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Regulatory Capital Requirements (Tables) | 12 Months Ended
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Dec. 31, 2019
Regulatory Capital Requirements |
Schedule of regulatory capital requirements | At December 31, 2019 and 2018, the regulatory capital requirements and regulatory capital for TWL, DW, TWD, TEL, TWJ and TWEU are as follows (in thousands):
As of December 31, 2019 |  | TWL |  | DW |  | TWD |  | TEL |  | TWJ |  | TWEU
Regulatory Capital |  | $ | 42,317 |  | $ | 52,016 |  | $ | 33,807 |  | $ | 49,611 |  | $ | 11,851 |  | $ | 6,217
Regulatory Capital Requirement |  |  | 2,396 |  |  | 2,026 |  |  | 664 |  |  | 21,856 |  |  | 8,565 |  |  | 1,701
Excess Regulatory Capital |  | $ | 39,921 |  | $ | 49,990 |  | $ | 33,143 |  | $ | 27,755 |  | $ | 3,286 |  | $ | 4,516
As of December 31, 2018 |  | TWL |  | DW |  | TWD |  | TEL |  | TWJ
Regulatory Capital |  | $ | 18,986 |  | $ | 41,164 |  | $ | 24,042 |  | $ | 46,157 |  | $ | 10,592
Regulatory Capital Requirement |  |  | 2,698 |  |  | 1,803 |  |  | 599 |  |  | 17,493 |  |  | 3,413
Excess Regulatory Capital |  | $ | 16,288 |  | $ | 39,361 |  | $ | 23,443 |  | $ | 28,664 |  | $ | 7,179
Schedule of financial resources and liquid financial resources | The required and maintained financial resources and liquid financial assets at December 31, 2019 and 2018 are as follows (in thousands):
|  | As of December 31, 2019 |  | As of December 31, 2018
|  | TW SEF |  | DW SEF |  | TW SEF |  | DW SEF
Financial Resources |  | $ | 21,303 |  | $ | 13,707 |  | $ | 31,232 |  | $ | 17,837
Required Financial Resources |  |  | 10,500 |  |  | 5,505 |  |  | 10,500 |  |  | 5,169
Excess Financial Resources |  | $ | 10,803 |  | $ | 8,202 |  | $ | 20,732 |  | $ | 12,668
Liquid Financial Assets |  | $ | 18,168 |  | $ | 7,583 |  | $ | 16,662 |  | $ | 11,888
Required Liquid Financial Assets |  |  | 5,250 |  |  | 2,753 |  |  | 5,250 |  |  | 2,585
Excess Liquid Financial Assets |  | $ | 12,918 |  | $ | 4,830 |  | $ | 11,412 |  | $ | 9,303

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- Definition Tabular disclosure of minimum financial requirement per Commodity Futures Trading Commission (CFTC) for futures commission merchant (FCM). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher SEC -Name Rule 17 -Number 1 -Section 17 + Details
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- References No definition available. + Details
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- Definition Tabular disclosure of the regulatory capital requirements and regulatory capital for entities subject to regulation. + References No definition available. + Details
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