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

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.