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

6 Months Ended

Jun. 30, 2024

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)

		June 30, 2024				December 31, 2023
Deposits with clearing agencies		$	250			$	250
Unsettled regular way trades, net			2,625				1,527
Receivables from clearing agencies			57,442				65,024
Receivables from brokers, dealers, and clearing agencies		$	60,317			$	66,801

Amounts payable to brokers, dealers, and clearing agencies consisted of the following.



PAYABLES TO BROKERS, DEALERS, AND CLEARING AGENCIES

(Dollars in Thousands)

		June 30, 2024				December 31, 2023
Margin payable		$	67,080			$	111,085
Payables to brokers, dealers, and clearing agencies		$	67,080			$	111,085



Deposits with clearing agencies 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. 

 

Receivables from clearing agencies 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. See note 5 for interest expense incurred on margin payable.  All of the Company's securities included in investments-trading and a portion of the Company's securities included in other investments, at fair value serve as collateral for this margin loan.  See note 7.  

 

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- References

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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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481804/940-20-50-1

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