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

9 Months Ended

Sep. 30, 2013

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

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

NOTE 7–  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 September 30, 2013 and December 31, 2012, are as follows (in thousands):

	September 30, 2013		December 31, 2012
Trading securities owned:
U.S. government agency securities	$	121,136	$	123,758
U.S. government securities		13,627		3,573
Corporate securities:
Fixed income securities		519,180		396,878
Equity securities		85,183		35,472
State and municipal securities		108,526		203,927
	$	847,652	$	763,608
Trading securities sold, but not yet purchased
U.S. government securities	$	174,688	$	162,661
U.S. government agency securities		23,248		15
Corporate securities:
Fixed income securities		213,757		150,698
Equity securities		83,881		6,281
State and municipal securities		84		87
	$	495,658	$	319,742

At September 30, 2013 and December 31, 2012, trading securities owned in the amount of $648.1 million and $607.6 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.