Receivable From And Payable To Brokers, Dealers And Clearing Organizations

12 Months Ended

Jun. 30, 2013

Receivable From And Payable To Brokers, Dealers And Clearing Organizations [Abstract]

Receivable From And Payable To Brokers, Dealers And Clearing Organizations

3.RECEIVABLE FROM AND PAYABLE TO BROKERS, DEALERS AND CLEARING ORGANIZATIONS

At June 30, 2013 and June 29, 2012, SWS had receivable from and payable to brokers, dealers and clearing organizations related to the following (in thousands):

	2013	2012
Receivable:
Securities failed to deliver	$           9,708	$         23,220
Securities borrowed	1,546,376	1,320,274
Correspondent broker/dealers	45,435	41,941
Clearing organizations	25,285	18,705
Other	71,670	21,557
	$    1,698,474	$    1,425,697
Payable:
Securities failed to receive	$         39,024	$         28,879
Securities loaned	1,471,319	1,289,198
Correspondent broker/dealers	16,352	10,753
Other	6,276	20,540
	$    1,532,971	$    1,349,370

Securities failed to deliver and receive represent the contractual value of securities that have not been delivered or received subsequent to settlement date.  Securities borrowed and loaned represent deposits made to or received from other broker/dealers relating to these transactions.  These deposits approximate the market value of the underlying securities.

SWS clears securities transactions for correspondent broker/dealers.  Proprietary settled securities and related transactions for these correspondents are included in the receivable from and payable to brokers, dealers and clearing organizations.

SWS participates in the securities borrowing and lending business by borrowing and lending securities other than those of its clients.  SWS obtains or releases collateral as prices of the underlying securities fluctuate.  At June 30, 2013, SWS had collateral of $1,546,376,000 under securities lending agreements, of which SWS had repledged $1,452,911,000.  At June 29, 2012, SWS had collateral of $1,320,024,000 under securities lending agreements, of which SWS had repledged $1,250,328,000.