23 . NET CAPITAL REQUIREMENTS

JVB is subject to the net capital provision of Rule 15c3-1 under the Exchange Act, which requires the maintenance of minimum net capital, as defined therein.

CCFL, a subsidiary of the Company regulated by the Financial Conduct Authority (formerly known as the Financial Services Authority) in the United Kingdom, is subject to the net liquid capital provision of the Financial Services and Markets Act 2000, GENPRU 2.140R to 2.1.57R, relating to financial prudence with regards to the European Investment Services Directive and the European Capital Adequacy Directive, which requires the maintenance of minimum liquid capital, as defined therein.

The following table shows the actual net capital (in the case of the JVB) and actual net liquid capital (in the case of CCFL) as compared to the required amounts for the periods indicated.



Statutory Net Capital Requirements
(Dollars in thousands)
	As of December 31, 2015
	Actual Net Capital or Liquid Capital		Amount Required		Excess
JVB	$	28,475		250	$	28,225
CCFL		1,872		1,310		562
Total	$	30,347	$	1,560	$	28,787


	As of December 31, 2014
	Actual Net Capital or Liquid Capital		Amount Required		Excess
JVB	$	12,750	$	267	$	12,483
CCFL		3,502		2,038		1,464
Total	$	16,252	$	2,305	$	13,947