Securities Owned and Sold, Not Yet Purchased

12 Months Ended

Dec. 31, 2012

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
	2012		2011		2012		2011
Corporate stocks—trading securities	$	5,438	$	689	$	5,249	$	438
Mutual funds		4,648		4,588		—		—
Total	$	10,086	$	5,277	$	5,249	$	438

        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, are reported in accumulated OCI until realized. At December 31, 2012 and 2011, the Company did not hold any available-for-sale securities. 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.