Receivables and Payables (Tables)

12 Months Ended

Dec. 31, 2012

Receivables and Payables

Summary of receivables from and payables to brokers, dealers and clearing organizations

The following is a summary of receivables from and payables to brokers, dealers and clearing organizations at December 31 (dollars in thousands):

	Receivables from						Payables to
	2012			2011			2012		2011
Broker-dealers	$	297,916		$	205,975		$	513,529	$	370,146
Clearing organizations		12,391			2,365			728		14,945
Securities borrowed		798,228			663,293			—		—
Securities loaned		—			—			823,202		694,682
Allowance for doubtful accounts		(1,416	)		(318	)		—		—
Total	$	1,107,119		$	871,315		$	1,337,459	$	1,079,773

Summary of receivables from and payables to customers

     The following is a summary of receivables from and payables to customers at December 31 (dollars in thousands):

	Receivables from						Payables to
	2012			2011			2012		2011
Customers	$	548,287		$	473,852		$	226,892	$	207,738
Allowance for doubtful accounts		(1,462	)		(1,343	)		—		—
Total	$	546,825		$	472,509		$	226,892	$	207,738

Schedule of interest earned and interest incurred on securities borrowed and loaned

The gross amounts of interest earned on cash provided to counterparties as collateral for securities borrowed, and interest incurred on cash received from counterparties as collateral for securities loaned, and the resulting net amount included in other revenue on the Consolidated Statements of Operations for 2012 and 2011 were as follows (dollars in thousands):

	2012			2011
Interest earned	$	19,242		$	19,130
Interest incurred		(14,589	)		(14,646	)
Net	$	4,653		$	4,484