Receivables from/Payables to Broker-Dealers and Clearing Organizations

3 Months Ended

Mar. 31, 2019

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, 2019 and December 31, 2018:




(in thousands)	March 31, 2019		December 31, 2018
Assets
Due from prime brokers	$	518,762	$	302,152
Deposits with clearing organizations	170,084		84,509
Net equity with futures commission merchants	248,879		294,884
Unsettled trades with clearing organization	120,093		193,544
Securities failed to deliver	123,219		218,663
Commissions and fees	6,683		7,697
Total receivables from broker-dealers and clearing organizations	$	1,187,720	$	1,101,449
Liabilities
Due to prime brokers	$	501,190	$	354,300
Net equity with futures commission merchants	47,680		47,998
Unsettled trades with clearing organization	227,880		90,021
Securities failed to receive	209,517		73,547
Commissions and fees	1,575		1,575
Total payables to broker-dealers and clearing organizations	$	987,842	$	567,441

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 10 “Borrowings”) of approximately $136.1 million and $184.6 million as of March 31, 2019 and December 31, 2018, 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.