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

12 Months Ended

Dec. 31, 2015

Trading Securities Balance Sheet Reported Amounts [Abstract]

Financial Instruments Owned And Financial Instruments 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, 2015 and 2014 are as follows (in thousands):

	December 31,
	2015		2014
Financial instruments owned:
U.S. government securities	$	45,167	$	58,992
U.S. government agency securities		116,949		101,439
Mortgage-backed securities:
Agency		205,473		159,057
Non-agency		33,319		13,366
Corporate securities:
Fixed income securities		203,910		245,909
Equity securities		31,642		77,548
State and municipal securities		112,983		130,544
	$	749,443	$	786,855
Financial instruments sold, but not yet purchased:
U.S. government securities	$	186,030	$	146,592
U.S. government agency securities		—		10,029
Mortgage-backed securities:
Agency		50,830		28,067
Non-agency		—		4,556
Corporate securities:
Fixed income securities		255,700		293,008
Equity securities		29,184		105,013
	$	521,744	$	587,265

At December 31, 2015 and 2014, financial instruments owned in the amount of $508.5 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.