−Removed: QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
+Added: AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Financial Instruments Held For Trading Purposes
−Removed: We do not directly engage in derivative transactions, have no interest in any special purpose entity and have no liabilities, contingent or otherwise, for the debt of another entity.
−Removed: Financial Instruments Held For Purposes Other Than Trading
−Removed: We generally invest our cash and cash equivalents temporarily in dollar denominated bank account(s).
−Removed: These investments are not subject to material changes in value due to interest rate movements.
−Removed: 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.
+Added: do not directly engage in derivative transactions, have no interest in any special purpose entity and have no liabilities, contingent
+Added: or otherwise, for the debt of another entity.
+Added: Financial Instruments Held For Purposes Other
+Added: We generally invest our cash
+Added: and cash equivalents temporarily in dollar denominated bank account(s).
+Added: These investments are not subject to material changes in value
+Added: due to interest rate movements.
+Added: We invest cash and securities
+Added: segregated for regulatory purposes in dollar denominated bank accounts which are not subject to material changes in value due to interest
+Added: rate movements.
We also invest cash and securities segregated for regulatory purposes and securities owned, at fair value in U.S.
−Removed: government securities which may be subject to material changes in value due to interest rate movements.
−Removed: Securities owned, at fair value invested in U.S.
+Added: securities which may be subject to material changes in value due to interest rate movements.
+Added: Securities owned, at fair value invested
government securities are generally purchased to enhance yields on required regulatory deposits.
−Removed: 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.
−Removed: Customer transactions are cleared through clearing brokers on a fully disclosed basis and are also self-cleared by MSCO.
−Removed: If customers do not fulfill their contractual obligations, any loss incurred in connection with the purchase or sale of securities at prevailing market prices to satisfy customer obligations may be incurred by Siebert.
+Added: While the value of the U.S.
+Added: securities may be subject to material changes in value, we believe any reduction in value would be temporary since the securities would
+Added: mature at par value.
+Added: Customer transactions are
+Added: cleared through clearing brokers on a fully disclosed basis and are also self-cleared by MSCO.
+Added: If customers do not fulfill their contractual
+Added: obligations, any loss incurred in connection with the purchase or sale of securities at prevailing market prices to satisfy customer obligations
+Added: may be incurred by Siebert.
We regularly monitor the activity in customer accounts for compliance with margin requirements.
−Removed: We are exposed to the risk of loss on unsettled customer transactions if customers and other counterparties are unable to fulfill their contractual obligations.
+Added: We are exposed
+Added: to the risk of loss on unsettled customer transactions if customers and other counterparties are unable to fulfill their contractual obligations.
There were no material losses for unsettled customer transactions in the last five years.
1 unchanged sentence
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.