Receivable from and Payable to Brokers, Dealers and Clearing Organizations

3 Months Ended

Mar. 31, 2017

Brokers and Dealers [Abstract]

Receivable from and Payable to Brokers, Dealers and Clearing Organizations

Receivable from and Payable to Brokers, Dealers and Clearing Organizations

Amounts receivable from and payable to brokers, dealers and clearing organizations consist of the following (in thousands):

	March 31, 2017		December 31, 2016
Receivable:
Clearing organizations and other	$	575,544	$	619,425
Financial instruments purchased under agreement to resell	13,735		21,832
Securities failed to deliver	212,399		191,528
Total receivable	$	801,678	$	832,785
Payable:
Clearing organizations and other	$	433,164	$	458,341
Securities failed to receive	62,089		60,559
Total payable	$	495,253	$	518,900

Management believes that the carrying value of amounts receivable from and payable to brokers, dealers and clearing organizations approximates fair value since they are short term in nature.