Receivables from/Payables to Broker-Dealers and Clearing Organizations

3 Months Ended

Mar. 31, 2018

Due to and from Broker-Dealers and Clearing Organizations [Abstract]

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, 2018 and December 31, 2017:



(in thousands)	2018		2017
Assets
Due from prime brokers	$	153,716	$	219,573
Deposits with clearing organizations	257,832		112,847
Net equity with futures commission merchants	308,964		203,711
Unsettled trades with clearing organization	430,514		173,778
Securities failed to deliver	271,287		248,088
Commissions and fees	11,726		14,021
Total receivables from broker-dealers and clearing organizations	$	1,434,039	$	972,018
Liabilities
Due to prime brokers	$	390,364	$	197,439
Net equity with futures commission merchants	40,665		44,526
Unsettled trades with clearing organization	150,205		420,029
Securities failed to receive	65,715		51,143
Commissions and fees	1,839		3,068
Total payables to broker-dealers and clearing organizations	$	648,788	$	716,205

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 9 “Collateralized Transactions”) of approximately $131.4 million and $205.7 million as of March 31, 2018 and December 31, 2017, 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.