Collateralized Transactions

The Company is permitted to sell or repledge securities received as collateral and use these securities to secure repurchase agreements, enter into securities lending transactions or deliver these securities to counterparties or clearing organizations to cover short positions. At December 31, 2018 and December 31, 2017, substantially all of the securities received as collateral have been repledged. The fair value of the collateralized transactions at December 31, 2018 and December 31, 2017 are summarized as follows:



(in thousands)	December 31, 2018		December 31, 2017
Securities received as collateral:
Securities borrowed	$	1,361,635	$	1,415,793
Securities purchased under agreements to resell	15,475		—
	$	1,377,110	$	1,415,793

In the normal course of business, the Company pledges qualified securities with clearing organizations to satisfy daily margin and clearing fund requirements.

Financial instruments owned and pledged, where the counterparty has the right to repledge, at December 31, 2018 and December 31, 2017 consisted of the following:



(in thousands)	December 31, 2018		December 31, 2017
Equities	$	748,846	$	586,251
U.S. and Non-U.S. government obligations	—		99
Exchange traded notes	42,269		8,693
	$	791,115	$	595,043