Receivables from and Payable to Brokers

9 Months Ended

Sep. 30, 2016

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 September 30, 2016 and December 31, 2015, receivable from brokers was $77.6 million and $117.8 million, respectively. Payable to brokers was $127.2 million and $131.8 million as of September 30, 2016 and December 31, 2015, respectively. The Company's receivables from and payable to brokers balances are held at multiple financial institutions.