Financial Instruments Owned And Financial Instruments Sold, But Not Yet Purchased

9 Months Ended

Sep. 30, 2015

Trading Securities Balance Sheet Reported Amounts [Abstract]

Financial Instruments Owned And Financial Instruments Sold, But Not Yet Purchased

NOTE 7 – Financial Instruments Owned and Financial Instruments Sold, But Not Yet Purchased

The components of financial instruments owned and financial instruments sold, but not yet purchased, at September 30, 2015 and December 31, 2014 are as follows (in thousands):

	September 30, 2015		December 31, 2014
Financial instruments owned:
U.S. government securities	$	15,750	$	58,992
U.S. government agency securities		124,292		101,439
Mortgage-backed securities:
Agency		202,480		159,057
Non-agency		18,704		13,366
Corporate securities:
Fixed income securities		251,416		245,909
Equity securities		25,641		77,548
State and municipal securities		174,693		130,544
	$	812,976	$	786,855
Financial instruments sold, but not yet purchased:
U.S. government securities	$	217,648	$	146,592
U.S. government agency securities		—		10,029
Mortgage-backed securities:
Agency		38,927		28,067
Non-agency		—		4,556
Corporate securities:
Fixed income securities		234,429		293,008
Equity securities		21,089		105,013
State and municipal securities		230		—
	$	512,323	$	587,265

At September 30, 2015 and December 31, 2014, financial instruments owned in the amount of $586.1 million and $425.1 million, respectively, were pledged as collateral for our repurchase agreements and short-term borrowings.

Financial instruments 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.