10 unchanged sentences
The risks at any point in time are limited by the notional size of positions as well as other factors.
−Removed: The overall portfolio risks are quantified using internal risk models and monitored by the Company's Chief Risk Officer, the independent risk group and senior management.
+Added: The overall portfolio risks are quantified using internal risk models and monitored by the Company’s senior trading personnel, designated risk personnel and senior management.
We use various proprietary risk management tools in managing our market risk on a continuous basis (including intraday).
8 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, 2024 and December 31, 2023 was $7.2 billion and $7.4 billion, respectively, in long positions and $6.3 billion and $6.1 billion, respectively, in short positions.
+Added: The fair value of these financial instruments at March 31, 2025 and December 31, 2024 was $8.7 billion and $7.8 billion, respectively, in long positions and $8.1 billion and $6.4 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 18.6% and 16.0% of our total revenues for the nine months ended September 30, 2024 and 2023, respectively, were denominated in non-U.S.
+Added: Approximately 15.4% and 18.8% of our total revenues for the three months ended March 31, 2025 and 2024, 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 total revenues of $38.0 million and $28.2 million for the nine months ended September 30, 2024 and 2023, respectively.
+Added: dollar relative to our foreign denominated earnings would have resulted in decreases in total revenues of $12.9 million and $12.1 million for the three months ended March 31, 2025 and 2024, 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.