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Receivables and Payables

9 Months Ended

Sep. 30, 2012

(9) 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, 2012			December 31, 2011			September 30, 2012		December 31, 2011
Broker-dealers	$	540,099		$	205,975		$	490,550	$	370,146
Clearing organizations	89,933			2,365			11		14,945
Securities borrowed	661,876			663,293			—		—
Securities loaned	—			—			669,164		694,682
Allowance for doubtful accounts	(1,506		)	(318		)	—		—
Total	$	1,290,402		$	871,315		$	1,159,725	$	1,079,773

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, 2012			December 31, 2011			September 30, 2012		December 31, 2011
Customers	$	545,389		$	473,852		$	601,042	$	207,738
Allowance for doubtful accounts	(1,453		)	(1,343		)	—		—
Total	$	543,936		$	472,509		$	601,042	$	207,738

Securities Borrowed and Loaned

As of September 30, 2012, securities borrowed as part of the Company’s matched book operations with a fair value of $628.1 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 months and nine months ended September 30, were as follows (dollars in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2012			2011			2012			2011
Interest earned	$	3,799		$	5,114		$	17,335		$	14,794
Interest incurred	(2,680		)	(4,053		)	(13,332		)	(11,473		)
Net	$	1,119		$	1,061		$	4,003		$	3,321