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Collateralized Transactions
 6 Months Ended
Jun. 30, 2024
Collateralized Agreements [Abstract]  
Collateralized Transactions 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 June 30, 2024 and December 31, 2023, substantially all of the securities received as collateral have been repledged.
The fair value of the collateralized transactions at June 30, 2024 and December 31, 2023 are summarized as follows:
(in thousands)June 30, 2024December 31, 2023
Securities received as collateral:
Securities borrowed$1,856,947 $1,665,860 
Securities purchased under agreements to resell792,919 1,512,114 
 $2,649,866 $3,177,974 
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 June 30, 2024 and December 31, 2023 consisted of the following:

(in thousands)June 30, 2024December 31, 2023
Equities$1,490,271 $1,222,559 
Exchange traded notes9,130 8,300 
 $1,499,401 $1,230,859