Receivables from/Payables to Broker-Dealers and Clearing Organizations

3 Months Ended

Mar. 31, 2016

Receivables from/Payables to Broker-Dealers and Clearing Organizations

Receivables from/Payables to Broker-Dealers and Clearing Organizations

6. Receivables from/Payables to Broker-Dealers and Clearing Organizations

The following is a summary of receivables from and payables to brokers-dealers and clearing organizations at March 31, 2016 and December 31, 2015:


	March 31,		December 31,
(in thousands)	2016		2015
Assets
Due from prime brokers	$	173,054	$	101,372
Deposits with clearing organizations		25,862		31,908
Net equity with futures commission merchants		182,496		174,615
Unsettled trades with clearing organization		153,937		102,890
Securities failed to deliver		94,562		65,751
Total receivables from broker-dealers and clearing organizations	$	629,911	$	476,536
Liabilities
Due to prime brokers	$	338,617	$	294,691
Net equity with futures commission merchants		45,762		46,537
Unsettled trades with clearing organization		51,572		145,376
Securities failed to receive		7		—
Total payables to broker-dealers and clearing organizations	$	435,958	$	486,604

Included as a deduction from “Due from prime brokers” and “Net equity with futures commission merchants” is the outstanding principal balance on all of the Company’s short-term credit facilities of approximately $223.7 million and $219.1 million as of March 31, 2016 and December 31, 2015, respectively. The loan proceeds from the credit facilities are available only to meet the initial margin requirements associated with the Company’s ordinary course futures and other trading positions, which are held in the Company’s trading accounts with an affiliate of the respective financial institutions. The credit facilities are fully collateralized by the Company’s trading accounts and deposit accounts with these financial institutions. “Securities failed to deliver” and “Securities failed to receive” include amounts with a clearing organization and other broker-dealers.