Full text of SOUTH STREET SECURITIES LLC's X-17A-5 filed 2021-03-02 (period 2020-12-31). Broker-dealer annual report from SEC EDGAR — readable, searchable, and available as markdown for AI agents.
{0}------------------------------------------------ ## **1. Organization and Nature of Business** South Street Securities LLC ("South Street" or the "Company") is a limited liability company established in the state of Delaware. The Company is a registered broker-dealer subject to the rules and regulations of the Securities and Exchange Commission ("SEC") and is a member of the Financial Industry Regulatory Authority, Inc. ("FINRA"). The Company was formed to create and manage for its own account a matched-book portfolio of repurchase agreements, reverse repurchase agreements and to be announced securities transactions, including bond borrowing and related hedging activities (the "Repo Program"). The Company is a wholly owned subsidiary of South Street Securities Funding LLC ("SSSF" or the "Parent"), which owns the Member Interest in South Street. The Company, SSSF, Capital Markets Engineering & Trading LLC ("CMET LLC") and other third parties have entered into a Program Agreement dated April 19, 2004 and as amended thereafter, (collectively the "Program Agreement"), which details the business arrangement related to the Repo Program (Note 5). SSSF and CMET LLC are both wholly owned subsidiaries of South Street Securities Holdings Inc. ("SSSH" or the Ultimate Parent). # **2. Summary of Significant Accounting Policies** ## **Cash** Cash consists of cash in banks, which is held primarily at one major U.S. financial institution. The Company holds a certificate of deposit, a requirement of its office lease agreement, which has a maturity greater than 90 days, therefore, is not considered a cash equivalent and is included in other assets in the accompanying statement of financial condition. ## **Payables and Deposits with Brokers, Dealers and Clearing Organizations** Deposits with brokers, dealers and clearing organization at December 31, 2020 consist of the following: | Futures margin deposit | \lt;br>9,816,249 | |------------------------------------|------------------| | Deposit with clearing organization | 10,000,000 | | | \lt;br>19,816,249 | Amount payable to clearing organization at December 31, 2020 consist of the following: | Payable to clearing organization | \$ | 49,885,335 | |----------------------------------|----|------------| |----------------------------------|----|------------| ## **Other Trading Assets and Liabilities** The Company enters into futures contracts and to be announced securities ("TBAs") which represent commitments to purchase or sell…Read the full text as markdown