12 . brokerage receivables and brokerage payables the company has receivables and payables for financial instruments sold to and purchased from brokers , dealers and customers , which arise in the ordinary course of business . citi is exposed to risk of loss from the inability of brokers , dealers or customers to pay for purchases or to deliver the financial instruments sold , in which case citi would have to sell or purchase the financial instruments at prevailing market prices . credit risk is reduced to the extent that an exchange or clearing organization acts as a counterparty to the transaction and replaces the broker , dealer or customer in question . citi seeks to protect itself from the risks associated with customer activities by requiring customers to maintain margin collateral in compliance with regulatory and internal guidelines . margin levels are monitored daily , and customers deposit additional collateral as required . where customers cannot meet collateral requirements , citi may liquidate sufficient underlying financial instruments to bring the customer into compliance with the required margin level . exposure to credit risk is impacted by market volatility , which may impair the ability of clients to satisfy their obligations to citi . credit limits are established and closely monitored for customers and for brokers and dealers engaged in forwards , futures and other transactions deemed to be credit sensitive . brokerage receivables and brokerage payables consisted of the following: .
total brokerage payables ( 1 ) $ 64571 $ 61342 ( 1 ) includes brokerage receivables and payables recorded by citi broker-dealer entities that are accounted for in accordance with the aicpa accounting guide for brokers and dealers in securities as codified in asc 940-320. .
December 31,
In millions of dollars 2018 2017
Receivables from customers $14,415 $19,215
Receivables from brokers, dealers and clearing organizations 21,035 19,169
Total brokerage receivables<sup>(1)</sup> $35,450 $38,384
Payables to customers $40,273 $38,741
Payables to brokers, dealers and clearing organizations 24,298 22,601
Total brokerage payables<sup>(1)</sup> $64,571 $61,342
in millions of dollars december 31 , 2018 december 31 , 2017
receivables from customers $ 14415 $ 19215
receivables from brokers dealers and clearing organizations 21035 19169
total brokerage receivables ( 1 ) $ 35450 $ 38384
payables to customers $ 40273 $ 38741
payables to brokers dealers and clearing organizations 24298 22601
total brokerage payables ( 1 ) $ 64571 $ 61342