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Offsetting Assets and Liabilities
 12 Months Ended
Dec. 31, 2015
Text Block [Abstract]  
Offsetting Assets and Liabilities

 


NOTE 16 – OFFSETTING ASSETS AND LIABILITIES

The Partnership does not offset financial instruments in the Consolidated Statements of Financial Condition.  However, the Partnership enters into master netting arrangements with counterparties for securities purchased under agreements to resell that are subject to net settlement in the event of default.  These agreements create a right of offset for the amounts due to and due from the same counterparty in the event of default or bankruptcy.

The following table shows the Partnership's securities purchased under agreements to resell as of December 31, 2015 and 2014:

 

 

 

 

 

 

 

Gross amounts

 

Net amounts

 

 

Gross amounts not offset

 

 

 

 

 

 

 

 

 

 

 

offset in the

 

presented in the

 

 

in the Consolidated

 

 

 

 

 

 

 

Gross

 

 

Consolidated

 

Consolidated

 

 

Statements of Financial

 

 

 

 

 

 

 

amounts of

 

 

Statements of

 

Statements of

 

 

Condition

 

 

 

 

 

 

 

recognized

 

 

Financial

 

Financial

 

 

Financial

 

Securities

 

 

 

 

 

 

 

assets

 

 

Condition

 

Condition

 

 

instruments

 

collateral(1)

 

 

Net amount

 

2015

 

$

843

 

 

—

 

 

843

 

 

—

 

 

(843

)

 

$

—

 

2014

 

$

634

 

 

—

 

 

634

 

 

—

 

 

(634

)

 

$

—

 

 

(1)

Actual collateral was greater than 102% of the related assets in U.S. agreements and greater than 100% in Canada agreements for all periods presented.