Regulatory Capital Requirements

6 Months Ended

Jun. 30, 2024

TWL, DW and TWD are subject to the Uniform Net Capital Rule 15c3-1 under the Exchange Act. TEL and TESL are subject to certain financial resource requirements with the FCA in the UK, TWJ is subject to certain financial resource requirements with the FCA in Japan, TWEU and TESBV are subject to certain finance resource requirements with the AFM in the Netherlands, YB is subject to certain financial resource requirements with ASIC in Australia and TDIFC is subject to certain financial resource requirements with DFSA in the Dubai International Financial Centre. At June 30, 2024 and December 31, 2023, the regulatory capital requirements and regulatory capital for these entities are as follows:


	June 30, 2024						December 31, 2023
	Regulatory Capital		Regulatory Capital Requirement		Excess Regulatory Capital		Regulatory Capital		Regulatory Capital Requirement		Excess Regulatory Capital

	(dollars in thousands)
TWL	$	72,913	$	2,348	$	70,565	$	50,243	$	2,856	$	47,387
DW	181,397		2,814		178,583		156,318		3,579		152,739
TWD	54,267		752		53,515		46,976		850		46,126
TEL	84,326		39,195		45,131		78,127		37,907		40,220
TWJ	5,478		2,440		3,038		6,963		2,029		4,934
TWEU	14,731		6,532		8,199		11,912		5,447		6,465
TESL	5,792		948		4,844		1,813		955		858
TESBV	1,636		818		818		1,683		843		840
YB	6,382		—		6,382		5,261		1,070		4,191
TDIFC	182		30		152		250		39		211

As SEFs, TW SEF and DW SEF are required to maintain adequate financial resources and liquid financial assets in accordance with CFTC regulations. The required and maintained financial resources and liquid financial assets at June 30, 2024 and December 31, 2023 are as follows:


	June 30, 2024						December 31, 2023
	Financial Resources		Required Financial Resources		Excess Financial Resources		Financial Resources		Required Financial Resources		Excess Financial Resources

	(dollars in thousands)
TW SEF	$	67,467	$	13,500	$	53,967	$	43,286	$	12,500	$	30,786
DW SEF	14,432		8,827		5,605		13,309		8,669		4,640


	June 30, 2024						December 31, 2023
	Liquid Financial Assets		Required Liquid Financial Assets		Excess Liquid Financial Assets		Liquid Financial Assets		Required Liquid Financial Assets		Excess Liquid Financial Assets

	(dollars in thousands)
TW SEF	$	42,556	$	3,375	$	39,181	$	22,068	$	3,125	$	18,943
DW SEF	8,213		2,207		6,006		7,935		2,167		5,768