Receivable from and Payable to Brokers and Clearing Organizations

9 Months Ended

Sep. 30, 2011

Receivable from and Payable to Brokers and Clearing Organizations and Net Capital Requirements [Abstract]

Receivable from and payable to brokers and clearing organizations

5. Receivable from and payable to brokers and clearing organizations

Expressed in thousands of dollars.

	September 30,		December 31,
	2011		2010
Receivable from brokers and clearing organizations consist of:
Deposits paid for securities borrowed	$	245,601	$	199,117
Receivable from brokers		27,117		20,609
Securities failed to deliver		27,936		23,673
Clearing organizations		19,023		11,038
Omnibus accounts		15,215		19,129
Other		374		29,278
	$	335,266	$	302,844

	September 30,		December 31,
	2011		2010
Payable to brokers and clearing organizations consist of:
Deposits received for securities loaned	$	289,343	$	345,462
Securities failed to receive		48,964		24,944
Clearing organizations and other (1)		88,283		2,291
	$	426,590	$	372,697

(1) At September 30, 2011, $79.9 million was a trade date/settlement date adjustment.

In April 2008, Oppenheimer commenced an action against Metal Management Inc. (“Metal”) in the United States District Court for the Southern District of New York (the “Court”) to collect an unpaid fee related to an investment banking transaction. On June 20, 2011, the Court issued an order granting Oppenheimer’s motion for summary judgment. On July 25, 2011, Metal appealed such order to the United States Court of Appeals for the Second Circuit. On August 26, 2011, Oppenheimer entered into a settlement agreement pursuant to which Metal paid to Oppenheimer approximately $10.0 million.