# BRIGHT TRADING, LLC X-17A-5 (2026-03-30) — Broker-dealer annual report

- Company: BRIGHT TRADING, LLC
- Form: X-17A-5
- Filed: 2026-03-30
- Period: 2025-12-31
- Accession: 0000889528-26-000003
- CIK: 889528
- File #: 8-44990
- Type: Broker-dealer
- Material weakness: No
- Auditor: Romeo & Chiaverelli. LLC
- Auditor location: Bala Cynwyd, PA
- Contact: Diana Anderson
- Phone: 6106686407
- Email: bobbright@brighttrading.pro
- Website: brighttrading.pro
- Signed by: Robert Bright (CEO)

Original filing: https://www.sec.gov/Archives/edgar/data/889528/000088952826000003/25public.pdf

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#### **UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549**

# **ANNUAL REPORTS FORM X-17A-5 PART** Ill

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| SEC FltE NUMBER                                                                                       |  |
| 8-44990                                                                                               |  |

| Information Required Pursuantto Rules 17a-5, 17a-12, and lBa-7 under the Securities Exchange Act of 1934                            |                                                           | FACING PAGE                 |            |                                         |                           |  |
|-------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------|-----------------------------|------------|-----------------------------------------|---------------------------|--|
| AND ENDING 12/31/2025<br>FILING FOR THE PERIOD BEGINNING 0 1/02/2025                                                                |                                                           |                             |            |                                         |                           |  |
|                                                                                                                                     | MM/DD/YY                                                  |                             |            |                                         |                           |  |
|                                                                                                                                     |                                                           | A. REGISTRANT IDENTIACATION |            |                                         |                           |  |
| NAME oF FIRM: Bright Trading, LLC                                                                                                   |                                                           |                             |            |                                         |                           |  |
| TYPE OF REGISTRANT (check all applicable boxes):<br>0 Broker-dealer<br>D Check here if respondent is also an OTC derivatives dealer | D Security-based swap dealer                              |                             |            | D Major security-based swap participant |                           |  |
| ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.}                                                                 |                                                           |                             |            |                                         |                           |  |
| 10521 Jeffreys Street, Suite 121                                                                                                    |                                                           |                             |            |                                         |                           |  |
|                                                                                                                                     |                                                           | (No. and Street)            |            |                                         |                           |  |
| Henderson                                                                                                                           |                                                           | NV                          |            |                                         | 89052                     |  |
| (City}                                                                                                                              |                                                           |                             | (Zip Code) |                                         |                           |  |
| PERSON TO CONTACT WITH REGARD TO THIS FILING                                                                                        |                                                           |                             |            |                                         |                           |  |
| Robert Bright                                                                                                                       | 702-529-4381                                              | bobbright@brighttrading.pro |            |                                         |                           |  |
| (Name)                                                                                                                              | {Area Code-Telephone Number)                              | (Email Address)             |            |                                         |                           |  |
|                                                                                                                                     | 8. ACCOUNTANT IDENTIFICATION                              |                             |            |                                         |                           |  |
| INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing*                                                           |                                                           |                             |            |                                         |                           |  |
| Romeo & Chiaverelli, LLC                                                                                                            |                                                           |                             |            |                                         |                           |  |
|                                                                                                                                     | {Name -if individual, state last, first, and middle name) |                             |            |                                         |                           |  |
| One Bala Ave. Suite 234                                                                                                             |                                                           | Bala Cynwyd                 |            | PA                                      | 19004                     |  |
| (Address)                                                                                                                           | (City}                                                    |                             |            | (State)                                 | {Zip Code)                |  |
| 09/01/2009                                                                                                                          |                                                           |                             | 3721       |                                         |                           |  |
| rof--PCAOB}Qf-)                                                                                                                     |                                                           |                             |            |                                         | (PCAOB-tion Nmnbe,, ••-~1 |  |
|                                                                                                                                     |                                                           | FOR OFFICIAL USE ONLY       |            |                                         | 1                         |  |
| ,. Oaims for exemption from the requirement that the annual reports be covered by the reports of an independent public              |                                                           |                             |            |                                         |                           |  |

accountant must be supported by a statement of facts and circumstances relied on as the basis of the exemption. See 17 CFR 240.17a-5(e)(l){ii), if applicable.

**Persons who are to respond tothea>llec:tion of information contained in this form are not required to respond unless the form displays a currently valid 0MB control number.** 

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## **BRIGHT TRADING, LLC FINANCIAL STATEMENTS DECEMBER 31, 2025**

#### **TABLE OF CONTENTS**

|                                                         | Page |
|---------------------------------------------------------|------|
| Report of independent registered public accounting firm | 1    |
| Financial Statements                                    |      |
| Statement of financial condition                        | 2    |
| Notes to financial statements                           | 3-7  |

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## ROMEO & CHIAVERELLI CERTIFIED PUBLIC ACCOUNTANTS ONE BALA AVENUE SUITE 234 BALA CYNWYD, PA 19004

#### **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Members of: Bright Trading, LLC

#### **Opinion on the Financial Statements**

We have audited the accompanying statement of financial condition of Bright Trading, LLC as of December 31, 2025 and the related notes (collectively referred to as the "financial statements"). In our opinion, the statement of financial condition presents fairly, fn all material respects, the financial position of the Bright Trading, LLC as of December 31, 2025 in conformity with accounting principles generally accepted in the United States of America. •

#### **Basis of Opinion**

The financial statement is the responsibility of the Bright Trading, LLC's management. Our responslblllty is to express an opinion on Bright Trading, LLC's financial statement based on our audit. We are a publfc accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to Bright Trading, LLC in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement Is free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statement, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

~9" ~ e-a o# J

Romeo & Chiaverelli, LLC Bala Cynwyd, Pennsylvania March 24, 2026

We have served as Bright Trading, LLC's auditor since 2004

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#### Statement of Financial Condition December 31, 2025

#### ASSETS

| Cash and cash equivalents             | \$<br>2,628                  |
|---------------------------------------|------------------------------|
| Receivable from clearing organization | 32,947,397                   |
| Securities owned, at fair value       | 19,588,491                   |
| Investment                            | 10,000                       |
| Prepaid expenses and other assets     | 2,191                        |
|                                       |                              |
| TOTAL ASSETS                          | \$<br>52,550,707             |
|                                       | ------------<br>------------ |
|                                       |                              |

#### LIABILITIES AND MEMBERS' EQUITY

| Securities sold, not yet purchased, at fair value<br>Accounts payable | 23,721,881<br>\$<br>100,000                    |
|-----------------------------------------------------------------------|------------------------------------------------|
| TOTAL LIABILITIES                                                     | 23,821,881                                     |
| Members' equity                                                       | 28,728,826                                     |
| TOTAL LIABILITIES AND MEMBERS' EQUITY                                 | 52,550,707<br>\$<br>-----------<br>----------- |

The accompanying notes are an integral part of these financial statements

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## Bright Trading LLC Notes to Financial Statements December 31, 2025

#### NOTE 1 - BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The Company was formed in July 2000 as a broker-dealer under the laws of Nevada for the purpose of providing proprietary securities trading activities for the Company's individual members. The Company is a member of the Financial Industry Regulatory Association ("FINRA").

The following comprise the Company's significant accounting policies:

#### Method of Accounting

The Company maintains its books of account on the basis of recording revenue when earned and expenses when incurred (the accrual basis) in conformity with generally accepted accounting principles in the United States of America.

#### Cash and Cash Equivalents

For purposes of the statement of cash flows, the Company has defined cash equivalents as highly liquid investments, with original maturities of less than ninety days that are not held for sale in the ordinary course of business.

#### Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles of the United States of America requires management to make assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements. Estimates also affect the reported amounts of revenues and expense during the reported period. Actual results could differ from those estimates.

#### Financial Instruments with off Balance Sheet risk

The Company, in connection with its proprietary trading activities, enters into long and short cash, futures and options financial instruments in order to manage its exposure to market risk. These financial instruments may result in market and/or credit risk in excess of amounts recorded in the Statement of Financial Condition. The Company manages this risk by maintaining proprietary trading strategies.

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#### NOTE 1 - BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (con't)

#### Fair Value Measurements

United States generally accepted accounting principles ("GAAP") requires certain financial assets and liabilities to be measured at fair value. GAAP defines fair value, provides guidance for measuring fair value, requires certain disclosures and discusses valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow) and the cost approach (cost to replace the service capacity of an asset or replacement cost). GAAP also provides for a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels:

Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.

Level 3: Unobservable inputs that reflect managements own assumptions.

In February 2016, the Financial Accounting Standards Board ("FASB") published Accounting Standards Update No. 2016-02, Leases ("ASC842"). The accounting standard is applied to operating leases with a term greater than 12 months and requires lessee's to recognize (i) their obligations to make lease payments as a liability (the "lease liability"), initially measured at the present value of the lease payments, and (ii) their ability to use the leased property as a corresponding asset (a "right-of-use asset"). The updated standard is effective for fiscal years beginning after December 15, 2018 and the Company adopted the standard in 2019 using the modified retrospective approach, which requires the Firm to (i) apply the standard to leases in place as of the adoption date, (ii) record a cumulative-effect adjustment to retained earnings as of the first day of the adoption year, and (iii) follow the rules for all leases entered or modified going forward. In accordance with this approach, assets and liabilities for periods prior to the adoption date will not be revised.

The core principle in the guidance is that a company should provide information necessary to understand its leasing activities including a comprehensive understanding of the costs of property essential to a company's operations and how those costs are funded including the recognition of assets and li~bilities associated with leases.

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Although the economic or legal characteristics of these leases are not altered, the impact on the presentation of assets and liabilities on financial statements may be material. Also, as a broker-dealer registered with the Securities and Exchange Commission ("SEC"), FINRA, the Company is subject to SEC Rule 15c3-1, the Net Capital rule, under which the lease asset would be recorded as a non-allowable asset and the associated liability would be recorded as aggregate indebtedness, both of which could have a materially negative effect on Net Capital computed under SEC Rule 15c3-1. On May 31, 2016, the Securities Industry and Financial Markets Association ("SIFMA") requested relief from the SEC from the net capital impact of the lease capitalization required under ASC 842. On November 8, 2016, the SEC issued a "no action" letter permitting broker-dealers to add back to Net Capital the operating lease asset to the extent of the associated operating lease liability. If the value of the operating lease liability exceeds the value of the associated operating lease asset, the amount by which the liability's value exceeds the associated lease asset must be deducted for net capital purposes.

The guidance provided by ASC 842 may not materially impact the Company's presentation of assets and liabilities, and the relief provided by the SEC "no action" letter will substantially negate the effect of its application on the Company's Net Capital; however, management notes changes to the disclosures based on the additional requirements prescribed by ASC 842. These disclosures include information regarding the judgments used in determining the present value of lease payments and the corresponding value of the right-of-use asset. The Company does not follow the guidance as it does not maintain any leases.

### NOTE 2 - SECURITIES OWNED AND SOLD, NOT YET PURCHASED AT FAIR VALUE

Marketable securities owned and sold, not yet purchased, consist of trading equity securities and options recorded at fair values, as follows:

|                              | Owned         | Sold, Not Yet<br>Purchased |  |
|------------------------------|---------------|----------------------------|--|
| Corporate stocks and options | \$ 19,588,491 | \$23,721,881               |  |

Corporate stocks and options are classified as Level 1 securities.

## NOTE 3- REGULATORY REQUIREMENTS

The Company is subject to the Securities and Exchange Commission Uniform Net Capital Rule (Rule 15c3-1), which requires the maintenance of minimum net capital and requires that the ratio of aggregate indebtedness to net capital, both as defined, shall not exceed 15 to 1. At December 31, 2025, the Company had a net capital of \$22,399,269 which was \$22,299,269 in excess of its required net capital of \$100,000. The Company's net capital ratio was .0045 to 1.

The Company operates its securities transactions under the provisions of (k)(2)(i) of Rule 15c3-3 of the Securities Exchange Commission as a fully disclosed broker-dealer and accordingly, trading accounts are carried on the books of the clearing broker.

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#### NOTE 4 - OWNERSHIP EQUITY

Ownership equity at December 31, 2025 is as follows:

| Class A Membership | \$<br>17,956,153 |
|--------------------|------------------|
| Class B Membership | \$<br>10,772,673 |

Class A Members have all voting and management rights in the Company. Class A members vote for and elect the Manager of the Company, in which the Manager may be Class A Member. Class A Members are allocated revenues and profits and losses based on their Class A Membership.

The Operating Agreement and subsequent addendums of the Company contain additional equity information.

#### NOTE 5 - INVESTMENT

The Company has a joint back office agreement with Goldman Sachs and Company which processes its securities transactions. The Company has invested in a \$10,000 Limited Partnership that is required under this agreement.

#### NOTE 6 - COMMITMENTS AND CONTINGENCIES

In the normal course of its business, the Company is subject to inquiries and audits by various regulatory authorities. As a regulated entity, the Company may be subject to disciplinary actions as a result of current or future examinations, which could have a material adverse effect on the Company's financial position, results of operations or liquidity over and above any previously accrued amounts.

### NOTE 7-RISKS AND UNCERTAINTIES

The Company invests in certain securities. Investment securities, in general, are exposed to various risks, such as profitability, credit, and overall market volatility. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported on the balance sheet.

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#### NOTE 8 - SUBSEQUENT EVENTS

In preparing these financial statements, the Company evaluates events occurring after the date of the financial statements to consider whether or not the impact of such events needs to be reflected and or disclosed on the financial statements. Such evaluation is performed through March 24, 2026. Based on the definition and requirements of the subsequent event topics of FASB accounting standards codification, management of Bright Trading, LLC is not aware of any subsequent events that would require disclosure in the financial statements

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Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.