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

12 Months Ended

Dec. 31, 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–  Financial Instruments Owned and Financial Instruments Sold, But Not Yet Purchased

The components of financial instruments owned and financial instruments sold, but not yet purchased, at December  31, 2013 and 2012, are as follows (in thousands):

	December 31, 2013		December 31, 2012
Financial instruments owned:
U.S. government agency securities	$	88,930	$	123,758
U.S. government securities		10,594		3,573
Corporate securities:
Fixed income securities		483,987		396,878
Equity securities		76,709		35,472
State and municipal securities		141,274		203,927
	$	801,494	$	763,608
Financial instruments sold, but not yet purchased
U.S. government securities	$	253,221	$	162,661
U.S. government agency securities		2,068		15
Corporate securities:
Fixed income securities		135,878		150,698
Equity securities		90,015		29,247
State and municipal securities		32		87
	$	481,214	$	342,708

At December  31, 2013 and 2012, financial instruments owned in the amount of $687.0 million and $607.6 million, respectively, were pledged as collateral for our repurchase agreements and short-term borrowings.

Financial instruments 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.