4 unchanged sentences
As part of its normal business operations, the Company engages in the trading of both fixed income and equity securities in both a proprietary and market-making capacity.
−Removed: The Company makes markets in over-the-counter equities in order to facilitate order flow and accommodate its institutional and retail customers.
+Added: The Company makes markets in over-the-counter equities in order to facilitate
+Added: order flow and accommodate its institutional and retail customers.
The Company also makes markets in municipal bonds, mortgage-backed securities, government bonds and high yield bonds and short term fixed income securities and loans issued by various corporations.
28 unchanged sentences
The Company has procedures designed to assess and monitor counterparty risk.
+Added: Liquidity Risk.
+Added: Liquidity risk refers to the risk that we will be unable to finance our operations due to a loss of access to the capital markets or difficulty in liquidating our assets.
+Added: Liquidity risk also encompasses our ability (or perceived ability) to meet our financial obligations without experiencing significant business disruption or reputational damage that may threaten our viability as a going concern as well as the associated funding risks triggered by the market or idiosyncratic stress events that
+Added: may negatively affect our liquidity and may impact our ability to raise new funding.
+Added: See the discussion of the liquidity management processes in Item 7 “Liquidity and Capital Resources” herein for additional information regarding our liquidity and how we manage liquidity risk.
Legal and Regulatory Risk .
10 unchanged sentences
In response to the SEC's market risk disclosure requirements, the Company has performed a value-at-risk analysis of its trading of financial instruments and derivatives.
−Removed: The value-at-risk calculation uses standard statistical techniques to measure the potential loss in fair value based upon a one-day holding period and a 95%
−Removed: confidence level of loss.
+Added: The value-at-risk calculation uses standard statistical techniques to measure the potential loss in fair value based upon a one-day holding period and a 95% confidence level of loss.
The calculation is based upon a variance-covariance methodology, which assumes a normal distribution of changes in portfolio value.
19 unchanged sentences
The changes in the value-at-risk amounts reported in 2024 from those reported in 2023 reflect changes in the size and composition of the Company's trading portfolio at December 31, 2024 compared to December 31, 2023.
−Removed: The Company's portfolio as of December 31, 2023 includes approximately $18.6 million in corporate equities, which are related to deferred compensation liabilities and which do not bear any value-at-risk to the Company.
+Added: The Company's portfolio as of December 31, 2024 includes approximately $18.6 million in corporate equities, which are related to deferred compensation liabilities and which do not bear
+Added: any value-at-risk to the Company.
Further discussion of risk management appears in Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations" and Item 1A, "Risk Factors."
5 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.