Securities Owned and Sold, Not Yet Purchased

9 Months Ended

Sep. 30, 2011

Securities Owned and Sold, Not Yet Purchased

Securities Owned and Sold, Not Yet Purchased

(6) Securities Owned and Sold, Not Yet Purchased

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

	Securities Owned				Securities Sold, Not Yet Purchased
	September 30, 2011		December 31, 2010		September 30, 2011		December 31, 2010
Corporate stocks—trading securities	$	1,348	$	19,051	$	1,395	$	19,362
Corporate stocks—available-for-sale	—		1,662		—		—
Mutual funds	4,542		5,076		—		—
Total	$	5,890	$	25,789	$	1,395	$	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 on available-for-sale securities, net of tax effects, which are reported in accumulated other comprehensive income until realized, are as follows (dollars in thousands):

	After-Tax Unrealized Holding Gain/(Loss)
	September 30, 2011		December 31, 2010
Positions with net gains	$	—	$	86
Positions with net (losses)	—		—
Total gain/(loss)	$	—	$	86

Unrealized holding gains on securities, available-for-sale as of December 31, 2010 relates to shares of NYSE Euronext, Inc. the Company received as part of the merger of the New York Stock Exchange and Archipelago Holdings Inc. on March 9, 2006.  During the first quarter of 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 in other revenues.  There were no sales of available-for-sale securities during the nine month period ending September 30, 2010.