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

3 Months Ended

Mar. 31, 2018

Trading Securities Balance Sheet Reported Amounts [Abstract]

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

NOTE 5 – 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 March 31, 2018 and December 31, 2017 are as follows (in thousands):

	March 31, 2018		December 31, 2017
Financial instruments owned:
U.S. government securities	$	21,087	$	13,466
U.S. government agency securities		111,921		147,223
Mortgage-backed securities:
Agency		361,747		302,445
Non-agency		29,081		29,356
Asset-backed securities		85,987		76,752
Corporate securities:
Fixed income securities		364,917		325,471
Equity securities		39,090		46,802
Sovereign debt		19,341		32,470
State and municipal securities		147,876		169,699
	$	1,181,047	$	1,143,684
Financial instruments sold, but not yet purchased:
U.S. government securities	$	527,073	$	442,402
U.S. government agency securities		20,618		10,348
Mortgage-backed securities:
Agency		144,169		86,612
Corporate securities:
Fixed income securities		223,865		180,755
Equity securities		20,235		38,510
Sovereign debt		23,575		20,236
	$	959,535	$	778,863

At March 31, 2018 and December 31, 2017, financial instruments owned in the amount of $846.2 million and $810.3 million, respectively, were pledged as collateral for our repurchase agreements and short-term borrowings. Our financial instruments owned are presented on a trade-date basis in the consolidated statements of financial condition.

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.