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Net Trading
 12 Months Ended
Dec. 31, 2018
Net Trading [Abstract]  
Net Trading

5. NET TRADING



Net trading consisted of the following in the periods presented:







 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

NET TRADING

(Dollars in Thousands)



 

 

 

 

 

 

 

 



For the Year Ended



2018

 

2017

 

2016

Net realized gains / (losses)- trading inventory

$

 20,914 

 

$

 21,277 

 

$

 37,186 

Net unrealized gains / (losses)-trading inventory

 

 1,236 

 

 

 598 

 

 

 (2,851)

Gains and losses

 

 22,150 

 

 

 21,875 

 

 

 34,335 



 

 

 

 

 

 

 

 

Interest income-trading inventory

 

 5,040 

 

 

 2,071 

 

 

 2,626 

Interest income-receivables under resale agreements

 

 67,846 

 

 

 13,874 

 

 

 6,897 

Interest income

 

 72,886 

 

 

 15,945 

 

 

 9,523 



 

 

 

 

 

 

 

 

Interest expense-securities sold under agreement to repurchase

 

 (63,707)

 

 

 (10,234)

 

 

 (4,128)

Interest expense-margin payable

 

 (2,031)

 

 

 (677)

 

 

 (625)

Interest expense

 

 (65,738)

 

 

 (10,911)

 

 

 (4,753)



 

 

 

 

 

 

 

 

Net trading

$

 29,298 

 

$

 26,909 

 

$

 39,105 



Trading inventory includes investments classified as investments-trading as well as trading securities sold, not yet purchased.  See note 9.  See note 12 for discussion of receivables under resale agreements and securities sold under agreements to repurchase.  See note 7 for discussion of margin payable.