Securities Owned

9 Months Ended

Sep. 30, 2012

Securities Owned [Abstract]

Securities Owned

6. Securities Owned

Securities owned primarily consist of unencumbered U.S. Treasury bills held for liquidity purposes. Total securities owned were $32.3 million and $16.3 million as of September 30, 2012 and December 31, 2011, respectively.

Securities owned consisted of the following (in thousands):

	September 30, 2012		December 31, 2011
Government debt	$	32,020	$	16,007
Equities		283		275
Total	$	32,303	$	16,282

As of September 30, 2012, the Company has not pledged any of the securities owned to satisfy deposit requirements at exchanges or clearing organizations.