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Note 6 - Receivables from and Payables to Brokers, Dealers, and Clearing Agencies | 12 Months Ended
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Dec. 31, 2020
Notes to Financial Statements |
Due to and from Broker-Dealers and Clearing Organizations Disclosure [Text Block] | 6. RECEIVABLES FROM AND PAYABLES TO BROKERS, DEALERS, AND CLEARING AGENCIES ﻿ Amounts receivable from brokers, dealers, and clearing agencies consisted of the following. ﻿ ﻿ ﻿
RECEIVABLES FROM BROKERS, DEALERS, AND CLEARING AGENCIES
(Dollars in Thousands)
|  | As of December 31, |
|  | 2020 |  |  | 2019 |
Deposits with clearing organizations |  | $ | 250 |  |  | $ | 250 |
Unsettled regular way trades, net |  |  | 2,961 |  |  |  | 12,170 |
Receivable from clearing organizations |  |  | 49,706 |  |  |  | 83,712 |
Receivables from brokers, dealers, and clearing agencies |  | $ | 52,917 |  |  | $ | 96,132 |
﻿ Amounts payable to brokers, dealers, and clearing agencies consisted of the following. ﻿ ﻿ ﻿
PAYABLES TO BROKERS, DEALERS, AND CLEARING AGENCIES
(Dollars in Thousands)
|  | As of December 31, |
|  | 2020 |  |  | 2019 |
Margin payable |  | $ | 156,678 |  |  | $ | 208,441 |
Due to clearing agent |  |  | - |  |  |  | 32,820 |
Payables to brokers, dealers, and clearing agencies |  | $ | 156,678 |  |  | $ | 241,261 |
Deposits with clearing organizations represent contractual amounts the Company is required to deposit with its clearing agents. ﻿ Securities transactions that settle in the regular way 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. 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. Receivables from clearing organizations are primarily comprised of (i) cash received by the Company upon execution of short trades that is restricted from withdrawal by the clearing agent; and (ii) cash deposited with the FICC to support the Company's General Collateral Funding (“GCF”) matched book repo business. ﻿ Margin payable represents amounts borrowed from Pershing, LLC to finance the Company's trading portfolio. Substantially, all of the Company's investments-trading and deposits with clearing organizations serve as collateral for the margin payable. See note 5 for interest expense incurred on margin payable. ﻿ Due to clearing agent represents amounts due to Bank of New York under the Company's intra-day and overnight lending facility supporting the GCF matched repo business. See note 11.

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- Definition The entire disclosure for Due to and from Broker-Dealers and Clearing Organizations, including data and tables. This may include amounts receivable from and payable to broker-dealers and clearing organizations, including securities failed to receive, deposits received for securities loaned, amounts payable to clearing organizations related to open transactions, floor brokerage payables and payables for commodities futures accounts liquidating to an equity balance on a broker-dealer's records. + References No definition available. + Details
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