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

3 Months Ended

Mar. 31, 2017

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 March 31, 2017 and December 31, 2016 are as follows (in thousands):

	March, 31, 2017		December 31, 2016
Financial instruments owned:
U.S. government securities	$	19,784	$	9,951
U.S. government agency securities		170,659		89,833
Mortgage-backed securities:
Agency		293,654		305,774
Non-agency		28,595		28,402
Corporate securities:
Fixed income securities		356,364		299,946
Equity securities		39,791		32,044
State and municipal securities		149,242		159,095
	$	1,058,089	$	925,045
Financial instruments sold, but not yet purchased:
U.S. government securities	$	351,765	$	362,536
U.S. government agency securities		—		20,549
Mortgage-backed securities:
Agency		96,975		94,552
Non-agency		—		1
Corporate securities:
Fixed income securities		260,410		202,968
Equity securities		45,308		18,395
State and municipal securities		—		31
	$	754,458	$	699,032

At March 31, 2017 and December 31, 2016, financial instruments owned in the amount of $785.0 million and $992.9 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.