Receivables from/Payables to Broker-Dealers and Clearing Organizations

12 Months Ended

Dec. 31, 2021

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 December 31, 2021 and December 31, 2020:



(in thousands)	December 31, 2021		December 31, 2020
Assets
Due from prime brokers	$	287,990	$	697,293
Deposits with clearing organizations	161,928		216,962
Net equity with futures commission merchants	98,302		248,943
Unsettled trades with clearing organizations	164,195		118,777
Securities failed to deliver	290,207		372,965
Commissions and fees	24,184		29,066
Total receivables from broker-dealers and clearing organizations	$	1,026,807	$	1,684,006

Liabilities
Due to prime brokers	$	497,972	$	410,772
Net equity with futures commission merchants (1)	(57,226)		77,257
Unsettled trades with clearing organizations	828		228,070
Securities failed to receive	128,392		156,804
Commissions and fees	1,560		3,543
Total payables to broker-dealers and clearing organizations	$	571,526	$	876,446

(1) The Company presents its balances, including outstanding principal balances on all broker credit facilities, on a net-by-counterparty basis within receivables from and payables to broker-dealers and clearing organizations when the criteria for offsetting are met.

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 $177.1 million and $134.7 million as of December 31, 2021 and December 31, 2020, 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.