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, 2019 and December 31, 2018, substantially all of the securities received as collateral have been repledged. The fair value of the collateralized transactions at March 31, 2019 and December 31, 2018 are summarized as follows:



(in thousands)	March 31, 2019		December 31, 2018
Securities received as collateral:
Securities borrowed	$	1,246,913	$	1,361,635
Securities purchased under agreements to resell	5,650		15,475
	$	1,252,563	$	1,377,110

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, 2019 and December 31, 2018 consisted of the following:



(in thousands)	March 31, 2019		December 31, 2018
Equities	$	697,090	$	748,846
Exchange traded notes	43,540		42,269
	$	740,630	$	791,115