This excerpt taken from the C 10-K filed Feb 23, 2007.
Brokerage Payables include payables arising from unsettled trades including securities purchased, but not yet received by the Company as of the settlement date (fails to receive).
These payables increased by $14 billion, or 20%. The brokerage payables balance fluctuates based upon investment security inventory levels, trade activity, and the timing of trade settlements.
See Note 13 to the Consolidated Financial Statements on page 133.
This excerpt taken from the C 10-K filed Feb 24, 2006.
The increase in brokerage payables consisted of increases in payables to customers of $17 billion and payables to brokers of $4 billion. Generally, the balance in brokerage payables fluctuates based upon investment security inventory levels, trade activity and the timing of settlement of trades, resulting in fails to deliver. In addition to these factors, the balance was also impacted by $3 billion on the acquisition of the broker/dealer business from Legg Mason in 2005. Total average brokerage payables were $55 billion in 2005, compared to $43 billion in 2004. See Note 7 to the Consolidated Financial Statements on page 125.