Receivables from/Payables to Broker-Dealers and Clearing Organizations

9 Months Ended

Sep. 30, 2020

Due to and from Broker-Dealers and Clearing Organizations [Abstract]

Receivables from/Payables to Broker-Dealers and Clearing Organizations

The following is a summary of receivables from and payables to brokers-dealers and clearing organizations at September 30, 2020 and December 31, 2019:



(in thousands)	September 30, 2020		December 31, 2019
Assets
Due from prime brokers	$	643,089	$	418,059
Deposits with clearing organizations	386,460		231,977
Net equity with futures commission merchants	207,213		267,748
Unsettled trades with clearing organizations	392,349		214,618
Securities failed to deliver	228,677		178,324
Commissions and fees	24,093		7,858
Total receivables from broker-dealers and clearing organizations	$	1,881,881	$	1,318,584

Liabilities
Due to prime brokers	$	330,078	$	511,524
Net equity with futures commission merchants	69,480		50,950
Unsettled trades with clearing organizations	178,361		118,286
Securities failed to receive	93,973		144,494
Commissions and fees	3,140		1,496
Total payables to broker-dealers and clearing organizations	$	675,032	$	826,750

Included as a deduction from “Due from prime brokers” and “Net equity with futures commission merchants” is the outstanding principal balance on all of the Company’s prime brokerage credit facilities (described in Note 10 “Borrowings”) of approximately $163.6 million and $134.3 million as of September 30, 2020 and December 31, 2019, respectively. The loan proceeds from the credit facilities are available only to meet the initial margin requirements associated with the Company’s ordinary course futures and other trading positions, which are held in the Company’s trading accounts with an affiliate of the respective financial institutions. The credit facilities are fully collateralized by the Company’s trading accounts and deposit accounts with these financial institutions. “Securities failed to deliver” and “Securities failed to receive” include amounts with a clearing organization and other broker-dealers.