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

3 Months Ended

Mar. 31, 2013

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)	March 31, 2013		December 31,  2012
Deposits with clearing organizations	$	8,266	$	9,566
Receivable from clearing organizations	3,715		2,001
Receivable for unsettled trading activities	1,094		237
Underwriting and syndicate fees receivable	362		1,020
Total receivables	$	13,437	$	12,824
Payable to clearing organizations	408,666		638,009
Payable for unsettled trading activities	547		—
Total payables	$	409,213	$	638,009

Included within deposits with clearing organizations at March 31, 2013 and December 31, 2012 is a deposit with the Fixed Income Clearing Corporation (“FICC”) of approximately $6.3 million and $8.8 million, respectively, related to the Company’s self clearing activities associated with the Rates business.

Payable to clearing organizations at March 31, 2013 and December 31, 2012 included approximately $37.6 million and $35.5 million, respectively, of excess equity (funds that are readily available to the Company) held at the Company’s principal clearing broker.

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.