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

12 Months Ended

Dec. 31, 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 7–  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 December 31, 2012 and 2011, are as follows (in thousands):

	December 31,
	2012		2011
Trading securities owned:
U.S. government agency securities	$	123,758	$	66,424
U.S. government securities		3,573		32,845
Corporate securities:
Fixed income securities		396,878		244,535
Equity securities		35,472		19,859
State and municipal securities		203,927		111,288
	$	763,608	$	474,951
Trading securities sold, but not yet purchased
U.S. government securities	$	162,661	$	109,776
U.S. government agency securities		15		954
Corporate securities:
Fixed income securities		150,698		149,460
Equity securities		6,281		6,060
State and municipal securities		87		583
	$	319,742	$	266,833

At December 31, 2012 and 2011, trading securities owned in the amount of $607.6 million and $393.9 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.