts with Customers Assets and Liabilities [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax										0	5
Other [Member] | Capital markets
Contracts with Customers Assets and Liabilities [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax										2,485	1,713
Other [Member] | Corporate/Other
Contracts with Customers Assets and Liabilities [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax										127	2,398
Other [Member] | Private Client Division
Contracts with Customers Assets and Liabilities [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax										14,316	13,288
Investment Banking, Capital Markets [Member]
Contracts with Customers Assets and Liabilities [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax										139,763	72,779
Investment Banking, Capital Markets [Member] | Asset Management
Contracts with Customers Assets and Liabilities [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax										0	0
Investment Banking, Capital Markets [Member] | Capital markets
Contracts with Customers Assets and Liabilities [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax										123,670	59,251
Investment Banking, Capital Markets [Member] | Corporate/Other
Contracts with Customers Assets and Liabilities [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax										0	0
Investment Banking, Capital Markets [Member] | Private Client Division
Contracts with Customers Assets and Liabilities [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax										16,093	13,528
Advisory Fees [Member]
Contracts with Customers Assets and Liabilities [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax										455,261	353,671
Advisory Fees [Member] | Asset Management
Contracts with Customers Assets and Liabilities [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax										128,258	88,748
Advisory Fees [Member] | Capital markets
Contracts with Customers Assets and Liabilities [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax										2	10
Advisory Fees [Member] | Corporate/Other
Contracts with Customers Assets and Liabilities [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax										143	74
Advisory Fees [Member] | Private Client Division
Contracts with Customers Assets and Liabilities [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax										326,858	264,839
Mutual Fund Income [Member]
Contracts with Customers Assets and Liabilities [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax										35,180	40,045
Mutual Fund Income [Member] | Asset Management
Contracts with Customers Assets and Liabilities [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax										3	0
Mutual Fund Income [Member] | Capital markets
Contracts with Customers Assets and Liabilities [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax										9	3
Mutual Fund Income [Member] | Corporate/Other
Contracts with Customers Assets and Liabilities [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax										67	17
Mutual Fund Income [Member] | Private Client Division
Contracts with Customers Assets and Liabilities [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax										35,101	40,025
Investment Banking, Advisory [Member]
Contracts with Customers Assets and Liabilities [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax										82,535	53,432
Investment Banking, Advisory [Member] | Asset Management
Contracts with Customers Assets and Liabilities [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax										2,000	0
Investment Banking, Advisory [Member] | Capital markets
Contracts with Customers Assets and Liabilities [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax										80,535	53,432
Investment Banking, Advisory [Member] | Corporate/Other
Contracts with Customers Assets and Liabilities [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax										0	0
Investment Banking, Advisory [Member] | Private Client Division
Contracts with Customers Assets and Liabilities [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax										0	0
Bank Deposit Sweep Income [Member]
Contracts with Customers Assets and Liabilities [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax										34,829	117,422
Bank Deposit Sweep Income [Member] | Asset Management
Contracts with Customers Assets and Liabilities [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax										0	0
Bank Deposit Sweep Income [Member] | Capital markets
Contracts with Customers Assets and Liabilities [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax										0	0
Bank Deposit Sweep Income [Member] | Corporate/Other
Contracts with Customers Assets and Liabilities [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax										0	0
Bank Deposit Sweep Income [Member] | Private Client Division
Contracts with Customers Assets and Liabilities [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax										34,829	117,422
Commissions From Sales And Trading [Member]
Contracts with Customers Assets and Liabilities [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax										359,917	280,069
Commissions From Sales And Trading [Member] | Asset Management
Contracts with Customers Assets and Liabilities [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax										0	0
Commissions From Sales And Trading [Member] | Capital markets
Contracts with Customers Assets and Liabilities [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax										185,542	131,380
Commissions From Sales And Trading [Member] | Corporate/Other
Contracts with Customers Assets and Liabilities [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax										29	28
Commissions From Sales And Trading [Member] | Private Client Division
Contracts with Customers Assets and Liabilities [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax										$ 174,346	$ 148,661
[1]	(1) Clients investing in the OAM advisory program are charged fees based on the value of AUM. Advisory fees were allocated 10.0% to the Asset Management and 90.0% to the Private Client segments.

Revenue Recognition Narrative (

Revenue Recognition Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Contract with Customer, Asset, after Allowance for Credit Loss	$ 30,816	$ 28,888
Capitalized Contract Cost, Net	$ 1,600

Receivable from and Payable t_3

Receivable from and Payable to Brokers, Dealers and Clearing Organizations (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Receivable from brokers, dealers and clearing organizations consists of:
Securities borrowed	$ 110,932	$ 99,635
Receivable from brokers	30,133	19,024
Securities failed to deliver	17,840	7,173
Clearing organizations	28,955	36,269
Other	15,634	1,192
Receivables from broker, dealers and clearing organizations	203,494	163,293
Payable to brokers, dealers and clearing organizations consists of:
Securities loaned	249,499	234,343
Due to Correspondent Brokers	4,102	4,548
Securities failed to receive	6,218	14,603
Clearing organizations and other (1)	92	267,481
Payable to brokers, dealers and clearing organizations	$ 259,911	$ 520,975

Fair Value Measurements - Secur

Fair Value Measurements - Securities Owned and Securities Sold, But Not Yet Purchased at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned, including amounts pledged of $0 ($546,334 in 2015), at fair value	$ 610,517	$ 799,719
Securities Sold	126,171	100,571
Securities Owned and Sold, Not yet Purchased, at Fair Value, Security Owned, Including Disposal Group Securities Owned		799,719
Corporate debt and other obligations
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned, including amounts pledged of $0 ($546,334 in 2015), at fair value	23,977	8,310
Securities Sold	5,283	664
Municipal obligations
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned, including amounts pledged of $0 ($546,334 in 2015), at fair value	25,190	40,260
Convertible bonds
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned, including amounts pledged of $0 ($546,334 in 2015), at fair value	17,497	29,816
Securities Sold	$ 9,103	$ 18,624

Fair Value Measurements - Quant

Fair Value Measurements - Quantitative Information about Level 3 Fair Value Measurements (Details) $ in Millions	Dec. 31, 2020USD ($)
Auction Rate Securities Owned
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Valuation Adjustment For Level Two and Three Assets	$ 5

Fair Value Measurements - Inves

Fair Value Measurements - Investments in Company-Sponsored Funds (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Investment Holdings [Line Items]
Fair Value	$ 4,836	$ 5,816
Unfunded Commitments	1,238	1,339
Hedge Funds [Member]
Investment Holdings [Line Items]
Fair Value	1,126	1,589
Unfunded Commitments	$ 0	$ 0
Redemption Frequency	Quarterly - Annually	Quarterly - Annually
Investment Redemption Notice Period Minimum	30 days
Investment Redemption Notice Period Maximum	120 days
Private Equity Funds
Investment Holdings [Line Items]
Fair Value	$ 3,710	$ 4,227
Unfunded Commitments	$ 1,238	$ 1,339

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2020
ASSETS
Deposits with clearing organizations	$ 25,118	$ 23,991
Securities Owned and Sold, Not yet Purchased, at Fair Value, Security Owned, Including Disposal Group Securities Owned	799,719
Securities owned
Securities owned, at fair value	799,719	610,517
Investments	5,816	4,836
Derivative contracts
Total	824,837	638,704
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value	100,571	126,171
Investments		0
Derivative contracts:
Derivative contracts	1,414	220
Total	101,985	126,391
Investments
Derivative contracts:
Transfers In (Out)	(106)
Equity Securities [Member]
Securities owned
Securities owned, at fair value	32,215	36,554
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value		17,892
Money Market Funds [Member]
Securities owned
Securities owned, at fair value	781	200
Auction rate securities
Securities owned
Securities owned, at fair value	25,314	30,701
Corporate equities
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value	21,978
U.S. Treasury securities
ASSETS
Securities Owned and Sold, Not yet Purchased, at Fair Value, Security Owned, Including Disposal Group Securities Owned	613,030
Securities owned
Securities owned, at fair value		448,312
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value	52,882	93,261
US Government Corporations and Agencies Securities [Member]
Securities owned
Securities owned, at fair value	35,891	24,616
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value	18
US Government Agencies Debt Securities [Member]
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value		9
Sovereign obligations
Securities owned
Securities owned, at fair value	11,405	367
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value	6,405	623
Corporate debt and other obligations
Securities owned
Securities owned, at fair value	8,310	23,977
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value	664	5,283
Mortgage and other asset-backed securities
Securities owned
Securities owned, at fair value	2,697	3,103
Municipal obligations
Securities owned
Securities owned, at fair value	40,260	25,190
Convertible bonds
Securities owned
Securities owned, at fair value	29,816	17,497
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value	18,624	9,103
Other Investments
Securities owned
Securities owned, at fair value		4,181
Level 1
ASSETS
Deposits with clearing organizations	25,118	23,991
Securities Owned and Sold, Not yet Purchased, at Fair Value, Security Owned, Including Disposal Group Securities Owned	665,943
Securities owned
Securities owned, at fair value		485,066
Derivative contracts
Total	691,061	509,057
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value	74,860	111,153
Investments		0
Derivative contracts:
Derivative contracts	267	22
Total	75,127	111,175
Level 1 | Equity Securities [Member]
Securities owned
Securities owned, at fair value	32,215	36,554
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value		17,892
Level 1 | Money Market Funds [Member]
Securities owned
Securities owned, at fair value	781	200
Level 1 | Auction rate securities
Securities owned
Securities owned, at fair value		0
Level 1 | Corporate equities
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value	21,978
Level 1 | U.S. Treasury securities
ASSETS
Securities Owned and Sold, Not yet Purchased, at Fair Value, Security Owned, Including Disposal Group Securities Owned	613,030
Securities owned
Securities owned, at fair value		448,312
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value	52,882	93,261
Level 1 | US Government Corporations and Agencies Securities [Member]
Securities owned
Securities owned, at fair value	19,917	0
Level 2
ASSETS
Deposits with clearing organizations		0
Securities Owned and Sold, Not yet Purchased, at Fair Value, Security Owned, Including Disposal Group Securities Owned	133,776
Securities owned
Securities owned, at fair value		94,750
Derivative contracts
Total	133,776	98,946
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value	25,711	15,018
Derivative contracts:
Derivative contracts	1,147	3
Total	26,858	15,021
Level 2 | Auction rate securities
Securities owned
Securities owned, at fair value	25,314	0
Level 2 | US Government Corporations and Agencies Securities [Member]
Securities owned
Securities owned, at fair value	15,974	24,616
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value	18	9
Level 2 | Sovereign obligations
Securities owned
Securities owned, at fair value	11,405	367
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value	6,405	623
Level 2 | Corporate debt and other obligations
Securities owned
Securities owned, at fair value	8,310	23,977
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value	664	5,283
Level 2 | Mortgage and other asset-backed securities
Securities owned
Securities owned, at fair value	2,697	3,103
Level 2 | Municipal obligations
Securities owned
Securities owned, at fair value	40,260	25,190
Level 2 | Convertible bonds
Securities owned
Securities owned, at fair value	29,816	17,497
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value	18,624	9,103
Level 2 | Other Investments
Securities owned
Securities owned, at fair value		4,181
Level 3
ASSETS
Deposits with clearing organizations		0
Securities Owned and Sold, Not yet Purchased, at Fair Value, Security Owned, Including Disposal Group Securities Owned	0
Securities owned
Securities owned, at fair value		30,701
Derivative contracts
Total	0	30,701
Derivative contracts:
Derivative contracts	0	195
Total	0	195
Level 3 | Auction rate securities
Securities owned
Securities owned, at fair value	0	30,701
Level 3 | Municipal obligations
Securities owned
Securities owned, at fair value	0	0
TBAs
Derivative contracts
Derivative contracts, total		15
Derivative contracts:
Derivative contracts	124	3
TBAs | Level 2
Derivative contracts
Derivative contracts, total		15
Derivative contracts:
Derivative contracts	124	3
ARS purchase commitments
Derivative contracts:
Derivative contracts	1,023	195
ARS purchase commitments | Level 2
Derivative contracts:
Derivative contracts	1,023	0
ARS purchase commitments | Level 3
Derivative contracts:
Derivative contracts	0	195
Future [Member]
Derivative contracts:
Derivative contracts	267	22
Future [Member] | Level 1
Derivative contracts:
Derivative contracts	$ 267	$ 22

Fair Value Measurements - Chang

Fair Value Measurements - Changes in Level 3 Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
ARS purchase commitments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Beginning Balance	$ 0
Total Realized and Unrealized Gains (Losses), Assets	(137)
Purchases and Issuances	0
Sales and Settlements	0
Transfers In (Out)	332
Assets Ending Balance	195	$ 0
Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Beginning Balance	0	101
Total Realized and Unrealized Gains (Losses), Assets		5
Transfers In (Out)		(106)
Assets Ending Balance		0
Auction rate securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Beginning Balance	0	21,699
Total Realized and Unrealized Gains (Losses), Assets	(165)	1
Purchases and Issuances	1,300	0
Sales and Settlements	0	(350)
Transfers In (Out)	29,566	(21,350)
Assets Ending Balance	$ 30,701	$ 0

Fair Value Measurements - Ass_2

Fair Value Measurements - Assets and Liabilities Not Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities Owned and Sold, Not yet Purchased, at Fair Value, Security Owned, Including Disposal Group Securities Owned		$ 799,719
Securities purchased under agreements to resell	$ 0	0
Due from Employees	46,161	43,670
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities Owned and Sold, Not yet Purchased, at Fair Value, Security Owned, Including Disposal Group Securities Owned		665,943
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities Owned and Sold, Not yet Purchased, at Fair Value, Security Owned, Including Disposal Group Securities Owned		133,776
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities Owned and Sold, Not yet Purchased, at Fair Value, Security Owned, Including Disposal Group Securities Owned		0
Fair Value, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Estimate Not Practicable, Cash	35,424	79,550
Deposits with clearing organization	59,352	23,297
Securities borrowed	110,932	99,635
Receivables from brokers	30,133	19,024
Securities failed to deliver	17,840	7,173
Clearing organizations	28,955	36,269
Other	15,622	1,316
Total Receivable from brokers, dealers and clearing organizations	203,482	163,417
Receivable from customers	1,110,835	796,934
Due from Employees	46,161	43,670
Fair Value, Estimate Not Practicable, Investment	85,552	73,971
Securities loaned	249,499	234,343
Fair Value Estimate Not Practicable Payable to Correspondent Brokers	4,102	4,548
Securities failed to receive	6,218	14,603
Other	70	267,214
Total payables to brokers, dealers and clearing organizations	259,889	520,708
Payables to customers	502,807	334,735
Fair Value,Estimate not Practicable, Securities sold under Agreements to Repurchase	342,438	287,265
Fair Value, Estimate not Practicable, Senior Secured Notes	127,033	154,988
Fair Value Estimate Not Practicable Bank Call Loans	82,000
Fair Value, Nonrecurring [Member] | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Estimate Not Practicable, Cash	35,424	79,550
Deposits with clearing organization	59,352	23,297
Fair Value, Nonrecurring [Member] | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities borrowed	110,932	99,635
Receivables from brokers	30,133	19,024
Securities failed to deliver	17,840	7,173
Clearing organizations	28,955	36,269
Other	15,622	1,316
Total Receivable from brokers, dealers and clearing organizations	203,482	163,417
Receivable from customers	1,110,835	796,934
Due from Employees	46,161	43,670
Fair Value, Estimate Not Practicable, Investment	85,552	73,971
Securities loaned	249,499	234,343
Fair Value Estimate Not Practicable Payable to Correspondent Brokers	4,102	4,548
Securities failed to receive	6,218	14,603
Other	70	267,214
Total payables to brokers, dealers and clearing organizations	259,889	520,708
Payables to customers	502,807	334,735
Fair Value,Estimate not Practicable, Securities sold under Agreements to Repurchase	342,438	287,265
Fair Value, Estimate not Practicable, Senior Secured Notes	127,033	154,988
Fair Value Estimate Not Practicable Bank Call Loans	82,000
Fair Value, Nonrecurring [Member] | Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Estimate Not Practicable, Cash	35,424	79,550
Deposits with clearing organization	59,352	23,297
Securities borrowed	110,932	99,635
Receivables from brokers	30,133	19,024
Securities failed to deliver	17,840	7,173
Clearing organizations	28,955	36,269
Other	15,622	1,316
Total Receivable from brokers, dealers and clearing organizations	203,482	163,417
Receivable from customers	1,110,835	796,934
Due from Employees	46,161	43,670
Fair Value, Estimate Not Practicable, Investment	85,552	73,971
Securities loaned	249,499	234,343
Fair Value Estimate Not Practicable Payable to Correspondent Brokers	4,102	4,548
Securities failed to receive	6,218	14,603
Other	70	267,214
Total payables to brokers, dealers and clearing organizations	259,889	520,708
Payables to customers	502,807	334,735
Fair Value,Estimate not Practicable, Securities sold under Agreements to Repurchase	342,438	287,265
Fair Value, Estimate not Practicable, Senior Secured Notes	125,000	$ 150,000
Fair Value Estimate Not Practicable Bank Call Loans	$ 82,000

Fair Value Measurements - Notio

Fair Value Measurements - Notional Amounts and Fair Values of Derivatives by Product (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Derivatives, Fair Value [Line Items]
Derivatives asset, Notional	$ 7,970
Derivatives asset, Fair Value	15
Derivative liability, notional	3,449,249	$ 5,229,373
Derivative liability, Fair Value	220	1,414
Other Contracts | TBAs
Derivatives, Fair Value [Line Items]
Derivatives asset, Notional	7,970
Derivatives asset, Fair Value	15
Derivative liability, notional	7,936	13,245
Derivative liability, Fair Value	3	124
Other Contracts | Auction Rate Securities Purchase Commitment
Derivatives, Fair Value [Line Items]
Derivative liability, notional	1,313	7,128
Derivative liability, Fair Value	195	1,023
Commodity Contracts | Futures
Derivatives, Fair Value [Line Items]
Derivative liability, notional	3,440,000	5,209,000
Derivative liability, Fair Value	$ 22	$ 267

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value Amounts of Derivative Instruments and their Effect on Statement of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Recognized in Income on Derivatives (pre-tax) Gain (Loss)	$ (7,176)	$ (2,327)
Commodity Contracts | Principal Transaction Revenue
Derivative Instruments, Gain (Loss) [Line Items]
Recognized in Income on Derivatives (pre-tax) Gain (Loss)	(8,107)	(2,362)
Other Contracts | Principal Transaction Revenue | ERROR in label resolution.
Derivative Instruments, Gain (Loss) [Line Items]
Recognized in Income on Derivatives (pre-tax) Gain (Loss)	31	(53)
Other Contracts | Other | Foreign exchange forward contracts
Derivative Instruments, Gain (Loss) [Line Items]
Recognized in Income on Derivatives (pre-tax) Gain (Loss)	72	15
Other Contracts | Auction Rate Securities Purchase Commitment | Principal Transaction Revenue
Derivative Instruments, Gain (Loss) [Line Items]
Recognized in Income on Derivatives (pre-tax) Gain (Loss)	$ 828	$ 73

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Jun. 23, 2017
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Auction Rate Securities Valuation Adjustment	$ 5,200
Auction Rate Securities Purchased as a Result of Settlements with Regulators	142,500
Auction Rate Securities Committed To Purchase related to settlements with regulators	1,300
Auction Rate Securities Purchased as a result of Legal Settlements and Awards	106,100
Securities owned, at fair value	$ 610,517	$ 799,719
Forward or delayed delivery of the underlying instrument with settlement	180 days
Auction Rate Securities Purchased And Hold	$ 30,700
Other Investments	4,200
Equity Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities owned, at fair value	36,554	32,215
Auction rate securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities owned, at fair value	30,701	25,314
Auction Rate Securities Owned
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
ARS Valuation Adjustment For Level Two and Three Assets	5,000
Auction rate securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	$ 29,566	(21,350)
Hedge Funds [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment Redemption Notice Period Minimum	30 days
Investment Redemption Notice Period Maximum	120 days
Auction Rate Securities Purchase Commitment
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	$ 332
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities owned, at fair value	94,750
Level 2 | Auction rate securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities owned, at fair value	0	$ 25,314
6.75% Senior Secured Notes [Member] | Senior Secured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate			6.75%
Auction Rate Securities Purchase Commitment
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Auction Rate Securities Valuation Adjustment	$ 200

Collateralized Transactions - A

Collateralized Transactions - Additional Information (Narrative) (Details)		12 Months Ended
		Dec. 31, 2020USD ($)dealer	Dec. 31, 2019USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Bank call loans		$ 82,000,000	$ 0
Outstanding letters of credit		0
Gross Amounts of Recognized Liabilities			343,192,000
Gross Amounts of Recognized Liabilities	[1]		234,343,000
Amounts pledged		$ 440,531,000	357,120,000
Number of broker-dealers | dealer		3
Receivable from brokers and clearing organizations		$ 69,700,000
Firm's Securities Fair Value, Collateral for Bank Loans		63,700,000
Customer Securities Fair Value, Collateral for Bank Loans		28,400,000
customer securities under customer margin loans that are available to be pledged		1,600,000,000
Customer Securities under Customer Margin Loans that are Available to be Pledged, Re-pledged Amount		208,000,000
Customer securities directly with the Options Clearing Corporation to secure obligations and margin requirements under option contracts written by customers		377,900,000
Fair Value of Securities Received as Collateral under Securities Borrowed Transactions		108,000,000
Reverse Repurchase Agreements
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities received as collateral under securities borrowed transaction with market value			55,800,000
Securities Borrowed Transactions
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Customer securities under customer margin loans agreement available to be repledged			19,300,000
Securities received as collateral under securities borrowed transaction with market value			96,300,000
Repurchase Agreements [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Customer securities under customer margin loans agreement available to be repledged			$ 55,800,000
Maturity Overnight and on Demand [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities Loaned and Securities Sold under Agreement to Repurchase, Gross Including Not Subject to Master Netting Arrangement		680,286,000
U.S. treasury, agency and sovereign obligations | Maturity Overnight and on Demand [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Gross Amounts of Recognized Liabilities		430,787,000
Equity Securities [Member] | Maturity Overnight and on Demand [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Gross Amounts of Recognized Liabilities		$ 249,499,000
Minimum [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Number of business days for related transactions		1 day
Maximum [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Number of business days for related transactions		2 days
[1]	(2) Included in payable to brokers, dealers and clearing organizations on the consolidated balance sheet.

Collateralized Transactions - S

Collateralized Transactions - Schedule of Gross Amounts and Offsetting Amounts of Reverse Repurchase Agreements, Repurchase Agreements, Securities Borrowed and Securities Lending Transactions (Details) - USD ($) $ in Thousands		Dec. 31, 2020		Dec. 31, 2019
Reverse repurchase agreements
Gross Amounts of Recognized Assets		$ 88,349		$ 55,927
Gross Amounts Offset on the Balance Sheet		(88,349)		(55,927)
Net Amounts of Assets Presented on the Balance Sheet		0		0
Financial Instruments		0		0
Cash Collateral Received		0		0
Net Amount		0		0
Securities borrowed
Gross Amounts of Recognized Assets		110,932	[1]	99,635	[2]
Gross Amounts Offset on the Balance Sheet		0	[1]	0	[2]
Securities Borrowed, Amount Not Offset Against Collateral	[2]			99,635
Net Amounts of Assets Presented on the Balance Sheet		110,932		99,635
Financial Instruments		(109,922)	[1]	(97,702)	[2]
Cash Collateral Received		0	[1]	0	[2]
Net Amount		1,010	[1]	1,933	[2]
Total
Gross Amounts of Recognized Assets		199,281		155,562
Gross Amounts Offset on the Balance Sheet		(88,349)		(55,927)
Net Amounts of Assets Presented on the Balance Sheet		110,932		99,635
Financial Instruments		(109,922)		(97,702)
Cash Collateral Received		0		0
Net Amount		1,010		1,933
Repurchase agreements
Gross Amounts of Recognized Liabilities				343,192
Gross Amounts Offset on the Balance Sheet		(88,349)		(55,927)
Securities Sold under Agreements to Repurchase, Amount Not Offset Against Collateral				287,265
Net Amounts of Liabilities Presented on the Balance Sheet		342,438		287,265
Financial Instruments		(340,632)		(285,264)
Cash Collateral Pledged		0		0
Net Amount		1,806		2,001
Securities loaned
Gross Amounts of Recognized Liabilities	[3]			234,343
Gross Amounts Offset on the Balance Sheet		0		0	[3]
Securities Loaned, Amount Not Offset Against Collateral	[3]			234,343
Net Amounts of Liabilities Presented on the Balance Sheet		249,499		234,343
Financial Instruments		(242,318)		(228,548)	[3]
Cash Collateral Pledged		0		0	[3]
Net Amount		7,181		5,795	[3]
Total
Gross Amounts of Recognized Liabilities		680,286		577,535
Gross Amounts Offset on the Balance Sheet		(88,349)		(55,927)
Net Amounts of Liabilities Presented on the Balance Sheet		591,937		521,608
Financial Instruments		(582,950)		(513,812)
Cash Collateral Pledged		0		0
Net Amount		8,987		$ 7,796
U.S. treasury, agency and sovereign obligations | Maturity Overnight and on Demand [Member]
Repurchase agreements
Gross Amounts of Recognized Liabilities		430,787
Equity Securities [Member] | Maturity Overnight and on Demand [Member]
Securities loaned
Gross Amounts of Recognized Liabilities		$ 249,499
[1]	(1) Included in receivable from brokers, dealers and clearing organizations on the consolidated balance sheet. Gross Amounts Not Offset Gross Gross Net Amounts Financial Cash Net Amount Repurchase agreements $ 430,787 $ (88,349) $ 342,438 $ (340,632) $ — $ 1,806 Securities loaned (2) 249,499 — 249,499 (242,318) — 7,181 Total $ 680,286 $ (88,349) $ 591,937 $ (582,950) $ — $ 8,987
[2]	(1) Included in receivable from brokers, dealers and clearing organizations on the consolidated balance sheet. Gross Amounts Not Offset Gross Gross Net Amounts Financial Cash Net Amount Repurchase agreements $ 343,192 $ (55,927) $ 287,265 $ (285,264) $ — $ 2,001 Securities loaned (2) 234,343 — 234,343 (228,548) — 5,795 Total $ 577,535 $ (55,927) $ 521,608 $ (513,812) $ — $ 7,796
[3]	(2) Included in payable to brokers, dealers and clearing organizations on the consolidated balance sheet.

Variable Interest Entities (Det

Variable Interest Entities (Details) - Hedge Funds [Member] - USD ($) $ in Thousands		Dec. 31, 2020	Dec. 31, 2019
Variable Interest Entity [Line Items]
Total VIE Assets		$ 643,251	$ 390,063
Capital Commitments		0	0
Variable Interest Entity Nonconsolidated Carrying Amount Assets	[1]		259
Maximum Exposure to Loss in Non- consolidated VIEs		$ 0	$ 259
[1]	(1) Represents the total assets of the VIEs and does not represent the Company's interests in the VIEs. (2) Represents the Company's interests in the VIEs and is included in other assets on the consolidated

Furniture, equipment and leas_3

Furniture, equipment and leasehold imporvements - Summary of Office Facilities Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Depreciation and amortization of furniture, equipment and leasehold improvements	$ 8,143	$ 7,635	$ 6,871
Office facilities, gross	118,720	126,150
Less accumulated depreciation	(90,958)	(94,773)
Total	27,762	31,377
Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Office facilities, gross	62,860	62,444
Leasehold improvements
Property, Plant and Equipment [Line Items]
Office facilities, gross	$ 55,860	$ 63,706

Furniture, equipment and leas_4

Furniture, equipment and leasehold imporvements - Additional Information (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 8,143	$ 7,635	$ 6,871

Bank Call Loans - Additional In

Bank Call Loans - Additional Information (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Bank Call Loans [Abstract]
Broker call rate	2.00%	3.50%
Interest expense on bank call loans	$ 0.8	$ 0.4	$ 1.4

Bank Call Loans - Summary of Ba

Bank Call Loans - Summary of Bank Call Loans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Bank Call Loans [Abstract]
Year-end balance	$ 82,000	$ 0
Weighted interest rate (at end of year)	1.09%	0.00%
Maximum balance (at any month-end)	$ 203,100	$ 76,900
Bank Call Loans Average Amount Outstanding	$ 82,760	$ 11,063
Average interest rate (during the year)	0.93%	3.27%

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Sep. 28, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Unamortized debt issuance expense	$ (1,154)		$ (485)
Long-term Debt	$ 123,846		149,515
6.75% Senior Secured Notes [Member]
Debt Instrument [Line Items]
Long-term Debt, Gross		$ 150,000
6.75% Senior Secured Notes [Member] | Senior Secured Notes
Debt Instrument [Line Items]
Maturity Date	Jul. 1, 2022
Long-term Debt, Gross			150,000
5.50% Senior Secured Notes [Member]
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 125,000		$ 0
5.50% Senior Secured Notes [Member] | Senior Secured Notes
Debt Instrument [Line Items]
Maturity Date	Oct. 1, 2025

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Narrative) (Details) - USD ($)	Sep. 28, 2020	Aug. 25, 2019	Jun. 23, 2017	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Sep. 22, 2020
Debt Instrument [Line Items]
Debt Issuance Costs, Gross				$ 3,100,000		$ 3,100,000
Payment for Debt Extinguishment or Debt Prepayment Cost	$ 2,500,000
Write-off of debt issuance costs	341,200					341,000	$ 184,000	$ 0
Long Term Debt, Net Amount Outstanding	148,600,000
Debt issuance cost, Amount paid to Subsidiary				1,900,000		1,900,000
Debt Issuance Costs, Net				1,200,000		1,200,000
Gain (Loss) on Repurchase of Debt Instrument						(86,000)
6.75% Senior Secured Notes [Member]
Debt Instrument [Line Items]
Interest Paid Long Term Debt						7,400,000	12,300,000
Long-term Debt, Gross	150,000,000
Long Term Debt, Amount held in Treasury	1,400,000
Long Term Debt, Net Amount Outstanding	$ 148,600,000
Interest Expense, Debt						7,400,000	12,300,000	$ 13,500,000
Debt Instrument, Repurchase Amount					$ 1,400,000
Gain (Loss) on Repurchase of Debt Instrument					$ 85,560
6.75% Senior Secured Notes [Member] | Senior Secured Notes
Debt Instrument [Line Items]
Private placement date			Jun. 23, 2017
Debt Instrument, Face Amount			$ 200,000,000
Interest rate			6.75%
Debt Instrument, Redemption Price, Percentage	101.6875%	25.00%
Debt Instrument, Issue Price Percentage			100.00%
Repayments of Secured Debt		$ 50,000,000
Total Debt Redemption Costs on 25% Note Redemption		1,900,000
Payment for Debt Extinguishment or Debt Prepayment Cost		1,700,000
Write-off of debt issuance costs		$ 200,000
Long-term Debt, Gross							150,000,000
5.50% Senior Secured Notes [Member]
Debt Instrument [Line Items]
Long-term Debt, Gross				125,000,000		$ 125,000,000	$ 0
Interest Expense, Debt				$ 1,900,000
5.50% Senior Secured Notes [Member] | Senior Secured Notes
Debt Instrument [Line Items]
Debt Instrument, Face Amount									$ 125,000,000
Interest rate									5.50%

Share Capital - Changes in Numb

Share Capital - Changes in Number of Shares of Class A Stock Outstanding (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	May 15, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Dividends	$ 1.12	$ 0.12	$ 0.12	$ 0.12	$ 0.12	$ 0.12	$ 0.11	$ 0.11	$ 1.48	$ 0.46
Common Class A [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Class A Stock outstanding, beginning of year				12,698,703				12,941,809	12,698,703	12,941,809
Issued pursuant to shared-based compensation plans									401,597	80,143
Repurchased and canceled pursuant to the stock buy-back									(718,522)	(323,249)
Class A Stock outstanding, end of year	12,381,778				12,698,703				12,381,778	12,698,703	12,941,809
Dividends									$ 1.48	$ 0.46	$ 0.44
New Program [Member] | Common Class A [Member]
Class of Stock [Line Items]
Stock Repurchased and Retired During Period, Value									$ 15	$ 8.4
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Stock Repurchased and Retired During Period, Per Share									$ 20.94	$ 25.99
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased	401,013				589,535				401,013	589,535		628,625

Share Capital - Additional Info

Share Capital - Additional Information (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	May 15, 2020
Class of Stock [Line Items]
Amounts pledged	$ 440,531				$ 357,120				$ 440,531	$ 357,120
Preferred stock, authorized	50,000,000								50,000,000
Preferred stock, par value	$ 0.001								$ 0.001
Preferred stock, issued	0								0
Dividends	$ 1.12	$ 0.12	$ 0.12	$ 0.12	$ 0.12	$ 0.12	$ 0.11	$ 0.11	$ 1.48	$ 0.46
Class A Stock
Class of Stock [Line Items]
Common stock, authorized	50,000,000				50,000,000				50,000,000	50,000,000
Common stock, par value	$ 0.001				$ 0.001				$ 0.001	$ 0.001
Common Stock, Shares, Issued	12,381,778				12,698,703				12,381,778	12,698,703
Repurchase and cancelled stock									718,522	323,249
Dividends									$ 1.48	$ 0.46	$ 0.44
Special Cash Dividend | Class A Stock
Class of Stock [Line Items]
Dividends, Cash									$ 12,500
Dividends									$ 1
Previous Program [Member] | Class A Stock
Class of Stock [Line Items]
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased												98,625
New Program [Member] | Class A Stock
Class of Stock [Line Items]
Repurchase of class A common stock												530,000
Stock Repurchase Program Percentage Of Shares Repurchase Of Outstanding Share												4.20%
Stock Repurchased and Retired During Period, Shares									718,522	323,249
Stock Repurchased and Retired During Period, Value									$ 15,000	$ 8,400
Stock Repurchased and Retired During Period, Per Share									$ 20.94	$ 25.99
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased	401,013				589,535				401,013	589,535		628,625

Earnings Per Share - Summary of

Earnings Per Share - Summary of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended								12 Months Ended
		Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Earnings Per Share [Abstract]
Basic weighted average number of shares outstanding										12,642,576	12,904,397	13,248,876
Net dilutive effect of share-based awards, treasury method	[1]									574,759	947,435	812,493
Diluted weighted average number of shares outstanding										13,217,335	13,851,832	14,061,369
Net income		$ 81,880	$ 15,639	$ 17,649	$ 7,818	$ 25,435	$ 3,949	$ 12,375	$ 11,194	$ 122,986	$ 52,953	$ 28,892
Diluted earnings per share		$ 6.17	$ 1.19	$ 1.34	$ 0.58	$ 1.83	$ 0.29	$ 0.89	$ 0.81	$ 9.30	$ 3.82	$ 2.05
Earnings Per Share, Basic		$ 6.56	$ 1.25	$ 1.40	$ 0.61	$ 1.99	$ 0.31	$ 0.95	$ 0.86	$ 9.73	$ 4.10	$ 2.18
[1]	For the year ended December 31, 2020, the diluted net income per share computation does not include the anti-dilutive effect of 10,770 shares of Class A Stock granted under share-based compensation arrangements (7,628 and 4,050 shares for the years ended December 31, 2019 and 2018, respectively).

Income Taxes - Schedule of Reco

Income Taxes - Schedule of Reconciliation of Effective Income Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
U.S. federal statutory income tax	$ 35,491	$ 15,732	$ 9,419
U.S. state and local income taxes, net of U.S. federal income tax benefits	8,770	4,258	3,144
Unrecognized tax benefit	(853)	0	0
Valuation allowance	517	1,663	1,833
Non-taxable income	(580)	(738)	(637)
Provision to return adjustments	239	(723)	(326)
Change in state and foreign tax rates	238	(135)	267
Foreign tax rate differentials	(469)	(59)	112
Excess tax benefits from share-based awards	(1,008)	(234)	(81)
Other non-deductible expenses	3,669	2,195	2,246
Current and Deferred Income Tax Expense (Benefit) from Continuing Operations	$ 46,014	$ 21,959	$ 15,977
U.S. federal statutory income tax rate, percent	21.00%	21.00%	21.00%
U.S. state and local income taxes, net of U.S. federal income tax benefits, percent	5.20%	5.70%	7.00%
Unrecognized tax benefits, percent	(0.50%)	0.00%	0.00%
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent	0.30%	2.20%	4.10%
Other, percent	(0.30%)	(1.00%)	(1.40%)
Adjustment to reflect prior year tax return filings, percent	0.10%	(1.00%)	(0.70%)
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent	0.10%	(0.20%)	0.60%
Non-U.S. operations, percent	(0.30%)	(0.10%)	0.20%
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Payment Arrangement, Percent	(0.60%)	(0.30%)	(0.20%)
Business promotion and other non-deductible expenses, percent	2.20%	3.00%	5.00%
Total income tax expense, percent	27.20%	29.30%	35.60%

Income Taxes - Schedule of Curr

Income Taxes - Schedule of Current and Deferred Income Tax (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Current:
U.S. federal tax	$ 17,794	$ 9,502	$ 10,355
State and local tax	6,498	2,289	2,618
Non-U.S. operations	386	290	231
Total Current	24,678	12,081	13,204
Deferred:
U.S. federal tax	17,182	7,177	395
State and local tax	4,310	2,924	1,438
Non-U.S. operations	(156)	(223)	940
Deferred income taxes	21,336	9,878	2,773
Current and Deferred Income Tax Expense (Benefit) from Continuing Operations	$ 46,014	$ 21,959	$ 15,977

Income Taxes - Schedule of Sign

Income Taxes - Schedule of Significant Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets:
Deferred compensation	$ 24,782	$ 23,048
Deferred rent and lease incentives	9,951	10,026
Net operating losses and credits	1,366	1,356
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Allowance for Doubtful Accounts	8,664	7,931
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities	1,290	1,389
Deferred Tax Assets, Tax Deferred Expense, Auction Rate Securities Reserves	407	1,367
Involuntary conversion	1,693	1,678
Other	1,010	1,203
Total deferred tax assets	49,163	47,998
Valuation allowance	5,059	4,368
Deferred tax assets after valuation allowance	44,104	43,630
Deferred tax liabilities:
Goodwill	41,128	40,774
Partnership investments	32,978	16,163
Company-owned life insurance	13,037	10,028
Depreciation	1,552	110
Other	318	304
Deferred Tax Liabilities, Gross	89,013	67,379
Total deferred tax liabilities	$ (44,909)	$ (23,749)

Income Taxes - Schedule of Unre

Income Taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning Balance	$ 1,079	$ 1,079	$ 1,079
Additions for tax positions of prior years	212	0	0
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations	0	0	0
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities	(1,079)	0	0
Ending Balance	$ 212	$ 1,079	$ 1,079

Income Taxes - Additional Infor

Income Taxes - Additional Information (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Schedule Of Income Taxes [Line Items]
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense	$ 227,000	$ 87,000
Profit (loss) before income taxes for foreign operations	$ 1,500,000	$ 4,900,000	$ 4,000,000
Effective Income Tax Rate Reconciliation, Percent	27.20%	29.30%	35.60%
Valuation allowance	$ 5,059,000	$ 4,368,000
Goodwill amortized period		15 years
Unrecognized tax benefits	212,000	$ 1,079,000	$ 1,079,000	$ 1,079,000
Unrecognized tax benefit that would impact tax rate	167,000	853,000
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations	0	0	0
Income tax-related interest payable	205,000	432,000
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities	1,079,000	$ 0	$ 0
Unrecognized Tax Benefits Amount Released	1,100,000
Oppenheimer Israel (OPCO) Ltd.
Schedule Of Income Taxes [Line Items]
Net operating loss carryforward	3,200,000
Oppenheimer Europe [Member]
Schedule Of Income Taxes [Line Items]
Valuation allowance	$ 3,400,000

Employee Compensation Plans - S

Employee Compensation Plans - Summarizes of Company's Non-Vested ESP/EIP Awards (Details) - Common Class A [Member] - Restricted Stock - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Number of shares, Non-vested beginning of year	1,534,278
Granted, Number of shares	471,700
Vested, Number of shares	(623,981)
Forfeited or expired, Number of shares	(53,120)
Number of shares, Non-vested end of year	1,328,877	1,534,278
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures
Weighted average fair value, Non-vested beginning of year	$ 20.34
Weighted average fair value, Granted	23.84
Weighted average fair value, Vested	17.91
Weighted average fair value, Forfeited or expired	22.89
Weighted average fair value, Non-vested end of year	$ 22.63	$ 20.34
Remaining contractual life, Non-vested	1 year 10 months 24 days	1 year 4 months 24 days
Remaining contractual life, Granted	3 years

Employee Compensation Plans -_2

Employee Compensation Plans - Schedule of Stock Option Activity (Details)	Dec. 31, 2020shares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Options outstanding, Number of shares, beginning of year	14,974
Options outstanding, Number of shares, end of year	14,209

Employee Compensation Plans -_3

Employee Compensation Plans - Summarizes Stock Options Outstanding and Exercisable (Details) - shares	Dec. 31, 2020	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	14,209	14,974

Employee Compensation Plans -_4

Employee Compensation Plans - Stock Appreciation Rights (Details) - Stock Appreciation Rights (SARs) [Member] - $ / shares	Jan. 11, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share Based Compensation Arrangement By Cash Payment Award Stock Appreciation Rights Outstanding Number		2,282,846
Share Based Compensation Arrangement By Cash Payment Award Stock Appreciation Rights unvested amount		2,282,846
Total Number of OARs outstanding		0
Total weighted average strike price		$ 23.75
Total weighted average remaining contractual life		3 years 1 month 6 days
Total weighted average fair value per share		$ 10.91
Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number Of Stock Appreciation Rights Granted	639,050
January Five Two Thousand Eighteen [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share Based Compensation Arrangement By Cash Payment Award Stock Appreciation Rights Outstanding Number		447,310
Strike price		$ 27.05
Remaining contractual life		2 years
Fair value per share		$ 8.79
January Six Two Thousand Seventeen [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share Based Compensation Arrangement By Cash Payment Award Stock Appreciation Rights Outstanding Number		378,020
Strike price		$ 18.90
Remaining contractual life		1 year
Fair value per share		$ 13.37
January Six Two Thousand Sixteen
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share Based Compensation Arrangement By Cash Payment Award Stock Appreciation Rights Outstanding Number		394,310
Strike price		$ 15.89
Remaining contractual life		5 days
Fair value per share		$ 15.54
January Eleven Two Thousand Twenty
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share Based Compensation Arrangement By Cash Payment Award Stock Appreciation Rights Outstanding Number		524,566
Strike price		$ 26.45
Remaining contractual life		3 years
Fair value per share		$ 9.31
January Ten Two Thousand Twenty
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share Based Compensation Arrangement By Cash Payment Award Stock Appreciation Rights Outstanding Number		538,640
Strike price		$ 27.54
Remaining contractual life		4 years
Fair value per share		$ 9.14

Employee Compensation Plans - A

Employee Compensation Plans - Additional Information (Narrative) (Details)	Jan. 28, 2021shares	Jan. 11, 2021shares	Dec. 31, 2020USD ($)employee_compensation_planshares	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Employee Compensation Plans Granted | employee_compensation_plan			2
Maximum annual contribution under Defined Contribution Plan			$ 19,500	$ 19,000	$ 18,500
Employer contribution to Defined Contribution Plan			3,500,000	2,400,000	1,800,000
Deferred bonus amounts			$ 10,000,000	9,300,000	9,400,000
Vesting period of deferred bonus			5 years
Deferred compensation plans cost			$ 18,100,000	19,400,000	6,100,000
Class A Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares of Class A Stock available | shares			1,279,118
Restricted Stock | Class A Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate intrinsic value of ESP awards outstanding			$ 41,800,000
Compensation expense relating to the share-based awards			7,700,000	8,100,000	6,000,000
Unrecognized compensation cost related to unvested share-based compensation			$ 14,600,000
Cost is expected to be recognized over a weighted average period			1 year 10 months 24 days
Granted, Number of shares | shares			471,700
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | shares			623,981
Restricted Stock | Subsequent Event [Member] | Class A Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted, Number of shares | shares	571,940
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense relating to the share-based awards			$ 25,300	26,200	26,500
Stock Appreciation Rights (SARs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense relating to the share-based awards			$ 8,500,000	$ 3,700,000	$ 650,000
Cost is expected to be recognized over a weighted average period			3 years 1 month 6 days
Aggregate intrinsic value of OARs outstanding and expected to vest			$ 17,500,000
Liability related to the OARs			15,400,000
Total unrecognized compensation cost			$ 9,500,000
Stock Appreciation Rights (SARs) [Member] | Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period under share based payment		5 years
Number Of Stock Appreciation Rights Granted | shares		639,050
Minimum [Member] | Restricted Stock | Subsequent Event [Member] | Class A Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period under share based payment	3 years
Maximum [Member] | Restricted Stock | Subsequent Event [Member] | Class A Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period under share based payment	5 years
Third Anniversary | Restricted Stock | Subsequent Event [Member] | Class A Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted, Number of shares | shares	293,690
Fifth Anniversary [Domain] | Restricted Stock | Subsequent Event [Member] | Class A Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | shares	278,250
Oppenheimer Holdings 2014 Incentive Plan (OIP) [Member] | Class A Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term granted for options			5 years
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period			6 months
Oppenheimer Holdings 2014 Incentive Plan (OIP) [Member] | Minimum [Member] | Class A Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period under share based payment			3 years
Oppenheimer Holdings 2014 Incentive Plan (OIP) [Member] | Maximum [Member] | Class A Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period under share based payment			5 years
Oppenheimer Holdings 2014 Incentive Plan (OIP) [Member] | Second Anniversary | Class A Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage under share based payment			25.00%
Oppenheimer Holdings 2014 Incentive Plan (OIP) [Member] | Third Anniversary | Class A Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage under share based payment			25.00%
Oppenheimer Holdings 2014 Incentive Plan (OIP) [Member] | Fourth Anniversary | Class A Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage under share based payment			25.00%
Oppenheimer Holdings 2014 Incentive Plan (OIP) [Member] | Six Months Before Expiration | Class A Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage under share based payment			25.00%
Oppenheimer Holdings Inc. Stock Appreciation Right Plan | Stock Appreciation Rights [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period under share based payment			5 years
Executive Deferred Compensation Plan and Deferred Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Company's deferred compensation liability			$ 52,600,000
CIBC Deferred Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Company's deferred compensation liability			$ 21,400,000

Employee Compensation Plans -_5

Employee Compensation Plans - Schedule of Stock Compensation Assumptions Used (Details) - Stock Appreciation Rights (SARs) [Member]	12 Months Ended
	Dec. 31, 2020USD ($)
January Five Two Thousand Eighteen [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term	2 years
Share Based Compensation Arrangement By Cash Payment Award Stock Appreciation Rights Fair Value Assumptions Expected Volatility Rate	35.748%
Share-based Compensation Arrangement by Cash Payment Award Stock Appreciation Rights, Fair Value Assumptions, Risk Free Interest Rate	0.265%
Share-based Compensation Arrangement by Cash Payment Award Stock Appreciation Rights, Fair Value Assumptions, Expected Dividend Payments	$ 0.48
January Six Two Thousand Seventeen [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term	1 year
Share Based Compensation Arrangement By Cash Payment Award Stock Appreciation Rights Fair Value Assumptions Expected Volatility Rate	38.231%
Share-based Compensation Arrangement by Cash Payment Award Stock Appreciation Rights, Fair Value Assumptions, Risk Free Interest Rate	0.167%
Share-based Compensation Arrangement by Cash Payment Award Stock Appreciation Rights, Fair Value Assumptions, Expected Dividend Payments	$ 0.48
January Six Two Thousand Sixteen
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term	5 days
Share Based Compensation Arrangement By Cash Payment Award Stock Appreciation Rights Fair Value Assumptions Expected Volatility Rate	43.20%
Share-based Compensation Arrangement by Cash Payment Award Stock Appreciation Rights, Fair Value Assumptions, Risk Free Interest Rate	0.121%
Share-based Compensation Arrangement by Cash Payment Award Stock Appreciation Rights, Fair Value Assumptions, Expected Dividend Payments	$ 0.48
January Nine Two Thousand Fifteen [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share Based Compensation Arrangement By Cash Payment Award Stock Appreciation Rights Fair Value Assumptions Expected Volatility Rate	54.499%
Share-based Compensation Arrangement by Cash Payment Award Stock Appreciation Rights, Fair Value Assumptions, Risk Free Interest Rate	0.104%
Share-based Compensation Arrangement by Cash Payment Award Stock Appreciation Rights, Fair Value Assumptions, Expected Dividend Payments	$ 0.48
January Fourteen Two Thousand Fourteen [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share Based Compensation Arrangement By Cash Payment Award Stock Appreciation Rights Fair Value Assumptions Expected Volatility Rate	8.018%
Share-based Compensation Arrangement by Cash Payment Award Stock Appreciation Rights, Fair Value Assumptions, Risk Free Interest Rate	0.015%
Share-based Compensation Arrangement by Cash Payment Award Stock Appreciation Rights, Fair Value Assumptions, Expected Dividend Payments	$ 0.48

Commitments and contingencies -

Commitments and contingencies - Additional Information (Narrative) (Details)	Dec. 31, 2020USD ($)
Loss Contingencies [Line Items]
Auction Rate Securities Committed To Purchase related to settlements with regulators	$ 1,300,000
Equity Securities [Member]
Loss Contingencies [Line Items]
Contractual Obligation	40,000,000
Private Equity Funds [Member]
Loss Contingencies [Line Items]
Contractual Obligation	1,200,000
Minimum [Member]
Loss Contingencies [Line Items]
Maximum estimated range of aggregate loss for legal proceedings	0
Maximum [Member]
Loss Contingencies [Line Items]
Maximum estimated range of aggregate loss for legal proceedings	$ 5,000,000

Regulatory Requirements - Addit

Regulatory Requirements - Additional Information (Narrative) (Details)	12 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2020EUR (€)
Oppenheimer
Regulatory Capital Requirements [Line Items]
Required percentage of net capital to aggregate customer-related debit items	$ 0.02
Broker-Dealer, Net Capital	274,500,000
Excess capital	$ 250,100,000
Aggregate indebtedness	22.47%
Freedom
Regulatory Capital Requirements [Line Items]
Broker-Dealer, Net Capital	$ 4,900,000
Freedom maintain net capital equal to the greater	$ 100,000
Aggregate indebtedness	6.67%
Net capital in excess of minimum required	$ 4,800,000
Oppenheimer Europe Ltd
Regulatory Capital Requirements [Line Items]
Regulatory capital required to be maintained | €		€ 730,000
Oppenheimer Europe Ltd | Basel Three New Requirements [Member]
Regulatory Capital Requirements [Line Items]
Common Equity Tier 1 Ratio	0.2400	0.2400
Common Equity Tier 1 Ratio Required	4.50%	4.50%
Tier 1 Capital Ratio	24.00%	24.00%
Tier 1 Capital Ratio Required	6.00%	6.00%
Total Capital Ratio	32.00%	32.00%
Total Capital Ratio Required	8.00%	8.00%
Oppenheimer Investments Asia Ltd.
Regulatory Capital Requirements [Line Items]
Net capital	$ 3,200,000
Excess Liquid Capital under Hong Kong SFC Rules	2,800,000
Regulatory capital required to be maintained	$ 386,917

Goodwill and intangibles - Addi

Goodwill and intangibles - Additional Information (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 137,889	$ 137,889
Carrying value of intangibles	$ 32,100	$ 32,100

Segment Information - Reported

Segment Information - Reported Revenue and Profit Before Income Taxes (Details) - USD ($) $ in Thousands		3 Months Ended								12 Months Ended
		Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenue
Total revenue		$ (422,908)	$ (276,259)	$ (264,730)	$ (234,770)	$ (295,881)	$ (234,793)	$ (250,935)	$ (251,770)	$ (1,198,667)	$ (1,033,379)	$ (958,154)
Income (loss) before income taxes
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest										169,000	74,912	44,869
Asset Management
Revenue
Total revenue	[1]									(130,274)	(88,755)	(71,696)
Income (loss) before income taxes
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	[1]									$ 71,625	$ 31,606	$ 18,590
Asset management fees										10.00%	10.00%	10.00%
Private Client Division
Revenue
Total revenue	[1]									$ (642,083)	$ (653,409)	$ (617,871)
Income (loss) before income taxes
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	[1]									$ 122,844	$ 163,917	$ 149,097
Asset management fees										90.00%	90.00%	90.00%
Capital markets
Revenue
Total revenue										$ (426,752)	$ (290,830)	$ (272,719)
Income (loss) before income taxes
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest										83,442	(13,724)	(13,416)
Corporate/Other
Revenue
Total revenue										442	(385)	4,132
Income (loss) before income taxes
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest										$ (108,911)	$ (106,887)	$ (109,402)
[1]	(1) Clients investing in the OAM advisory program are charged fees based on the value of AUM. Advisory fees were allocated 10.0% to the Asset Management and 90.0% to the Private Client segments.

Segment Information - Revenue C

Segment Information - Revenue Classified by Major Geographic Areas (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	$ 422,908	$ 276,259	$ 264,730	$ 234,770	$ 295,881	$ 234,793	$ 250,935	$ 251,770	$ 1,198,667	$ 1,033,379	$ 958,154
Americas
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue									1,146,759	998,344	925,127
Europe/Middle East
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue									45,767	31,599	29,292
Asia
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue									$ 6,141	$ 3,436	$ 3,735

Subsequent Events - Additional

Subsequent Events - Additional Information (Narrative) (Details) - Subsequent Event [Member] - $ / shares	Feb. 26, 2021	Feb. 12, 2021	Jan. 29, 2021
Subsequent Events [Line Items]
Date of announcement of dividend			Jan. 29, 2021
Quarterly dividend payable amount per share			$ 0.12
Date of payment of dividend	Feb. 26, 2021
Date of record of dividend		Feb. 12, 2021

Quarterly Information - Schedul

Quarterly Information - Schedule of Quarterly Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Revenue	$ 422,908	$ 276,259	$ 264,730	$ 234,770	$ 295,881	$ 234,793	$ 250,935	$ 251,770	$ 1,198,667	$ 1,033,379	$ 958,154
Operating Expenses	309,113	254,541	241,466	224,547	260,908	228,297	233,544	235,718	1,029,667	958,467	913,285
Operating Income (Loss)	113,795	21,718	23,264	10,223	34,973	6,496	17,391	16,052	169,000	74,912	44,869
Income Tax Expense (Benefit)	31,915	6,079	5,615	2,405	9,538	2,547	5,016	4,858	46,014	21,959	15,977
Net income (loss) attributable to Oppenheimer Holdings Inc.	$ 81,880	$ 15,639	$ 17,649	$ 7,818	$ 25,435	$ 3,949	$ 12,375	$ 11,194	$ 122,986	$ 52,953	$ 28,892
Earnings Per Share, Basic	$ 6.56	$ 1.25	$ 1.40	$ 0.61	$ 1.99	$ 0.31	$ 0.95	$ 0.86	$ 9.73	$ 4.10	$ 2.18
Earnings Per Share, Diluted	6.17	1.19	1.34	0.58	1.83	0.29	0.89	0.81	9.30	3.82	$ 2.05
Dividends paid per share	1.12	0.12	0.12	0.12	0.12	0.12	0.11	0.11	1.48	0.46
Market price of Class A Stock
High	33.21	26.11	24.42	28.38	29.25	31.30	27.42	28.73	33.21	31.30
Low	$ 22.29	$ 20.33	$ 17.20	$ 14.88	$ 27.09	$ 26.42	$ 24.34	$ 25.25	$ 14.88	$ 24.34