9. 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, 2017 and December 31, 2016, substantially all of the securities received as collateral have been repledged. The fair value of the collateralized transactions at December 31, 2017 and December 31, 2016 are summarized as follows:


(in thousands)	2017		2016
Securities received as collateral:
Securities borrowed	$	1,415,793	$	213,203
	$	1,415,793	$	213,203

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, 2017 and December 31, 2016 consisted of the following:


(in thousands)	2017		2016
Equities	$	586,251	$	128,202
U.S. and Non-U.S. government obligations		99		—
Exchange traded notes		8,693		15,681
	$	595,043	$	143,883