Securities Purchased /Sold Under Agreements To Resell/Repurchase

12 Months Ended

Jun. 30, 2013

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Securities Purchased /Sold under Agreements to Resell/Repurchase

8.SECURITIES PURCHASED /SOLD UNDER AGREEMENTS TO RESELL/REPURCHASE

At June 30, 2013, SWS held reverse repurchase agreements totaling $51,996,000, collateralized by U.S. government and government agency obligations with a fair value of approximately $51,808,000.  At June 29, 2012, SWS held reverse repurchase agreements totaling $25,186,000, collateralized by U.S. government and government agency obligations with a market value of approximately $25,036,000. 

Securities sold under repurchase agreements, which are secured borrowings, generally mature within one to four days from the transaction date.  Securities sold under repurchase agreements are reflected at the amount of cash received in connection with the transactions.  The Company may be required to provide additional collateral based on the fair value of the underlying securities.  The Company monitors the fair value of the underlying securities on a daily basis. Interest on these amounts is accrued and is included in the Consolidated Statements of Financial Condition in other liabilities.Securities sold under repurchase agreements at June 30, 2013 and June 29, 2012 were $37,012,000 and $27,465,000, respectively.