Full text of CREDIT AGRICOLE SECURITIES (USA) INC.'s X-17A-5 filed 2021-03-01 (period 2020-12-31). Broker-dealer annual report from SEC EDGAR — readable, searchable, and available as markdown for AI agents.
{0}------------------------------------------------ # Notes to Financial Statements December 31, 2020 *(Dollars in Thousands)* ### **1. Organization and Nature of Business** Credit Agricole Securities (USA) Inc. (the Company) is a direct, wholly owned subsidiary of Credit Agricole Global Partners, Inc. (the Parent), which is an indirect, wholly owned subsidiary of Credit Agricole S.A. The Company is a registered securities broker and dealer under the Securities Exchange Act of 1934 and the Commodity Futures Trading Commission (CFTC) as an introducing broker. The Company is a member of the Financial Industry Regulatory Authority (FINRA) and the National Futures Association (NFA). In its capacity as a securities broker-dealer, the Company provides its clients securities lending, brokerage, investment banking, custody, execution and clearance, and corporate finance advisory services on a global basis. The Company's client base is primarily comprised of domestic and foreign institutions, including fund managers, banks, and securities broker-dealers. The Company also engages in trading activities in the equity and fixed income markets. The Company operates as one reportable operating segment which provides broker-dealer services, as further described in these financial statements. Substantially all of the Company's securities brokerage activities are conducted on a deliver versus payment or receipt versus payment basis. The Company executes and clears trades only for its affiliates. On March 11, 2020, the World Health Organization declared a pandemic with regard to the COVID-19 outbreak and on March 13, 2020, the United States declared a national emergency with respect to the COVID-19 outbreak. The outbreak, and the associated precautionary measures and restrictions that have been implemented have led to increased volatility and uncertainty in the economy, affecting interest rates, unemployment, and other macroeconomic factors. The Company has continued to operate during this period under its business continuity protocols. Increased volumes have been managed and no significant increase of credit losses were observed as a result of COVID-19. The extent of the COVID-19 impact will depend on future developments, including, but not limited to, (i) the duration and spread of the outbreak, (ii) governmental restrictions and warnings, (iii) the effect on the financial markets and (iv) the effects on the economy in general, which are highly uncertain and cannot be reli…Read the full text as markdown