Receivables from and Payables to Brokers, Dealers, and Clearing Agencies

6 Months Ended

Jun. 30, 2012

Receivables from and Payables to Brokers, Dealers, and Clearing Agencies [Abstract]

RECEIVABLES FROM AND PAYABLES TO BROKERS, DEALERS, AND CLEARING AGENCIES

4. RECEIVABLES FROM AND PAYABLES TO BROKERS, DEALERS, AND CLEARING AGENCIES

Amounts receivable from brokers, dealers, and clearing agencies consist of the following at June 30, 2012 and December 31, 2011.

RECEIVABLES FROM BROKERS, DEALERS, AND CLEARING AGENCIES

(Dollars in Thousands)

	June 30, 2012		December 31, 2011
Receivable from clearing organizations	$	7,628	$	51,619
Unsettled regular way trades, net		—		17,232
Deposits with clearing organizations		1,647		2,112
Receivables from brokers, dealers, and clearing agencies	$	9,275	$	70,963

Receivable from clearing organizations represents un-invested cash held by the clearing organization which includes cash proceeds from short sales.

Amounts payable to brokers, dealers, and clearing agencies consists of the following at June 30, 2012 and December 31, 2011.

PAYABLES TO BROKERS, DEALERS, AND CLEARING AGENCIES

(Dollars in Thousands)

	June 30, 2012		December 31, 2011
Unsettled regular way trades, net	$	830	$	—
Margin payable		35,027		24,633
Payables to brokers, dealers, and clearing agencies	$	35,857	$	24,633

Securities transactions are recorded on a trade date, as if they had settled. The related amounts receivable and payable for unsettled securities transactions are recorded net in receivables from or payables to brokers, dealers, and clearing agencies on the Company’s consolidated balance sheets. The Company incurred interest on margin payable of $831 and $983 for the six months ended June 30, 2012 and 2011, respectively, and $415 and $358 for the three months ended June 30, 2012 and 2011, respectively.