13 unchanged sentences
In order to minimize the likelihood of unintended activities by our market making strategies, if our risk management system detects a trading strategy generating revenues outside of our preset limits, it will freeze, or “lockdown”, that strategy and alert risk management personnel and management.
−Removed: Market risk was elevated during the period, largely as a result of the COVID-19 pandemic and the governmental and other responses thereto.
For working capital purposes, we invest in money market funds and maintain interest and non-interest bearing balances at banks and in our trading accounts with clearing brokers, which are classified as Cash and cash equivalents and Receivables from broker-dealers and clearing organizations, respectively, on the Condensed Consolidated Statements of Financial Condition.
6 unchanged sentences
In the normal course of business, we maintain inventories of exchange-listed and other equity securities, and to a lesser extent, fixed income securities and listed equity options.
−Removed: The fair value of these financial instruments at September 30, 2020 and December 31, 2019 was $2.8 billion and $2.8 billion, respectively, in long positions and $2.8 billion and $2.5 billion, respectively, in short positions.
+Added: The fair value of these financial instruments at March 31, 2021 and December 31, 2020 was $3.9 billion and $3.1 billion, respectively, in long positions and $3.0 billion and $2.9 billion, respectively, in short positions.
We also enter into futures contracts, which are recorded on our Condensed Consolidated Statements of Financial Condition within Receivable from brokers, dealers and clearing organizations or Payable to brokers, dealers and clearing organizations as applicable.
37 unchanged sentences
dollar is mitigated, however, through the impact of daily hedging practices that are employed by the company.
−Removed: Approximately 26.1% and 27.3% of our revenues for the three months ended September 30, 2020 and 2019, respectively, and approximately 20.2% and 25.1% of our total revenues for the nine months ended September 30, 2020 and 2019, respectively, were denominated in non-U.S.
+Added: Approximately 19.4% and 20.7% of our total revenues for the three months ended March 31, 2021 and 2020, respectively, were denominated in non-U.S.
dollar currencies.
We estimate that a hypothetical 10% adverse change in the value of the U.S.
−Removed: dollar relative to our foreign denominated earnings would have resulted in decreases in revenues of $17.2 million and $10.4 million for the three months ended September 30, 2020 and 2019, respectively, and $51.7 million and $28.1 million for the nine months ended September 30, 2020 and 2019, respectively.
+Added: dollar relative to our foreign denominated earnings would have resulted in decreases in total revenues of $19.7 million and $20.8 million for the three months ended March 31, 2021 and 2020, respectively.
Assets and liabilities of subsidiaries with non-U.S.
17 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.