Securities Owned and Sold, Not Yet Purchased

9 Months Ended

Sep. 30, 2012

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, 2012		December 31, 2011		September 30, 2012		December 31, 2011
Corporate stocks—trading securities	$	3,984	$	689	$	4,730	$	438
Mutual funds	4,734		4,588		—		—
Total	$	8,718	$	5,277	$	4,730	$	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 September 30, 2012 and December 31, 2011, the Company did not hold any available-for-sale securities.  During the first nine months 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.