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

12 Months Ended

Dec. 31, 2015

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, 2015 and 2014.



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

	December 31, 2015		December 31, 2014
Deposits with clearing organizations	$	864	$	1,296
Unsettled regular way trades, net		4,367		-
Receivable from clearing organizations		34,581		46,771
Receivables from brokers, dealers, and clearing agencies	$	39,812	$	48,067

Amounts payable to brokers, dealers, and clearing agencies consisted of the following at December 31, 2015 and 2014.



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

	December 31, 2015		December 31, 2014
Unsettled regular way trades, net	$	-	$	4,971
Margin payable		55,779		89,473
Payables to brokers, dealers, and clearing agencies	$	55,779	$	94,444

Deposits with clearing organizations represent contractual amounts the Company is required to deposit with its clearing agents.

Regular way securities transactions are recorded on a 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 balance sheet.

Receivables from clearing organizations are primarily comprised of cash received by the Company upon execution of short trades that is restricted from withdrawal by the clearing agent.

Margin payable represents amounts borrowed from Pershing, LLC to finance the Company’s trading portfolio. Effectively, all of the Company’s investments-trading and deposits with clearing organizations serve as collateral for the margin payable. The Company incurred interest on margin payable of $548, $447, and $627 for the years ended December 31, 2015, 2014, and 2013, respectively.