XML 26 R13.htm IDEA: XBRL DOCUMENT

Note 6 - Receivables from and Payables to Brokers, Dealers, and Clearing Agencies

12 Months Ended

Dec. 31, 2021

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,
	2021		2020
Deposits with clearing organizations	$	250	$	250
Unsettled regular way trades, net		2,827		2,961
Receivable from clearing organizations		65,315		49,706
Receivables from brokers, dealers, and clearing agencies	$	68,392	$	52,917

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,
	2021		2020
Margin payable	$	160,896	$	156,678
Payables to brokers, dealers, and clearing agencies	$	160,896	$	156,678

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 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 and Cantor Fitzgerald to finance the Company’s trading portfolio. See note 5 for interest expense incurred on margin payable.