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B - SUBORDINATED BORROWINGS AND SECURED DEMAND NOTE RECEIVABLE (SBS) | 12 Months Ended
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Dec. 31, 2013
SBS |
B - SUBORDINATED BORROWINGS AND SECURED DEMAND NOTE RECEIVABLE | The subordinated debt at December 31, 2013 and December 31, 2012 consists of a Secured Demand Note Collateral Agreement payable to Muriel Siebert & Co., Inc. (“Siebert”), a member of the Company, in the amount of $1,200,000 bearing 4% interest and due August 31, 2015. Interest expense paid to Siebert for each of the years ended December 31, 2013, 2012 and 2011 amounted to $48,000. The subordinated borrowings are available in computing net capital under the Securities and Exchange Commission’s (“SEC”) Uniform Net Capital Rule. To the extent that such borrowing is required for the Company’s continued compliance with minimum net capital requirements, it may not be repaid. The secured demand note receivable of $1,200,000 is collateralized by cash equivalents of Siebert of approximately $1,532,000 at both December 31, 2013 and December 31, 2012. Interest earned on the collateral paid by Siebert to SBS amounted to approximately $1,500, $2,900 and $2,500 in 2013, 2012 and 2011, respectively.

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- Definition The entire disclosure for borrowings under subordinated debt agreements that qualify as available in computing net capital under SEC's uniform net capital rule, including restrictive covenants, collateral, interest rates and due dates, amounts due by date and amount owed in total. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6479118&loc=d3e64650-112822 + Details
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