Receivables and Payables (Tables)

9 Months Ended

Sep. 30, 2014

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, 2014			December 31, 2013			September 30, 2014		December 31, 2013
Broker-dealers	$	1,304,286		$	254,031		$	1,035,548	$	284,681
Clearing organizations	246,525			23,033			7,347		2,798
Securities borrowed	544,980			742,307			—		—
Securities loaned	—			—			617,334		737,789
Allowance for doubtful accounts	(1,323		)	(1,029		)	—		—
Total	$	2,094,468		$	1,018,342		$	1,660,229	$	1,025,268

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, 2014			December 31, 2013			September 30, 2014		December 31, 2013
Customers	$	1,377,191		$	592,139		$	1,611,985	$	469,264
Allowance for doubtful accounts	(1,144		)	(1,135		)	—		—
Net	$	1,376,047		$	591,004		$	1,611,985	$	469,264

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 Income for the three and nine months ended September 30, 2014 and 2013, respectively, were as follows (dollars in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
Interest earned	$	2,763		$	2,882		$	13,621		$	11,662
Interest incurred	(1,799		)	(1,938		)	(9,203		)	(8,242		)
Net	$	964		$	944		$	4,418		$	3,420

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 September 30, 2014:
Deposits paid for securities borrowed	$	544,980		$	—	$	544,980		$	544,879		$	101
Deposits received for securities loaned	(617,334		)	—		(617,334		)	(602,306		)	(15,028		)
As of December 31, 2013:
Deposits paid for securities borrowed	$	742,307		$	—	$	742,307		$	742,083		$	224
Deposits received for securities loaned	(737,789		)	—		(737,789		)	(722,091		)	(15,698		)