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Net Capital Requirements (Tables)

12 Months Ended

Dec. 31, 2013



Statutory Net Capital Requirements
(Dollars in thousands)
	As of December 31, 2013
	Actual Net Capital or Liquid Capital		Amount Required		Excess
JVB	$	7,470	$	188	$	7,282
CCPR		18,566		250		18,316
CCFL		2,593		2,198		395
Total	$	28,629	$	2,636	$	25,993


	As of December 31, 2012
	Actual Net Capital or Liquid Capital		Amount Required		Excess
JVB	$	10,833	$	144	$	10,689
CCPR		17,846		250		17,596
CCFL		5,864		2,887		2,977
Total	$	34,543	$	3,281	$	31,262

- Definition

Tabular disclosure of computation of net capital under the SEC Regulations which may include a reconciliation (including appropriate explanations) if material differences exist between the computations made by the independent auditor based on the audited financial statements and the broker-dealer's original unaudited Part II or IIA filing, a statement that a reconciliation is not necessary if no material differences exist between the computations made by the independent auditor based on the audited financial statements and the broker-dealer's unaudited Part II or IIA filing, when different, total assets and total liabilities, as reported in the statement of financial condition, are reconciled to the total current assets and total liabilities, respectively, as reported in the statement of computation of minimum net capital. Disclosure may also include stockholder's equity, stockholders' equity not allowable for net capital, stockholders' equity qualified for net capital, subordinated borrowings allowable in computation of net capital, other deductions or allowable credits and total capital and allowable subordinated borrowings.

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