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

9 Months Ended

Sep. 30, 2011

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

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

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:

(In thousands of dollars)	September 30, 2011		December 31, 2010
Deposits with clearing organizations	$	13,515	$	11,511
Receivable from clearing organizations	5,864		13,226
Underwriting and syndicate fees receivable	—		590
Commissions receivable	—		394
Total receivables	$	19,379	$	25,721
Payable to brokers, dealers and clearing organizations	1,393,621		1,101,440
Total payables	$	1,393,621	$	1,101,440

Included within deposits with clearing organizations at September 30, 2011 and December 31, 2010 is a deposit with the Fixed Income Clearing Corporation (“FICC”) of approximately $12.2 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.