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Collateralized Securities Transactions
 12 Months Ended
Dec. 31, 2015
Collateralized Securities Transactions [Abstract]  
Collateralized Securities Transactions

11. COLLATERALIZED SECURITIES TRANSACTIONS

Reverse repurchase agreements and repurchase agreements, principally U.S. government and federal agency obligations and MBS, are treated as collateralized financing transactions and are recorded at their contracted resale or repurchase amounts plus accrued interest. The resulting interest income and expense are included in net trading in the consolidated statements of operations. See note 3-L.

 The Company enters into reverse repurchase agreements as part of its matched book repo financing business, to acquire securities to cover short positions,   or as an investment. The Company enters into repurchase agreements as part of its matched book repo financing business or to finance the Company’s securities positions held in inventory.  

At December 31, 2015 and 2014, the Company held reverse repurchase agreements of $128,011 and $101,675, respectively, and the fair value of securities received as collateral under reverse repurchase agreements was $137,232 and $107,931, respectively.

At December 31, 2015 and 2014, the Company had repurchase agreements of $127,913 and $101,856, respectively, and the fair value of securities pledged as collateral under repurchase agreements was $137,232 and $108,065, respectively. These amounts include collateral for reverse repurchase agreements that were re-pledged as collateral for repurchase agreements.

 

 

The following table is a summary of the remaining contractual maturity of the gross obligations under repurchase agreements accounted for as secured borrowings segregated by the underlying collateral pledged.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Repurchase Agreements Accounted for as Secured Borrowings

(Dollars in Thousands)

December 31, 2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Remaining Contractual Maturity of the Agreements

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Overnight and Continuous

 

Up to 30 days

 

30-90 days

 

Greater than 90 days

 

Total

Collateral Type:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government agency MBS

$

 -

 

$

 127,913 

 

$

 -

 

$

 -

 

$

 127,913 

 

$

 -

 

$

 127,913 

 

$

 -

 

$

 -

 

$

 127,913 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross amount of recognized liabilities for repurchase agreements

 

 

 

 

 

 

 

 

 

 

 

 

$

 127,913