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 senior trading personnel, 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).
7 unchanged sentences
These balances are monitored daily and are hedged or reduced when appropriate and therefore not material to our overall cash position.
−Removed: 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.
+Added: In the normal course of business, we maintain inventories of exchange-listed and other equity securities, and to a lesser extent, fixed income securities, listed equity options, and digital assets.
The fair value of these financial instruments at December 31, 2025 and December 31, 2024 was $10.6 billion and $7.8 billion, respectively, in long positions and $9.1 billion and $6.4 billion, respectively, in short positions.
14 unchanged sentences
Since gains and losses are included in earnings, we have elected not to separately disclose gains and losses on derivative instruments, but instead to disclose gains and losses within trading revenue for both derivative and non-derivative instruments.
−Removed: We also use derivative instruments for risk management purposes, including cash flow hedges used to manage interest rate risk on long-term borrowings and net investment hedges used to manage foreign exchange risk.
−Removed: We have entered into floating-to-fixed interest rate swap agreements in order to manage interest rate risk associated with our long-term debt obligations.
+Added: We may also use derivative instruments for risk management purposes, including cash flow hedges used to manage interest rate risk on long-term borrowings and net investment hedges used to manage foreign exchange risk.
+Added: We had entered into floating-to-fixed interest rate swap agreements in order to manage interest rate risk associated with our long-term debt obligations.
Additionally, we may seek to reduce the impact of fluctuations in foreign exchange rates on our net investment in certain non-U.S.
43 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.