v3.25.1
Regulatory Capital Requirements
 3 Months Ended
Mar. 31, 2025
Broker-Dealer [Abstract]  
Regulatory Capital Requirements Regulatory Capital Requirements
TWL, DW, TWD and ICDLC are subject to the Uniform Net Capital Rule 15c3-1 under the Exchange Act. TEL, TESL and ICDLT 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 financial resource requirements with the AFM in the Netherlands, ICDEU is subject to certain financial resource requirements with the CMVM in Portugal, 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 March 31, 2025 and December 31, 2024, the regulatory capital requirements and regulatory capital for these entities are as follows:
March 31, 2025December 31, 2024
Regulatory CapitalRegulatory Capital RequirementExcess Regulatory CapitalRegulatory CapitalRegulatory Capital RequirementExcess Regulatory Capital
(dollars in thousands)
TWL$59,460 $3,280 $56,180 $63,532 $3,646 $59,886 
DW212,023 3,205 208,818 204,134 4,359 199,775 
TWD48,279 1,585 46,694 52,808 1,208 51,600 
TEL90,696 33,465 57,231 56,152 32,499 23,653 
TWJ11,572 2,543 9,029 3,589 2,841 748 
TWEU8,393 7,109 1,284 8,073 6,838 1,235 
TESL5,926 970 4,956 5,755 942 4,813 
TESBV3,278 1,432 1,846 1,591 1,377 214 
YB5,374 200 5,174 11,677 — 11,677 
TDIFC250 30 220 250 30 220 
ICDLC12,889 625 12,264 20,845 594 20,251 
ICDLT8,059 3,086 4,973 6,504 2,997 3,507 
ICDEU513 156 357 523 150 373 
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 March 31, 2025 and December 31, 2024 are as follows:
March 31, 2025December 31, 2024
Financial ResourcesRequired Financial ResourcesExcess Financial ResourcesFinancial ResourcesRequired Financial ResourcesExcess Financial Resources
(dollars in thousands)
TW SEF$67,554 $17,500 $50,054 $50,974 $16,500 $34,474 
DW SEF13,883 9,096 4,787 14,083 9,062 5,021 
March 31, 2025December 31, 2024
Liquid Financial AssetsRequired Liquid Financial AssetsExcess Liquid Financial AssetsLiquid Financial AssetsRequired Liquid Financial AssetsExcess Liquid Financial Assets
(dollars in thousands)
TW SEF$21,728 $4,375 $17,353 $28,163 $4,125 $24,038 
DW SEF 7,971 2,274 5,697 9,956 2,266 7,690