Receivables from and payables to brokers, dealers and clearing organizations

9 Months Ended

Sep. 30, 2021

Brokers and Dealers [Abstract]

Receivables From and Payables to Brokers, Dealers and Clearing Organizations

Receivable From and Payable To Brokers, Dealers and Clearing Organizations

Receivable 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, at fair value, 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 receivable from and payable to brokers, dealers and clearing organizations balances are held at multiple financial institutions.

As of September 30, 2021 and December 31, 2020, amounts receivable from brokers, dealers and clearing organizations include:

	As of September 30, 2021		As of December 31, 2020
	(dollars in thousands)
Broker-dealers	$	1,882,893	$	1,608,273
Securities failed to deliver	93,343		55,655
Clearing organizations	85,014		41,795
Securities borrowed/loaned interest receivable	14,023		24,021
	$	2,075,273	$	1,729,744

As of September 30, 2021 and December 31, 2020, amounts payable to brokers, dealers and clearing organizations include:

	As of September 30, 2021		As of December 31, 2020
	(dollars in thousands)
Broker-dealers	$	420,809	$	286,011
Securities failed to receive	117,252		68,036
Clearing organizations	125,465		33,732
Securities borrowed/loaned interest payable	4,283		27,364
	$	667,809	$	415,143