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Receivables and Payables (Tables)
 12 Months Ended
Dec. 31, 2013
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  
 
   2013   2012   2013   2012  

Broker-dealers

   $ 254,031   $ 297,916   $ 284,681   $ 513,529  

Clearing organizations

     23,033     12,391     2,798     728  

Securities borrowed

     742,307     798,228     —     —  

Securities loaned

     —     —     737,789     823,202  

Allowance for doubtful accounts

     (1,029 )   (1,416 )   —     —  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total

   $ 1,018,342   $ 1,107,119   $ 1,025,268   $ 1,337,459  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                   
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  
 
   2013   2012   2013   2012  

Customers

   $ 592,139   $ 548,287   $ 469,264   $ 226,892  

Allowance for doubtful accounts

     (1,135 )   (1,462 )   —     —  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total

   $ 591,004   $ 546,825   $ 469,264   $ 226,892  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                   
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 2013, 2012 and 2011 were as follows (dollars in thousands):

 
   2013   2012   2011  

Interest earned

   $ 17,756   $ 19,242   $ 19,130  

Interest incurred

     (10,786 )   (14,589 )   (14,646 )
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net

   $ 6,970   $ 4,653   $ 4,484  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
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Summary of the transactions under certain Master Securities Lending Agreements that may be eligible for offsetting if an event of default occurred and a right of offset was legally enforceable

In accordance with ASU 2013-01, the following table summarizes the transactions under certain Master Securities Lending Agreements that may be eligible for offsetting if an event of default occurred and a right of offset was legally enforceable (dollars in thousands):

 
   Gross Amounts of
Recognized Assets/
(Liabilities)		   Gross Amounts
Offset in the
Consolidated
Statement of
Financial Condition		   Net Amounts
Presented in the
Consolidated
Statement of
Financial Condition		   Collateral
Received or
Pledged
(including Cash)		   Net
Amount		  

As of December 31, 2013:

                                

Deposits paid for securities borrowed

   $ 742,307   $ —   $ 742,307   $ 742,083   $ 224  

Deposits received for securities loaned

     (737,789 )   —     (737,789 )   (721,821 )   (15,698 )

As of December 31, 2012:

                                

Deposits paid for securities borrowed

     798,228     —     798,228     789,317     8,911  

Deposits received for securities loaned

     (823,202 )   —     (823,202 )   (822,382 )   (820 )