Receivables from and Payables to Broker-Dealers, Clearing Organizations, Customers and Related Broker-Dealers

9 Months Ended

Sep. 30, 2020

Receivables from and Payables to Broker-Dealers, Clearing Organizations, Customers and Related Broker-Dealers

11.	Receivables from and Payables to Broker-Dealers, Clearing Organizations, Customers and Related Broker-Dealers

Receivables from and payables to broker-dealers, clearing organizations, customers and related broker-dealers primarily represent amounts due for undelivered securities, cash held at clearing organizations and exchanges to facilitate settlement and clearance of matched principal transactions, spreads on matched principal transactions that have not yet been remitted from/to clearing organizations and exchanges and amounts related to open derivative contracts, including derivative contracts into which the Company may enter to minimize the effect of price changes of the Company’s marketable securities (see Note 12—“Derivatives”). As of September 30, 2020 and December 31, 2019, Receivables from and payables to broker-dealers, clearing organizations, customers and related broker-dealers consisted of the following (in thousands):

	September 30, 2020		December 31, 2019
Receivables from broker-dealers, clearing organizations, customers and related broker-dealers:
Contract values of fails to deliver	$	986,870	$	400,713
Receivables from clearing organizations		131,823		134,163
Other receivables from broker-dealers and customers		17,452		12,769
Net pending trades		3,445		1,932
Open derivative contracts		531		1,868
Total	$	1,140,121	$	551,445
Payables to broker-dealers, clearing organizations, customers and related broker-dealers:
Contract values of fails to receive	$	899,375	$	389,458
Payables to clearing organizations		76,204		11,005
Other payables to broker-dealers and customers		10,907		11,950
Open derivative contracts		1,843		4,153
Total	$	988,329	$	416,566

A portion of these receivables and payables are with Cantor. See Note 14—“Related Party Transactions,” for additional information related to these receivables and payables.

Substantially all open fails to deliver, open fails to receive and pending trade transactions as of September 30, 2020 have subsequently settled at the contracted amounts.