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OFFSETTING OF ASSETS AND LIABILITIES
 6 Months Ended
Jun. 30, 2013
OFFSETTING OF ASSETS AND LIABILITIES

11.    OFFSETTING OF ASSETS AND LIABILITIES

The following tables present the offsetting of assets and liabilities as of June 30, 2013:

 

            Gross Amounts Not Offset
in the Statement of
Financial Condition		         
     Gross and Net
Amounts of Assets
Presented in the
Statement of
Financial
Condition		      Financial
Instruments		      Cash Collateral
Received		      Net
Amount		  

Assets

            

Freestanding Derivatives

    $ 50,723       $ 4,188       $ 34,113       $ 12,422   

Reverse Repurchase Agreements

      176,273         175,329         —          944   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 226,996       $ 179,517       $ 34,113       $ 13,366   
  

 

 

     

 

 

     

 

 

     

 

 

  

 

            Gross Amounts Not Offset
in the Statement of
Financial Condition		         
     Gross and Net
Amounts of
Liabilities
Presented in the
Statement of
Financial
Condition		      Financial
Instruments		      Cash Collateral
Pledged		      Net
Amount		  

Liabilities

            

Freestanding Derivatives

    $ 8,401       $ 4,188       $ 4,213      $ —     

Repurchase Agreements

      —          —          —          —    
  

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 8,401       $ 4,188       $ 4,213      $ —     
  

 

 

     

 

 

     

 

 

     

 

 

  

 

The following tables present the offsetting of assets and liabilities as of December 31, 2012:

 

            Gross Amounts Not Offset
in the Statement of
Financial Condition		         
     Gross and Net
Amounts of
Assets
Presented in the
Statement of
Financial
Condition		      Financial
Instruments		      Cash Collateral
Received		      Net
Amount		  

Assets

            

Freestanding Derivatives

    $ 55,344       $ 3,983       $ 36,748       $ 14,613   

Reverse Repurchase Agreements

      248,018         248,018         —          —    
  

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 303,362       $ 252,001       $ 36,748       $ 14,613   
  

 

 

     

 

 

     

 

 

     

 

 

  

 

            Gross Amounts Not  Offset
in the Statement of
Financial Condition		         
     Gross and Net
Amounts of
Liabilities
Presented in the
Statement of
Financial
Condition		      Financial
Instruments		      Cash Collateral
Pledged		      Net
Amount		  

Liabilities

            

Freestanding Derivatives

    $ 4,197       $ 3,983       $ —        $ 214   

Repurchase Agreements

      142,266         142,266         —          —    
  

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 146,463       $ 146,249       $ —        $ 214   
  

 

 

     

 

 

     

 

 

     

 

 

  

Reverse Repurchase Agreements and Repurchase Agreements are presented separately on the Statements of Financial Condition. Freestanding Derivative assets are included in Other Assets in the Statements of Financial Condition. The following table presents the components of Other Assets:

 

    June 30,
2013		     December 31,
2012		  

Furniture, Equipment and Leasehold Improvements, Net

   $ 143,804      $ 142,390   

Prepaid Expenses

     75,125        81,498   

Other Assets

     78,269        97,140   

Freestanding Derivatives

     50,723        55,344   
 

 

 

    

 

 

  
  $ 347,921      $ 376,372   
 

 

 

    

 

 

  

Freestanding Derivative liabilities are included in Accounts Payable, Accrued Expenses and Other Liabilities in the Statements of Financial Condition and are not a significant component thereof.