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

6 Months Ended

Jun. 30, 2016

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, 2016 and December 31, 2015 are as follows (in thousands):

	June 30, 2016		December 31, 2015
Financial instruments owned:
U.S. government securities	$	11,258	$	45,167
U.S. government agency securities		210,849		116,949
Mortgage-backed securities:
Agency		209,021		205,473
Non-agency		28,954		33,319
Corporate securities:
Fixed income securities		278,643		203,910
Equity securities		125,446		31,642
State and municipal securities		222,275		112,983
	$	1,086,446	$	749,443
Financial instruments sold, but not yet purchased:
U.S. government securities	$	271,337	$	186,030
Agency mortgage-backed securities		75,289		50,830
Corporate securities:
Fixed income securities		210,586		255,700
Equity securities		58,429		29,184
State and municipal securities		21		—
	$	615,662	$	521,744

At June 30, 2016 and December 31, 2015, financial instruments owned in the amount of $935.8 million and $508.5 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.