Collateralized Transactions (Tables)

9 Months Ended

Sep. 30, 2018

Transfer of Certain Financial Assets Accounted for as Secured Borrowings

The following table presents a disaggregation of the gross obligation by the class of collateral pledged and the remaining contractual maturity of the repurchase agreements and securities loaned transactions as of September 30, 2018:



(Expressed in thousands)
	Overnight and Open
Repurchase agreements:
U.S. Government and Agency securities	$	705,491
Securities loaned:
Equity securities	197,332
Gross amount of recognized liabilities for repurchase agreements and securities loaned	$	902,823

Schedule of Gross Amounts and Offsetting Amounts of Reverse Repurchase Agreements, Repurchase Agreements, Securities Borrowed and Securities Lending Transactions

The following tables present the gross amounts and the offsetting amounts of reverse repurchase agreements, repurchase agreements, securities borrowed and securities loaned transactions as of September 30, 2018 and December 31, 2017:



As of September 30, 2018
(Expressed in thousands)
								Gross Amounts Not Offset on the Balance Sheet
	Gross Amounts of Recognized Assets		Gross Amounts Offset on the Balance Sheet			Net Amounts of Assets Presented on the Balance Sheet		Financial Instruments			Cash Collateral Received		Net Amount
Reverse repurchase agreements	$	100,983	$	(99,481	)	$	1,502	$	(1,495	)	$	—	$	7
Securities borrowed ⁽¹⁾	114,795		—			114,795		(110,123		)	—		4,672
Total	$	215,778	$	(99,481	)	$	116,297	$	(111,618	)	$	—	$	4,679


(1)	Included in receivable from brokers, dealers and clearing organizations on the condensed consolidated balance sheet.



								Gross Amounts Not Offset on the Balance Sheet
	Gross Amounts of Recognized Liabilities		Gross Amounts Offset on the Balance Sheet			Net Amounts of Liabilities Presented on the Balance Sheet		Financial Instruments			Cash Collateral Pledged		Net Amount
Repurchase agreements	$	705,491	$	(99,481	)	$	606,010	$	(603,961	)	$	—	$	2,049
Securities loaned ⁽²⁾	197,332		—			197,332		(189,961		)	—		7,371
Total	$	902,823	$	(99,481	)	$	803,342	$	(793,922	)	$	—	$	9,420


(2)	Included in payable to brokers, dealers and clearing organizations on the condensed consolidated balance sheet.



As of December 31, 2017
(Expressed in thousands)
								Gross Amounts Not Offset on the Balance Sheet
	Gross Amounts of Recognized Assets		Gross Amounts Offset on the Balance Sheet			Net Amounts of Assets Presented on the Balance Sheet		Financial Instruments			Cash Collateral Received		Net Amount
Reverse repurchase agreements	$	200,712	$	(200,054	)	$	658	$	—		$	—	$	658
Securities borrowed ⁽¹⁾	132,368		—			132,368		(128,575		)	—		3,793
Total	$	333,080	$	(200,054	)	$	133,026	$	(128,575	)	$	—	$	4,451


(1)	Included in receivable from brokers, dealers and clearing organizations on the condensed consolidated balance sheet.



								Gross Amounts Not Offset on the Balance Sheet
	Gross Amounts of Recognized Liabilities		Gross Amounts Offset on the Balance Sheet			Net Amounts of Liabilities Presented on the Balance Sheet		Financial Instruments			Cash Collateral Pledged		Net Amount
Repurchase agreements	$	786,532	$	(200,054	)	$	586,478	$	(585,289	)	$	—	$	1,189
Securities loaned ⁽²⁾	180,270		—			180,270		(170,176		)	—		10,094
Total	$	966,802	$	(200,054	)	$	766,748	$	(755,465	)	$	—	$	11,283


(2)	Included in payable to brokers, dealers and clearing organizations on the condensed consolidated balance sheet.