7. Collateralized Transactions

The Company is permitted to sell or repledge securities received as collateral and use these securities to secure repurchase agreements, enter into securities lending transactions or deliver these securities to counterparties or clearing organizations to cover short positions. At December 31, 2015 and December 31, 2014, substantially all of the securities received as collateral have been repledged. The fair value of the collateralized transactions at December 31, 2015 and December 31, 2014 are summarized as follows:


	December 31,
(in thousands)	2015		2014
Securities received as collateral:
Securities borrowed	$	437,220	$	470,553
Securities purchased under agreements to resell		14,985		31,472
	$	452,205	$	502,025

In the normal course of business, the Company pledges qualified securities with clearing organizations to satisfy daily margin and clearing fund requirements.

Financial instruments owned and pledged, where the counterparty has the right to repledge, at December 31, 2015 and December 31, 2014 consisted of the following:


	December 31,
(in thousands)	2015		2014
Equities	$	232,731	$	219,159
Exchange traded notes		26,444		17,216
	$	259,175	$	236,375