Receivables and Payables (Tables)

12 Months Ended

Dec. 31, 2016

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 at December 31 (dollars in thousands):

	Receivables from				Payables to
	2016		2015		2016		2015
Broker-dealers	$	147,116	$	167,514	$	56,894	$	64,763
Clearing organizations		5,117		3,480		8,096		7,644
Securities borrowed*		374		866,520		—		—
Securities loaned		—		—		35,198		888,152
Allowance for doubtful accounts		(313)		(737)		—		—
Total	$	152,294	$	1,036,777	$	100,188	$	960,559

* See Securities Borrowed and Loaned below.

Summary of receivables from and payables to customers

The following is a summary of receivables from, and payables to, customers at December 31 (dollars in thousands):

	Receivables from				Payables to
	2016		2015		2016		2015
Customers	$	55,006	$	49,688	$	12,272	$	9,957
Allowance for doubtful accounts		(520)		(512)		—		—
Net	$	54,486	$	49,176	$	12,272	$	9,957

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 through the wind-down of all balances within the U.S. matched-book operations, and the resulting net amount included in other revenue on the Consolidated Statements of Operations for 2016, 2015 and 2014 were as follows (dollars in thousands):

	2016		2015		2014
Interest earned	$	1,961	$	5,512	$	15,072
Interest incurred		(1,132)		(3,720)		(10,218)
Net	$	829	$	1,792	$	4,854

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		Net Amounts		Collateral
			Offset in the		Presented in the		Received or
	Gross Amounts of		Consolidated		Consolidated		Pledged
	Recognized Assets/		Statement of		Statement of		(including		Net
	(Liabilities)		Financial Condition		Financial Condition		Cash)		Amount
As of December 31, 2016:
Deposits paid for securities borrowed	$	374	$	—	$	374	$	374	$	—
Deposits received for securities loaned		(35,198)		—		(35,198)		(34,245)		(953)
As of December 31, 2015:
Deposits paid for securities borrowed	$	866,520	$	—	$	866,520	$	866,520	$	—
Deposits received for securities loaned		(888,152)		—		(888,152)		(868,843)		(19,309)