BROKERAGE RECEIVABLES AND BROKERAGE PAYABLES
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Dec. 31, 2012
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BROKERAGE RECEIVABLES AND BROKERAGE PAYABLES | ||||||||||||||||||||||||||||||||||||||||||||||||||||
BROKERAGE RECEIVABLES AND BROKERAGE PAYABLES | 13. BROKERAGE RECEIVABLES AND BROKERAGE The Company has receivables and payables for financial instruments purchased from and sold to brokers, dealers and customers, which arise in the ordinary course of business. The Company is exposed to risk of loss from the inability of brokers, dealers or customers to pay for purchases or to deliver the financial instruments sold, in which case the Company would have to sell or purchase the financial instruments at prevailing market prices. Credit risk is reduced to the extent that an exchange or clearing organization acts as a counterparty to the transaction and replaces the broker, dealer or customer in question.
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