Receivables and Payables

9 Months Ended

Sep. 30, 2011

Receivables and Payables

Receivables and Payables

(10) Receivables and Payables

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 (dollars in thousands):

	Receivables from						Payables to
	September 30, 2011			December 31, 2010			September 30, 2011		December 31, 2010
Broker-dealers	$	549,743		$	246,560		$	497,914	$	403,432
Clearing organizations	11,345			413			63,761		108,526
Securities borrowed	513,384			618,662			—		—
Securities loaned	—			—			557,970		628,000
Allowance for doubtful accounts	(478		)	(384		)	—		—
Total	$	1,073,994		$	865,251		$	1,119,645	$	1,139,958

Receivables from, and Payables to, Customers

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

	Receivables from						Payables to
	September 30, 2011			December 31, 2010			September 30, 2011		December 31, 2010
Customers	$	828,381		$	607,286		$	635,460	$	272,027
Allowance for doubtful accounts	(1,247		)	(1,030		)	—		—
Total	$	827,134		$	606,256		$	635,460	$	272,027

Securities Borrowed and Loaned

As of September 30, 2011, securities borrowed as part of the Company’s matched book operations with a fair value of $467.7 million were delivered for securities 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 Condensed Consolidated Statements of Operations for the three and nine months ended September 30, were as follows (dollars in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2011			2010			2011			2010
Interest earned	$	5,114		$	1,372		$	14,794		$	2,699
Interest incurred	(4,053		)	(958		)	(11,473		)	(1,802		)
Net	$	1,061		$	414		$	3,321		$	897