Receivables from and Payables To Brokers, Dealers, and Clearing Organizations

12 Months Ended

Dec. 31, 2011

Receivables from and Payables To Brokers, Dealers, and Clearing Organizations

Receivables from and Payables To Brokers, Dealers, and Clearing Organizations

NOTE 6. Receivables from and Payables To Brokers, Dealers, and Clearing Organizations

        Amounts Receivable from and Payable to brokers, dealers and clearing organizations consists of the following at December 31:

(In thousands)	2011		2010
Fails to deliver	$	24,654	$	—
Deposits with clearing organizations		16,467		11,511
Receivable for unsettled trading activities		14,705		—
Receivable from clearing organizations		2,950		13,226
Commissions receivable		—		394
Underwriting and syndicate fees receivable		—		590
Total receivables	$	58,776	$	25,721
Payable to clearing organizations		1,093,518		1,101,440
Fails to receive		15,146		—
Total payables	$	1,108,664	$	1,101,440

        Included within deposits with clearing organizations at December 31, 2011 and 2010 is a deposit with the Fixed Income Clearing Corporation ("FICC") of approximately $15.2 million and $10.3 million, respectively, related to the Company's self-clearing activities associated with the Rates business.

        Securities transactions are recorded on their trade date as if they had settled. The related amounts receivable and payable for unsettled securities transactions are recorded net, by clearing organization, in Receivables from or Payables to brokers, dealers and clearing organizations in the Consolidated Statements of Financial Condition.

        The clearing organizations may re-hypothecate all securities held on behalf of the Company.