Receivables from and payables to brokers, dealers and clearing organizations

12 Months Ended

Dec. 31, 2018

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



	As of December 31,
	2018		2017
	(dollars in thousands)
Broker-dealers	$	692,581	$	409,499
Securities failed to deliver	72,918		87,820
Clearing organizations	15,319		6,126
Securities borrowed interest receivable	5,295		4,733
	$	786,113	$	508,178

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



	As of December 31,
	2018		2017
	(dollars in thousands)
Broker-dealers	$	159,443	$	145,860
Securities failed to receive	28,826		53,540
Clearing organizations	36,338		48,257
Securities loaned interest payable	4,124		4,496
	$	228,731	$	252,153