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, 2017 and December 31, 2016, substantially all of the securities received as collateral have been repledged. The fair value of the collateralized transactions at March 31, 2017 and December 31, 2016 are summarized as follows:


(in thousands)	2017		2016
Securities received as collateral:
Securities borrowed	$	347,934	$	213,203
Securities purchased under agreements to resell		—		—
	$	347,934	$	213,203

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, 2017 and December 31, 2016 consisted of the following:


(in thousands)	2017		2016
Equities	$	264,486	$	128,202
Exchange traded notes		4,903		15,681
	$	269,389	$	143,883