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

3 Months Ended

Mar. 31, 2025

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 (see Note 11—“Derivatives”). As of March 31, 2025 and December 31, 2024, Receivables from and payables to broker-dealers, clearing organizations, customers and related broker-dealers consisted of the following (in thousands):


	March 31, 2025		December 31, 2024
Receivables from broker-dealers, clearing organizations, customers and related broker-dealers1:
Contract values of fails to deliver	$	1,106,458	$	213,409
Receivables from clearing organizations	141,932		118,473
Other receivables from broker-dealers and customers	23,893		26,859
Net pending trades	5,849		1,365
Open derivative contracts	1,293		5,384
Total	$	1,279,425	$	365,490
Payables to broker-dealers, clearing organizations, customers and related broker-dealers1:
Contract values of fails to receive	$	1,063,128	$	201,301
Payables to clearing organizations	33,079		5,643
Other payables to broker-dealers and customers	16,957		14,003

Open derivative contracts	657		4,430
Total	$	1,113,821	$	225,377

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1Includes receivables and payables with Cantor. See Note 13—“Related Party Transactions” for additional information.

Substantially all open fails to deliver, open fails to receive and pending trade transactions as of March 31, 2025 have subsequently settled at the contracted amounts.