Receivables from/Payables to Broker-Dealers and Clearing Organizations

12 Months Ended

Dec. 31, 2020

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 December 31, 2020 and December 31, 2019:



(in thousands)	December 31, 2020		December 31, 2019
Assets
Due from prime brokers	$	697,293	$	418,059
Deposits with clearing organizations	216,962		231,977
Net equity with futures commission merchants	248,943		267,748
Unsettled trades with clearing organizations	118,777		214,618
Securities failed to deliver	372,965		178,324
Commissions and fees	29,066		7,858
Total receivables from broker-dealers and clearing organizations	$	1,684,006	$	1,318,584

Liabilities
Due to prime brokers	$	410,772	$	511,524
Net equity with futures commission merchants	77,257		50,950
Unsettled trades with clearing organizations	228,070		118,286
Securities failed to receive	156,804		144,494
Commissions and fees	3,543		1,496
Total payables to broker-dealers and clearing organizations	$	876,446	$	826,750

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 prime brokerage credit facilities (described in Note 11 "Borrowings") of approximately $134.7 million and $134.3 million as of December 31, 2020 and December 31, 2019, 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.