Full text of CIBC WORLD MARKETS CORP.'s X-17A-5 filed 2020-12-28 (period 2020-10-31). Broker-dealer annual report from SEC EDGAR — readable, searchable, and available as markdown for AI agents.
{0}------------------------------------------------ # **1. Organization and significant accounting policies** ## **Basis of presentation** The Statement of Financial Condition includes the accounts of CIBC World Markets Corp., a registered brokerdealer (the "Company"). The Company is a subsidiary of CIBC Inc. CIBC Inc. ("Inc") is a subsidiary of Canadian Imperial Holdings Inc. ("CIHI"), which is a subsidiary of CIBC Bancorp USA Inc. ("Bancorp"). Bancorp is ultimately a wholly owned subsidiary of the Canadian Imperial Bank of Commerce ("CIBC" or the "Parent"), Toronto, Canada. The Company's operating results and financial condition could be significantly different from those that would have been obtained if the Company had been autonomous. The accompanying Statement of Financial Condition of the Company as of October 31, 2020 have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") and in accordance with Accounting Standards Codification ("ASC") as set forth by the Financial Accounting Standards Board ("FASB"). Certain reclassifications have been made to previously reported amounts to conform to the current presentation. The following paragraphs describe our significant accounting policies, including the changes to our accounting policies effective since November 1, 2019. #### **Nature of business** The Company provides its clients and counterparties with a full range of services in connection with securities transactions, investment banking, and acting as a broker and dealer in securities. ## **Trading assets and Securities sold, not yet purchased** Trading assets and securities sold, not yet purchased, are recorded at fair value on the Statement of Financial Condition. The fair values of trading positions are based on the amount at which the instrument could be exchanged in a current transaction between willing parties, that is, other than in a forced or liquidation sale. ## **Commissions** The Company executes trades in securities for customers on both an agency and principal basis. Agency transactions result in the recording of commissions revenue, while principal trades result in the recording of trading revenue. Customers' securities transactions are recorded on a settlement date basis with related commissions income and expenses recorded on a trade date basis. Company transactions in securities and commodities are recorded on a trade date basis. The Company believes that the performance obligat…Read the full text as markdown