Virtu Itg 10-Q 9 Nov 18 2018 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2018	Oct. 09, 2018
Document and Entity Information
Entity Registrant Name	INVESTMENT TECHNOLOGY GROUP, INC.
Entity Central Index Key	920,424
Document Type	10-Q
Document Period End Date	Sep. 30, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		33,030,064
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3

Condensed Consolidated Statemen

Condensed Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Assets
Cash and cash equivalents	$ 240,152	$ 287,452
Cash restricted or segregated under regulations and other	16,990	18,599
Deposits with clearing organizations	80,980	57,388
Securities owned, at fair value	656	1,559
Receivables from brokers, dealers and clearing organizations	257,287	193,907
Receivables from customers	132,940	74,695
Premises and equipment, net	48,865	53,960
Capitalized software, net	42,144	41,259
Goodwill	10,656	11,054
Intangibles, net	13,206	14,040
Income taxes receivable	21	3,917
Deferred tax assets	4,682	4,902
Other assets	43,180	22,124
Total assets	891,759	784,856
Liabilities:
Accounts payable and accrued expenses	218,002	166,495
Short-term bank loans	52,272	101,422
Payables to brokers, dealers and clearing organizations	200,804	119,278
Payables to customers	53,010	23,568
Securities sold, not yet purchased, at fair value	987	1
Income taxes payable	4,673	6,003
Deferred tax liabilities	1,800	1,750
Term debt	2,148	3,104
Total liabilities	533,696	421,621
Commitments and contingencies
Stockholders’ Equity:
Preferred stock, $0.01 par value; 1,000,000 shares authorized; no shares issued or outstanding
Common stock, $0.01 par value; 100,000,000 shares authorized; 52,748,475 and 52,639,823 shares issued at September 30, 2018 and December 31, 2017, respectively	527	526
Additional paid-in capital	253,325	250,216
Retained earnings	481,550	486,957
Common stock held in treasury, at cost; 19,729,848 and 20,038,809 shares at September 30, 2018 and December 31, 2017, respectively	(349,517)	(353,067)
Accumulated other comprehensive loss (net of tax)	(27,822)	(21,397)
Total stockholders’ equity	358,063	363,235
Total liabilities and stockholders’ equity	$ 891,759	$ 784,856

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Financial Condition (Parenthetical) - $ / shares	Sep. 30, 2018	Dec. 31, 2017
Condensed Consolidated Statements of Financial Condition
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	52,748,475	52,639,823
Common stock held in treasury, at cost; shares	19,729,848	20,038,809

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenues:
Total revenues	$ 120,769	$ 114,531	$ 380,730	$ 356,947
Expenses:
Compensation and employee benefits	45,244	46,755	136,130	139,433
Transaction processing	23,293	23,428	76,342	73,766
Occupancy and equipment	15,926	14,945	45,756	45,247
Telecommunications and data processing services	12,653	12,189	38,244	36,345
Restructuring charges	3,436		10,601
Other general and administrative	16,969	18,670	63,792	53,684
Interest expense	489	499	1,463	1,529
Total expenses	118,010	116,486	372,328	350,004
Income (loss) before income tax expense	2,759	(1,955)	8,402	6,943
Income tax expense	2,530	45,012	6,831	43,965
Net income (loss)	$ 229	$ (46,967)	$ 1,571	$ (37,022)
Income (loss) per share:
Basic (in dollars per share)	$ 0.01	$ (1.42)	$ 0.05	$ (1.12)
Diluted (in dollars per share)	$ 0.01	$ (1.42)	$ 0.05	$ (1.12)
Basic weighted average number of common shares outstanding (in shares)	33,002	33,105	32,976	33,060
Diluted weighted average number of common shares outstanding (in shares)	34,421	33,105	34,202	33,060
Commissions and fees
Revenues:
Total revenues	$ 99,233	$ 93,475	$ 315,253	$ 293,919
Recurring
Revenues:
Total revenues	19,412	18,930	59,056	56,813
Other
Revenues:
Total revenues	$ 2,124	$ 2,126	$ 6,421	$ 6,215

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Condensed Consolidated Statements of Comprehensive Loss
Net income (loss)	$ 229	$ (46,967)	$ 1,571	$ (37,022)
Other comprehensive (loss) income, net of tax:
Currency translation adjustment	(799)	5,437	(6,425)	12,193
Other comprehensive (loss) income	(799)	5,437	(6,425)	12,193
Comprehensive loss	$ (570)	$ (41,530)	$ (4,854)	$ (24,829)

Condensed Consolidated Statem_5

Condensed Consolidated Statement of Changes in Stockholders’ Equity - 9 months ended Sep. 30, 2018 - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Retained Earnings	Common Stock Held in Treasury	Accumulated Other Comprehensive Income/(Loss)	Total
Balance at Dec. 31, 2017	$ 526	$ 250,216	$ 486,957	$ (353,067)	$ (21,397)	$ 363,235
Increase (Decrease) in Stockholders' Equity
Net income			1,571			1,571
Other comprehensive loss					(6,425)	(6,425)
Issuance of common stock in connection with restricted stock unit awards (1,098,993 shares)	1	(17,854)		18,106		253
Issuance of common stock for the employee stock purchase plan (30,769 shares)		523				523
Shares withheld for net settlements of share-based awards (429,560 shares)				(8,815)		(8,815)
Purchase of common stock for treasury (286,696 shares)				(5,814)		(5,814)
Dividends declared on common stock		13	(6,932)	73		(6,846)
Share-based compensation		20,427				20,427
Cumulative effect of accounting change			(46)			(46)
Balance at Sep. 30, 2018	$ 527	$ 253,325	$ 481,550	$ (349,517)	$ (27,822)	$ 358,063

Condensed Consolidated Statem_6

Condensed Consolidated Statement of Changes in Stockholders’ Equity (Parenthetical)	9 Months Ended
	Sep. 30, 2018shares
Condensed Consolidated Statement of Changes in Stockholders’ Equity
Issuance of common stock in connection with restricted stock unit awards, shares	1,098,993
Issuance of common stock for the employee stock purchase plan, shares	30,769
Shares withheld for net settlements of share-based awards, shares	429,560
Purchase of common stock for treasury, shares	286,696

Condensed Consolidated Statem_7

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Cash Flows from Operating Activities:
Net income	$ 1,571	$ (37,022)
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	33,145	33,687
Deferred income tax expense (benefit)	584	35,182
Provision for doubtful accounts	401	451
Non-cash share-based compensation	20,427	15,730
Leasehold asset write-off	1,444
Goodwill and other asset impairment		325
Changes in operating assets and liabilities:
Deposits with clearing organizations	(25,277)	(15,244)
Securities owned, at fair value	902	813
Receivables from brokers, dealers and clearing organizations	(74,091)	(43,275)
Receivables from customers	(61,827)	(33,608)
Accounts payable and accrued expenses	54,089	(18,942)
Payables to brokers, dealers and clearing organizations	87,812	661
Payables to customers	30,197	29,628
Securities sold, not yet purchased, at fair value	1,017	(209)
Income taxes receivable/payable	2,582	2,592
Other, net	(19,214)	(5,685)
Net cash provided by (used in) operating activities	53,762	(34,916)
Cash Flows from Investing Activities:
Investment in venture	(612)
Capital purchases	(10,250)	(10,228)
Capitalization of software development costs	(20,361)	(21,014)
Net cash used in investing activities	(31,223)	(31,242)
Cash Flows from Financing Activities:
Repayments of long term debt	(955)	(3,963)
Proceeds from (repayments of) borrowing under short-term bank loans	(47,197)	29,846
Debt issuance costs	(751)	(762)
Common stock issued	776	776
Common stock repurchased	(5,814)	(7,404)
Dividends paid	(6,871)	(6,891)
Shares withheld for net settlements of share-based awards	(8,815)	(10,484)
Net cash (used in) provided by financing activities	(69,627)	1,118
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(1,821)	(935)
Net decrease in cash, cash equivalents and restricted cash	(48,909)	(65,975)
Cash, cash equivalents and restricted cash—beginning of period	306,051	318,330
Cash, cash equivalents and restricted cash—end of period	257,142	252,355
Supplemental cash flow information:
Interest paid	3,775	3,412
Income taxes paid, net	3,661	$ 7,421
Supplemental disclosure of non-cash investing and financing activities:
Investment in venture	$ 1,393

Organization and Basis of Prese

Organization and Basis of Presentation	9 Months Ended
	Sep. 30, 2018
Organization and Basis of Presentation
Organization and Basis of Presentation	(1) Organization and Basis of Presentation Investment Technology Group, Inc. (the “Company” or “ITG”) was formed as a Delaware corporation on July 22, 1983. Its principal subsidiaries include: (1) ITG Inc., AlterNet Securities, Inc. (“AlterNet”) and ITG Derivatives LLC (through February 16, 2018) (“ITG Derivatives”), institutional broker-dealers in the United States (“U.S.”), (2) ITG Canada Corp., an institutional broker-dealer in Canada, (3) Investment Technology Group Limited, an institutional broker-dealer in Europe, (4) ITG Australia Limited, an institutional broker-dealer in Australia, (5) ITG Hong Kong Limited, an institutional broker-dealer in Hong Kong, (6) ITG Software Solutions, Inc., the Company’s intangible property, software development and maintenance subsidiary in the U.S., and (7) ITG Solutions Network, Inc., a holding company for ITG Analytics, Inc., a provider of pre- and post-trade analysis, fair value and trade optimization services, and ITG Platforms Inc., a provider of workflow technology solutions and network connectivity services for the financial community. ITG is a global financial technology company that helps leading brokers and asset managers improve returns for investors around the world. ITG empowers traders to reduce the end-to-end cost of implementing investments via liquidity, execution, analytics and workflow technology solutions. ITG has offices in Asia Pacific, Europe and North America and offers execution services in more than 50 countries. The Company’s business is organized into four reportable operating segments: U.S. Operations, Canadian Operations, European Operations and Asia Pacific Operations (see Note 16, Segment Reporting ). The four operating segments offer a wide range of solutions for asset managers and broker‑dealers in the areas of execution services, workflow technology and analytics. These offerings include trade execution services and solutions for portfolio management, as well as pre‑trade analytics and post‑trade analytics and processing. Regional segment results exclude the impact of Corporate activity, which is presented separately and includes investment income from treasury activity, certain non-operating revenues and other gains as well as costs not associated with operating the businesses within the Company’s regional segments. These costs include, among others, (a) the costs of being a public company, such as certain staff costs, a portion of external audit fees, and reporting, filing and listing costs, (b) intangible asset amortization, (c) interest expense, (d) professional fees associated with the Company's global transfer pricing structure, (e) foreign exchange gains or losses and (f) certain non-operating expenses. The condensed consolidated financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”). All material intercompany balances and transactions have been eliminated in consolidation. The condensed consolidated financial statements reflect all adjustments which, in the opinion of management, are necessary for the fair presentation of the financial statements. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets, liabilities, revenues and expenses. Actual results could differ from those estimates. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted in accordance with Securities and Exchange Commission (“SEC”) rules and regulations; however, management believes that the disclosures herein are adequate to make the information presented not misleading. This report should be read in conjunction with the audited financial statements and the notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017. Recently Adopted Accounting Standards In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2014‑09, Revenue from Contracts with Customers . This standard created Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers , (“ASC 606”), providing companies with a single five step revenue recognition model for use in accounting for revenue arising from contracts with customers and supersedes current revenue recognition guidance, including industry‑specific revenue guidance. On January 1, 2018, the Company adopted ASC 606, using the modified retrospective transition method applied to all contracts as of January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under ASC 606, while prior period amounts are not adjusted and continue to be reported under the accounting standards in effect for the prior period. See Note 3, Revenue from Contracts with Customers , for additional information. In May 2017, the FASB issued Accounting Standards Update (“ASU”) 2017-09, Compensation – Stock Compensation (Topic 718): Scope of Modification Accounting . The amendments in this ASU clarify which changes to the terms or conditions of a share-based payment award must be accounted for as modifications. The new guidance allows entities to make non-substantive changes to awards without accounting for them as modifications, which results in fewer changes to the terms of an award being accounted for as modifications and reduces diversity in practice when applying modification accounting. ASU 2017-09 is effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods. This new guidance was adopted on January 1, 2018 and did not have a material effect on the Company’s financial statements. In November 2016, the FASB issued ASU 2016‑18, Statement of Cash Flows (Topic 230): Restricted Cash. The amendments in this ASU require that the statement of cash flows explain the change during the period in the total of cash, cash equivalents and restricted cash. Amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. ASU 2016‑18 is effective for annual reporting periods beginning after December 15, 2017, including interim periods within those fiscal years, with early adoption permitted. This new guidance was adopted on January 1, 2018 and did not have a material effect on the Company’s financial statements.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2018
Fair Value Measurements
Fair Value Measurements	(2) Fair Value Measurements Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining fair value, various methods are used including market, income and cost approaches. Based on these approaches, certain assumptions that market participants would use in pricing the asset or liability are used, including assumptions about risk and/or the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market‑corroborated, or generally unobservable firm inputs. Valuation techniques that are used maximize the use of observable inputs and minimize the use of unobservable inputs. Based on the observability of the inputs used in the valuation techniques, fair value measured financial instruments are categorized according to the fair value hierarchy prescribed by ASC 820, Fair Value Measurements and Disclosures . The fair value hierarchy ranks the quality and reliability of the information used to determine fair values. Financial assets and liabilities carried at fair value are classified and disclosed in one of the following three categories: * Level 1: Fair value measurements using unadjusted quoted market prices in active markets for identical, unrestricted assets or liabilities. * Level 2: Fair value measurements using correlation with (directly or indirectly) observable market‑based inputs, unobservable inputs that are corroborated by market data, or quoted prices in markets that are not active. * Level 3: Fair value measurements using inputs that are significant and not readily observable in the market. Level 1 consists of financial instruments whose value is based on quoted market prices such as exchange‑traded mutual funds and listed equities. Level 2 includes financial instruments that are valued based upon observable market‑based inputs. Level 3 is comprised of financial instruments whose fair value is estimated based on internally developed models or methodologies utilizing significant inputs that are generally less readily observable. Fair value measurements for those items measured on a recurring basis are as follows (dollars in thousands): September 30, 2018 Total Level 1 Level 2 Level 3 Assets Cash and cash equivalents: Money market mutual funds $ 1 $ 1 $ — $ — Securities owned, at fair value: Corporate stocks - trading securities 18 18 — — Mutual funds 638 638 — — Total $ 657 $ 657 $ — $ — Liabilities Securities sold, not yet purchased, at fair value: Corporate stocks - trading securities 987 987 — — Total $ 987 $ 987 $ — $ — December 31, 2017 Total Level 1 Level 2 Level 3 Assets Securities owned, at fair value: Corporate stocks - trading securities $ 78 $ 78 $ — $ — Mutual funds 1,481 1,481 — — Total $ 1,559 $ 1,559 $ — $ — Liabilities Securities sold, not yet purchased, at fair value: Corporate stocks - trading securities 1 1 — — Total $ 1 $ 1 $ — $ — Cash and cash equivalents other than bank deposits are measured at fair value and primarily include money market mutual funds. Securities owned, at fair value and securities sold, not yet purchased, at fair value include corporate stocks, equity index mutual funds and bond mutual funds, all of which are exchange traded. Certain of the Company’s assets and liabilities are carried at contracted amounts that approximate fair value. Assets and liabilities that are recorded at contracted amounts approximating fair value consist primarily of receivables from and payables to brokers, dealers, clearing organizations and customers. These receivables and payables to brokers, dealers, clearing organizations and customers are short-term in nature and, following September 30, 2018, substantially all have settled at the contracted amounts. The Company believes the carrying amounts of its term-debt obligations at September 30, 2018 and December 31, 2017 approximate fair value because the interest rates on these instruments change with, or approximate, market interest rates.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	9 Months Ended
	Sep. 30, 2018
Revenue from Contracts with Customers
Revenue from Contracts with Customers	(3) Revenue from Contracts with Customers Under ASC 606, revenues are recognized when control of the promised goods or services is transferred to customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for transferring those goods or services. The following is a description of the Company’s revenue recognition policies and balances as it relates to revenue from contracts with customers. Revenue from contracts with customers was $119.3 million and $376.2 million for the three and nine months ended September 30, 2018, respectively. The majority of the Company’s revenues fall under the scope of ASC 606, with the exception of investment and dividend income, gains and losses on temporary securities positions assumed and other miscellaneous income, all of which are presented within the other revenue line item on the condensed consolidated statements of operations. The tables within Note 16, Segment Reporting , provide revenue disaggregated by reportable geographic operating segment and by product group. Upon adoption, the Company recorded a net cumulative-effect decrease to opening retained earnings of approximately $50 thousand as of January 1, 2018, which is primarily related to: (i) the deferral of commissions allocated to analytics products in bundled commission arrangements where the analytics services have not yet been transferred to the customer as of December 31, 2017, but whose commissions were appropriately recognized in the previous year under the superseded revenue recognition guidance; and (ii) the acceleration of revenue for certain product license fees associated with the licenses of software recognized at the point in time the customer is able to use and benefit from the license, instead of being appropriately recognized over the license period under the superseded revenue recognition guidance. The net impacts to the condensed consolidated statements of operations of adopting ASC 606 for the three and nine months ended September 30, 2018 were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2018 2018 Net increase (decrease) in commissions and fees $ $ Net (decrease) increase in recurring revenues (446) Net increase (decrease) in total revenues $ $ At September 30, 2018, the condensed consolidated statements of financial condition include an increase to receivables from customers of $1.1 million related to the acceleration of license fees and an increase to accounts payable and accrued expenses of $3.7 million related to the deferral of commissions in bundled commission arrangements. The following provides detailed information on the Company’s material performance obligations and how revenue is recognized. Execution Services The Company earns commissions for providing equity trade execution services to customers, with each trade executed on the client’s behalf representing a separate performance obligation that is satisfied at a point in time. Commission rates are fixed and revenue is recognized on the trade date. These revenues are presented within the commissions and fees line item on the Company’s condensed consolidated statements of operations. The Company also permits institutional customers to allocate a portion of their gross commissions to pay for research, commonly known as soft dollars. The customer controls the use of the soft dollars and directs payments to third party service providers on its behalf. All amounts allocated to soft dollar arrangements are netted against commission revenues. Workflow Technology Through its front-end workflow solutions and network capabilities, the Company provides order and trade execution management and order routing services. The Company provides trade order routing from its execution management system (“EMS”) to its execution services offerings, with each trade order routed through the EMS representing a separate performance obligation that is satisfied at a point in time. A portion of the commissions earned on the trade is then allocated to Workflow Technology based on the stand-alone selling price paid by third-party brokers for order routing. The remaining commission is allocated to Execution Services using a residual allocation approach. Commissions earned are fixed and revenue is recognized on the trade date. Commissions are presented within the commissions and fees line item on the Company’s condensed consolidated statements of operations. The Company participates in commission share arrangements, where trade orders are routed to third-party brokers from its EMS and its order management system (“OMS”). Commission share revenues from third-party brokers are generally fixed and revenue is recognized at a point in time on the trade date. Commission share revenues are presented within the commissions and fees line item on the Company’s condensed consolidated statements of operations. The Company provides OMS and related software products and connectivity services to customers and recognizes license fee revenues and monthly connectivity fees. License fee revenues, generated for the use of the Company’s OMS and other software products, is fixed and recognized at the point in time at which the customer is able to use and benefit from the license. Connectivity revenue is variable in nature, based on the number of live connections, and is recognized over time on a monthly basis using a time-based measure of progress. These revenues are presented within the recurring line item on the Company’s condensed consolidated statements of operations. Analytics The Company provides customers with analytics products and services, including trading and portfolio analytics tools. The Company provides analytics products and services to customers and recognizes subscription fees, which are fixed for the contract term, based on when the products and services are delivered. Analytics services can be delivered either over time (when customers are provided with distinct ongoing access to analytics data) or at a point in time (when reports are only delivered to the customer on a periodic basis). Over time performance obligations are recognized using a time-based measure of progress on a monthly basis, since the analytics products and services are continually provided to the client. Point in time performance obligations are recognized when the analytics reports are delivered to the client. These revenues are presented within the recurring line item on the Company’s condensed consolidated statements of operations. Analytics products and services can also be paid for through variable bundled arrangements with trade execution services. Customers agree to pay for analytics products and services with commissions generated from trade execution services, and commissions are allocated to the analytics performance obligation(s) using: (i) the commission value for each customer for the products and services it receives, which is priced using the value for similar stand-alone subscription arrangements; and (ii) a calculated ratio of the commission value for the products and services relative to the total amount of commissions generated from the customer. For these bundled commission arrangements, the allocated commissions to each analytics performance obligation are then recognized as revenue when the analytics product is delivered, either over time or at a point in time. These allocated commissions may be deferred if the allocated amount exceeds the amount recognizable based on delivery. Commissions are presented within the commissions and fees line item on the Company’s condensed consolidated statements of operations. Remaining Performance Obligations and Revenue Recognized from Past Performance Obligations The Company elected not to disclose information about remaining performance obligations pertaining to (i) contracts with an original expected length of one year or less or (ii) contracts with variable consideration that cannot be estimated, as permitted under the guidance. The Company’s remaining unsatisfied performance obligations that do not meet the criteria above primarily relate to analytics products and services that have fixed subscription fees. As of September 30, 2018, the future revenue the Company expects to recognize for these performance obligations is not material. For the three months ended September 30, 2018, the Company recognized revenue of $0.5 million related to performance obligations satisfied in previous periods. Contract Balances The timing of the Company’s revenue recognition may differ from the timing of payment by customers. The Company records a receivable when revenue is recognized prior to payment and 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. Receivables related to contracts with customers were $44.0 million and $38.2 million as of September 30, 2018 and December 31, 2017, respectively. The Company did not identify any contract assets. There were no impairment losses on receivables as of September 30, 2018. Deferred revenue primarily relates to deferred commissions allocated to analytics products and subscription fees billed in advance of satisfying the performance obligations. Deferred revenue related to contracts with customers was $10.3 million and $6.9 million as of September 30, 2018 and December 31, 2017, respectively. During the three and nine months ended September 30, 2018, the Company recognized revenue of $7.4 million and $21.8 million, respectively, that was initially recorded as deferred revenue. The Company has not identified any costs to obtain or fulfill associated with its contracts under ASC 606.

Equity Investment

Equity Investment	9 Months Ended
	Sep. 30, 2018
Equity Investment
Equity Investment	(4) Equity Investment In February 2018, the Company established a venture with Option Technology Solutions LLC (“Optech”) to form Matrix Holding Group (“Matrix”), a derivatives execution and technology business. Matrix offers derivatives trading technology and execution services to broker dealers, professional traders and select hedge funds. Matrix has dedicated sales, client services, operations, and technology staff located in Chicago and New York . The Company contributed the ITG Derivatives entity, including its broker-dealer license and professional trader client base with revenues of $5.3 million during the year ended December 31, 2017, along with certain derivatives-focused software and technology for an initial minority stake of approximately 20%. Optech contributed the management team, a retail-focused trading and analytics platform and capital. The board of directors of Matrix consists of two members appointed by Optech and one member appointed by the Company. Unanimous approval of the full board is required for all significant operating activities, including but not limited to: approval and amendment of annual business plans or operating budgets, establishing an incentive compensation plan, approving significant loans and expenditures, appointment of officers and entering into material agreements. The Company’s initial investment in Matrix was recorded at $2.0 million, representing the fair value of the net assets contributed. This investment included cash and restricted cash of $0.6 million and net non-cash assets of $1.4 million. No gain or loss was recognized upon the closing of this transaction as the book value of the contributed net assets approximated fair value. The Company’s interest in Matrix is accounted for in the condensed consolidated financial statements using the equity method.

Restructuring Charges

Restructuring Charges	9 Months Ended
	Sep. 30, 2018
Restructuring Charges.
Restructuring Charges	(5) Restructuring Charges 2018 Restructuring In the first and third quarters of 2018, the Company implemented restructuring plans to improve margins and enhance stockholder returns through the elimination of certain positions in the U.S. and the reduction of office space in Los Angeles. Activity and liability balances recorded as part of the restructuring plan through September 30, 2018 are as follows (dollars in thousands): Employee Consolidation Separation of Leased Costs Facilities Total Restructuring charges recognized - March 31, 2018 $ 7,165 $ — $ 7,165 Restructuring charges recognized - September 30, 2018 1,135 2,301 3,436 Total Restructuring Charges - 2018 8,300 2,301 10,601 Cash payments (3,674) (360) (4,034) Acceleration of share-based compensation (2,702) — (2,702) Asset write-off — (390) (390) Balance at September 30, 2018 $ 1,924 $ 1,551 $ 3,475 The payment of the accrued costs for the 2018 restructuring is expected to continue through the first quarter of 2019. The payment of the remaining accrued costs related to the vacated leased facilities will continue through July 2027. 2016 Restructuring As part of an end-to-end review of its business in 2016, the Company determined that its strategy is to increasingly focus its resources on its core capabilities in liquidity, execution, analytics and workflow technology solutions. To that end, in 2016, the Company implemented restructuring plans to (i) reduce headcount in its single stock sales trading and sales organizations, (ii) close its U.S. matched-book securities lending operations and its Canadian arbitrage trading desk and (iii) identify additional annual cost savings from management delayering and the elimination of certain positions. Activity and liability balances recorded as part of the restructuring plan through September 30, 2018 are as follows (dollars in thousands): Amount Balance at December 31, 2017 $ 6 Asset write-off (6) Balance at September 30, 2018 $ —

Cash

Cash	9 Months Ended
	Sep. 30, 2018
Cash
Cash	(6) Cash Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. Cash Restricted or Segregated Under Regulations and Other Cash restricted or segregated under regulations and other represents (i) a special reserve bank account for the exclusive benefit of customers (“Special Reserve Bank Account”) maintained by ITG Inc. in accordance with Rule 15c3-3 of the Securities Exchange Act of 1934, as amended (“Customer Protection Rule”), or agreements for proprietary accounts of broker dealers (“PABs”), (ii) funds on deposit for Canadian and European trade clearing and settlement activity, (iii) segregated balances under a collateral account control agreement for the benefit of certain customers, and (iv) funds relating to the securitization of bank guarantees supporting the Company’s Australian and French leases. The following table provides a reconciliation of cash and cash equivalents together with restricted cash as reported within the condensed consolidated statements of financial condition to the sum of the same such amounts shown in the condensed consolidated statements of cash flows. September 30, December 31, 2018 2017 Cash and cash equivalents $ 240,152 $ 287,452 Cash restricted or segregated under regulations and other 16,990 18,599 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 257,142 $ 306,051

Securities Owned and Sold, Not

Securities Owned and Sold, Not Yet Purchased	9 Months Ended
	Sep. 30, 2018
Securities Owned and Sold, Not Yet Purchased
Securities Owned and Sold, Not Yet Purchased	(7) Securities Owned and Sold, Not Yet Purchased The following is a summary of securities owned and securities sold, not yet purchased (dollars in thousands): Securities Sold, Not Yet Securities Owned Purchased September 30, December 31, September 30, December 31, 2018 2017 2018 2017 Corporate stocks - trading securities $ 18 $ 78 $ 987 $ 1 Mutual funds 638 1,481 — — Total $ 656 $ 1,559 $ 987 $ 1 Trading securities owned and sold, not yet purchased primarily consists of temporary positions obtained in the normal course of agency trading activities, including positions held in connection with the creation and redemption of exchange-traded funds on behalf of clients.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2018
Income Taxes
Income Taxes	(8) Income Taxes The U.S. Tax Cuts and Jobs Act of 2017 (the “Tax Cuts and Jobs Act”) was enacted on December 22, 2017, and introduced significant changes to U.S. income tax law. Effective in 2018, the Tax Cuts and Jobs Act reduced the U.S. statutory corporate tax rate from 35% to 21% and created new taxes in the U.S. on income in certain foreign controlled corporations, which are referred to as the global intangible low-taxed income tax (“GILTI”), and imposed a new tax on certain related party payments under the base erosion anti-abuse tax (“BEAT”). The inclusion of income earned in controlled foreign corporations under the GILTI regime did not result in any incremental U.S. tax expense during the three and nine months ended September 30, 2018 due to the impact of U.S. tax losses. The Company does not expect to be subject to the BEAT tax in 2018. Due to the timing of the enactment and the complexity involved in applying the provisions of the Tax Cuts and Jobs Act, the Company has made reasonable estimates of the effects and recorded provisional amounts in its 2017 results. As the Company collects and prepares necessary data and interprets the Tax Cuts and Jobs Act and any additional guidance issued by the U.S. Treasury Department, the IRS, and other standard-setting bodies, additional adjustments to the provisional amounts may be made. Information needed to adjust provisional amounts include the completion of all international 2017 income tax returns. These additional adjustments are not expected to materially impact the provision for income taxes and effective tax rate in the period in which the adjustments are made. We expect the final accounting for the tax effects of the Tax Cuts and Jobs Act to be completed in the fourth quarter of 2018. A tax benefit from an uncertain tax position may be recognized only if it is more-likely than not that the tax position will be sustained on examination by the taxing authorities. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate resolution. During the nine months ended September 30, 2018, the Company realized a $1.9 million tax benefit related to the resolution of a multi-year contingency in the U.S. The Company maintained reserves for unrecognized tax benefits of $5.7 million at September 30, 2018 and $7.7 million at December 31, 2017. At September 30, 2018, $4.3 million of the unrecognized tax benefits was netted against fully reserved U.S. deferred tax assets. The Company had accrued interest expense related to tax reserves of $1.2 million and $1.6 million, net of related tax effects, at September 30, 2018 and December 31, 2017, respectively.

Goodwill and Other Intangibles

Goodwill and Other Intangibles	9 Months Ended
	Sep. 30, 2018
Goodwill and Other Intangibles
Goodwill and Other Intangibles	(9) Goodwill and Other Intangibles Goodwill The following table presents the changes in the carrying amount of goodwill by the Company’s European Operations segment for the nine months ended September 30, 2018 (dollars in thousands): Total Balance at December 31, 2017 $ 11,054 Currency translation adjustment (398) Balance at September 30, 2018 $ 10,656 Other Intangible Assets Acquired other intangible assets consisted of the following at September 30, 2018 and December 31, 2017 (dollars in thousands): September 30, 2018 December 31, 2017 Gross Carrying Accumulated Gross Carrying Accumulated Useful Lives Amount Amortization Amount Amortization (Years) Trade name $ 8,524 $ — $ 8,529 $ — — Customer-related intangibles 9,665 6,154 10,217 6,219 17.0 Proprietary software 23,256 22,474 23,321 22,197 8.5 Trading rights 339 — 339 — — Other 50 — 50 — — Total $ 41,834 $ 28,628 $ 42,456 $ 28,416 At September 30, 2018, indefinite-lived intangibles not subject to amortization amounted to $8.9 million, of which $8.4 million related to the POSIT trade name. Amortization expense for definite-lived intangibles was $0.3 million and $0.8 million for the three and nine months ended September 30, 2018, respectively, compared with $0.3 million and $1.0 million in the respective prior year periods. These amounts are included in other general and administrative expense in the condensed consolidated statements of operations. The following table represents the changes in the carrying amount of net intangible assets for the nine months ended September 30, 2018 (dollars in thousands): Total Balance at December 31, 2017 $ 14,040 Amortization (762) Currency translation adjustment (72) Balance at September 30, 2018 $ 13,206

Receivables and Payables

Receivables and Payables	9 Months Ended
	Sep. 30, 2018
Receivables and Payables
Receivables and Payables	(10) Receivables and Payables Receivables from, and Payables to, Brokers, Dealers and Clearing Organizations The following is a summary of receivables from, and payables to, brokers, dealers and clearing organizations (dollars in thousands): Receivables from Payables to September 30, December 31, September 30, December 31, 2018 2017 2018 2017 Broker-dealers $ 221,241 $ 189,817 $ 172,773 $ 105,022 Clearing organizations 17,896 708 1,492 10,011 Securities borrowed 19,135 4,246 — — Securities loaned — — 26,539 4,245 Allowance for doubtful accounts (985) (864) — — Total $ 257,287 $ 193,907 $ 200,804 $ 119,278 * See Securities Borrowed and Loaned below. Receivables from, and Payables to, Customers The following is a summary of receivables from, and payables to, customers (dollars in thousands): Receivables from Payables to September 30, December 31, September 30, December 31, 2018 2017 2018 2017 Customers $ 133,399 $ 75,062 $ 53,010 $ 23,568 Allowance for doubtful accounts (459) (367) — — Net $ 132,940 $ 74,695 $ 53,010 $ 23,568 Securities Borrowed and Loaned Balances for securities borrowed and securities loaned relate to customer settlement activities. Deposits paid for securities borrowed and deposits received for securities loaned are recorded at the amount of cash collateral advanced or received. Deposits paid for securities borrowed transactions require the Company to deposit cash with the lender. With respect to deposits received for securities loaned, the Company receives collateral in the form of cash in an amount generally in excess of the market value of the securities loaned. The Company monitors the market value of the securities borrowed and loaned on a daily basis, with additional collateral obtained or refunded, as necessary. The Company’s securities borrowing and lending is generally done under industry standard agreements (“Master Securities Lending Agreements”) that may allow, following an event of default by either party, the prompt close-out of all transactions (including the liquidation of securities held) and the offsetting of obligations to return cash or securities, as the case may be, by the non-defaulting party. Events of default under the Master Securities Lending Agreements generally include, subject to certain conditions: (i) failure to timely deliver cash or securities as required under the transaction, (ii) a party’s insolvency, bankruptcy, or similar proceeding, (iii) breach of representation, and (iv) a material breach of the agreement. The counterparty that receives the securities in these transactions generally has unrestricted access in its use of the securities. For financial statement purposes, the Company does not offset securities borrowed and securities loaned. The following table summarizes the transactions under certain Master Securities Lending Agreements that may be eligible for offsetting if an event of default occurred and a right of offset was legally enforceable (dollars in thousands): Gross Amounts Net Amounts Collateral Offset in the Presented in the Received or Gross Amounts of Consolidated Consolidated Pledged Recognized Assets/ Statement of Statement of (including Net (Liabilities) Financial Condition Financial Condition Cash) Amount As of September 30, 2018: Deposits paid for securities borrowed $ 19,135 $ — $ 19,135 $ 19,135 $ — Deposits received for securities loaned (26,539) — (26,539) (26,365) (174) As of December 31, 2017: Deposits paid for securities borrowed $ 4,246 $ — $ 4,246 $ 4,246 $ — Deposits received for securities loaned (4,245) — (4,245) (4,229) (16)

Accounts Payable and Accrued Ex

Accounts Payable and Accrued Expenses	9 Months Ended
	Sep. 30, 2018
Accounts Payable and Accrued Expenses
Accounts Payable and Accrued Expenses	(11) Accounts Payable and Accrued Expenses The following is a summary of accounts payable and accrued expenses (dollars in thousands): September 30, December 31, 2018 2017 Accrued research payables $ 81,092 $ 51,275 Accrued compensation and benefits 28,866 37,911 Accrued costs for potential class action lawsuit settlement 18,000 — Accrued costs for potential SEC settlement 12,000 — Accrued rent 13,013 14,821 Trade payables 16,798 20,820 Deferred revenue 11,593 8,057 Deferred compensation 1,753 2,525 Accrued restructuring 3,475 6 Accrued transaction processing 4,046 3,257 Other 27,366 27,823 Total $ 218,002 $ 166,495

Borrowings

Borrowings	9 Months Ended
	Sep. 30, 2018
Borrowings
Borrowings	(12) Borrowings Short-term Bank Loans The Company’s international securities clearance and settlement activities are funded with operating cash or with short-term bank loans in the form of overdraft facilities. At September 30, 2018, there was $52.3 million outstanding under these facilities at a weighted average interest rate of approximately 2.0% associated with international settlement activities. In the U.S., securities clearance and settlement activities are funded with operating cash, securities loaned or with short-term bank loans under a committed credit agreement described below. ITG Inc., as borrower, and Investment Technology Group, Inc. (“Parent Company”), as guarantor, maintained a $150 million 364-day revolving credit agreement with a syndicate of banks and JPMorgan Chase Bank, N.A., as Administrative Agent, that matured in January 2018. On January 26, 2018, ITG Inc., as borrower, and Parent Company, as guarantor, entered into a new $150 million 364-day revolving credit agreement (the “Credit Agreement”) with a syndicate of banks and JPMorgan Chase Bank, N.A., as Administrative Agent. The agreement expires on January 25, 2019. At September 30, 2018, there were no amounts outstanding under the Credit Agreement. Term Debt The Company had term loans of $2.1 million and $3.1 million outstanding at September 30, 2018 and December 31, 2017, respectively. On December 21, 2017, the Company entered into a three year, $0.7 million note and security agreement with Hewlett-Packard Financial Services (“H-P Veritas Loan”), under which purchases of new software licenses and support were financed. The loan principal is payable in three installments, of which approximately $240 thousand was paid in January 2018 and two installments of approximately $230 thousand are payable in January and March of 2019. The loan does not accrue interest. On December 30, 2015, the Parent Company entered into a five year, $3.6 million note and security agreement with Hewlett-Packard Financial Services (“H-P Loan”), under which purchases of new server equipment, software license fees, maintenance fees and fees for other services were financed. The loan principal is payable in twenty quarterly installments of $195,000 that began in April 2016 and accrues interest at 2.95%. At September 30, 2018 and December 31, 2017, there was $1.7 million and $2.4 million, respectively, outstanding under the H-P Loan.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2018
Earnings Per Share
Earnings Per Share	(13) Earnings Per Share The following is a reconciliation of the basic and diluted earnings per share computations (amounts in thousands, except per share amounts): September 30, 2018 2017 Three Months Ended Net income (loss) for basic and diluted income (loss) per share $ 229 $ (46,967) Shares of common stock and common stock equivalents: Average common shares used in basic computation 33,002 33,105 Effect of dilutive securities 1,419 — Average common shares used in diluted computation 34,421 33,105 Income (loss) per share: Basic $ 0.01 $ (1.42) Diluted $ 0.01 $ (1.42) Nine Months Ended Net income (loss) for basic and diluted income (loss) per share $ 1,571 $ (37,022) Shares of common stock and common stock equivalents: Average common shares used in basic computation 32,976 33,060 Effect of dilutive securities 1,226 — Average common shares used in diluted computation 34,202 33,060 Income (loss) per share: Basic $ 0.05 $ (1.12) Diluted $ 0.05 $ (1.12) For the three and nine months ended September 30, 2018, there were approximately 6 thousand and 70 thousand average shares, respectively, that were anti-dilutive and thus not included in the computation of diluted EPS. There were no anti-dilutive equity awards for the three and nine month periods ended September 30, 2017 due to the fact that the Company recorded losses.

Accumulated Other Comprehensive

Accumulated Other Comprehensive (Loss) Income	9 Months Ended
	Sep. 30, 2018
Accumulated Other Comprehensive (Loss) Income
Accumulated Other Comprehensive Income	(14) Accumulated Other Comprehensive (Loss) Income The components and allocated tax effects of accumulated other comprehensive (loss) income for the three and nine months ended September 30, 2018 and 2017 are as follows (dollars in thousands): Three Months Ended September 30, 2018 Balance at June 30, 2018 $ (27,023) Other comprehensive loss (799) Balance at September 30, 2018 $ (27,822) Three Months Ended September 30, 2017 Balance at June 30, 2017 $ (27,221) Other comprehensive income 5,437 Balance at September 30, 2017 $ (21,784) Nine Months Ended September 30, 2018 Balance at December 31, 2017 $ (21,397) Other comprehensive loss (6,425) Balance at September 30, 2018 $ (27,822) Nine Months Ended September 30, 2017 Balance at December 31, 2016 $ (33,977) Other comprehensive income 12,193 Balance at September 30, 2017 $ (21,784) Deferred taxes have not been provided on the cumulative undistributed earnings of foreign subsidiaries or the cumulative translation adjustment related to those investments due to the internal capital structure for the Company’s foreign subsidiaries and the inclusion of foreign earnings and profits in U.S. taxable income pursuant to the Tax Cuts and Jobs Act .

Net Capital Requirement

Net Capital Requirement	9 Months Ended
	Sep. 30, 2018
Net Capital Requirement
Net Capital Requirement	(15) Net Capital Requirement ITG Inc. and AlterNet are subject to the SEC’s Uniform Net Capital Rule (Rule 15c3‑1), which requires the maintenance of minimum net capital. ITG Inc. has elected to use the alternative method permitted by Rule 15c3‑1, which requires that ITG Inc. maintain minimum net capital equal to the greater of $1.0 million or 2% of aggregate debit balances arising from customer transactions, as defined. AlterNet has elected to use the basic method permitted by Rule 15c3‑1, which requires the maintenance of minimum net capital equal to the greater of 6 2/3 % of aggregate indebtedness or $100,000. Dividends or withdrawals of capital cannot be made if capital is needed to comply with regulatory requirements. Net capital balances and the amounts in excess of required net capital at September 30, 2018 for the U.S. Operations are as follows (dollars in thousands): Net Capital Excess U.S. Operations ITG Inc. $ 81,073 80,073 AlterNet 5,817 5,717 As of September 30, 2018, ITG Inc. had $9.4 million of cash in a Special Reserve Bank Account for the benefit of customers under the Customer Protection Rule pursuant to SEC Rule 15c3-3, Computation for Determination of Reserve Requirements and $3.5 million under PABs. In addition, the Company’s Canadian, European and Asia Pacific Operations have subsidiaries with regulatory capital requirements. The regulatory net capital balances and amount of regulatory capital in excess of the minimum requirements applicable to each business at September 30, 2018, is summarized in the following table (dollars in thousands): Net Capital Excess Canadian Operations Canada $ 22,002 21,616 European Operations Ireland 43,308 12,607 U.K. 1,430 455 Asia Pacific Operations Australia 30,122 15,045 Hong Kong 2,933 2,485 Singapore 1,130 1,057

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2018
Segment Reporting
Segment Reporting	(16) Segment Reporting The Company is organized into four geographic operating segments through which the Company’s chief operating decision maker manages the Company’s business. The U.S., Canadian, European and Asia Pacific Operations segments provide the following categories of products and services: · Execution Services — includes (a) liquidity matching through POSIT, (b) self-directed trading using algorithms (including single stocks and portfolio lists) and smart routing, (c) portfolio trading and single stock sales trading desks providing execution expertise and (d) futures and options trading · Workflow Technology — includes trade order and execution management software applications in addition to network connectivity · Analytics — includes (a) tools enabling portfolio managers and traders to improve pre-trade, real-time and post-trade execution performance, (b) portfolio construction and optimization decisions and (c) securities valuation The accounting policies of the reportable segments are the same as those described in Note 2, Summary of Significant Accounting Policies, in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017. The Company allocates resources to, and evaluates the performance of, its reportable segments based on income or loss before income tax expense (benefit). Consistent with the Company’s resource allocation and operating performance evaluation approach, the effects of inter-segment activities are eliminated except in limited circumstances where certain costs are allocated to a segment to support that segment’s activities. Commissions and fees revenue for trade executions and commission share revenues are principally attributed to each segment based upon the location of execution of the related transaction except that commissions and fees for trade executions by Canadian clients in the U.S. market are attributed to the Canadian Operations instead of the U.S. Operations. Recurring revenues are principally attributed based upon the location of the client using the respective service. Regional segment results exclude the impact of Corporate activity, which is presented separately and includes investment income from treasury activity, certain non-operating revenues and other gains as well as costs not associated with operating the businesses within the Company’s regional segments. These costs include, among others, (a) the costs of being a public company, such as certain staff costs, a portion of external audit fees, and reporting, filing and listing costs, (b) intangible asset amortization, (c) interest expense, (d) professional fees associated with the Company's global transfer pricing structure, (e) foreign exchange gains or losses and (f) certain non-operating expenses. In 2018, the Company changed the way it measures the profitability of its regional segments to reflect the global nature of its business operations. Certain costs for senior management, product management, marketing, management information systems and infrastructure that are incurred in the U.S. on behalf of the entire Company are now being allocated to the international segments. For comparability purposes, the Company has restated previously reported segment results for the three and nine months ended September 30, 2017 to reflect these changes. A summary of the segment financial information is as follows (dollars in thousands): U.S. Canadian European Asia Pacific Operations Operations Operations Operations Corporate Consolidated Three Months Ended September 30, 2018 Total revenues $ 45,398 $ 16,190 $ 40,019 $ 18,524 $ 638 $ 120,769 (Loss) income before income tax (benefit) expense (1)(3)(4) (2,736) 1,833 9,377 3,852 (9,567) 2,759 Identifiable assets 389,240 96,951 315,351 90,217 — 891,759 Three Months Ended September 30, 2017 Total revenues $ 47,403 $ 15,055 $ 36,256 $ 15,327 $ 490 $ 114,531 (Loss) income before income tax (benefit) expense (2)(6) (6,333) 738 7,662 2,204 (6,226) (1,955) Identifiable assets 338,000 75,332 323,142 57,571 — 794,045 Nine Months Ended September 30, 2018 Total revenues $ 141,910 $ 51,967 $ 127,760 $ 57,561 $ 1,532 $ 380,730 (Loss) income before income tax (benefit) expense (1)(3)(4) (5,090) 8,712 31,726 12,532 (39,478) 8,402 Nine Months Ended September 30, 2017 Total revenues $ 153,559 $ 47,521 $ 111,707 $ 42,990 $ 1,170 $ 356,947 (Loss) income before income tax (benefit) expense (5)(6) (12,646) 6,034 27,170 4,117 (17,732) 6,943 Notes: (1) During the nine months ended September 30, 2018, the Company incurred a charge to establish an accrual of $12.0 million for a potential settlement with the SEC of an investigation into the operational features of U.S. POSIT and access to U.S. POSIT data, together with certain related disclosures, and incurred related legal fees of $0.2 million. Additional legal fees of $0.8 million were incurred in the third quarter of 2018. For more information, see Note 19, Contingencies – Legal Matters. (2) The Company has restated segment results for the three months ended September 30, 2017, resulting in a decrease in U.S. expenses of $2.7 million and increases in expenses in Canada, Europe and Asia Pacific of $0.7 million, $1.3 million and $0.7 million, respectively. (3) During the three and nine months ended September 30, 2018, the Company incurred restructuring charges of $3.4 million and $10.6 million, respectively, related to the elimination of certain positions in the U.S. and the reduction of office space in Los Angeles. (4) During the three and nine months ended September 30, 2018, the Company incurred a charge of $0.9 million to increase the liability for vacated space in New York. (5) The Company has restated segment results for the nine months ended September 30, 2017, resulting in a decrease in U.S. expenses of $8.0 million and increases in expenses in Canada, Europe and Asia Pacific of $2.0 million, $3.8 million and $2.2 million, respectively. (6) In the third quarter of 2017, the Company deemed the remaining value of a customer intangible asset recorded in ITG Derivatives of $0.3 million fully impaired and incurred legal fees of $0.8 million related to the formation of the Matrix derivatives venture that was completed in the first quarter of 2018. The table below details the total revenues for the categories of products and services provided by the Company (dollars in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 Revenues: Execution Services $ 84,899 $ 80,141 $ 269,214 253,225 Workflow Technology 24,407 22,553 78,094 69,005 Analytics 10,825 11,347 31,890 33,547 Corporate (non-product) 638 490 1,532 1,170 Total Revenues $ 120,769 $ 114,531 $ 380,730 $ 356,947 The product group revenues noted above are consistent with the revenues recognized under ASC 606, except that the table includes revenue of $0.5 million and $1.6 million, respectively, for the three and nine months ended September 30, 2018 in Analytics for functionality that is not a separate performance obligation from products and services provided by Workflow Technology and Execution Services.

Dividend Program

Dividend Program	9 Months Ended
	Sep. 30, 2018
Dividend Program
Dividend Program	(17) Dividend Program During the three months ended September 30, 2018, the Board of Directors declared, and the Company paid, a quarterly dividend of $0.07 per share totaling $2.3 million, including less than $0.1 million in stock under the Company’s equity award plans. Dividends declared and paid during the nine months ended September 30, 2018 totaled $0.21 per share for $6.9 million, including $0.1 million in stock under the Company’s equity award plans.

Off-Balance Sheet Risk and Conc

Off-Balance Sheet Risk and Concentration of Credit Risk	9 Months Ended
	Sep. 30, 2018
Off-Balance Sheet Risk and Concentration of Credit Risk
Off-Balance Sheet Risk and Concentration of Credit Risk	(18) Off-Balance Sheet Risk and Concentration of Credit Risk The Company is a member of various U.S. and non-U.S. exchanges and clearing houses that trade and clear, respectively, equities and/or derivative contracts. Associated with the Company’s membership, the Company may be required to pay a proportionate share of financial obligations of another member who may default on its obligations to the exchanges or the clearing house. While the rules governing different exchange or clearing house memberships vary, in general, the Company’s obligations would arise only if the exchanges and clearing houses had previously exhausted other remedies. The maximum potential payout under these memberships cannot be estimated. The Company has not recorded any contingent liability in the condensed consolidated financial statements for these agreements and believes that any potential requirement to make payments under these agreements is remote. In the ordinary course of business, the Company guarantees obligations of subsidiaries which may arise from third-party clearing relationships and trading counterparties. The activities of the subsidiaries covered by these guarantees are included in the Company’s condensed consolidated financial statements. The Company is also subject to indemnification provisions within agreements with third-party clearing brokers in certain jurisdictions whereby the Company is obligated to reimburse the clearing broker, without limit, for losses incurred due to a counterparty’s failure to satisfy its contractual obligations. The Company’s customer financing and securities settlement activities may require the Company to pledge customer securities as collateral in support of various secured financing transactions such as bank loans. In the event the financing counterparty is unable to meet its contractual obligation to return customer securities pledged as collateral, the Company may be exposed to the risk of acquiring the securities at prevailing market prices in order to satisfy its customer obligations. The Company controls this risk by monitoring the market value of securities pledged on a daily basis and by requiring adjustments of collateral levels in the event of excess market exposure. Financial instruments that potentially subject the Company to concentrations of credit risk are primarily cash and cash equivalents, securities owned at fair value, receivables from brokers, dealers and clearing organizations and receivables from customers. Cash and cash equivalents and securities owned, at fair value are deposited with high credit quality financial institutions. In connection with customer settlement activities, the Company loans securities temporarily to other brokers. The Company receives cash as collateral for the securities loaned. Increases in security prices may cause the market value of the securities loaned to exceed the amount of cash received as collateral. In the event the counterparty to these transactions does not return the loaned securities, the Company may be exposed to the risk of acquiring the securities at prevailing market prices in order to satisfy its client obligations. The Company controls this risk by requiring credit approvals for counterparties, by monitoring the market value of securities loaned on a daily basis, and by requiring additional cash as collateral or returning collateral when necessary. The Company also borrows securities temporarily from other brokers in connection with customer settlement activities. The Company deposits cash as collateral for the securities borrowed. Decreases in security prices may cause the market value of the securities borrowed to fall below the amount of cash deposited as collateral. In the event the counterparty to these transactions does not return collateral, the Company may be exposed to the risk of selling the securities at prevailing market prices. The Company controls this risk by requiring credit approvals for counterparties, by monitoring the collateral values on a daily basis, and by depositing additional collateral with counterparties or receiving cash when deemed necessary. The Company may at times maintain inventories in equity securities on both a long and short basis. Whereas long inventory positions represent the Company’s ownership of securities, short inventory positions represent obligations of the Company to deliver specified securities at a contracted price, which may differ from market prices prevailing at the time of completion of the transaction. Accordingly, both long and short inventory positions may result in losses or gains to the Company as market values of securities fluctuate. To mitigate the risk of losses, long and short positions are recorded at fair value and are continuously monitored by the Company.

Contingencies - Legal Matters

Contingencies - Legal Matters	9 Months Ended
	Sep. 30, 2018
Contingencies - Legal Matters
Contingencies - Legal Matters	(19) Contingencies – Legal Matters On November 7, 2018, ITG Inc. and AlterNet reached a final settlement with the SEC to resolve the previously disclosed investigation of certain operational features of the U.S. POSIT alternative trading system and access to U.S. POSIT data, together with related disclosures. According to the terms of the settlement, the Company will pay a $12 million civil penalty. The Company reserved $12 million for a potential settlement with the SEC in the second quarter of 2018. The Company also incurred $0.2 million in legal fees associated with this matter during the second quarter of 2018, and an additional $0.8 million in legal fees during the third quarter of 2018. With regard to the operational features of U.S. POSIT, the resolution was focused on: (i) the technological infrastructure supporting the matching engine from 2010 through mid-2014, which affected the ability of mainly clients engaged in low-latency trading to interact with other POSIT flow and (ii) a delay feature added in 2014 to ITG’s Liquidity Guard anti-gaming technology designed to prevent latency arbitrage by temporarily preventing day orders submitted by certain clients engaged in low-latency trading from interacting with day orders from other clients. The resolution was also focused on: (i) overbroad internal access to, and internal sharing of, U.S. POSIT data, (ii) between October 2010 and July 2015, the sharing of anonymized lists of the top 100 symbols executed in U.S. POSIT and the top 100 symbols sent to U.S. POSIT as immediate-or-cancel orders on the prior trading day mainly with clients or prospective clients engaged in low-latency trading, (iii) between June 2009 and November 2017, the sharing of a venue analysis report that contained up to 15 symbols (and associated aggregated, anonymized volume) executed in U.S. POSIT on the prior trading day with users of the Company’s algorithms and (iv) instances of sharing of anonymized U.S. POSIT execution information with clients. The Company has remediated the conduct described in the SEC’s order. The order acknowledges ITG’s cooperation and several of the Company’s most significant remedial actions, including enhanced compliance procedures, stricter limits on access to POSIT data and additional training of employees concerning the handling of POSIT data. In addition to the above, the Company’s broker-dealer subsidiaries are regularly subject to, or involved in, investigations and other proceedings by government agencies and self-regulatory organizations, with respect to which the Company is cooperating. Such investigations and other proceedings may result in judgments, settlements, fines, disgorgements, penalties, injunctions or other relief. Given the inherent uncertainties and the current stage of these inquiries, and the Company’s ongoing reviews, the Company is unable to predict the outcome of these matters at this time. The Company is not a party to any pending material legal proceedings other than claims and lawsuits arising in the ordinary course of business, except a putative class action lawsuit and a derivative action have been filed with respect to the Company and certain of its current and former directors and/or executives in connection with the Company’s announcement of the SEC matter described in the following paragraph (and other related actions could be filed). On August 12, 2015, the Company reached a final settlement with the SEC in connection with the SEC’s investigation into a proprietary trading pilot operated within AlterNet for sixteen months in 2010 through mid-2011. The investigation was focused on customer disclosures, Form ATS regulatory filings and customer information controls relating to the pilot’s trading activity, which included (a) crossing against sell-side clients in POSIT and (b) violations of Company policy and procedures by a former employee. These violations principally involved information breaches for a period of several months in 2010 regarding sell-side parent orders flowing into ITG’s algorithms and executions by all customers in non-POSIT markets that were not otherwise available to ITG clients. According to the terms of the settlement, the Company paid an aggregate amount of $20.3 million, representing a civil penalty of $18 million, disgorgement of approximately $2.1 million in trading revenues and prejudgment interest of approximately $0.25 million. In connection with the announcement of the SEC investigation regarding AlterNet, two putative class action lawsuits were filed with respect to the Company and certain of its current and former executives, which were consolidated into a single action captioned In re Investment Technology Group, Inc. Securities Litigation before the U.S. District Court for the Southern District of New York. The complaint alleges, among other things, that the defendants made material misrepresentations or omitted to disclose material facts concerning, among other subjects, the matters that were the subject of the SEC settlement regarding AlterNet and the SEC investigation that led to the SEC settlement. The complaint seeks an unspecified amount of damages under the federal securities laws. On April 26, 2017, the court granted in part and denied in part the Company’s motion to dismiss the complaint and granted the plaintiff leave to file a motion to amend its complaint. On June 12, 2017, the plaintiff filed a motion to amend its complaint against certain of the individual defendants who were dismissed from the case in the court’s April opinion. On March 23, 2018, the court denied plaintiff’s motion to amend, thereby affirming its dismissal of certain of the individual defendants from the case. On April 19, 2018, the Company reached an agreement in principle to settle the consolidated securities class action lawsuit. In exchange for a release of claims and a dismissal with prejudice, the settlement includes a payment to class members of $18 million, which is well within the policy limits of, and is expected to be paid by, the Company’s insurance carrier. The condensed consolidated statements of financial condition as of June 30, 2018 include a payable to class members of $18.0 million in accounts payable and accrued expenses (also, see Note 11, Accounts Payable and Accrued Expenses ) that is fully offset by a receivable from the Company’s insurance carrier in other assets. As a result, the settlement is not expected to impact the Company’s results. The settlement reached is solely to eliminate the uncertainties, burden and expense of further protracted litigation and does not constitute an admission of liability by the Company or its current or former executives or directors. Specifically, the Company and its current and former executives and directors deny any liability or responsibility for the claims made and make no admission of any wrongdoing. On August 8, 2018, the parties filed a Stipulation and Agreement of Settlement (the “Settlement”) with the court, which was amended on October 26, 2018 and preliminarily approved by the court on November 5, 2018. The Settlement is subject to certain conditions, including, among others, notice to the class of plaintiffs in the lawsuit and final court approval. There is no assurance that the final Settlement will be completed, final court approval will be obtained or that class member participation will be sufficient. On November 27, 2015, a purported shareholder of the Company filed a shareholder derivative action captioned Watterson v. Gasser et al. against eleven current or former officers and directors of the Company in the Supreme Court for the State of New York. The Company is named as a nominal defendant, and the plaintiff purports to seek recovery on its behalf. The complaint generally alleges that the individual defendants breached their fiduciary duties to the Company in connection with the matters that were the subject of the SEC settlement regarding AlterNet. While the Company cannot predict the outcome of the derivative lawsuit, the Company intends to defend it as appropriate. No reserve has been established for the derivative lawsuit since the Company is unable to provide a reasonable estimate of any potential liability given the stage of the proceeding. The Company believes, based on information currently available, that the outcome of the derivative lawsuit will not likely have a material adverse effect on its consolidated financial position. In light of the inherent uncertainties of such proceeding, an adverse outcome may have a material impact on the results of operations for any particular period.

Subsequent Event

Subsequent Event	9 Months Ended
	Sep. 30, 2018
Subsequent Events
Subsequent Events	(20) Subsequent Event On November 6, 2018, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Virtu Financial, Inc., a Delaware corporation (“Virtu”) and Impala Merger Sub, Inc., a Delaware corporation and indirect wholly owned subsidiary of Virtu (“Merger Sub”). The Merger Agreement provides for the merger of Merger Sub with and into the Company (the “Merger”), with the Company surviving the Merger as a wholly owned subsidiary of Virtu. Subject to the terms and conditions set forth in the Merger Agreement, at the effective time of the Merger (the “Effective Time”), each share of common stock of the Company, par value $0.01 per share, issued and outstanding immediately prior to the Effective Time (other than (i) shares of common stock owned by Virtu, Merger Sub, any affiliate of Virtu or Merger Sub, or the Company, in each case immediately prior to the Effective Time, and (ii) shares of common stock held by stockholders who have not voted in favor of the Merger and who have properly and validly perfected their statutory rights of appraisal in respect of such shares of common stock in accordance with Section 262 of the Delaware General Corporation Law) will be canceled and converted into the right to receive $30.30 in cash without interest (the “Merger Consideration”), subject to applicable tax withholding. The respective obligations of the Company, Virtu and Merger Sub to consummate the Merger are subject to the satisfaction or waiver of certain customary conditions, including the adoption of the Merger Agreement by the Company’s stockholders, the receipt of certain required governmental approvals, the absence of any legal prohibitions, the accuracy of the representations and warranties (subject to customary materiality qualifiers) and compliance by the other party with its obligations under the Merger Agreement (subject to customary materiality qualifiers). The consummation of the Merger is not subject to a financing condition. The parties expect the Merger to close in the first half of 2019.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2018
Fair Value Measurements
Fair value measurements for assets and liabilities measured on a recurring basis	Fair value measurements for those items measured on a recurring basis are as follows (dollars in thousands): September 30, 2018 Total Level 1 Level 2 Level 3 Assets Cash and cash equivalents: Money market mutual funds $ 1 $ 1 $ — $ — Securities owned, at fair value: Corporate stocks - trading securities 18 18 — — Mutual funds 638 638 — — Total $ 657 $ 657 $ — $ — Liabilities Securities sold, not yet purchased, at fair value: Corporate stocks - trading securities 987 987 — — Total $ 987 $ 987 $ — $ — December 31, 2017 Total Level 1 Level 2 Level 3 Assets Securities owned, at fair value: Corporate stocks - trading securities $ 78 $ 78 $ — $ — Mutual funds 1,481 1,481 — — Total $ 1,559 $ 1,559 $ — $ — Liabilities Securities sold, not yet purchased, at fair value: Corporate stocks - trading securities 1 1 — — Total $ 1 $ 1 $ — $ —

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	9 Months Ended
	Sep. 30, 2018
ASU 2014-09
Schedule of condensed consolidated statements of operations of adopting ASC 606	Three Months Ended September 30, Nine Months Ended September 30, 2018 2018 Net increase (decrease) in commissions and fees $ $ Net (decrease) increase in recurring revenues (446) Net increase (decrease) in total revenues $ $

Restructuring Charges (Tables)

Restructuring Charges (Tables)	9 Months Ended
	Sep. 30, 2018
Restructuring Plan 2018
Restructuring Charges.
Summary of activity and liability balances	Activity and liability balances recorded as part of the restructuring plan through September 30, 2018 are as follows (dollars in thousands): Employee Consolidation Separation of Leased Costs Facilities Total Restructuring charges recognized - March 31, 2018 $ 7,165 $ — $ 7,165 Restructuring charges recognized - September 30, 2018 1,135 2,301 3,436 Total Restructuring Charges - 2018 8,300 2,301 10,601 Cash payments (3,674) (360) (4,034) Acceleration of share-based compensation (2,702) — (2,702) Asset write-off — (390) (390) Balance at September 30, 2018 $ 1,924 $ 1,551 $ 3,475
Restructuring Plan 2016
Restructuring Charges.
Summary of activity and liability balances	Activity and liability balances recorded as part of the restructuring plan through September 30, 2018 are as follows (dollars in thousands): Amount Balance at December 31, 2017 $ 6 Asset write-off (6) Balance at September 30, 2018 $ —

Cash (Tables)

Cash (Tables)	9 Months Ended
	Sep. 30, 2018
Cash
Summary of cash, cash equivalents and restricted cash shown in the statement of cash flows	September 30, December 31, 2018 2017 Cash and cash equivalents $ 240,152 $ 287,452 Cash restricted or segregated under regulations and other 16,990 18,599 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 257,142 $ 306,051

Securities Owned and Sold, No_2

Securities Owned and Sold, Not Yet Purchased (Tables)	9 Months Ended
	Sep. 30, 2018
Securities Owned and Sold, Not Yet Purchased
Summary of securities owned and securities sold, not yet purchased	The following is a summary of securities owned and securities sold, not yet purchased (dollars in thousands): Securities Sold, Not Yet Securities Owned Purchased September 30, December 31, September 30, December 31, 2018 2017 2018 2017 Corporate stocks - trading securities $ 18 $ 78 $ 987 $ 1 Mutual funds 638 1,481 — — Total $ 656 $ 1,559 $ 987 $ 1

Goodwill and Other Intangibles

Goodwill and Other Intangibles (Tables)	9 Months Ended
	Sep. 30, 2018
Goodwill and Other Intangibles
Changes in the carrying amount of goodwill by reportable segment	The following table presents the changes in the carrying amount of goodwill by the Company’s European Operations segment for the nine months ended September 30, 2018 (dollars in thousands): Total Balance at December 31, 2017 $ 11,054 Currency translation adjustment (398) Balance at September 30, 2018 $ 10,656
Summary of acquired other intangible assets	Acquired other intangible assets consisted of the following at September 30, 2018 and December 31, 2017 (dollars in thousands): September 30, 2018 December 31, 2017 Gross Carrying Accumulated Gross Carrying Accumulated Useful Lives Amount Amortization Amount Amortization (Years) Trade name $ 8,524 $ — $ 8,529 $ — — Customer-related intangibles 9,665 6,154 10,217 6,219 17.0 Proprietary software 23,256 22,474 23,321 22,197 8.5 Trading rights 339 — 339 — — Other 50 — 50 — — Total $ 41,834 $ 28,628 $ 42,456 $ 28,416
Schedule of changes in the carrying amount of net intangible assets	The following table represents the changes in the carrying amount of net intangible assets for the nine months ended September 30, 2018 (dollars in thousands): Total Balance at December 31, 2017 $ 14,040 Amortization (762) Currency translation adjustment (72) Balance at September 30, 2018 $ 13,206

Receivables and Payables (Table

Receivables and Payables (Tables)	9 Months Ended
	Sep. 30, 2018
Receivables and Payables
Summary of receivables from and payables to, brokers, dealers and clearing organizations	The following is a summary of receivables from, and payables to, brokers, dealers and clearing organizations (dollars in thousands): Receivables from Payables to September 30, December 31, September 30, December 31, 2018 2017 2018 2017 Broker-dealers $ 221,241 $ 189,817 $ 172,773 $ 105,022 Clearing organizations 17,896 708 1,492 10,011 Securities borrowed 19,135 4,246 — — Securities loaned — — 26,539 4,245 Allowance for doubtful accounts (985) (864) — — Total $ 257,287 $ 193,907 $ 200,804 $ 119,278 * See Securities Borrowed and Loaned below.
Summary of receivables from and payables to customers	The following is a summary of receivables from, and payables to, customers (dollars in thousands): Receivables from Payables to September 30, December 31, September 30, December 31, 2018 2017 2018 2017 Customers $ 133,399 $ 75,062 $ 53,010 $ 23,568 Allowance for doubtful accounts (459) (367) — — Net $ 132,940 $ 74,695 $ 53,010 $ 23,568
Summary of the transactions under certain Master Securities Lending Agreements that may be eligible for offsetting if an event of default occurred and a right of offset was legally enforceable	The following table summarizes the transactions under certain Master Securities Lending Agreements that may be eligible for offsetting if an event of default occurred and a right of offset was legally enforceable (dollars in thousands): Gross Amounts Net Amounts Collateral Offset in the Presented in the Received or Gross Amounts of Consolidated Consolidated Pledged Recognized Assets/ Statement of Statement of (including Net (Liabilities) Financial Condition Financial Condition Cash) Amount As of September 30, 2018: Deposits paid for securities borrowed $ 19,135 $ — $ 19,135 $ 19,135 $ — Deposits received for securities loaned (26,539) — (26,539) (26,365) (174) As of December 31, 2017: Deposits paid for securities borrowed $ 4,246 $ — $ 4,246 $ 4,246 $ — Deposits received for securities loaned (4,245) — (4,245) (4,229) (16)

Accounts Payable and Accrued _2

Accounts Payable and Accrued Expenses (Tables)	9 Months Ended
	Sep. 30, 2018
Accounts Payable and Accrued Expenses
Summary of accounts payable and accrued expenses	The following is a summary of accounts payable and accrued expenses (dollars in thousands): September 30, December 31, 2018 2017 Accrued research payables $ 81,092 $ 51,275 Accrued compensation and benefits 28,866 37,911 Accrued costs for potential class action lawsuit settlement 18,000 — Accrued costs for potential SEC settlement 12,000 — Accrued rent 13,013 14,821 Trade payables 16,798 20,820 Deferred revenue 11,593 8,057 Deferred compensation 1,753 2,525 Accrued restructuring 3,475 6 Accrued transaction processing 4,046 3,257 Other 27,366 27,823 Total $ 218,002 $ 166,495

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2018
Earnings Per Share
Reconciliation of the basic and diluted earnings per share computations	The following is a reconciliation of the basic and diluted earnings per share computations (amounts in thousands, except per share amounts): September 30, 2018 2017 Three Months Ended Net income (loss) for basic and diluted income (loss) per share $ 229 $ (46,967) Shares of common stock and common stock equivalents: Average common shares used in basic computation 33,002 33,105 Effect of dilutive securities 1,419 — Average common shares used in diluted computation 34,421 33,105 Income (loss) per share: Basic $ 0.01 $ (1.42) Diluted $ 0.01 $ (1.42) Nine Months Ended Net income (loss) for basic and diluted income (loss) per share $ 1,571 $ (37,022) Shares of common stock and common stock equivalents: Average common shares used in basic computation 32,976 33,060 Effect of dilutive securities 1,226 — Average common shares used in diluted computation 34,202 33,060 Income (loss) per share: Basic $ 0.05 $ (1.12) Diluted $ 0.05 $ (1.12)

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive (Loss) Income (Tables)	9 Months Ended
	Sep. 30, 2018
Accumulated Other Comprehensive (Loss) Income
Schedule of components and allocated tax effects of accumulated other comprehensive (loss) income	The components and allocated tax effects of accumulated other comprehensive (loss) income for the three and nine months ended September 30, 2018 and 2017 are as follows (dollars in thousands): Three Months Ended September 30, 2018 Balance at June 30, 2018 $ (27,023) Other comprehensive loss (799) Balance at September 30, 2018 $ (27,822) Three Months Ended September 30, 2017 Balance at June 30, 2017 $ (27,221) Other comprehensive income 5,437 Balance at September 30, 2017 $ (21,784) Nine Months Ended September 30, 2018 Balance at December 31, 2017 $ (21,397) Other comprehensive loss (6,425) Balance at September 30, 2018 $ (27,822) Nine Months Ended September 30, 2017 Balance at December 31, 2016 $ (33,977) Other comprehensive income 12,193 Balance at September 30, 2017 $ (21,784)

Net Capital Requirement (Tables

Net Capital Requirement (Tables)	9 Months Ended
	Sep. 30, 2018
Net Capital Requirement
Net capital balances and the amounts in excess of required net capital for the U.S. Operations	Net capital balances and the amounts in excess of required net capital at September 30, 2018 for the U.S. Operations are as follows (dollars in thousands): Net Capital Excess U.S. Operations ITG Inc. $ 81,073 80,073 AlterNet 5,817 5,717
Net capital balances and the amounts in excess of required net capital for other than U.S. Operations	The regulatory net capital balances and amount of regulatory capital in excess of the minimum requirements applicable to each business at September 30, 2018, is summarized in the following table (dollars in thousands): Net Capital Excess Canadian Operations Canada $ 22,002 21,616 European Operations Ireland 43,308 12,607 U.K. 1,430 455 Asia Pacific Operations Australia 30,122 15,045 Hong Kong 2,933 2,485 Singapore 1,130 1,057

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2018
Segment Reporting
Summary of the segment financial information	A summary of the segment financial information is as follows (dollars in thousands): U.S. Canadian European Asia Pacific Operations Operations Operations Operations Corporate Consolidated Three Months Ended September 30, 2018 Total revenues $ 45,398 $ 16,190 $ 40,019 $ 18,524 $ 638 $ 120,769 (Loss) income before income tax (benefit) expense (1)(3)(4) (2,736) 1,833 9,377 3,852 (9,567) 2,759 Identifiable assets 389,240 96,951 315,351 90,217 — 891,759 Three Months Ended September 30, 2017 Total revenues $ 47,403 $ 15,055 $ 36,256 $ 15,327 $ 490 $ 114,531 (Loss) income before income tax (benefit) expense (2)(6) (6,333) 738 7,662 2,204 (6,226) (1,955) Identifiable assets 338,000 75,332 323,142 57,571 — 794,045 Nine Months Ended September 30, 2018 Total revenues $ 141,910 $ 51,967 $ 127,760 $ 57,561 $ 1,532 $ 380,730 (Loss) income before income tax (benefit) expense (1)(3)(4) (5,090) 8,712 31,726 12,532 (39,478) 8,402 Nine Months Ended September 30, 2017 Total revenues $ 153,559 $ 47,521 $ 111,707 $ 42,990 $ 1,170 $ 356,947 (Loss) income before income tax (benefit) expense (5)(6) (12,646) 6,034 27,170 4,117 (17,732) 6,943 Notes: (1) During the nine months ended September 30, 2018, the Company incurred a charge to establish an accrual of $12.0 million for a potential settlement with the SEC of an investigation into the operational features of U.S. POSIT and access to U.S. POSIT data, together with certain related disclosures, and incurred related legal fees of $0.2 million. Additional legal fees of $0.8 million were incurred in the third quarter of 2018. For more information, see Note 19, Contingencies – Legal Matters. (2) The Company has restated segment results for the three months ended September 30, 2017, resulting in a decrease in U.S. expenses of $2.7 million and increases in expenses in Canada, Europe and Asia Pacific of $0.7 million, $1.3 million and $0.7 million, respectively. (3) During the three and nine months ended September 30, 2018, the Company incurred restructuring charges of $3.4 million and $10.6 million, respectively, related to the elimination of certain positions in the U.S. and the reduction of office space in Los Angeles. (4) During the three and nine months ended September 30, 2018, the Company incurred a charge of $0.9 million to increase the liability for vacated space in New York. (5) The Company has restated segment results for the nine months ended September 30, 2017, resulting in a decrease in U.S. expenses of $8.0 million and increases in expenses in Canada, Europe and Asia Pacific of $2.0 million, $3.8 million and $2.2 million, respectively. (6) In the third quarter of 2017, the Company deemed the remaining value of a customer intangible asset recorded in ITG Derivatives of $0.3 million fully impaired and incurred legal fees of $0.8 million related to the formation of the Matrix derivatives venture that was completed in the first quarter of 2018.
Schedule of total revenues for the products and services provided by the company	The table below details the total revenues for the categories of products and services provided by the Company (dollars in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 Revenues: Execution Services $ 84,899 $ 80,141 $ 269,214 253,225 Workflow Technology 24,407 22,553 78,094 69,005 Analytics 10,825 11,347 31,890 33,547 Corporate (non-product) 638 490 1,532 1,170 Total Revenues $ 120,769 $ 114,531 $ 380,730 $ 356,947

Organization and Basis of Pre_2

Organization and Basis of Presentation (Details)	9 Months Ended
	Sep. 30, 2018segmentitem
Number of reportable operating segments | segment	4
Minimum
Number of countries in which execution services are offered | item	50

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Assets
Securities owned, at fair value:	$ 656	$ 1,559
Liabilities
Securities sold, not yet purchased, at fair value:	987	1
Recurring basis
Assets
Total Assets	657	1,559
Liabilities
Total Liabilities	987	1
Recurring basis | Money market mutual funds
Assets
Cash and cash equivalents:	1
Recurring basis | Corporate stocks-trading securities
Assets
Securities owned, at fair value:	18	78
Liabilities
Securities sold, not yet purchased, at fair value:	987	1
Recurring basis | Mutual funds
Assets
Securities owned, at fair value:	638	1,481
Recurring basis | Level 1
Assets
Total Assets	657	1,559
Liabilities
Total Liabilities	987	1
Recurring basis | Level 1 | Money market mutual funds
Assets
Cash and cash equivalents:	1
Recurring basis | Level 1 | Corporate stocks-trading securities
Assets
Securities owned, at fair value:	18	78
Liabilities
Securities sold, not yet purchased, at fair value:	987	1
Recurring basis | Level 1 | Mutual funds
Assets
Securities owned, at fair value:	$ 638	$ 1,481

Revenue from Contracts with C_3

Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Jan. 01, 2018	Dec. 31, 2017
Revenues:
Revenues	$ 120,769		$ 380,730
Retained Earnings (Accumulated Deficit)	481,550		481,550			$ 486,957
Total assets	891,759		891,759			784,856
Total liabilities	533,696		533,696			421,621
Net increase (decrease) in commissions and fees	2,106		(2,809)
Net (decrease) increase in recurring revenues	(446)		422
Net increase (decrease) in total revenues	1,660		(2,387)
Revenue related to performance obligations	500
Receivables related to contracts with customers	44,000		44,000			38,200
Impairment losses on receivables			0
Contract assets	0		0
Deferred Revenue	11,593		11,593			8,057
Revenue recognized included in deferred income at beginning of quarter	7,400		21,800
Calculated under Revenue Guidance in Effect before Topic 606 [Member]
Revenues:
Revenues		$ 114,531		$ 356,947
Total assets		794,045		794,045
ASU 2014-09
Revenues:
Retained Earnings (Accumulated Deficit)					$ (50)
ASU 2014-09 | Difference between Revenue Guidance in Effect before and after Topic 606 [Member]
Revenues:
Receivables related to contracts with customers	1,100		1,100
Deferred Revenue	3,700		3,700
Commissions and fees and recurring revenue
Revenues:
Revenues	119,300		376,200
Analytics
Revenues:
Revenues	10,825		31,890
Deferred Revenue	$ 10,300		$ 10,300			$ 6,900
Analytics | Calculated under Revenue Guidance in Effect before Topic 606 [Member]
Revenues:
Revenues		$ 11,347		$ 33,547

Equity Investment (Details)

Equity Investment (Details) $ in Thousands	3 Months Ended		9 Months Ended	12 Months Ended
	Sep. 30, 2018USD ($)	Mar. 31, 2018USD ($)	Sep. 30, 2018USD ($)director	Dec. 31, 2017USD ($)	Sep. 30, 2017USD ($)	Dec. 31, 2016USD ($)
Ownership percentage for equity method investments				20.00%
Revenues	$ 120,769		$ 380,730
Number of directors in the board of directors of Matrix appointed by Optech | director			2
Number of directors in the board of directors of Matrix appointed by the company | director			1
Cash and restricted cash	257,142		$ 257,142	$ 306,051	$ 252,355	$ 318,330
Gain or loss was recognized on investment	0		0
Legal Fees	200		800
ITG Derivatives
Revenues				$ 5,300
Matrix Holding Group
Initial investment	2,000		2,000
Legal Fees		$ 800
Matrix Holding Group | Cash and restricted cash
Initial investment	600		600
Matrix Holding Group | Non-cash assets
Initial investment	$ 1,400		$ 1,400

Restructuring Charges (Details)

Restructuring Charges (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Mar. 31, 2018	Sep. 30, 2018	Sep. 30, 2017
Restructuring Charges
Balance at the beginning of the period		$ 6	$ 6
Restructuring charges recognized	$ 3,436		10,601
Acceleration of share-based compensation			20,427	$ 15,730
Balance at the end of the period	3,475		3,475
Restructuring Plan 2018
Restructuring Charges
Restructuring charges recognized	3,436	7,165	(10,601)
Cash payments			(4,034)
Acceleration of share-based compensation			(2,702)
Asset write-off			(390)
Balance at the end of the period	3,475		3,475
Employee separation and related costs | Restructuring Plan 2016
Restructuring Charges
Balance at the beginning of the period		6	6
Asset write-off			(6)
Employee separation and related costs | Restructuring Plan 2018
Restructuring Charges
Restructuring charges recognized	1,135	$ 7,165	(8,300)
Cash payments			(3,674)
Acceleration of share-based compensation			(2,702)
Balance at the end of the period	1,924		1,924
Contract termination charges | Restructuring Plan 2018
Restructuring Charges
Restructuring charges recognized	2,301		(2,301)
Cash payments			(360)
Asset write-off			(390)
Balance at the end of the period	$ 1,551		$ 1,551

Cash (Details)

Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017	Sep. 30, 2017	Dec. 31, 2016
Cash, cash equivalents and restricted cash shown in the statement of cash flows
Cash and cash equivalents	$ 240,152	$ 287,452
Cash restricted or segregated under regulations and other	16,990	18,599
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	$ 257,142	$ 306,051	$ 252,355	$ 318,330

Securities Owned and Sold, No_3

Securities Owned and Sold, Not Yet Purchased (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Securities owned and sold, not yet purchased
Securities owned, at fair value	$ 656	$ 1,559
Securities sold, not yet purchased, at fair value	987	1
Corporate stocks-trading securities
Securities owned and sold, not yet purchased
Securities owned, at fair value	18	78
Securities sold, not yet purchased, at fair value	987	1
Mutual funds
Securities owned and sold, not yet purchased
Securities owned, at fair value	$ 638	$ 1,481

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Income Taxes
Corporate income tax rate as a percentage	21.00%	35.00%
Realized unrecognized tax benefit related to the resolution of a multi-year contingency	$ 1.9
Unrecognized tax benefits	5.7	$ 7.7
Netted against fully reserved	4.3
Accrued interest expense related to tax reserves, net of related tax effects	$ 1.2	$ 1.6

Goodwill and Other Intangible_2

Goodwill and Other Intangibles - Segment (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Goodwill
Balance at the beginning of the period	$ 11,054
Impairment losses		$ (325)
Currency translation adjustment	(398)
Balance at the end of the period	$ 10,656
Goodwill, Segment location	itg:EuropeanOperationsMember		itg:EuropeanOperationsMember

Goodwill and Other Intangible_3

Goodwill and Other Intangibles - Other Intangible (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Other Intangible Assets
Gross Carrying Amount	$ 41,834		$ 41,834		$ 42,456
Accumulated Amortization	28,628		28,628		28,416
Other intangible assets not subject to amortization	8,900		8,900
Amortization expense of other intangible assets	300	$ 300	762	$ 1,000
Trade names
Other Intangible Assets
Gross Carrying Amount	8,524		8,524		8,529
Trading rights
Other Intangible Assets
Gross Carrying Amount	339		339		339
Other
Other Intangible Assets
Gross Carrying Amount	50		50		50
POSIT trade name
Other Intangible Assets
Other intangible assets not subject to amortization	8,400		8,400
Customer related intangibles
Other Intangible Assets
Gross Carrying Amount	9,665		9,665		10,217
Accumulated Amortization	6,154		$ 6,154		6,219
Useful Lives			17 years
Proprietary software
Other Intangible Assets
Gross Carrying Amount	23,256		$ 23,256		23,321
Accumulated Amortization	$ 22,474		$ 22,474		$ 22,197
Useful Lives			8 years 6 months

Goodwill and Other Intangible_4

Goodwill and Other Intangibles - Changes in Net Intangibles Carrying Amount (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Goodwill and Other Intangibles
Beginning balance			$ 14,040
Amortization	$ (300)	$ (300)	(762)	$ (1,000)
Currency translation adjustment			(72)
Ending balance	$ 13,206		$ 13,206

Receivables and Payables - Brok

Receivables and Payables - Brokers, Dealers, and Clearing Organizations (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Receivables from brokers, dealers and clearing organizations
Broker-dealers	$ 221,241	$ 189,817
Clearing organizations	17,896	708
Securities borrowed	19,135	4,246
Allowance for doubtful accounts	(985)	(864)
Total	257,287	193,907
Payables to brokers, dealers and clearing organizations
Broker-dealers	172,773	105,022
Clearing organizations	1,492	10,011
Securities loaned	26,539	4,245
Total	$ 200,804	$ 119,278

Receivables and Payables - Cust

Receivables and Payables - Customers (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Receivables from customers
Customers	$ 133,399	$ 75,062
Allowance for doubtful accounts	(459)	(367)
Total	132,940	74,695
Payables to customers
Customers	53,010	23,568
Total	$ 53,010	$ 23,568

Receivables and Payables - Mast

Receivables and Payables - Master Securities Lending Agreements (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Deposits paid for securities borrowed
Gross Amounts of Recognized Assets	$ 19,135	$ 4,246
Net Amounts Presented in the Consolidated Statement of Financial Condition	19,135	4,246
Collateral Received or Pledged (including Cash)	19,135	4,246
Deposits received for securities loaned
Gross Amounts of Recognized Liabilities	(26,539)	(4,245)
Net Amounts Presented in the Consolidated Statement of Financial Condition	(26,539)	(4,245)
Collateral Received or Pledged (including Cash)	(26,365)	(4,229)
Net Amount	$ (174)	$ (16)

Accounts Payable and Accrued _3

Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Accounts Payable and Accrued Expenses
Accrued research payables	$ 81,092	$ 51,275
Accrued compensation and benefits	28,866	37,911
Accrued costs for potential class action lawsuit settlement	18,000
Accrued costs for potential SEC settlement	12,000
Accrued rent	13,013	14,821
Trade payables	16,798	20,820
Deferred revenue	11,593	8,057
Deferred compensation	1,753	2,525
Accrued restructuring	3,475	6
Accrued transaction processing	4,046	3,257
Other	27,366	27,823
Total	$ 218,002	$ 166,495

Borrowings - Security and Settl

Borrowings - Security and Settlement (Details) $ in Millions	Sep. 30, 2018USD ($)
Borrowings
Overdraft facilities outstanding	$ 52.3
Weighted average interest rate on outstanding short-term bank loans to support clearance and settlement activities (as a percent)	2.00%

Borrowings - Credit Agreement (

Borrowings - Credit Agreement (Details) - USD ($)	Jan. 26, 2018	Jan. 31, 2016	Sep. 30, 2018
Revolving Credit
Credit Agreement
Current borrowing capacity		$ 150,000,000
Credit facility initial term		364 days
New Credit Agreement
Credit Agreement
Current borrowing capacity	$ 150,000,000
Credit facility initial term	364 days
Amount outstanding under Credit Agreement			$ 0

Borrowings - Term Debt (Details

Borrowings - Term Debt (Details)	Dec. 21, 2017USD ($)installment	Dec. 30, 2015USD ($)installment	Sep. 30, 2018USD ($)installment	Dec. 31, 2017USD ($)
Term Loan
Term loans			$ 2,100,000	$ 3,100,000
H-P Loan
Term Loan
Term loans			$ 1,700,000	$ 2,400,000
Term of Term Loan Agreement		5 years
Term debt		$ 3,600,000
Number of quarterly installments for payable of remaining loan principal | installment		20
Repayment of principal in quarterly installments		$ 195,000
Interest Rate		2.95%
H-P Veritas Loan
Term Loan
Term of Term Loan Agreement	3 years
Term debt	$ 700,000
Number of quarterly installments for payable of remaining loan principal | installment	3		2
H-P Veritas Loan | Principal payable in January 2018
Term Loan
Repayments of debt			$ 240,000
H-P Veritas Loan | Principal payable in January 2019
Term Loan
Periodic installment			230,000
H-P Veritas Loan | Principal payable in March 2019
Term Loan
Periodic installment			$ 230,000

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Earnings Per Share
Net income (loss) for basic and diluted income (loss) per share	$ 229	$ (46,967)	$ 1,571	$ (37,022)
Shares of common stock and common stock equivalents:
Average common shares used in basic computation	33,002	33,105	32,976	33,060
Effect of dilutive securities (in shares)	1,419		1,226
Average common shares used in diluted computation	34,421	33,105	34,202	33,060
Income (loss) per share:
Basic (in dollars per share)	$ 0.01	$ (1.42)	$ 0.05	$ (1.12)
Diluted (in dollars per share)	$ 0.01	$ (1.42)	$ 0.05	$ (1.12)
Anti-dilutive equity awards not included in the detailed earnings per share computation
Equity awards not included in the diluted earnings per share computation	6,000	0	70,000	0

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Accumulated Other Comprehensive (Loss) Income
Beginning Balance	$ (27,023)	$ (27,221)	$ (21,397)	$ (33,977)
Other comprehensive (loss) income	(799)	5,437	(6,425)	12,193
Ending Balance	$ (27,822)	$ (21,784)	$ (27,822)	$ (21,784)

Net Capital Requirement (Detail

Net Capital Requirement (Details)	Sep. 30, 2018USD ($)
Canada
Net Capital Requirement
Net Capital	$ 22,002,000
Excess Net Capital	21,616,000
Ireland
Net Capital Requirement
Net Capital	43,308,000
Excess Net Capital	12,607,000
U.K.
Net Capital Requirement
Net Capital	1,430,000
Excess Net Capital	455,000
Australia
Net Capital Requirement
Net Capital	30,122,000
Excess Net Capital	15,045,000
Hong Kong
Net Capital Requirement
Net Capital	2,933,000
Excess Net Capital	2,485,000
Singapore
Net Capital Requirement
Net Capital	1,130,000
Excess Net Capital	1,057,000
ITG Inc.
Net Capital Requirement
Minimum net capital under the alternative method	$ 1,000,000
Net capital percentage of debit balances arising from customer transactions	2.00%
Cash balance in Special Reserve Bank Accounts for the benefit of customers under the Customer Protection Rule	$ 9,400,000
Cash balance under Proprietary Accounts for Introducing Brokers agreements	3,500,000
ITG Inc. | US
Net Capital Requirement
Net Capital	81,073,000
Excess Net Capital	$ 80,073,000
Alter Net
Net Capital Requirement
Net capital percentage of aggregate indebtedness	6.66%
Minimum net capital under the basic method	$ 100,000
Alter Net | US
Net Capital Requirement
Net Capital	5,817,000
Excess Net Capital	$ 5,717,000

Segment Reporting - Financial I

Segment Reporting - Financial Information (Details) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2018USD ($)	Mar. 31, 2018USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)segment	Sep. 30, 2017USD ($)	Dec. 31, 2017USD ($)
Segment reporting
Number of operating segments | segment				4
Total revenues	$ 120,769			$ 380,730
(Loss) income before income tax (benefit) expense	2,759		$ (1,955)	8,402	$ 6,943
Identifiable assets	891,759			891,759		$ 784,856
Expense incurred as potential settlement with SEC				12,000
Legal expenses	200			800
Restructuring charges	3,436			10,601
Litigation settlement amount				18,000
US | Restatement Adjustment
Segment reporting
Restructuring charges	3,400			10,600
Increase (decrease) in expenses			(2,700)		(8,000)
Charge incurred to increase liability	900			900
Canada | Restatement Adjustment
Segment reporting
Increase (decrease) in expenses			700		2,000
Europe | Restatement Adjustment
Segment reporting
Increase (decrease) in expenses			1,300		3,800
Asia Pacific | Restatement Adjustment
Segment reporting
Increase (decrease) in expenses			700		2,200
Corporate
Segment reporting
Total revenues	638			1,532
U.S. Operations
Segment reporting
Total revenues	45,398			141,910
(Loss) income before income tax (benefit) expense	(2,736)			(5,090)
Identifiable assets	389,240			389,240
Canadian Operations
Segment reporting
Total revenues	16,190			51,967
(Loss) income before income tax (benefit) expense	1,833			8,712
Identifiable assets	96,951			96,951
European Operations
Segment reporting
Total revenues	40,019			127,760
(Loss) income before income tax (benefit) expense	9,377			31,726
Identifiable assets	315,351			315,351
Asia Pacific Operations
Segment reporting
Total revenues	18,524			57,561
(Loss) income before income tax (benefit) expense	3,852			12,532
Identifiable assets	90,217			90,217
Corporate Activity
Segment reporting
Total revenues	638			1,532
(Loss) income before income tax (benefit) expense	$ (9,567)			$ (39,478)
Matrix Holding Group
Segment reporting
Legal expenses		$ 800
ITG Derivatives
Segment reporting
Impairment of intangible assets					300
Calculated under Revenue Guidance in Effect before Topic 606 [Member]
Segment reporting
Total revenues			114,531		356,947
(Loss) income before income tax (benefit) expense			(1,955)		6,943
Identifiable assets			794,045		794,045
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Corporate
Segment reporting
Total revenues			490		1,170
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | U.S. Operations
Segment reporting
Total revenues			47,403		153,559
(Loss) income before income tax (benefit) expense			(6,333)		(12,646)
Identifiable assets			338,000		338,000
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Canadian Operations
Segment reporting
Total revenues			15,055		47,521
(Loss) income before income tax (benefit) expense			738		6,034
Identifiable assets			75,332		75,332
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | European Operations
Segment reporting
Total revenues			36,256		111,707
(Loss) income before income tax (benefit) expense			7,662		27,170
Identifiable assets			323,142		323,142
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Asia Pacific Operations
Segment reporting
Total revenues			15,327		42,990
(Loss) income before income tax (benefit) expense			2,204		4,117
Identifiable assets			57,571		57,571
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Corporate Activity
Segment reporting
Total revenues			490		1,170
(Loss) income before income tax (benefit) expense			$ (6,226)		$ (17,732)

Segment Reporting - Revenue by

Segment Reporting - Revenue by Product Group (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenues
Total revenues	$ 120,769		$ 380,730
Revenue in Analytics for functionality but not a separate performance obligation from products and services provided by Workflow Technology and Execution Services	500		1,600
Execution Services
Revenues
Total revenues	84,899		269,214
Workflow Technology
Revenues
Total revenues	24,407		78,094
Analytics
Revenues
Total revenues	10,825		31,890
Corporate
Revenues
Total revenues	$ 638		$ 1,532
Calculated under Revenue Guidance in Effect before Topic 606 [Member]
Revenues
Total revenues		$ 114,531		$ 356,947
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Execution Services
Revenues
Total revenues		80,141		253,225
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Workflow Technology
Revenues
Total revenues		22,553		69,005
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Analytics
Revenues
Total revenues		11,347		33,547
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Corporate
Revenues
Total revenues		$ 490		$ 1,170

Dividend Program (Details)

Dividend Program (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2018
Dividend declared (in dollars per share)	$ 0.07	$ 0.21
Dividend paid (in dollars per share)	$ 0.07	$ 0.21
Dividends	$ 2,300	$ 6,846
Equity Award Plans | Maximum
Dividends	$ 100	$ 100

Contingencies - Legal Matters (

Contingencies - Legal Matters (Details) - USD ($) $ in Thousands	Aug. 12, 2015	Sep. 30, 2018	Jun. 30, 2018	Sep. 30, 2018
Contingencies – Legal Matters
Litigation settlement amount				$ 18,000
Accrued costs for potential class action lawsuit settlement		$ 18,000		18,000
Expense incurred as potential settlement with SEC				12,000
Legal expenses		200		800
Settlement with SEC regard to the operational features of U.S. POSIT
Contingencies – Legal Matters
Accrued settlement costs		12,000		12,000
Expense incurred as potential settlement with SEC		12,000		$ 12,000
Legal expenses		$ 800	$ 200
Settlement with S E C for Investigation into Proprietary Trading Pilot
Contingencies – Legal Matters
Payment of settlement amount	$ 20,300
Civil penalty	18,000
Disgorgement payment	2,100
Prejudgment interest	$ 250

Subsequent Event (Details)

Subsequent Event (Details) - $ / shares	Nov. 06, 2018	Sep. 30, 2018	Dec. 31, 2017
Subsequent Events
Common stock, par value (in dollars per share)		$ 0.01	$ 0.01
Subsequent event
Subsequent Events
Common stock, par value (in dollars per share)	$ 0.01
Subsequent event | Merger Agreement
Subsequent Events
Merger consideration per share	$ 30.30