Receivables and Payables (Tables)

12 Months Ended

Dec. 31, 2015

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
	2015			2014			2015		2014
Broker-dealers	$	167,514		$	147,240		$	64,763	$	51,615
Clearing organizations		3,480			1,447			7,644		39,433
Securities borrowed		866,520			496,596			—		—
Securities loaned		—			—			888,152		508,993
Allowance for doubtful accounts		(737	)		(669	)		—		—
Total	$	1,036,777		$	644,614		$	960,559	$	600,041

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
	2015			2014			2015		2014
Customers	$	49,688		$	108,518		$	9,957	$	11,132
Allowance for doubtful accounts		(512	)		(583	)		—		—
Net	$	49,176		$	107,935		$	9,957	$	11,132

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 2015, 2014 and 2013 were as follows (dollars in thousands):

	2015			2014			2013
Interest earned	$	5,512		$	15,072		$	17,756
Interest incurred		(3,720	)		(10,218	)		(10,786	)
Net	$	1,792		$	4,854		$	6,970

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

        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, 2015:
Deposits paid for securities borrowed	$	866,520		$	—	$	866,520		$	866,520		$	—
Deposits received for securities loaned		(888,152	)		—		(888,152	)		(868,843	)		(19,309	)
As of December 31, 2014:
Deposits paid for securities borrowed	$	496,596		$	—	$	496,596		$	496,374		$	222
Deposits received for securities loaned		(508,993	)		—		(508,993	)		(497,462	)		(11,531	)