Collateralized Transactions

Jefferies Group 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 Group 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 return of excess collateral, as appropriate. Jefferies Group pledges financial instruments as collateral under repurchase agreements, securities lending agreements and other secured arrangements, including clearing arrangements. Jefferies Group's 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 in 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
September 30, 2018
Cash	$	—	$	4,361	$	4,361
Corporate equity securities	2,214,433		490,609		2,705,042
Corporate debt securities	315,718		1,496,127		1,811,845
Mortgage- and asset-backed securities	—		2,667,439		2,667,439
U.S. government and federal agency securities	1,353		10,124,642		10,125,995
Municipal securities	—		582,699		582,699
Sovereign obligations	—		1,955,879		1,955,879
Loans and other receivables	—		517,703		517,703
Total	$	2,531,504	$	17,839,459	$	20,370,963

December 31, 2017
Corporate equity securities	$	2,353,798	$	214,413	$	2,568,211
Corporate debt securities	470,908		2,336,702		2,807,610
Mortgage- and asset-backed securities	—		2,562,268		2,562,268
U.S. government and federal agency securities	19,205		11,792,534		11,811,739
Municipal securities	—		444,861		444,861
Sovereign obligations	—		2,023,530		2,023,530
Loans and other receivables	—		454,941		454,941
Total	$	2,843,911	$	19,829,249	$	22,673,160



	Contractual Maturity
	Overnight and Continuous		Up to 30 Days		30 to 90 Days		Greater than 90 Days		Total
September 30, 2018
Securities lending arrangements	$	1,354,136	$	—	$	847,577	$	329,791	$	2,531,504
Repurchase agreements	8,122,962		2,733,400		4,342,923		2,640,174		17,839,459
Total	$	9,477,098	$	2,733,400	$	5,190,500	$	2,969,965	$	20,370,963

December 31, 2017
Securities lending arrangements	$	1,676,940	$	—	$	741,971	$	425,000	$	2,843,911
Repurchase agreements	10,780,474		4,058,228		3,211,464		1,779,083		19,829,249
Total	$	12,457,414	$	4,058,228	$	3,953,435	$	2,204,083	$	22,673,160

Jefferies Group receives securities as collateral under resale agreements, securities borrowing transactions and customer margin loans. Jefferies Group also receives securities as collateral in connection with securities-for-securities transactions in which it is the lender of securities. In many instances, Jefferies Group 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 September 30, 2018 and December 31, 2017, the approximate fair value of securities received as collateral by Jefferies Group that may be sold or repledged was $25.2 billion and $27.1 billion, respectively. A substantial portion of these securities have been sold or repledged.