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, 2018 and December 31, 2017, substantially all of the securities received as collateral have been repledged. The fair value of the collateralized transactions at March 31, 2018 and December 31, 2017 are summarized as follows:



(in thousands)	2018		2017
Securities received as collateral:
Securities borrowed	$	1,201,721	$	1,415,793
	$	1,201,721	$	1,415,793

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, 2018 and December 31, 2017 consisted of the following:



(in thousands)	2018		2017
Equities	$	571,997	$	586,251
U.S. and Non-U.S. government obligations	200		99
Exchange traded notes	38,339		8,693
	$	610,536	$	595,043