Receivables from and Payable to Brokers

12 Months Ended

Dec. 31, 2012

Brokers and Dealers [Abstract]

Receivables from and Payable to Brokers

Receivables from and Payable to Brokers

Receivables from and payable to brokers includes cash held at the clearing brokers, amounts receivable or payable for unsettled transactions, monies borrowed and proceeds from 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 master netting agreements the Company entered into with its brokers, these balances are presented net (assets less liabilities) across balances with the same broker. As of December 31, 2012 and 2011, receivable from brokers was $71.3 million and $56.0 million, respectively. Payable to brokers was $188.8 million and $213.4 million as of December 31, 2012 and 2011, respectively. The Company's receivables from and payable to brokers balances are concentrated with eleven reputable financial institutions.