What changed 10-K

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

2023-03-29 compared with 2022-03-30 · 7 added, 1 removed, 11 unchanged (42% of the section changed)

5 unchanged sentences

These investments are not subject to material changes in value due to interest rate movements.

We invest cash and securities segregated for regulatory purposes in dollar denominated bank accounts which are not subject to material changes in value due to interest rate movements.

We also invest cash and securities segregated for regulatory purposes and securities owned, at fair value in U.S.

government securities which may be subject to material changes in value due to interest rate movements.

Securities owned, at fair value invested in U.S.

government securities are generally purchased to enhance yields on required regulatory deposits.

While the value of the government securities may be subject to material changes in value, we believe any reduction in value would be temporary since the securities would mature at par value.

Customer transactions are cleared through clearing brokers on a fully disclosed basis and are also self-cleared by MSCO.

3 unchanged sentences

There were no material losses for unsettled customer transactions in the last five years.

Siebert 2021 Form-10K 36

Siebert 2022 Form-10K 35

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.