Regulatory Capital Requirements

12 Months Ended

Dec. 31, 2021

Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]

TWL, DW, TWD and EA are subject to the Uniform Net Capital Rule 15c3-1 under the Securities Exchange Act of 1934. 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 and TWEU is subject to certain finance resource requirements with the AFM in the Netherlands.

At December 31, 2021 and 2020, the regulatory capital requirements and regulatory capital for TWL, DW, TWD, TEL, TWJ, TWEU, TESL and EA are as follows:


As of December 31, 2021	TWL		DW		TWD		TEL		TWJ		TWEU		TESL		EA

	(in thousands)
Regulatory Capital	$	33,566	$	61,379	$	22,784	$	84,636	$	7,932	$	7,626	$	1,760	$	212,572
Regulatory Capital Requirement	3,424		2,931		652		36,136		1,184		3,272		1,272		78
Excess Regulatory Capital	$	30,142	$	58,448	$	22,132	$	48,500	$	6,748	$	4,354	$	488	$	212,494


As of December 31, 2020	TWL		DW		TWD		TEL		TWJ		TWEU

	(in thousands)
Regulatory Capital	$	49,254	$	58,026	$	20,577	$	59,238	$	11,066	$	19,102
Regulatory Capital Requirement	2,438		2,147		731		33,742		3,799		2,562
Excess Regulatory Capital	$	46,816	$	55,879	$	19,846	$	25,496	$	7,267	$	16,540

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 December 31, 2021 and 2020 are as follows:


	As of December 31, 2021				As of December 31, 2020
	TW SEF		DW SEF		TW SEF		DW SEF

	(in thousands)
Financial Resources	$	30,063	$	15,999	$	28,476	$	15,298
Required Financial Resources	11,000		6,770		13,500		6,223
Excess Financial Resources	$	19,063	$	9,229	$	14,976	$	9,075

Liquid Financial Assets	$	15,283	$	10,014	$	15,662	$	8,610
Required Liquid Financial Assets	2,750		1,693		6,750		3,112
Excess Liquid Financial Assets	$	12,533	$	8,321	$	8,912	$	5,498