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

3 Months Ended

Mar. 31, 2012

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)	March 31, 2012		December 31,  2011
Fails to deliver	$	68,715	$	24,654
Deposits with clearing organizations	18,081		16,467
Receivable from clearing organizations	2,942		2,950
Underwriting and syndicate fees receivable	96		—
Receivable for unsettled trading activities	—		14,705
Total receivables	$	89,834	$	58,776
Payable to clearing organizations	930,682		1,093,518
Fails to receive	99,492		15,146
Payable for unsettled trading activities	23,854		—
Total payables	$	1,054,028	$	1,108,664

Included within deposits with clearing organizations at March 31, 2012 and December 31, 2011 is a deposit with the Fixed Income Clearing Corporation (“FICC”) of approximately $17.3 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.  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.