Disclose the basis of accounting to record proprietary security and commodity transactions as well as the basis for customer security and commodity transactions. Basis of Presentation Basis of Presentation Disclose the accounting policy for commissions and related clearing expenses. Commissions Commissions Disclose the accounting policy for investment advisory fees. Investment Advisory Income Investment Advisory Income Disclose the accounting policy for investment banking revenues. Investment Banking Investment Banking Disclose accounting policy for securities borrowed and securities loaned transactions. Securities Lending Activities Securities Lending Activities Describes if proprietary securities transactions in regular-way trades are recorded on the trade date or settlement. The Policy should also describe if Profit and loss arising from all securities and commodities transactions entered into for the account and risk of the Company are recorded on a trade date or settlement date basis. The note should describe if Customers' securities and commodities transactions are reported on a settlement date basis with related commission income and expenses reported on a trade date basis.  Should describe if amounts receivable and payable for securities transactions that have not reached their contractual settlement date are recorded net on the statement of financial condition. d that marketable securities are valued at market value, and securities not readily marketable are valued at fair value as determined by management. Securities Transactions Securities Transactions Accounts payable and accrued expenses not otherwise classified. Accounts Payable and Accrued Expenses - Other Other Accounts Payable and Accrued Expenses Accrued interest receivable Accrued Interest Receivable Accrued Interest Receivable Additional charges for customers' and noncustomers' security accounts. Additional Charges for Customers' and Noncustomers Commodity Accounts Additional Charges - Commodity Account Additional charges for customers' and Additional Charges for Customers' and Noncustomers' Security Accounts Additional Charges - Security Accounts Deduct the market value of all short securities differences unresolved for 7 business days after discovery and the market value of any long security differences where such securities have been sold by the broker or dealer until they are adequately resolved, less any reserves established therefore. Aged Fails-to-Deliver Aged Fails-to-Deliver Aged short security differences Aged Short Security Differences Aged Short Security Differences Note: This element serves as a category heading only. No data may be tagged to this element. Aggregate Indebtedness Aggregate Indebtedness Total aggregate indebtedness Aggregate Indebtedness Aggregate Indebtedness Aggregate Indebtedness - Total Allowable Assets Erroneously Reported as Nonallowable Allowable Assets Erroneously Reported as Nonallowable Allowable Assets Erroneously Reported as Nonallowable Allowable Assets Erroneously Reported as Nonallowable Arbitrage Arbitrage Audit adjustments to record additional compensation. Audit Adjustments to Record Additional Compensation Audit Adjustments - Additional Compensation Bankers Acceptances Certificates Deposit Commercial Paper Bankers Acceptances Certificates Deposit Commercial Paper Bankers Acceptances Certificates Deposit Commercial Paper Sold Bankers Acceptances Certificates Deposit Commercial Paper Sold Acting as an agent, a broker-dealer may buy and sell securities on behalf of its customers. In return for such services, the broker-dealer charges a commission. Each time a customer enters into a buy or sell transaction, a commission is earned by the broker-dealer for its selling and administrative efforts. For securities purchased, the commission is recorded as a receivable from customers; for securities sold, it is recorded as reductions in the payable to customers. Commissions earned are usually related to the broker-dealer's customers' trading volume and the dollar amounts of the trades. Brokerage Commissions Brokerage Commissions Note: This element serves as a category heading only. No data may be tagged to this element. Brokerage Payables Brokerage Payables Brokerage Payables Brokerage Payables Brokerage Payables - Total Note: This element serves as a category heading only. No data may be tagged to this element. Brokerage Receivables Brokerage Receivables Brokerage Receivables Brokerage Receivables Brokerage Receivables - Total Broker-Dealer Subsidiary Broker-Dealer Subsidiary Note: This element serves as a category heading only. No data may be tagged to this element. Capital and Allowable Subordinated Borrowings Capital and Allowable Subordinated Borrowings Total capital and allowable subordinated borrowings Capital and Allowable Subordinated Borrowings Capital and Allowable Subordinated Borrowings Capital and Allowable Subordinated Borrowings - Total Capital requirement of consolidated broker-dealer Capital Requirement of Consolidated Broker-Dealer Subsidiary Electing Alternative Method Capital Requirement of Consolidated Broker-Dealer Cash and Securities Segregated - Customer Funds Customer Funds Cash Securities Segregated Detail - Customer Funds Balance Cash Securities Segregated Detail - Customer Funds Balance Cash subject to withdrawal restrictions, restricted deposits held as compensating balances, and cash segregated in compliance with regulations (such as cash deposited in a special reserve account for the exclusive benefit of customers pursuant to SEC Rule 15c3-3). Cash and Securities Segregated Under Federal and Other Regulations Cash and Securities Segregated Cash and Securities Segregated - Special Reserve Balance Special Reserve Balance Note: This element serves as a category heading only. No data may be tagged to this element. Cash and Securities Segregated Under Federal and Other Regulations Cash and Securities Segregated Clearance Fees Clearance Fees Collateral Accepted - Fair Value Collateral Accepted Collateral Collateral Collateral Pledged Not Reported Separately - By Financial Statement Classification By Financial Statement Classification Collateral Pledged Not Reported Separately - Carrying Amount Carrying Amount Collateral Pledged Not Reported Separately Collateral Pledged Not Reported Separately Collateral Pledged Not Reported Separately - Financial Statement Classification Financial Statement Classification Collateral Sold or Repledged - Fair Value Collateral Sold or Repledged Receivables from broker dealers and clearing organization may include amounts receivable for securities fail to deliver, certain deposits for securities borrowed, amounts received from clearing organizations relating to open transactions, good-faith margin deposits and commissions and floor-brokerage receivables. Commissions and Floor Brokerage Receivables Commissions and Floor Brokerage Receivables Commission revenue receivable from other Broker dealers and Clearing Organizations. Commissions Receivable Commissions Receivable Note: This element serves as a category heading only. No data may be tagged to this element. Commitments and Contingent Liabilities Commitments and Contingent Liabilities Commodity futures contracts and spot Commodity Futures Contracts and Spot Commodities/Proprietary Capital Charges Commodity Futures Contracts and Spot Commodities/Proprietary Capital Charges Minimum Net Capital Required Company Company Minimum Net Capital Company Minimum Net Capital Note: This element serves as a category heading only. No data may be tagged to this element. Computation of Alternative Net Capital Requirement Computation of Alternative Net Capital Requirement Note: This element serves as a category heading only. No data may be tagged to this element. Computation of Basic Net Capital Requirement Computation of Basic Net Capital Requirement Note: This element serves as a category heading only. No data may be tagged to this element. Computation for Determination of Reserve Requirements Under Rule 15c3-3 Computation for Determination of Reserve Requirements Under Rule 15c3-3 Note: This element serves as a category heading only. No data may be tagged to this element. Computation of Net Capital Under Rule 15c3-1 Computation of Net Capital Under Rule 15c3-1 Corporate Obligations Corporate Obligations Corporate Obligations Sold Corporate Obligations Sold Revenue from Correspondent clearing Correspondent Clearing Correspondent Clearing Note: This element serves as a category heading only. No data may be tagged to this element. Credit Balances Credit Balances Credit Balances - Total Credit balances Credit Balances Credit Balances Credit Balances - Total Credit Balances in Firm Accounts Attributable to Principal Sales to Customers Credit Balances in Firm Accounts Attributable to Principal Sales to Customers Customers' Securities Failed to Receive Customers' Securities Failed to Receive Note: This element serves as a category heading only. No data may be tagged to this element. Debit Balances Debit Balances, Net Debit Balances in Customers' Cash and Margin Accounts Debit Balances in Customers' Cash and Margin Accounts Note: This element serves as a category heading only. No data may be tagged to this element. Debit Balances - Gross Gross Debits Debit Balances, Gross Debit Balances, Gross Debit Balances, Net Debit Balances, Net Decrease in Subordinated Borrowings Decreases in Subordinated Borrowings Decrease in Subordinated Borrowings Decreases in Subordinated Borrowings Note: This element serves as a category heading only. No data may be tagged to this element. Deductions/(Charges) Deductions/(Charges) Deductions/(Charges) Deductions/(Charges) Deductions/(Charges) - Total Deferred Long-Term Assets Charges - Other Deferred Long-Term Assets Charges - Other Amount of cash advanced or securities pledged as collateral for borrowed securities. Deposits for Securities Borrowed Deposits Deposits Deposits Deposits with Clearing Organizations and Others Deposits with Clearing Organizations and Others - Cash Deposits with Clearing Organizations and Others Deposits with Clearing Organizations and Others - Total Deposits with Clearing Organizations and Others - Securities Note: This element serves as a category heading only. No data may be tagged to this element. Derivative Assets Derivative Assets A financial instrument or contract (options, swaps, futures, etc..) whose value is derived from some other financial measure and includes payment provisions (notional amounts, that is, cash, commodities, shares of stock, etc.). This includes fair value hedges, cash flow hedges, foreign currency hedges, commodities, etc...This excludes items classified as marketable securities and short-term investments. Derivative Assets - Other Derivative Assets - Other Derivative Tax Assets Derivative Tax Assets Difference Due to Offsetting Various Asset Accounts Against Related Liabilities Difference Due to Offsetting Various Accounts Drafts Payable Drafts Payable If a broker-dealer clears transactions on behalf of or through correspondents, there may be balances in the omnibus accounts with one or more of the correspondents. Balances included in this category may be shown separately as due from or due to correspondent brokers. Due to Correspondent Brokers Due to Correspondent Brokers If a broker-dealer clears transactions on behalf of or through correspondents, there may be balances in the omnibus accounts with one or more of the correspondents. Balances included in this category may be shown separately as due from or due to correspondent brokers. Due from Correspondent Brokers Due from Correspondent Brokers Excess Net Capital at 1,000 Percent Excess Net Capital at 1,000 Percent Excess Net Capital at 1,500 Percent Excess Net Capital at 1,500 Percent Excess Net Capital Excess Net Capital Excess per Reconciliation with Company's Computation Excess per Computation Excess as Reported in Company's Part II FOCUS Report Excess as Reported in Company's Part II FOCUS Report Note: This element serves as a category heading only. No data may be tagged to this element. Excess of Total Debits Over Total Credits Excess of Total Debits Over Total Credits Excess of Total Debits Over Total Credits Exchange fees are charged by securities exchanges for the privilege of trading securities listed on that exchange. Some fees vary with the related volume, while others are fixed. For transaction charges, each broker-dealer submits a monthly report of net commissions earned on transactions executed on the exchange. This report is used for the self-determination of the exchange fee. Floor brokerage and exchange fees generally vary proportionately with the volume of trades executed by the broker dealer on the exchange. Exchange Fees Exchange Fees Securities sold to or through another broker dealer but not delivered. If the securities are not delivered the Broker records the selling price, including accrued interest as an asset in the receivable account due from broker dealers. This asset will then be realized upon delivery of the securities. Fail to Deliver Fail to Deliver Failed to Deliver of Customers' Securities Not Older Than 30 Calendar Days Failed to Deliver of Customers' Securities Not Older Than 30 Calendar Days A broker-dealer that purchases securities, either for its own account or for a customer's account, but does not receive the securities on the settlement date records the amount of money representing the purchase price of the securities, including any accrued interest, as a liability to the selling broker-dealer. This liability is paid when the securities are received by the purchasing broker-dealer. Fail to Receive Fail to Receive Commission revenue payable to other Broker dealers and Clearing Organizations. Fees and Commissions Payable Fees and Commissions Payable SecuritiesOwnedOtherSecurities Finite-Lived - Specialist Stock List Finite-Lived - Specialist Stock List Broker-dealers often use other brokers to execute trades on their behalf. The trading broker-dealer becomes a customer of the executing broker-dealer and pays a floor brokerage fee. Such fees are paid periodically either directly to the executing broker-dealer or through a clearing house. Floor Brokerage Floor Brokerage Note: This element serves as a category heading only. No data may be tagged to this element. Floor Brokerage, Exchange and Clearance Fees Floor Brokerage, Exchange and Clearance Fees Floor Brokerage Exchange Clearance Fees Floor Brokerage Exchange Clearance Fees Floor Brokerage Exchange Clearance Fees - Total Free Credit Balances and Other Credit Balances in Customers' Security Accounts Free Credit Balances and Other Credit Balances in Customers' Security Accounts Receivables from broker dealers and clearing organization may include amounts receivable for securities fail to deliver, certain deposits for securities borrowed, amounts received from clearing organizations relating to open transactions, good-faith margin deposits and commissions and floor-brokerage receivables. Good Faith and Margin Deposits Good Faith and Margin Deposits Guaranteed Preferred Beneficial Interest Guaranteed Preferred Beneficial Interest NOTES_NetCapitalRequirementsDetail_NetCapitalBalance Haircuts - Bankers' Acceptances, Certificates of Deposit and Commercial Paper Haircuts - Bankers' Acceptances, Certificates of Deposit and Commercial Paper NOTES_NetCapitalRequirements Haircuts - Contractual Securities Commitments Contractual Securities Commitments Haircuts - Corporate Obligations Haircuts - Corporate Obligations Haircuts - Options Haircuts - Options Note: This element serves as a category heading only. No data may be tagged to this element. Haircuts on Securities Haircuts on Securities OtherDeductionsCharges Haircuts - Securities Collateralizing Secured Demand Notes Securities Collateralizing Secured Demand Notes Haircuts on Securities Haircuts on Securities Haircuts - State and Municipal Government Obligations Haircuts - State and Municipal Government Obligations Haircuts - Stocks and Warrants Stocks and Warrants Note: This element serves as a category heading only. No data may be tagged to this element. Haircuts - Trading and Investment Securities Trading and Investment Securities Haircuts on Trading and Investment Securities Haircuts on Trading and Investment Securities Haircuts - Undue Concentrations Haircuts - Undue Concentrations Haircuts - US and Canadian Government Obligations Haircuts - US and Canadian Government Obligations Increase/(Decrease) Cash and Securities Segregated Under Federal and Other Regulations Increase/(Decrease) Cash and Securities Segregated Under Federal and Other Regulations The net change in the beginning and end of period for deposits with clearing organizations and other. Increase/(Decrease) Deposits with Clearing Organizations and Others Increase/(Decrease) Deposits with Clearing Organizations and Others The net change in the beginning and end of period for payables to brokers, dealers and clearing organizations. Increase/(Decrease) Payables to Brokers, Dealers and Clearing Organizations Increase/(Decrease) Payables to Brokers, Dealers and Clearing Organizations The net change in the beginning and end of period for receivables from brokers, dealers and clearing organizations. Increase/(Decrease) Receivables from Brokers, Dealers and Clearing Organizations Increase/(Decrease) Receivables from Brokers, Dealers and Clearing Organizations The net change in the beginning and end of period for receivables from customers. Increase/(Decrease) Receivables from Customers Increase/(Decrease) Receivables from Customers The net change in the beginning and end of period for securities owned at market value. Increase/(Decrease) in Securities at Market Value Increase/(Decrease) in Securities at Market Value Increase in Subordinated Borrowings Increases in Subordinated Borrowings Increase in Subordinated Borrowings Increases in Subordinated Borrowings Interest Expense - Other Interest Expense - Other Bankers Acceptances, Certificates of Deposit and Commercial Paper Bankers Acceptances, Certificates of Deposit and Commercial Paper Investment Advisory Fees Investment Advisory Fees Investment Banking Fees Investment Banking Fees StockholdersEquityQualifiedNetAbstractCapital Investment in Receivables of Affiliates, Subsidiaries and Associated Partnerships Investment in Receivables of Affiliates, Subsidiaries and Associated Partnerships Issuance of Subordinated Notes Issuance of Subordinated Notes Items Included in Consolidated Financial Condition Items Included in Consolidated Financial Condition Items Included in Consolidated Financial Condition - Total Note: This element serves as a category heading only. No data may be tagged to this element. Items Included in Consolidated Statement of Financial Condition Items in Balance Sheet Note: This element serves as a category heading only. No data may be tagged to this element. Items Not Included in Consolidated Statement of Financial Condition Items Not Included in Consolidated Statement of Financial Condition Items Not Included in Consolidated Statement of Financial Condition Items Not Included in Consolidated Statement of Financial Condition Items Not Included in Consolidated Statement of Financial Condition - Total Market Value of Securities Borrowed with No Equivalent Value Paid Market Value of Securities Borrowed with No Equivalent Value Paid Market Value of Securities in Transfer in Excess of Forty Calendar Days and Not Confirmed to be in Transfer by Transfer Agent or Issuer Market Value of Securities in Transfer in Excess of Forty Calendar Days and Not Confirmed to be in Transfer by Transfer Agent or Issuer Market Value of Short Securities and Credits (Not to Be Offset by "Longs" or by Debits) in All Suspense Accounts Over 30 Calendar Days Short Securities and Credits in Suspense Accounts Over 30 Calendar Days - Market Value Market value of short security count differences over thirty calendar days old Market Value of Short Security Count Differences Over 30 Calendar Days Old Short Security Count Differences Over Thirty Calendar Days Old - Market Value MarketValueShortSecuritiesCredits Market Value of Stock Dividends Outstanding Over Thirty Days Market Value of Stock Dividends Outstanding Over Thirty Days Market value of stock dividends stock splits and similar distributions receivable outstanding over thirty calendar days Market Value of Stock Dividends, Stock Splits and Similar Distributions Receivable Outstanding Over 30 Calendar Days Stock Dividends, Splits and Similar Outstanding Over 30 Calendar Days - Market Value Exchange memberships contributed for the use of the broker-dealer and subordinated to claims of general creditors should be carried at market value with an offsetting amount shown as liabilities subordinated to claims of general creditors. Memberships in Exchanges Contributed for Use of Company at Market Value Memberships in Exchanges Contributed for Use of Company at Market Value Exchange memberships provide the broker-dealer with the right to do business on the exchanges of which the broker-dealer is a member. Many broker-dealers have memberships in several exchanges and have more than one membership in any particular exchange. Memberships are usually registered in the names of individuals who are affiliated with the broker-dealer. A membership held in the name of an individual is considered to be an asset of the broker-dealer if it is held by the broker-dealer under an agreement (such as an ABC agreement) that would require the member, upon leaving the broker-dealer, to do one of the following: a. Pay the member organization the amount necessary to purchase another membership (if the named individual wished to retain the membership), b. Sell the membership and pay the proceeds over to the member organization or c. Transfer the membership for a nominal consideration to a person designated by the member organization and satisfactory to the exchange. Exchange memberships that are owned by a broker-dealer and held for operating purposes should be valued at cost or at a lesser amount if there is an other-than-temporary impairment in value. Memberships in Exchanges Owned, at Cost Memberships in Exchanges Owned, at Cost Exchange memberships that are owned by a Broker Dealer and held for operating purposes valued at market value. Memberships in Exchanges Owned, at Market Value Memberships in Exchanges Owned, at Market Value Note: This element serves as a category heading only. No data may be tagged to this element. Minimum Net Capital Required Minimum Net Capital Required Total Minimum Net Capital Required Minimum Net Capital Required Minimum Net Capital Required Monies borrowed collateralized by securities carried for the accounts of customers Monies Borrowed Collateralized by Securities Carried for the Accounts of Customers Monies Borrowed Collateralized by Securities Carried for the Accounts of Customers MinimumNetCapitalRequired Monies Payable Against Customers' Securities Monies Payable Against Customers' Securities Monies payable against customers' securities loaned Monies Payable Against Customers' Securities Loaned Monies Payable Against Customers' Securities Loaned Note: This element serves as a category heading only. No data may be tagged to this element. Net Capital Net Capital Note: This element serves as a category heading only. No data may be tagged to this element. Net Capital Before Haircuts on Securities Positions Net Capital Before Haircuts on Securities Positions Net capital before haircuts on securities positions Net Capital Before Haircuts on Securities Positions Net Capital Before Haircuts on Securities Positions Net worth of broker dealer, less certain items such as exchange memberships, carrying value of securities not readily marketable, haircuts on marketable securities in proprietary accounts, furniture and equipment and other illiquid assets as defined in the net capital rules. Net Capital Net Capital NetCapitalDeductionsCharges Net Capital in Excess of 4 Percent of Aggregate Debit Items Net Capital in Excess of 4 Percent of Aggregate Debit Items Net capital in excess of 5 percent of aggregate debit items Net Capital in Excess of 5 Percent of Aggregate Debit Items Net Capital in Excess of 5 Percent of Aggregate Debit Items Net capital as reported in Company's Part II Net Capital As Reported in Company's Part II (Unaudited) Focus Report Net Capital As Reported in Company's Part II (Unaudited) Focus Report Net Capital Requirements Net Capital Requirements Net Capital Ratio Net Capital Ratio Nonallowable Assets Nonallowable Assets Nonallowable assets Nonallowable Assets Nonallowable Assets Nonallowable Assets - Total Nonregulated commodity margin deposits erroneously excluded from the Company's computation Nonregulated Commodity Margin Deposits Erroneously Excluded from the Company's Computation Nonregulated Commodity Margin Deposits Erroneously Excluded from the Company's Computation Not Readily Marketable Bonds Not Readily Marketable Bonds Not Readily Marketable Equities Not Readily Marketable Equities Not Readily Marketable Options Not Readily Marketable Options Include in the “Options” category the market value of all long listed options. The market value of all short listed options shall be included in the liability section in “Securities sold not yet purchased at market value.” Unrealized gains and/or losses shall be reflected in the appropriate statement since all such positions shall be marked-to-the- market. Regarding unlisted options, the following treatment for financial statement purposes is to be followed: Unlisted call options – regarding such long options include unrealized profits where the market value of the underlying security exceeds the exercise value of the respective option. For such short options, include unrealized losses where the market value of the underlying security exceeds the exercise value of the respective option. Unlisted put options – regarding such long options include unrealized profits where the market value of the underlying security is less than the exercise value of the respective option. For such short options, include unrealized losses where the market value of the underlying security is less than the exercise value of the respective option. Unrealized profits and/or losses included in net worth on unlisted options shall be increased or decreased by the write-off of any un-amortized cost of the long options or recognition of any un-amortized proceeds from the writing or sale of such options. Options Options Include in the “Options” category the market value of all long listed options. The market value of all short listed options shall be included in the liability section in “Securities sold not yet purchased at market value.” Unrealized gains and/or losses shall be reflected in the appropriate statement since all such positions shall be marked-to-the- market. Regarding unlisted options, the following treatment for financial statement purposes is to be followed: Unlisted call options – regarding such long options include unrealized profits where the market value of the underlying security exceeds the exercise value of the respective option. For such short options, include unrealized losses where the market value of the underlying security exceeds the exercise value of the respective option. Unlisted put options – regarding such long options include unrealized profits where the market value of the underlying security is less than the exercise value of the respective option. For such short options, include unrealized losses where the market value of the underlying security is less than the exercise value of the respective option. Unrealized profits and/or losses included in net worth on unlisted options shall be increased or decreased by the write-off of any un-amortized cost of the long options or recognition of any un-amortized proceeds from the writing or sale of such options. Options Sold Options Sold Other assets Other Assets Other Assets Other audit adjustments (net) Other Audit Adjustments, Net Other Audit Adjustments, Net Other Debits Other Debits Other Debits Other Decreases in Subordinated Borrowings Other Decreases Other (deductions) or allowable credits-deferred Other (Deductions) or Allowable Credits - Deferred Income Taxes Payable Deferred Income Taxes Payable Other deductions and/or charges Other Deductions/(Charges) Other Deductions/(Charges) Other Increases in Subordinated Borrowings Other Increases Used on the Focus Report. The amount reported as an allowable asset represents that portion which would otherwise be considered non-allowable except for the fact that it adequately secures indebtedness. (See Rule 15c3-1(c)(2)(iv) and (c)(1)(viii). Other Investments Not Readily Marketable Other Investments Not Readily Marketable Other items (net) Other Items, Net Other Items, Net Other items net Other Items, Net Other Items, Net Other Payables to Broker-Dealers and Clearing Organizations Other Payables to Broker-Dealers and Clearing Organizations Other receivables from Broker dealers and clearing organizations. Other Receivables from Broker-Dealers and Clearing Organizations Other Receivables from Broker-Dealers and Clearing Organizations Other Securities Other Securities Other Securities Sold Other Securities Sold Other unrecorded amounts Other Unrecorded Amounts Other Unrecorded Amounts Note: This element serves as a category heading only. No data may be tagged to this element. Payables to Brokers, Dealers and Clearing Organizations Payables to Brokers, Dealers and Clearing Organizations Payables to broker-dealers and clearing organizations include amounts payable for securities failed to receive, certain deposits received for securities loaned, amounts payable to clearing organizations on open transactions, and floor-brokerage payables. In addition, the net receivable or payable arising from unsettled trades would be reflected in those captions. A broker-dealer that purchases securities, either for its own account or for a customer's account, but does not receive the securities on the settlement date records the amount of money representing the purchase price of the securities, including any accrued interest, as a liability to the selling broker-dealer. This liability is paid when the securities are received by the purchasing broker-dealer. Payables to Brokers, Dealers, and Clearing Organizations Payables to Brokers, Dealers, and Clearing Organizations Payables to Brokers, Dealers, and Clearing Organizations - Total Payables to Clearing Organization Payables to Clearing Organization The term customers generally excludes other broker-dealers; persons who are principal officers, directors, and stockholders; and persons whose securities or funds are part of the regulatory net capital of the broker-dealer. Another broker-dealer's account can be classified as a customer if the account is carried as an omnibus account in compliance with Regulation T. The accounts of principal officers, directors and stockholders may be combined in the customer captions if they are not material and the combination is disclosed in the oath that is required to accompany the annual audited FOCUS Report. Payables to Customers Payables to Customers Broker-dealers may incur payments in lieu of dividends from equity securities sold, not yet purchased. Payments in Lieu of Dividends Payments in Lieu of Dividends Payment of Subordinated Notes Payment of Subordinated Notes Amounts receivable and payable for securities transactions that have not reached their contractual settlement date are recorded net on the statement of financial condition. Pending Trades, Net Pending Trades, Net Amounts receivable and payable for securities transactions that have not reached their contractual settlement date are recorded net on the statement of financial condition. Pending Trades, Net Pending Trades, Net 3 percent charge 3 Percent Charge 3 Percent Charge Professional Services Professional Services Ratio: Aggregate indebtedness to net capital Ratio: Aggregate Indebtedness to Net Capital Aggregate Indebtedness to Net Capital Clearing organizations provide efficient and orderly trade clearance and settlement services for which broker-dealers pay fees. Clearing organizations perform post-trade processing and trade comparisons among numerous broker-dealers and act as settlement agents between buying and selling broker-dealers. In general, the majority of financial instrument transactions are compared and cleared through a clearing organization. All continuous net settlement transactions are netted at each clearing organization to one cash settlement position. Therefore, if the contract amount of the securities received (purchased) is greater than that delivered (sold), the broker-dealer records a payable to the clearing organization for the net movement. Receivable from Clearing Organization Receivable from Clearing Organization Receivable From/(Payable To) Broker-Dealers and Clearing Organizations - Description of Balance Description of Balance Receivable From/(Payable To) Broker-Dealers and Clearing Organizations Receivable from/(Payable to) Broker-Dealers and Clearing Organizations Receivable From/(Payable To) Broker-Dealers and Clearing Organizations - Payable Amount Payable Amount Receivable From/(Payable To) Broker-Dealers and Clearing Organizations - Receivable Amount Receivable Amount Receivable From/(Payable To) Customers Receivable from/(Payable to) Customers Note: This element serves as a category heading only. No data may be tagged to this element. Receivables from Brokers, Dealers and Clearing Organizations Receivables- Brokers, Dealers and Clearing Organizations Receivables from Brokers, Dealers and Clearing Organizations - Total Receivables from broker-dealers and clearing organizations may include amounts receivable for securities failed to deliver, certain deposits for securities borrowed, amounts receivable from clearing organizations relating to open transactions, good-faith and margin deposits, and commissions and floor-brokerage receivables. A broker-dealer that sells securities, either for its own account or for a customer's account, but does not deliver the securities on the settlement date records the selling price, including any accrued interest, as an asset in the receivable account due from broker-dealers. This asset will be collected upon delivery of the securities. Receivables from Brokers, Dealers, and Clearing Organizations Receivables from Brokers, Dealers, and Clearing Organizations Receivables from Brokers, Dealers, and Clearing Organizations - Total The term customers generally excludes other broker dealers; persons who are principal officers, directors, and stockholders; and persons whose securities or funds are part of the regulatory net capital of the broker dealer. Another broker dealers account can be classified as a customer if the account is carried as an omnibus account in compliance with regulation T. The accounts of principal officers, directors and stockholders may be combined in the customer captions if they are not material and the combination is disclosed in the oath that is required to accompany the annual audited FOCUS report. Receivables from Customers Receivables from Customers Note: This element serves as a category heading only. No data may be tagged to this element. Reconciliation with Company's Computation (Included in Part II of Form X-17A-5) Reconciliation with Company's Computation (Included in Part II of Form X-17A-5) Required Deposit Required Deposit Reserve Computation Reserve Computation Secured Demand Note Collateral Agreements Secured Demand Note Collateral Agreements If the value of securities and cash collateralizing a secured demand note contributed for purposes of capital under Rule 15c3-1 after application of the deductions specified in subparagraph (c)(2)(vi) of Rule 15c3-1 is less than the unpaid principal amount of the secured demand note, such deficiency shall be deducted. Secured Demand Note Deficiency Secured Demand Note Deficiency A secured demand note is an interest-bearing promissory note executed by the lender and is payable upon demand of the broker-dealer to which it is contributed. These notes are generally collateralized by marketable securities. Upon demand, the note becomes due and collectible. The right to demand payment may be conditioned upon the occurrence of certain events. Subordination agreements must conform with the minimum requirements of Rule 15c3-1 Appendix D in order that the respective amounts may be included in Net Capital (satisfactory subordination agreements). See Appendix D, (c)(7) regarding subordination agreements in effect prior to adoption of Rule 15c3-1. Subordinations which are not covered by satisfactory subordination agreements will be included as non-allowable assets. The collateral contained in each secured demand note collateral account shall relate only to the specific demand note that it collateralizes. The excess collateral value in one account shall not be applied to the deficiency in another account. No collateral value shall be given for secured demand note collateral which has no ready market. Secured Demand Notes Secured Demand Notes Securities borrowed to effectuate short sales by customers and securities borrowed to make delivery on customers' securities failed to deliver Securities Borrowed to Effectuate Short Sales by Customers and Securities Borrowed to Make Delivery on Customers' Securities Failed to Deliver Securities Borrowed Note: This element serves as a category heading only. No data may be tagged to this element. Securities at Market Value Securities at Market Value Note: This element serves as a category heading only. No data may be tagged to this element. Securities Not Readily Marketable Securities Not Readily Marketable Securities not readily marketable Securities Not Readily Marketable Securities Not Readily Marketable Proprietary securities transactions entered into by the broker-dealer for trading or investment purposes are included in "Securities Owned and Securities Sold, Not Yet Purchased." Security positions resulting from proprietary trading are reported at current market or fair values, and unrealized gains or losses resulting from marking these to the market or fair value are included in profit or loss. The mark to market of fixed-income securities owned that were purchased at a discount or premium is composed of accreted interest income or changes in market valuations of the securities or both. Specific requirements regarding joint accounts with other broker-dealers are included in the instructions to the FOCUS report. For joint accounts carried by the broker-dealer, the applicable portion of the securities or other positions should be included in the appropriate securities owned or other classifications, and the other parties' interests in the ledger balance are included in receivables or payables. If the joint account is carried by another broker-dealer, the share of the broker-dealer being reported on should be determined with a contra-liability to or receivable from the carrying broker-dealer. Securities Owned at Market Value Securities Owned at Market Value Securities Owned at Market Value - Total A broker-dealer may have to determine the fair values of financial instruments for which there are no readily available price quotations or for which readily available price quotations are unreliable. These price quotations may be deemed unreliable because the financial instruments may have restrictions associated with them (such as not being registered) or may be thinly traded or traded in a market where sales are infrequent. In such cases, it may be appropriate for these financial instruments to be valued at fair value as determined in good faith by management. To determine fair value, management should satisfy itself that— • All appropriate factors relevant to the value of financial instruments for which price quotations are not readily available have been considered. • The procedures for arriving at the fair value of each financial instrument are reasonable and consistently applied. • The underlying documentation supports the fair value estimates. To the extent considered necessary, management should take into consideration all indications of value that are available in determining the fair value assigned to a particular financial instrument. The following is a list of certain factors:  • Financial standing of the issuer • Business and financial plan of the issuer • Cost at date of purchase • Size of position held and the liquidity of the market • Contractual restrictions on salability • Pending public offering with respect to the financial instrument • Pending reorganization activity affecting the financial instrument (such as merger proposals, tender offers, debt restructurings, and conversions) • Reported prices and the extent of public trading in similar financial instruments of the issuer or comparable companies • Ability of the issuer to obtain needed financing • Changes in the economic conditions affecting the issuer • A recent purchase or sale of a security of the company • Pricing by other dealers in similar securities The information so considered and the basis for the decision should be documented. Management may use a variety of methods to assist in determining the valuation of a financial instrument. These methods include analogy to reliable quotations of similar financial instruments, pricing models, matrix pricing, and other formula-based pricing methods. These methodologies incorporate factors for which published market data may be available. For instance, the mathematical technique known as matrix pricing may be used to determine the values based on market data available with respect to the issue and similar issues without exclusive reliance on issuer-specific quoted market prices. Pricing methods may also be based on a multiple of earnings or a discount (or less frequently, a premium) from market of a similar, freely traded security; on a yield to maturity with respect to debt issues; or on a combination of these and other methods. In addition, with respect to derivative products, other factors (such as volatility, anticipated future interest rates, and term to maturity) should be considered. (The Group of Thirty Report, Derivatives Practices and Principles,  contains several recommendations regarding dealers' pricing, including that derivative portfolios be valued based on mid-market levels less specific adjustments.) If such methods are used, management should continuously review the appropriateness of such methods to satisfy themselves that the resulting valuations are fair. Securities Owned Not Readily Marketable Securities Owned Not Readily Marketable Securities Owned - Options Securities Owned and Sold, Not Yet Purchased Securities Owned and Sold, Not Yet Purchased Note: This element serves as a category heading only. No data may be tagged to this element. Securities Sold, Not Yet Purchased - Market Value Securities Sold, Not Yet Purchased - Market Value Proprietary securities transactions entered into by the broker-dealer for trading or investment purposes held at fair value. Securities Sold, Not Yet Purchased, at Market Value Securities Sold, Not Yet Purchased, at Market Value Securities Sold, Not Yet Purchased - Market Value Securities Sold - Other Other Securities Sold Bank loans represent obligations incurred by a broker-dealer to finance securities purchases by customers on margin; to satisfy amounts owed for settling securities purchases, net of sales; to finance the firm's securities inventories; or for other corporate purposes. These loans may be secured or unsecured. Secured bank loans are generally collateralized by marketable securities. Broker-dealers should disclose in the notes to the financial statements the general attributes of the loans, including the collateral pledged.  Short-Term Bank Loans Short-Term Bank Loans Short-Term Bank Loans Secured by Customers' Securities Short-Term Bank Loans Spot Commodities Spot Commodities Note: This element serves as a category heading only. No data may be tagged to this element. Statement of Changes in Subordinated Borrowings Statement of Changes in Subordinated Borrowings State and Municipal Government Obligations State and Municipal Government Obligations State and Municipal Government Obligations Sold State and Municipal Government Obligations Sold Deduct stockholders' equity not allowable for net Stockholders' Equity Not Allowable for Net Capital Stockholders' Equity Not Allowable for Net Capital Note: This element serves as a category heading only. No data may be tagged to this element. Stockholders' Equity Qualified for Net Capital Stockholders' Equity Qualified for Net Capital Stockholders' Equity Qualified for Net Capital Stockholders' Equity Qualified for Net Capital Stocks and Warrants Stocks and Warrants Stocks and Warrants Sold Stocks and Warrants Sold Subordinated Borrowing - Description Description Subordinated Borrowing - Instrument Value Value Subordinated Borrowing - Interest Rate Interest Rate Subordinated Borrowing - Maturity Amount Maturity Amount Subordinated Borrowing - Maturity Date Maturity Date Subordinated Borrowing - Maturity Details Maturity Details Subordinated borrowings allowable in computation Subordinated Borrowings Allowable in Computation of Net Capital Subordinated Borrowings Allowable in Computation of Net Capital Subordinated Borrowings Detail by Instrument Subordinated Borrowings Detail by Instrument Subordinated Borrowings Detail Subordinated Borrowings Detail Broker-dealers use subordinated loans as sources of regulatory capital. These loans may be cash loans or secured demand notes. They are often made by persons associated with the broker-dealer, usually a partner, parent corporation, or principal shareholder, officer, employee, or family relation of the foregoing. The subordinated loans must be subject to a qualified subordination agreement or to a qualified secured demand note collateral agreement approved by the broker-dealer's designated self-regulatory organization to qualify as capital for purposes of computing the broker-dealer's net capital. In a typical subordinated cash loan agreement, the lender lends cash to the broker-dealer and in return receives from the broker-dealer a written promise in the form of a note, which sets forth the repayment terms, the interest rate, and the provisions under which the lender agrees to subordinate its claims to the claims of the general creditors of the broker-dealer. A secured demand note is an interest-bearing promissory note executed by the lender and is payable upon demand of the broker-dealer to which it is contributed. These notes are generally collateralized by marketable securities. Upon demand, the note becomes due and collectible. The right to demand payment may be conditioned upon the occurrence of certain events. The lender actually retains ownership of the collateral, benefiting from increases, and bearing the risk for decreases, in its value. Securities pledged as collateral must be fully paid and must be in bearer form or registered in the name of the broker-dealer or its custodian, which allows the securities to be used by the broker-dealer. The lender may withdraw any excess collateral or substitute cash or other securities as collateral. The securities received as collateral and cash, if any, would be recorded in a secured demand note account similar to a customer account. (Also see FASB Statement No. 140, paragraph 15, which determines the financial reporting treatment of collateral.) If a subordinated loan or collateral securing a secured demand note is subject to a satisfactory subordination agreement, as defined in appendix D of SEC rule 15c3-1, it will qualify as capital when computing the broker-dealer's net capital. Subordinated Borrowings - Ending Balance Subordinated Borrowings - Beginning Balance Subordinated Borrowings Subordinated Borrowings Subordinated Borrowings Note Subordinated Borrowings Note Amount of subordinated debt for which six months notice has been given of intent to withdraw. Subordinated Borrowings - Six Month Notice of Intent to Withdraw Six Month Notice of Intent to Withdraw Total net capital requirement Total Net Capital Requirement Total Net Capital Requirement A broker-dealer may buy and sell securities for its own account. The profit or loss is measured by the difference between the acquisition cost and the selling price or current market or fair value. Trading gains and losses, which are composed of both realized and unrealized gains and losses, are generally presented net. Trading Gains/(Losses) Trading Gains/(Losses) 2 Percent of Aggregate Debit Items (or $250, if Greater) as Shown in Formula for Reserve Requirements Pursuant to Rule 15c3-3 Prepared as of Date of Net Capital Computation - Company 2 Percent of Aggregate Debit Items (or $250, if Greater) as Shown in Formula for Reserve Requirements Pursuant to Rule 15c3-3 Prepared as of Date of Net Capital Computation - Company A broker-dealer may underwrite a security offering by contracting to buy the issue either at a fixed price or a price based on selling the offering on a best-effort basis. The difference between the price paid by the public and the contract price less the related expenses represents the underwriting income or loss. Underwriting Income/(Loss) Underwriting Income/(Loss) US and Canadian Government Obligations US and Canadian Government Obligations US and Canadian Government Obligations Sold Us and Canadian Government Obligations Sold