D - NET CAPITAL (SBS)

12 Months Ended

Dec. 31, 2013

SBS

D - NET CAPITAL

The Company is subject to the SEC’s Uniform Net Capital Rule 15c3-1, which requires the maintenance of minimum net capital and that the ratio of aggregate indebtedness to net capital, both as defined, shall not exceed 15 to 1. At December 31, 2013 and 2012, the Company had net capital of $18,271,172 and $20,722,398, respectively, which was $18,021,172 and $20,472,398, respectively, in excess of its required net capital and its ratio of aggregate indebtedness to net capital was 0.16 and 0.09 to 1, respectively. The Company claims exemption from the reserve requirements under Section 15c-3-3(k)(2)(ii).