FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK AND CONCENTRATIONS OF CREDIT RISK	12 Months Ended
Dec. 31, 2017
Financial Instruments With Off-balance-sheet Risk And Concentrations Of Credit Risk
FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK AND CONCENTRATIONS OF CREDIT RISK	Retail customer transactions are cleared through a clearing broker on a fully disclosed basis. In the event that customers are unable to fulfill their contractual obligations, the clearing broker may charge MSCO for any loss incurred in connection with the purchase or sale of securities at prevailing market prices to satisfy customers’ obligations. MSCO regularly monitors the activity in its customer accounts for compliance with its margin requirements. Securities transactions entered into as of December 31, 2017 settled subsequent thereto with no material adverse effect on MSCO’s statement of financial condition. Credit risk represents the potential loss that would occur if counterparties fail to perform pursuant to the terms of their obligations. MSCO is subject to credit risk to the extent a custodian or broker with whom it conducts business is unable to fulfill contractual obligations.

FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK AND CONCENTRATIONS OF CREDIT RISK

12 Months Ended

Dec. 31, 2017

Financial Instruments With Off-balance-sheet Risk And Concentrations Of Credit Risk

FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK AND CONCENTRATIONS OF CREDIT RISK

Retail customer transactions are cleared through a clearing broker on a fully disclosed basis. In the event that customers are unable to fulfill their contractual obligations, the clearing broker may charge MSCO for any loss incurred in connection with the purchase or sale of securities at prevailing market prices to satisfy customers’ obligations. MSCO regularly monitors the activity in its customer accounts for compliance with its margin requirements. Securities transactions entered into as of December 31, 2017 settled subsequent thereto with no material adverse effect on MSCO’s statement of financial condition.

Credit risk represents the potential loss that would occur if counterparties fail to perform pursuant to the terms of their obligations. MSCO is subject to credit risk to the extent a custodian or broker with whom it conducts business is unable to fulfill contractual obligations.