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Collateralized Transactions
 12 Months Ended
Dec. 31, 2020
Collateralized Agreements [Abstract]  
Collateralized Transactions 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, 2020 and December 31, 2019, substantially all of the securities received as collateral have been repledged.

The fair value of the collateralized transactions at December 31, 2020 and December 31, 2019 are summarized as follows:
(in thousands)December 31, 2020December 31, 2019
Securities received as collateral:
Securities borrowed$1,374,266 $1,881,005 
Securities purchased under agreements to resell22,866 142,922 
 $1,397,132 $2,023,927 
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, 2020 and December 31, 2019 consisted of the following:

(in thousands)December 31, 2020December 31, 2019
Equities$734,024 $654,366 
Exchange traded notes12,515 42,590 
 $746,539 $696,956