Receivables From And Payables To Brokers, Dealers, And Clearing Agencies

12 Months Ended

Dec. 31, 2013

Receivables from and Payables to Brokers, Dealers, and Clearing Agencies [Abstract]

Receivables from and Payables to Brokers, Dealers, and Clearing Agencies

6. RECEIVABLES FROM AND PAYABLES TO BROKERS, DEALERS AND CLEARING AGENCIES

Amounts receivable from brokers, dealers and clearing agencies consisted of the following at December 31, 2013 and 2012, respectively.



RECEIVABLES FROM BROKERS, DEALERS AND CLEARING AGENCIES
(Dollars in Thousands)

	December 31, 2013		December 31, 2012
Deposits with clearing organizations	$	1,428	$	1,516
Unsettled regular way trades, net		-		9,653
Receivable from clearing organizations		418		1,084
Receivables from brokers, dealers and clearing agencies	$	1,846	$	12,253

Receivable from clearing organizations represents un-invested cash held by the clearing organization, which includes cash proceeds from short sales.

Amounts payable to brokers, dealers and clearing agencies consisted of the following December 31, 2013 and 2012, respectively.



PAYABLES TO BROKERS, DEALERS AND CLEARING AGENCIES
(Dollars in Thousands)

	December 31, 2013		December 31, 2012
Unsettled regular way trades, net	$	5,600	$	-
Margin payable		25,111		96,211
Payables to brokers, dealers and clearing agencies	$	30,711	$	96,211

Securities transactions are recorded on the trade date, as if they had settled. The related amounts receivable and payable for unsettled securities transactions are recorded net in receivables from or payables to brokers, dealers and clearing agencies on the Company’s consolidated balance sheets. Effectively, all of the Company’s trading assets and deposits with clearing organizations serve as collateral for the margin payable. These assets are held by the Company’s clearing broker. The Company incurred interest on margin payable of $627, $1,456 and $2,513 for the years ended December 31, 2013, 2012, and 2011, respectively.