Receivables and Payables (Tables)

9 Months Ended

Sep. 30, 2012

Receivables and Payables

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

	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

Summary of receivables from, and payables to, customers

	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

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

	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