Financial Instruments Owned And Financial Instruments Sold, But Not Yet Purchased

6 Months Ended

Jun. 30, 2015

Trading Securities Balance Sheet Reported Amounts [Abstract]

Financial Instruments Owned And Financial Instruments Sold, But Not Yet Purchased

NOTE 5 – 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 June 30, 2015 and December 31, 2014 are as follows (in thousands):

	June 30, 2015		December 31 2014
Financial instruments owned:
U.S. government securities	$	29,280	$	58,992
U.S. government agency securities		151,895		101,439
Mortgage-backed securities:
Agency		259,968		159,057
Non-agency		16,377		13,366
Corporate securities:
Fixed income securities		270,594		245,909
Equity securities		41,628		77,548
State and municipal securities		175,071		130,544
	$	944,813	$	786,855
Financial instruments sold, but not yet purchased:
U.S. government securities	$	236,053	$	146,592
U.S. government agency securities		5,061		10,029
Mortgage-backed securities:
Agency		70,715		28,067
Non-agency		163		4,556
Corporate securities:
Fixed income securities		189,758		293,008
Equity securities		64,970		105,013
State and municipal securities		6		—
	$	566,726	$	587,265

At June 30, 2015 and December 31, 2014, financial instruments owned in the amount of $748.1 million and $425.1 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.