Receivables and Payables (Tables)

6 Months Ended

Jun. 30, 2015

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
	June 30, 2015			December 31, 2014			June 30, 2015		December 31, 2014
Broker-dealers	$	184,313		$	147,240		$	94,943	$	51,615
Clearing organizations	7,898			1,447			10,049		39,433
Securities borrowed	819,051			496,596			—		—
Securities loaned	—			—			849,111		508,993
Allowance for doubtful accounts	(927		)	(669		)	—		—
Total	$	1,010,335		$	644,614		$	954,103	$	600,041

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
	June 30, 2015			December 31, 2014			June 30, 2015		December 31, 2014
Customers	$	106,142		$	108,518		$	31,324	$	11,132
Allowance for doubtful accounts	(591		)	(583		)	—		—
Net	$	105,551		$	107,935		$	31,324	$	11,132

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 six months ended June 30, 2015 and 2014, respectively, were as follows (dollars in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
Interest earned	$	1,451		$	6,455		$	2,859		$	10,858
Interest incurred	(1,080		)	(4,337		)	(2,126		)	(7,403		)
Net	$	371		$	2,118		$	733		$	3,455

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 June 30, 2015:
Deposits paid for securities borrowed	$	819,051		$	—	$	819,051		$	818,761		$	290
Deposits received for securities loaned	(849,111		)	—		(849,111		)	(835,260		)	(13,851		)
As of December 31, 2014:
Deposits paid for securities borrowed	$	496,596		$	—	$	496,596		$	496,374		$	222
Deposits received for securities loaned	(508,993		)	—		(508,993		)	(497,462		)	(11,531		)