20 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.
−Removed: The fair value of these financial instruments at September 30, 2025 and December 31, 2024 was $10.9 billion and $7.8 billion, respectively, in long positions and $10.4 billion and $6.4 billion, respectively, in short positions.
+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.
+Added: The fair value of these financial instruments at March 31, 2026 and December 31, 2025 was $13.0 billion and $10.6 billion, respectively, in long positions and $12.3 billion and $9.1 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.
13 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.
20 unchanged sentences
dollar is mitigated, however, through the impact of daily hedging practices that are employed by the company.
−Removed: Approximately 19.1% and 18.6% of our total revenues for the nine months ended September 30, 2025 and 2024, respectively, were denominated in non-U.S.
+Added: Approximately 24.4% and 15.4% of our total revenues for the three months ended March 31, 2026 and 2025, 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 $50.9 million and $38.0 million for the nine months ended September 30, 2025 and 2024, respectively.
+Added: dollar relative to our foreign denominated earnings would have resulted in decreases in total revenues of $26.7 million and $12.9 million for the three months ended March 31, 2026 and 2025, 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.