INTL FCStone 2005 Annual Report Download - page 65

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INTERNATIONAL ASSETS HOLDING CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements—(Continued)
September 30, 2005 and 2004
(15) Receivable From and Payable to Customers
Amounts receivable from and payable to customers at September 30, 2005 and 2004 consisted of the
following:
Receivable Payable
September 30, 2005:
Open transactions- foreign currency trading ................... $10,396,685 $1,998,098
Margin deposits held - commodities trading ................... 1,207,891
Pledge and option premiums receivable - commodities trading .... 5,168,078
Open transactions - other debt structures ..................... 83,365
$15,648,128 $3,205,989
September 30, 2004:
Open transactions- foreign currency trading ................... $11,018,572 $4,613,147
Margin deposits held - commodities trading ................... 11,036
Pledge receivable - commodities trading ..................... 1,339,840
Open transactions - other debt structures ..................... 41,000
$12,358,412 $4,665,183
Receivables and payables to customers result from open trading activities between the Company and its
customers which are not financial institutions or broker-dealers. Receivables and payables to certain customer
organizations are reported net, when a right of setoff exists with the customer.
(16) Other Assets
Other assets at September 30, 2005 and 2004 consisted of the following:
2005 2004
Other receivables ................................................ $ 5,836 $ 32,651
Deposit with clearing organization .................................. 500,000 500,000
Prepaid expenses and other assets ................................... 217,880 128,990
$723,716 $661,641
(17) Payable to Banks Under Loans and Overdrafts
At September 30, 2005, the Company had four lines of credit with three commercial banks totaling
$33,000,000. Three of the credit facilities are secured by certain assets. In addition, the Company has a
$3,000,000 on-demand overdraft facility with a fourth U.S. commercial bank. Total interest expense related to
these facilities is approximately $460,000 for the year ending September 30, 2005. The interest rate terms for
these facilities range from 1.25% to 2.75% over the London Interbank Offered Rates (‘LIBOR’) (approximately
3.9% at September 30, 2005), or are at the U.S. broker loan rate (approximately 4.3% at September 30, 2005).
At September 30, 2004, INTL Global Currencies had a multi-currency on-demand overdraft facility of up to
$7,000,000 with a commercial bank based in the United Kingdom. The overdraft facility provided a right of
set-off between amounts borrowed in one or more currencies against positive balances in one or more other
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