The fair value of securities received as collateral at February 28, 2013 and November 30, 2012 that pertains to our securities financing activities at February 28, 2013 and November 30, 2012 are as follows (in thousands):


	February 28, 2013		November 30, 2012
Carrying amount:
Securities purchased under agreements to resell	$	3,578,366	$	3,357,602
Securities borrowed		5,315,488		5,094,679
Securities received as collateral		25,338		—

Total assets on Consolidated Statement of Financial Condition		8,919,192		8,452,281
Netting of securities purchased under agreements to resell (1)		9,027,147		9,982,752

		17,946,339		18,435,033
Fair value of collateral received in excess of contract amount (2)		3,854,353		2,683,767


Fair value of securities received as collateral	$	21,800,692	$	21,118,800

(1)	Represents the netting of securities purchased under agreements to resell with securities sold under agreements to repurchase balances for the same counterparty under legally enforceable netting agreements.

(2)

Includes collateral received from customers for margin balances unrelated to arrangements for securities purchased under agreements to resell or securities borrowed with a fair value of $1,381.0 million and $1,252.6 million at February 28, 2013 and November 30, 2012, respectively, of which $812.6 million and $727.7 million had been rehypothecated and collateral received on securities for securities transactions of $2,302.7 million and $1,378.8 million at February 28, 2013 and November 30, 2012, respectively.