Receivables from and payables to brokers, dealers and clearing organizations

12 Months Ended

Dec. 31, 2022

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 December 31, 2022 and 2021, amounts receivable from brokers, dealers and clearing organizations include:

	As of December 31,
	2022		2021
	(dollars in thousands)
Broker-dealers	$	1,789,526	$	1,533,713
Securities failed to deliver	25,031		17,851
Clearing organizations	43,915		56,075
Securities borrowed/loaned interest receivable	6,353		6,708
	$	1,864,825	$	1,614,347

As of December 31, 2022 and 2021, amounts payable to brokers, dealers and clearing organizations include:

	As of December 31,
	2022		2021
	(dollars in thousands)
Broker-dealers	$	720,138	$	483,112
Securities failed to receive	26,984		57,894
Clearing organizations	27,956		37,925
Securities borrowed/loaned interest payable	8,831		7,622
	$	783,909	$	586,553