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Receivables from, Payables to, and Deposits with Broker-Dealers and Clearing Organizations
 12 Months Ended
Dec. 31, 2024
Receivables from, Payables to, and Deposits with Broker-Dealers and Clearing Organizations [Abstract]  
Receivables from, Payables to, and Deposits with Broker-Dealers and Clearing Organizations

7. Receivables from, Payables to, and Deposits with Broker-Dealers and Clearing Organizations

 

Amounts receivable from, payables to, and deposits with broker-dealers and clearing organizations consisted of the following as of the periods indicated:

 

  

As of
December 31,
2024

  

As of
December 31,
2023

 
Receivables from and deposits with broker-dealers and clearing organizations        
DTCC / OCC / NSCC (1)  $5,777,000   $9,332,000 
Goldman Sachs & Co. LLC (“GSCO”)   50,000    38,000 
National Financial Services, LLC (“NFS”)   2,102,000    2,212,000 
Securities fail-to-deliver   90,000    119,000 
Globalshares   68,000    47,000 
Other receivables   60,000    
—
 
Total Receivables from and deposits with broker-dealers and clearing organizations  $8,147,000   $11,748,000 
           
Payables to broker-dealers and clearing organizations          
Securities fail-to-receive  $439,000   $399,000 
Payables to broker-dealers   5,000    82,000 
Total Payables to broker-dealers and clearing organizations  $444,000   $481,000 

 

(1)Depository Trust and Clearing Corporation is referred to as (“DTCC”), Options Clearing Corporation is referred to as (“OCC”), and National Securities Clearing Corporation is referred to as (“NSCC”).

Under the DTCC shareholders’ agreement, MSCO is required to participate in the DTCC common stock mandatory purchase. As of December 31, 2024 and 2023, MSCO had shares of DTCC common stock valued at approximately $1,145,000 and $1,236,000, respectively, which are included in the line item “Deposits with broker-dealers and clearing organizations” in the consolidated statements of financial condition. The share value is updated annually, as of March 20, 2024 and for the year ended December 31, 2024, based on the release of DTCC’s annual amended and restated shareholder agreement.

 

In September 2022, MSCO and RISE entered into a clearing agreement whereby RISE would introduce clients to MSCO. Refer to Note 24 – Related Party Disclosures for more detail.