Trading Securities Owned And Trading Securities Sold, But Not Yet Purchased

3 Months Ended

Mar. 31, 2012

Trading Securities Owned And Trading Securities Sold, But Not Yet Purchased [Abstract]

Trading Securities Owned And Trading Securities Sold, But Not Yet Purchased

NOTE 5 – Trading Securities Owned and Trading Securities Sold, But Not Yet Purchased

The components of trading securities owned and trading securities sold, but not yet purchased, at March 31, 2012 and December 31, 2011, are as follows (in thousands):

	March 31,2012		December 31, 2011
Trading securities owned:
U.S. government agency securities	$	91,271	$	66,424
U.S. government securities		15,030		32,845
Corporate securities:
Fixed income securities		240,244		244,535
Equity securities		31,810		19,859
State and municipal securities		197,369		111,288
	$	575,724	$	474,951
Trading securities sold, but not yet purchased:
U.S. government securities	$	98,283	$	109,776
U.S. government agency securities		6,161		954
Corporate securities:
Fixed income securities		145,002		149,460
Equity securities		17,972		6,060
State and municipal securities		389		583
	$	267,807	$	266,833

At March 31, 2012 and December 31, 2011, trading securities owned in the amount of $425.8 million and $392.4 million, respectively, were pledged as collateral for our repurchase agreements and short-term borrowings.

Trading securities sold, but not yet purchased, represent obligations of our company to deliver the specified security at the contracted price, thereby creating a liability to purchase the security in the market at prevailing prices in future periods. We are obligated to acquire the securities sold short at prevailing market prices in future periods, which may exceed the amount reflected in the consolidated statements of financial condition.