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Receivables from and Payable to Brokers

6 Months Ended

Jun. 30, 2011

Receivables from and Payable to Brokers

Receivables from and Payable to Brokers

7. Receivables from and Payable to Brokers

Receivable from and payable to brokers includes cash held at the clearing brokers, amounts receivable or payable for unsettled transactions, monies borrowed and proceeds for short sales (including commissions and fees related to securities transactions) equal to the fair value of securities sold, not yet purchased, which are restricted until the Company purchases the securities sold short. Pursuant to the Company's prime broker agreements, these balances are presented net (assets less liabilities) across balances with the same broker. As of June 30, 2011 and December 31, 2010, receivable from brokers was $125 million and $95.9 million, respectively. Payable to brokers was $321.2 million and $85.7 million as of June 30, 2011 and December 31, 2010.

The entire disclosure for financial services, specifically for brokers and dealers, for the accounting period and at the balance sheet date. Disclosure 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. May also include disclosure on company's consolidation policy and a note indicating the amount of the broker-dealer's actual net capital and the amount of required net capital.

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