Securities Owned

9 Months Ended

Sep. 30, 2013

Investments Debt And Equity Securities [Abstract]

Securities Owned

6. Securities Owned

Securities owned primarily consist of unencumbered U.S. Treasury bills held for liquidity purposes. Total securities owned were $32.2 million and $32.0 million as of September 30, 2013 and December 31, 2012, respectively.

Securities owned consisted of the following (in thousands):

	September 30, 2013		December 31, 2012
Government debt	$	32,029	$	32,003
Equities		124		—
Total	$	32,153	$	32,003

As of September 30, 2013, the Company had not pledged any of the securities owned to satisfy deposit requirements at exchanges or clearing organizations.