Receivables from/Payables to Broker-Dealers and Clearing Organizations

12 Months Ended

Dec. 31, 2015

Receivables from/Payables to Broker-Dealers and Clearing Organizations

Receivables from/Payables to Broker-Dealers and Clearing Organizations

6. Receivables from/Payables to Broker-Dealers and Clearing Organizations

The following is a summary of receivables from and payables to brokers-dealers and clearing organizations at December 31, 2015 and December 31, 2014:

	December 31,
(in thousands)	2015		2014
Assets
Due from prime brokers	$	101,372	$	67,556
Deposits with clearing organizations		31,908		29,595
Net equity with futures commission merchants		174,615		155,060
Unsettled trades with clearing organization		102,890		55,929
Securities failed to deliver		65,751		79,512
Total receivables from broker-dealers and clearing organizations	$	476,536	$	387,652
Liabilities
Due to prime brokers	$	294,691	$	313,623
Net equity with futures commission merchants		46,537		60,973
Unsettled trades with clearing organization		145,376		311,322
Securities failed to receive		—		285
Total payables to broker-dealers and clearing organizations	$	486,604	$	686,203

Included as a deduction from “Due from prime brokers” and “Net equity with futures commission merchants” is the outstanding principal balance on all of the Company’s short-term credit facilities of approximately $219.1 million and $182.9 million as of December 31, 2015 and 2014, respectively. The loan proceeds from the credit facilities are available only to meet the initial margin requirements associated with the Company’s ordinary course futures and other trading positions, which are held in the Company’s trading accounts with an affiliate of the respective financial institutions. The credit facilities are fully collateralized by the Company’s trading accounts and deposit accounts with these financial institutions. “Securities failed to deliver” and “Securities failed to receive” include amounts with a clearing organization and other broker-dealers.