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Receivables from/Payables to Broker-Dealers and Clearing Organizations
 9 Months Ended
Sep. 30, 2017
Receivables from/Payables to Broker-Dealers and Clearing Organizations  
Receivables from/Payables to Broker-Dealers and Clearing Organizations

7. 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 September 30, 2017 and December 31, 2016:

 

 

 

 

 

 

 

 

(in thousands)

 

2017

 

2016

 

Assets

    

 

 

    

 

 

 

Due from prime brokers

 

$

196,487

 

$

91,476

 

Deposits with clearing organizations

 

 

156,127

 

 

21,995

 

Net equity with futures commission merchants

 

 

187,424

 

 

213,030

 

Unsettled trades with clearing organization

 

 

191,212

 

 

44,312

 

Securities failed to deliver

 

 

231,135

 

 

77,915

 

Commissions and fees

 

 

18,133

 

 

 —

 

Total receivables from broker-dealers and clearing organizations

 

$

980,518

 

$

448,728

 

Liabilities

 

 

 

 

 

 

 

Due to prime brokers

 

$

409,323

 

$

227,335

 

Net equity with futures commission merchants

 

 

42,634

 

 

38,838

 

Unsettled trades with clearing organization

 

 

318,207

 

 

429,800

 

Securities failed to receive

 

 

66,194

 

 

 5

 

Commissions and fees

 

 

2,709

 

 

 —

 

Total payables to broker-dealers and clearing organizations

 

$

839,067

 

$

695,978

 

 

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 (described in Note 9) of approximately $159.1 million and $309.1 million as of September 30, 2017 and December 31, 2016, 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.