7. Collateralized Transactions

The Company is permitted to sell or repledge securities received as collateral and use these securities to secure repurchase agreements, enter into securities lending transactions or deliver these securities to counterparties or clearing organizations to cover short positions. At March 31, 2016 and December 31, 2015, substantially all of the securities received as collateral have been repledged. The fair value of the collateralized transactions at March 31, 2016 and December 31, 2015 are summarized as follows:


	March 31,		December 31,
(in thousands)	2016		2015
Securities received as collateral:
Securities borrowed	$	639,071	$	437,220
Securities purchased under agreements to resell		—		14,985
	$	639,071	$	452,205

In the normal course of business, the Company pledges qualified securities with clearing organizations to satisfy daily margin and clearing fund requirements.

Financial instruments owned and pledged, where the counterparty has the right to repledge, at March 31, 2016 and December 31, 2015 consisted of the following:


	March 31,		December 31,
(in thousands)	2016		2015
Equities	$	244,868	$	232,731
Exchange traded notes		2,784		26,444
	$	247,652	$	259,175