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

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)	2012		2011
Deposits with clearing organizations	$	9,566	$	16,467
Receivable from clearing organizations		2,001		2,950
Underwriting and syndicate fees receivable		1,020		—
Receivable for unsettled trading activities		237		14,705
Fails to deliver		—		24,654
Total receivables	$	12,824	$	58,776
Payable to clearing organizations	$	638,009	$	1,093,518
Fails to receive		—		15,146
Total payables	$	638,009	$	1,108,664

        Included within deposits with clearing organizations at December 31, 2012 and 2011 is a deposit with the Fixed Income Clearing Corporation ("FICC") of approximately $8.8 million and $15.2 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 organization may re-hypothecate all securities held on behalf of the Company.