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

9 Months Ended

Sep. 30, 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 of dollars)	September 30, 2012		December 31, 2011
Deposits with clearing organizations	$	10,826	$	16,467
Receivable for unsettled trading activities	110,832		14,705
Receivable from clearing organizations	2,288		2,950
Fails to deliver	—		24,654
Underwriting and syndicate fees receivable	1,062		—
Total receivables	$	125,008	$	58,776
Payable to clearing organizations	744,950		1,093,518
Fails to receive	46,222		15,146
Total payables	$	791,172	$	1,108,664

Included within deposits with clearing organizations at September 30, 2012 and December 31, 2011 is a deposit with the Fixed Income Clearing Corporation (“FICC”) of approximately $8.5 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 organizations may re-hypothecate all securities held on behalf of the Company.