Securities Owned and Sold, Not Yet Purchased

12 Months Ended

Dec. 31, 2011

Securities Owned and Sold, Not Yet Purchased

Securities Owned and Sold, Not Yet Purchased

(9)   Securities Owned and Sold, Not Yet Purchased

        The following is a summary of securities owned and sold, not yet purchased at December 31 (dollars in thousands):

	Securities Owned				Securities Sold, Not Yet Purchased
	2011		2010		2011		2010
Corporate stocks—trading securities	$	689	$	19,051	$	438	$	19,362
Corporate stocks—available-for-sale		—		1,662		—		—
Mutual funds		4,588		5,076		—		—
Total	$	5,277	$	25,789	$	438	$	19,362

        Trading securities owned and sold, not yet purchased primarily consists of temporary positions obtained in the normal course of agency trading activities, including positions held in connection with the creation and redemption of exchange traded funds on behalf of clients.

Available-for-Sale Securities

        Unrealized holding gains and losses for available-for-sale securities, net of tax effects, which are reported in accumulated other comprehensive income until realized, are as follows as of December 31 (dollars in thousands):

	After-Tax Unrealized Holding Gain/(Loss)
	2011		2010
Positions with net gains	$	—	$	86
Positions with net (losses)		—		—
Total gain/(loss)	$	—	$	86

        During 2011, the Company sold all of the available-for-sale securities it held for gross proceeds of $2.1 million and recorded a pre-tax gain of $0.5 million. There were no sales of available-for-sale securities during 2010.