2014 Q3 Form 10-Q Financial Statement

#000119312514403305 Filed on November 07, 2014

View on sec.gov

Income Statement

Concept 2014 Q3 2013 Q3
Revenue $436.2M $404.2M
YoY Change 7.92% -8.2%
Cost Of Revenue $2.700M $2.000M
YoY Change 35.0% -28.57%
Gross Profit $433.5M $402.2M
YoY Change 7.78% -8.69%
Gross Profit Margin 99.38% 99.51%
Selling, General & Admin $410.5M $366.1M
YoY Change 12.13% -7.9%
% of Gross Profit 94.69% 91.02%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $7.000M $7.500M
YoY Change -6.67% -21.05%
% of Gross Profit 1.61% 1.86%
Operating Expenses $449.5M $390.7M
YoY Change 15.06% -10.54%
Operating Profit -$16.03M $11.52M
YoY Change -239.18% 203.5%
Interest Expense $9.197M $9.164M
YoY Change 0.36% -6.09%
% of Operating Profit 79.56%
Other Income/Expense, Net $43.25M $29.16M
YoY Change 48.35% 9.52%
Pretax Income $29.94M $42.66M
YoY Change -29.83% 1081.15%
Income Tax $18.81M $10.68M
% Of Pretax Income 62.83% 25.02%
Net Earnings $7.211M $25.33M
YoY Change -71.53% -5715.52%
Net Earnings / Revenue 1.65% 6.27%
Basic Earnings Per Share $0.03 $0.12
Diluted Earnings Per Share $0.03 $0.11
COMMON SHARES
Basic Shares Outstanding 220.4M shares 219.2M shares
Diluted Shares Outstanding 331.2M shares 355.2M shares

Balance Sheet

Concept 2014 Q3 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $587.7M $794.9M
YoY Change -26.06% 153.71%
Cash & Equivalents $411.1M $757.9M
Short-Term Investments $176.7M $36.94M
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $1.309B $1.463B
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.720B $2.221B
YoY Change -22.54% 66.53%
LONG-TERM ASSETS
Property, Plant & Equipment $114.4M $131.3M
YoY Change -12.87% -6.77%
Goodwill $244.8M $163.7M
YoY Change 49.54%
Intangibles $24.75M $19.38M
YoY Change 27.7%
Long-Term Investments $18.55M $19.44M
YoY Change -4.54% -34.12%
Other Assets
YoY Change
Total Long-Term Assets $963.7M $727.5M
YoY Change 32.46% 5.5%
TOTAL ASSETS
Total Short-Term Assets $1.720B $2.221B
Total Long-Term Assets $963.7M $727.5M
Total Assets $2.684B $2.948B
YoY Change -8.96% 45.73%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $951.2M $1.222B
YoY Change -22.13% 67.33%
Accrued Expenses $231.6M $182.5M
YoY Change 26.9% 43.36%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.183B $1.404B
YoY Change -15.75% 63.77%
LONG-TERM LIABILITIES
Long-Term Debt $410.3M $423.0M
YoY Change -3.0% -5.26%
Other Long-Term Liabilities $5.000M
YoY Change
Total Long-Term Liabilities $415.3M $423.0M
YoY Change -1.82% -5.26%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.183B $1.404B
Total Long-Term Liabilities $415.3M $423.0M
Total Liabilities $1.982B $2.140B
YoY Change -7.37% 30.44%
SHAREHOLDERS EQUITY
Retained Earnings -$223.9M -$146.2M
YoY Change 53.13%
Common Stock $801.5M $729.2M
YoY Change 9.92%
Preferred Stock
YoY Change
Treasury Stock (at cost) $179.5M $114.4M
YoY Change 56.91%
Treasury Stock Shares 19.04M shares
Shareholders Equity $430.3M $481.2M
YoY Change
Total Liabilities & Shareholders Equity $2.684B $2.948B
YoY Change -8.96% 45.73%

Cashflow Statement

Concept 2014 Q3 2013 Q3
OPERATING ACTIVITIES
Net Income $7.211M $25.33M
YoY Change -71.53% -5715.52%
Depreciation, Depletion And Amortization $7.000M $7.500M
YoY Change -6.67% -21.05%
Cash From Operating Activities $51.60M $42.60M
YoY Change 21.13% 252.07%
INVESTING ACTIVITIES
Capital Expenditures -$7.300M -$8.500M
YoY Change -14.12% -34.62%
Acquisitions
YoY Change
Other Investing Activities -$87.40M -$177.8M
YoY Change -50.84% 44350.0%
Cash From Investing Activities -$94.70M -$186.3M
YoY Change -49.17% 1290.3%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -101.3M -169.4M
YoY Change -40.2% 213.7%
NET CHANGE
Cash From Operating Activities 51.60M 42.60M
Cash From Investing Activities -94.70M -186.3M
Cash From Financing Activities -101.3M -169.4M
Net Change In Cash -144.4M -313.1M
YoY Change -53.88% 466.18%
FREE CASH FLOW
Cash From Operating Activities $51.60M $42.60M
Capital Expenditures -$7.300M -$8.500M
Free Cash Flow $58.90M $51.10M
YoY Change 15.26% 103.59%

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1851000
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35100000
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261000
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261000
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1634000
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250000000
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5500000
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1964000
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1634000
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1851000
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258356000
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81 Broker
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13000000
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1 Segment
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0.35
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286000 shares
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102559000
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0.36
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363148000 shares
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0.36
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32950000
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0.36
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184924000 shares
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32347000
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8946000
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70440000
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534000
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241131000
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17573000
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51874000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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264611000
us-gaap Brokerage Commissions Revenue
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906829000
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-698000
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322000
us-gaap Payments For Software
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11533000
us-gaap Payments Of Dividends Common Stock
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65556000
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3413000
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-38000
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65510000
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7839000
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1318928000
us-gaap Nonoperating Income Expense
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747791000
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5170000
us-gaap Income Taxes Paid
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147552000
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5766000
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246000
us-gaap Increase Decrease Due From Affiliates
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1323690000
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33461000
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1171000
us-gaap Payments To Acquire Marketable Securities
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4867000
us-gaap Payments To Acquire Property Plant And Equipment
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13464000
us-gaap Net Income Loss Available To Common Stockholders Basic
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66790000
us-gaap Net Income Loss
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66790000
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12161000
us-gaap Interest Paid
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23480000
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4762000
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6900000
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5540000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
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940000
us-gaap Other Nonoperating Income
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60000
us-gaap Management Fees Revenue
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us-gaap Gain Loss On Sale Of Business
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170636000
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35519000
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4100000
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369540000
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64795000
us-gaap Noninterest Expense
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us-gaap Depreciation
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24500000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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114475000
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32000
us-gaap Stock Option Plan Expense
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0
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58500000
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us-gaap Marketing And Advertising Expense
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543129000
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153865000
us-gaap Capitalized Computer Software Additions
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us-gaap Communication
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us-gaap Increase Decrease In Accrued Salaries
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21649000
bgcp Foreign Exchange Brokerage Revenue
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167433000
bgcp Allocation Of Income To Limited Partnership Interest Diluted
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49962000
bgcp Collection Of Receivables And Associated Expenses
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9200000
bgcp Recognition Of Earnout And Related Hedges
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31861000
bgcp Equities And Other Brokerage Revenue
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161716000
bgcp Dividend Equivalent Expense On Rsus
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723147000
bgcp Limited Partnership Units Average Redemption Price Per Unit
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4.77
bgcp Capitalization Of Patent Defense And Registration Costs
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bgcp Rates Revenue
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392401000
bgcp Issuance Of Common Stock Upon Exchange Of Limited Partnership Interests
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46079000
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2741000
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4155000
bgcp Incremental Common Shares Attributable To Limited Partnership Interests
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137249000 shares
bgcp Compensation And Employee Benefit Net
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1377600000
bgcp Reallocation Of Equity Due To Additional Investments By Founding And Working Partners
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938000
bgcp Real Estate Brokerage Revenue
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281707000
bgcp Donations Of Common Stock
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5720000
bgcp Issuance Of Class Common Stock For Acquisitions
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1042000
bgcp Earnings Distributions To Noncontrolling Interests
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80505000
bgcp Incremental Common Shares Attributable To Other Instruments
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922000 shares
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550759000
bgcp Allocation Of Net Income And Grant Of Exchangeability To Limited Partnership Units And Founding Working Partner Units
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bgcp Employee Loan Amortization And Reserve On Employee Loans
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187927000
bgcp Employee Loan Expense
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187900000
bgcp Equity Based Compensation And Allocations Of Net Income To Limited Partnership Units And Founding Or Working Partner Units
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400408000
bgcp Charitable Contributions
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25000000
bgcp Credit Revenue
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190895000
bgcp Exchange Of Founding Working Partner Interests
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2187000
bgcp Payments To Repurchase Of Limited Partnership Interests
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3737000
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P1Y6M
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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dei Document Type
DocumentType
10-Q
dei Entity Registrant Name
EntityRegistrantName
BGC PARTNERS, INC.
dei Trading Symbol
TradingSymbol
BGCP
us-gaap Due To And From Broker Dealers And Clearing Organizations Disclosure
DueToAndFromBrokerDealersAndClearingOrganizationsDisclosure
<div> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%" align="left"><b>10.</b></td> <td valign="top" align="left"><b>Receivables from and Payables to Broker-Dealers, Clearing Organizations, Customers and Related Broker-Dealers</b></td> </tr> </table> <!-- xbrl,body --> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> Receivables from and payables to broker-dealers, clearing organizations, customers and related broker-dealers primarily represent amounts due for undelivered securities, cash held at clearing organizations and exchanges to facilitate settlement and clearance of matched principal transactions, spreads on matched principal transactions that have not yet been remitted from/to clearing organizations and exchanges and amounts related to open derivative contracts, including derivative contracts into which the Company may enter into to minimize the effect of price changes of the Company&#x2019;s NASDAQ OMX shares (see Note 11&#x2014;&#x201C;Derivatives&#x201D;). As of September&#xA0;30, 2014 and December&#xA0;31, 2013, receivables from and payables to broker-dealers, clearing organizations, customers and related broker-dealers consisted of the following (in thousands):</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"><!-- Begin Table Head --> <tr> <td width="72%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"><b>September&#xA0;30,<br /> 2014</b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"><b>December&#xA0;31,<br /> 2013</b></td> <td valign="bottom">&#xA0;</td> </tr> <!-- End Table Head --><!-- Begin Table Body --> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Receivables from broker-dealers, clearing organizations, customers and related broker-dealers:</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Contract values of fails to deliver</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">922,312</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">287,429</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; 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FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Net pending trades</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">8,402</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,964</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Open derivative contracts</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">4,878</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,634</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 5em; TEXT-INDENT: -1em"> Total</p> </td> <td valign="bottom"><font style="FONT-SIZE: 8pt">&#xA0;&#xA0;</font></td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,001,541</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom"><font style="FONT-SIZE: 8pt">&#xA0;&#xA0;</font></td> <td valign="bottom">$</td> <td valign="bottom" align="right">349,915</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; 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FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Payables to clearing organizations</p> </td> <td valign="bottom"><font style="FONT-SIZE: 8pt">&#xA0;&#xA0;</font></td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">43,225</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom"><font style="FONT-SIZE: 8pt">&#xA0;&#xA0;</font></td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">62,976</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Other payables to broker-dealers and customers</p> </td> <td valign="bottom"><font style="FONT-SIZE: 8pt">&#xA0;&#xA0;</font></td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">23,887</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom"><font style="FONT-SIZE: 8pt">&#xA0;&#xA0;</font></td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">12,627</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Open derivative contracts</p> </td> <td valign="bottom"><font style="FONT-SIZE: 8pt">&#xA0;&#xA0;</font></td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,579</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom"><font style="FONT-SIZE: 8pt">&#xA0;&#xA0;</font></td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,851</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 5em; TEXT-INDENT: -1em"> Total</p> </td> <td valign="bottom"><font style="FONT-SIZE: 8pt">&#xA0;&#xA0;</font></td> <td valign="bottom">$</td> <td valign="bottom" align="right">944,009</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom"><font style="FONT-SIZE: 8pt">&#xA0;&#xA0;</font></td> <td valign="bottom">$</td> <td valign="bottom" align="right">303,549</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <!-- End Table Body --></table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> A portion of these receivables and payables are with Cantor. 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53545000

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