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Bank Call Loans
 12 Months Ended
Dec. 31, 2011
Cash and Securities Segregated For Regulatory and Other Purposes, Receivable from and Payable to Brokers and Clearing Organizations, Bank Call Loans and Regulatory requirements [Abstract]  
Bank Call Loans

7. Bank Call Loans

Bank call loans, primarily payable on demand, bear interest at various rates but not exceeding the broker call rate, which was 2.0% at December 31, 2011 (2.0% at December 31, 2010). Details of the bank call loans are as follows.

Amounts are expressed in thousands of dollars, except percentages.

 

      September 30,       September 30,  
    2011     2010  

Year-end balance

   $ 27,500     $ 147,000  

Weighted interest rate (at end of year)

     1.25 %      1.28 % 

Maximum balance (at any month end)

   $ 178,600     $ 147,000  

Average amount outstanding (during the year)

   $ 92,657     $ 61,639  

Average interest rate (during the year)

     1.25 %      1.28 % 

Interest expense for the year ended December 31, 2011 on bank call loans was $1.2 million ($805,200 in 2010 and $900,300 in 2009).