Receivables from and payables to brokers, dealers and clearing organizations

3 Months Ended

Mar. 31, 2018

Due to and from Broker-Dealers and Clearing Organizations Disclosure [Text Block]

Receivables From and Payables to Brokers, Dealers and Clearing Organizations

Receivables from and payable to brokers, dealers and clearing organizations includes cash held at the clearing brokers, amounts receivable or payable for unsettled transactions, monies borrowed and proceeds from short sales 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, dealers and clearing organizations, these balances are presented net (assets less liabilities) across balances with the same counterparty. The Company's receivables from and payables to brokers, dealers and clearing organizations balances are held at multiple financial institutions.

As of March 31, 2018 and December 31, 2017, amounts receivable from brokers, dealers and clearing organizations include:



	As of March 31, 2018		As of December 31, 2017
	(dollars in thousands)
Broker-dealers	$	499,281	$	409,499
Securities failed to deliver	30,841		87,820
Clearing organizations	26,156		6,126
Stock borrow interest receivable	6,063		4,733
	$	562,341	$	508,178

As of March 31, 2018 and December 31, 2017, amounts payable to brokers, dealers and clearing organizations include:



	As of March 31, 2018		As of December 31, 2017
	(dollars in thousands)
Broker-dealers	$	188,001	$	145,860
Securities failed to receive	40,895		53,540
Clearing organizations	12,700		48,257
Stock loan interest payable	6,025		4,496
	$	247,621	$	252,153