RECEIVABLES FROM AND PAYABLES TO BROKERS, DEALERS AND CLEARING ORGANIZATIONS

12 Months Ended

Dec. 31, 2012

RECEIVABLES FROM AND PAYABLES TO BROKERS, DEALERS AND CLEARING ORGANIZATIONS

RECEIVABLES FROM AND PAYABLES TO BROKERS, DEALERS AND CLEARING ORGANIZATIONS

3. RECEIVABLES FROM AND PAYABLES TO BROKERS, DEALERS AND CLEARING ORGANIZATIONS

Amounts receivable from and payable to brokers, dealers and clearing organizations consisted of the following:

	December 31,
	2012		2011
Receivables from brokers, dealers and clearing organizations:
Contract value of fails to deliver	$	164,090	$	86,097
Receivables from and deposits with clearing organizations and financial institutions	87,348		165,303
Net pending trades	1,258		394
Total	$	252,696	$	251,794
Payables to brokers, dealers and clearing organizations:
Contract value of fails to receive	$	158,256	$	87,254
Payables to clearing organizations and financial institutions	6,679		2,275
Total	$	164,935	$	89,529

Substantially all fail to deliver and fail to receive balances at December 31, 2012 and 2011 have subsequently settled at the contracted amounts.

In addition to the balances above, the Company had Payables to clearing services customers of $139,627 and $120,909 at December 31, 2012 and 2011, respectively.  These amounts represent cash payable to the Company’s clearing customers, that is held at the Company’s third party general clearing members and are included within Cash and cash equivalents, Cash and securities segregated under federal and other regulations, or Receivables from brokers, dealers and clearing organizations.