Trading Securities Owned And Trading Securities Sold, But Not Yet Purchased

6 Months Ended

Jun. 30, 2012

Trading Securities Owned And Trading Securities Sold, But Not Yet Purchased [Abstract]

Trading Securities Owned And Trading Securities Sold, But Not Yet Purchased

NOTE 5 – Trading Securities Owned and Trading Securities Sold, But Not Yet Purchased

The components of trading securities owned and trading securities sold, but not yet purchased, at June 30, 2012 and December 31, 2011, are as follows (in thousands):

	June 30,		December 31,
	2012		2011
Trading securities owned:
U.S. government agency securities	$	80,673	$	66,424
U.S. government securities		31,879		32,845
Corporate securities:
Fixed income securities		432,086		244,535
Equity securities		43,997		19,859
State and municipal securities		162,312		111,288
	$	750,947	$	474,951
Trading securities sold, but not yet purchased
U.S. government securities	$	208,786	$	109,776
U.S. government agency securities		6,658		954
Corporate securities:
Fixed income securities		177,976		149,460
Equity securities		18,090		6,060
State and municipal securities		170		583
	$	411,680	$	266,833

At June 30, 2012 and December 31, 2011, trading securities owned in the amount of $565.8 million and $392.4 million, respectively, were pledged as collateral for our repurchase agreements and short-term borrowings.

Trading securities sold, but not yet purchased, represent obligations of our company to deliver the specified security at the contracted price, thereby creating a liability to purchase the security in the market at prevailing prices in future periods. We are obligated to acquire the securities sold short at prevailing market prices in future periods, which may exceed the amount reflected in the consolidated statements of financial condition.