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Receivables from Brokerage Clients
12 Months Ended
Dec. 31, 2014
Receivables from Brokerage Clients [Abstract]  
Receivables from Brokerage Clients

3.Receivables from Brokerage Clients

 

Receivables from brokerage clients consist primarily of margin loans to brokerage clients of $14.3 billion and $12.8 billion at December 31, 2014 and 2013, respectively. Securities owned by brokerage clients are held as collateral for margin loans. Such collateral is not reflected in the consolidated financial statements. The average yield earned on margin loans was 3.50% and 3.68% in 2014 and 2013, respectively.