Receivables and Payables (Tables)

9 Months Ended

Sep. 30, 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 (dollars in thousands):

	Receivables from						Payables to
	September 30, 2013			December 31, 2012			September 30, 2013		December 31, 2012
Broker-dealers	$	711,575		$	297,916		$	462,042	$	513,529
Clearing organizations	5,627			12,391			93,806		728
Securities borrowed	928,899			798,228			—		—
Securities loaned	—			—			966,595		823,202
Allowance for doubtful accounts	(1,217		)	(1,416		)	—		—
Total	$	1,644,884		$	1,107,119		$	1,522,443	$	1,337,459

Summary of 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, 2013			December 31, 2012			September 30, 2013		December 31, 2012
Customers	$	943,154		$	548,287		$	936,381	$	226,892
Allowance for doubtful accounts	(904		)	(1,462		)	—		—
Total	$	942,250		$	546,825		$	936,381	$	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 Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2013, were as follows (dollars in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2013			2012			2013			2012
Interest earned	$	2,882		$	3,799		$	11,662		$	17,335
Interest incurred	(1,938		)	(2,680		)	(8,242		)	(13,332		)
Net	$	944		$	1,119		$	3,420		$	4,003

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 Condensed Consolidated Statement of Financial Condition		Net Amounts Presented in the Condensed Consolidated Statement of Financial Condition			Collateral Received or Pledged (including Cash)			Net Amount
As of September 30, 2013:
Deposits paid for securities borrowed	$	928,899		$	—	$	928,899		$	899,661		$	29,238
Deposits received for securities loaned	$	(966,595	)	$	—	$	(966,595	)	$	(966,595	)	$	—
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	)