Resale and Repurchase Agreements

6 Months Ended

Jun. 30, 2013

Resale and Repurchase Agreements

Resale and Repurchase Agreements

5.   Resale and Repurchase Agreements

Refer to Note 1 within the footnotes to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012 for a detailed discussion of accounting policies related to the Company’s resale and repurchase agreements.

In connection with the discontinuation of the Company’s operations with the MBS & Rates segment, there were no outstanding resale and repurchase agreements at June 30, 2013.  At December 31, 2012, the fair value of financial instruments held as collateral by the Company that it was permitted to deliver or repledge in connection with resale agreements was approximately $137.9 million, substantially all of which was repledged in the form of repurchase agreements at December 31, 2012.

The following table below presents the gross and net information about the Company’s resale and repurchase agreements that are offset in the financial statements:

		June 30, 2013						December 31, 2012
(in thousands of dollars) Asset / Liability	Collateral Type	Gross  Amounts		Netting		Net  Amounts		Gross  Amounts		Netting			Net  Amounts
Resale agreements	U.S. government and federal agency obligations	$	—	$	—	$	—	$	238,014	$	(238,014	)	$	—
Repurchase agreements	U.S. government and federal agency obligations	$	—	$	—	$	—	$	397,400	$	(238,014	)	$	159,386

The following tables provide detail on the maturity composition of the outstanding repurchase agreements at December 31, 2012 (there were no outstanding repurchase agreements at June 30, 2013):

	December 31, 2012
(In thousands of dollars)	Overnight		< 30 days		30-90 days		> 90 days		On Demand		Total, net
Collateral Type
U.S. government and federal agency obligations	$	106,991	$	50,052	$	—	$	—	$	2,343	$	159,386