Collateralized Transactions

Jefferies enters into secured borrowing and lending arrangements to obtain collateral necessary to effect settlement, finance inventory positions, meet customer needs or re-lend as part of dealer operations. Jefferies monitors the fair value of the securities loaned and borrowed on a daily basis as compared with the related payable or receivable, and requests additional collateral or returns excess collateral, as appropriate. Jefferies pledges financial instruments as collateral under repurchase agreements, securities lending agreements and other secured arrangements, including clearing arrangements. Jefferies agreements with counterparties generally contain contractual provisions allowing the counterparty the right to sell or repledge the collateral. Pledged securities owned that can be sold or repledged by the counterparty are included in Financial instruments owned and noted parenthetically as Securities pledged on our Consolidated Statements of Financial Condition.

The following tables set forth the carrying value of securities lending arrangements and repurchase agreements by class of collateral pledged and remaining contractual maturity (in thousands):



Collateral Pledged	Securities Lending Arrangements		Repurchase Agreements		Total
June 30, 2017
Corporate equity securities	$	2,862,228	$	217,080	$	3,079,308
Corporate debt securities	572,028		2,135,355		2,707,383
Mortgage- and asset-backed securities	—		2,612,660		2,612,660
U.S. government and federal agency securities	12,597		9,315,643		9,328,240
Municipal securities	—		398,605		398,605
Sovereign obligations	—		2,032,359		2,032,359
Loans and other receivables	—		605,630		605,630
Total	$	3,446,853	$	17,317,332	$	20,764,185

December 31, 2016
Corporate equity securities	$	2,046,243	$	66,291	$	2,112,534
Corporate debt securities	731,276		1,907,888		2,639,164
Mortgage- and asset-backed securities	—		2,171,480		2,171,480
U.S. government and federal agency securities	41,613		9,232,624		9,274,237
Municipal securities	—		553,010		553,010
Sovereign obligations	—		2,625,079		2,625,079
Loans and other receivables	—		455,960		455,960
Total	$	2,819,132	$	17,012,332	$	19,831,464



	Contractual Maturity
	Overnight and Continuous		Up to 30 Days		30 to 90 Days		Greater than 90 Days		Total
June 30, 2017
Securities lending arrangements	$	2,247,140	$	37,112	$	693,014	$	469,587	$	3,446,853
Repurchase agreements	9,215,374		3,994,002		2,666,364		1,441,592		17,317,332
Total	$	11,462,514	$	4,031,114	$	3,359,378	$	1,911,179	$	20,764,185

December 31, 2016
Securities lending arrangements	$	2,131,891	$	39,673	$	104,516	$	543,052	$	2,819,132
Repurchase agreements	9,147,176		2,008,119		3,809,533		2,047,504		17,012,332
Total	$	11,279,067	$	2,047,792	$	3,914,049	$	2,590,556	$	19,831,464

Jefferies receives securities as collateral under resale agreements, securities borrowing transactions and customer margin loans. Jefferies also receives securities as collateral in connection with securities-for-securities transactions in which it is the lender of securities. In many instances, Jefferies is permitted by contract to rehypothecate the securities received as collateral. These securities may be used to secure repurchase agreements, enter into securities lending transactions, satisfy margin requirements on derivative transactions or cover short positions. At June 30, 2017 and December 31, 2016, the approximate fair value of securities received as collateral by Jefferies that may be sold or repledged was $26.0 billion and $25.5 billion, respectively. A substantial portion of these securities have been sold or repledged.