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

At June 30, 2014 and June 30, 2013, SWS had receivable from and payable to brokers, dealers and clearing organizations related to the following (in thousands):



	2014	2013
Receivable:
Securities failed to deliver	$ 23,865	$ 9,708
Securities borrowed	1,878,752	1,546,376
Correspondent broker/dealers	33,982	45,435
Clearing organizations	48,553	25,285
Other	7,789	71,670
	$ 1,992,941	$ 1,698,474

Payable:
Securities failed to receive	$ 28,210	$ 39,024
Securities loaned	1,834,089	1,471,319
Correspondent broker/dealers	14,386	16,352
Other	37,291	6,276
	$ 1,913,976	$ 1,532,971

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. Both of these activities are reported on a gross basis by counterparty. The following table provides information about these receivables and related collateral amounts at June 30, 2014 and 2013.



June 30, 2014
(in thousands)				Gross amounts not offset in the statement of financial position
Description	Gross amounts of recognized assets/ liabilities	Gross amounts offset in the statement of financial position	Net amounts of assets presented in the statement of financial position	Financial instruments	Cash collateral	Net amount
Securities Borrowed	$ 1,878,752	$ -	$ 1,878,752	$ (1,878,752)	$ -	$ -
Securities Loaned (1)	1,834,089	-	1,834,089	(1,834,089)	-	-



June 30, 2013
(in thousands)				Gross amounts not offset in the statement of financial position
Description	Gross amounts of recognized assets/ liabilities	Gross amounts offset in the statement of financial position	Net amounts of assets presented in the statement of financial position	Financial instruments	Cash collateral	Net amount
Securities Borrowed	$ 1,546,376	$ -	$ 1,546,376	$ (1,546,376)	$ -	$ -
Securities Loaned (1)	1,471,319	-	1,471,319	(1,471,319)	-	-

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(1) Under securities lending agreements, SWS repledged $1,807,198,000 and $1,452,911,000 at June 30, 2014 and 2013, respectively.