Receivables from/Payables to Broker-Dealers and Clearing Organizations

3 Months Ended

Mar. 31, 2017

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, 2017 and December 31, 2016:


(in thousands)	2017		2016
Assets
Due from prime brokers	$	271,834	$	91,476
Deposits with clearing organizations		32,513		21,995
Net equity with futures commission merchants		190,415		213,030
Unsettled trades with clearing organization		47,672		44,312
Securities failed to deliver		119,879		77,915
Total receivables from broker-dealers and clearing organizations	$	662,313	$	448,728
Liabilities
Due to prime brokers	$	395,191	$	227,335
Net equity with futures commission merchants		42,127		38,838
Unsettled trades with clearing organization		152,370		429,800
Securities failed to receive		—		5
Total payables to broker-dealers and clearing organizations	$	589,688	$	695,978

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 (described in Note 8) of approximately $241.3 million and $309.1 million as of March 31, 2017 and December 31, 2016, 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.