Collateralized Transactions

Jefferies enters into secured borrowing and lending arrangements to obtain collateral necessary to effect settlement, finance trading asset inventory positions, meet customer needs or re-lend as part of dealer operations. Jefferies monitors the fair value of the securities loaned and borrowed on a daily basis as compared with the related payable or receivable, and requests additional collateral or returns excess collateral, as appropriate. Jefferies pledges financial instruments as collateral under repurchase agreements, securities lending agreements and other secured arrangements, including clearing arrangements. Jefferies agreements with counterparties generally contain contractual provisions allowing the counterparty the right to sell or repledge the collateral. Pledged securities owned that can be sold or repledged by the counterparty are included within Financial instruments owned and noted parenthetically as Securities pledged on our Consolidated Statements of Financial Condition.

The following tables set forth the carrying value of securities lending arrangements and repurchase agreements by class of collateral pledged (in thousands):



	At June 30, 2016
Collateral Pledged	Securities Lending Arrangements		Repurchase Agreements		Total
Corporate equity securities	$	2,396,444	$	143,342	$	2,539,786
Corporate debt securities	548,786		1,719,727		2,268,513
Mortgage- and asset-backed securities	—		2,104,182		2,104,182
U.S. government and federal agency securities	4,036		8,657,742		8,661,778
Municipal securities	—		481,383		481,383
Sovereign securities	—		2,645,390		2,645,390
Loans and other receivables	—		500,131		500,131
Total	$	2,949,266	$	16,251,897	$	19,201,163



	At December 31, 2015
Collateral Pledged	Securities Lending Arrangements		Repurchase Agreements		Total
Corporate equity securities	$	2,200,273	$	271,519	$	2,471,792
Corporate debt securities	779,044		1,721,583		2,500,627
Mortgage- and asset-backed securities	—		3,537,812		3,537,812
U.S. government and federal agency securities	34,983		12,003,521		12,038,504
Municipal securities	—		357,350		357,350
Sovereign securities	—		1,804,103		1,804,103
Loans and other receivables	—		462,534		462,534
Total	$	3,014,300	$	20,158,422	$	23,172,722

The following tables set forth the carrying value of securities lending arrangements and repurchase agreements by remaining contractual maturity (in thousands):



	At June 30, 2016
	Overnight and Continuous		Up to 30 Days		30 to 90 Days		Greater than 90 Days		Total
Securities lending arrangements	$	1,695,657	$	71,233	$	1,182,376	$	—	$	2,949,266
Repurchase agreements	7,587,482		4,479,366		2,011,057		2,173,992		16,251,897
Total	$	9,283,139	$	4,550,599	$	3,193,433	$	2,173,992	$	19,201,163



	At December 31, 2015
	Overnight and Continuous		Up to 30 Days		30 to 90 Days		Greater than 90 Days		Total
Securities lending arrangements	$	1,522,475	$	—	$	973,201	$	518,624	$	3,014,300
Repurchase agreements	7,848,231		5,218,059		5,291,729		1,800,403		20,158,422
Total	$	9,370,706	$	5,218,059	$	6,264,930	$	2,319,027	$	23,172,722

Jefferies receives securities as collateral under resale agreements, securities borrowing transactions and customer margin loans. Jefferies also receives securities as collateral in connection with securities-for-securities transactions in which it is the lender of securities. In many instances, Jefferies is permitted by contract or custom to rehypothecate the securities received as collateral. These securities may be used to secure repurchase agreements, enter into securities lending transactions, satisfy margin requirements on derivative transactions or cover short positions. At June 30, 2016 and December 31, 2015, the approximate fair value of securities received as collateral by Jefferies that may be sold or repledged was $24.7 billion and $26.2 billion, respectively. A substantial portion of these securities have been sold or repledged.