6.SECURITIES OWNED AND SECURITIES SOLD, NOT YET PURCHASED

Securities owned and securities sold, not yet purchased at June 30, 2014 and 2013 consisted of the following (in thousands):



	2014	2013
Securities owned:
Corporate equity securities	$ 1,155	$ 1,520
Municipal obligations	52,247	30,116
U.S. government and government agency obligations	50,559	41,529
Corporate obligations	95,712	127,899
Other-primarily unit investment trusts	35,952	8,569
	$ 235,625	$ 209,633

Securities sold, not yet purchased:
Municipal obligations	$ 9	$ 10
U.S. government and government agency obligations	74,391	54,086
Corporate obligations	46,814	80,639
Other	141	-
	$ 121,355	$ 134,735

Securities owned and securities sold, not yet purchased are carried at fair value. See additional discussion in Note 1(x), Fair Value of Financial Instruments.

Some of these securities were pledged as collateral to secure short-term borrowings (see Note 13, Short-Term Borrowings) and as security deposits at clearing organizations for the Company’s clearing business. At June 30, 2014 and 2013, securities pledged as security deposits at clearing organizations were $7,099,000 and $3,000,000, respectively.

The Company also enters into “to-be-announced” securities (“TBAs”) in order to assist clients (generally small to mid-size mortgage loan originators) in hedging the interest rate risk associated with the mortgages owned by the clients. In general, the Company will enter into a TBA purchase agreement with the client and then immediately enter into a TBA sale agreement with identical terms and the same settlement date with a separate counter-party. The Company earns revenue through a commission charged to the customer. Because the Company has purchased and sold the same security, it is no longer exposed to market movements of the underlying TBA. At June 30, 2014, the Company had unsettled TBA purchase contracts and offsetting TBA sale agreements in the notional amount of $1,081,284,000.