Collateralized Securities Transactions	12 Months Ended
Dec. 31, 2012
Collateralized Securities Transactions	11. COLLATERALIZED SECURITIES TRANSACTIONS Reverse repurchase agreements and repurchase agreements, principally U.S. government and federal agency obligations, SBA loans and MBS, are treated as collateralized financing transactions and are recorded at their contracted resale or repurchase amounts plus accrued interest. Resulting interest income and expense are included in net trading in the consolidated statements of operations. See note 3-L. The Company enters into reverse repurchase agreements to acquire securities to cover short positions or as an investment. The Company enters into repurchase agreements to finance the Company’s securities positions held in inventory or to finance reverse repurchase agreements entered into as an investment. At December 31, 2012 and 2011, the Company held reverse repurchase agreements of $70,110 and $129,978, respectively, and the fair value of securities received as collateral under reverse repurchase agreements was $73,382 and $137,829, respectively. Substantially all of the collateral for reverse repurchase agreements was re-pledged as collateral for repurchase agreements. At December 31, 2012 and 2011, the Company had repurchase agreements of $70,273 and $134,870, respectively, and the fair value of securities pledged as collateral under repurchase agreements was $73,382 and $142,295, respectively. These amounts include collateral for reverse repurchase agreements that were re-pledged as collateral for repurchase agreements. As of December 31, 2012 and 2011, the Company’s reverse repurchase agreements and repurchase agreements were predominantly collateralized securities in the following asset classes: Agency Specified Pools, Agency Hybrid Arms, and Fixed Rate Agency CMOs.

Collateralized Securities Transactions

12 Months Ended

Dec. 31, 2012

11. COLLATERALIZED SECURITIES TRANSACTIONS

Reverse repurchase agreements and repurchase agreements, principally U.S. government and federal agency obligations, SBA loans and MBS, are treated as collateralized financing transactions and are recorded at their contracted resale or repurchase amounts plus accrued interest. Resulting interest income and expense are included in net trading in the consolidated statements of operations. See note 3-L.

The Company enters into reverse repurchase agreements to acquire securities to cover short positions or as an investment. The Company enters into repurchase agreements to finance the Company’s securities positions held in inventory or to finance reverse repurchase agreements entered into as an investment.

At December 31, 2012 and 2011, the Company held reverse repurchase agreements of $70,110 and $129,978, respectively, and the fair value of securities received as collateral under reverse repurchase agreements was $73,382 and $137,829, respectively. Substantially all of the collateral for reverse repurchase agreements was re-pledged as collateral for repurchase agreements.

At December 31, 2012 and 2011, the Company had repurchase agreements of $70,273 and $134,870, respectively, and the fair value of securities pledged as collateral under repurchase agreements was $73,382 and $142,295, respectively. These amounts include collateral for reverse repurchase agreements that were re-pledged as collateral for repurchase agreements.

As of December 31, 2012 and 2011, the Company’s reverse repurchase agreements and repurchase agreements were predominantly collateralized securities in the following asset classes: Agency Specified Pools, Agency Hybrid Arms, and Fixed Rate Agency CMOs.

- Definition

The entire disclosure for repurchase agreements (also known as repos), resale agreements (also known as reverse repurchase agreements or reverse repos), securities borrowed transactions, and securities loaned transactions.

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