# DYNAMEX TRADING, LLC X-17A-5 (2025-11-20) — Broker-dealer annual report - Company: DYNAMEX TRADING, LLC - Form: X-17A-5 - Filed: 2025-11-20 - Period: 2025-09-30 - Accession: 0001239395-25-000003 - CIK: 1239395 - File #: 8-65999 - Type: Broker-dealer - Material weakness: No - Auditor: RSM US LLP - Auditor location: Chicago, IL - Contact: Michael Clark - Phone: 415-283-3410 - Email: mike.clark@dynamextrading.com - Website: dynamextrading.com - Signed by: Michael Clark (CFO) Original filing: https://www.sec.gov/Archives/edgar/data/1239395/000123939525000003/public.pdf --- {0}------------------------------------------------ Statement of Financial Condition September 30, 2025 Filed as PUBLIC information pursuant to Rule 17a5(d) under the Securities Exchange Act of 1934. {1}------------------------------------------------ | UNITED STATES | | | 0MB Number: 3235-0123 | |------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------|-------------------------------|----------------------------------------------------| | SECURffiES AND EXCHANGE COMMISSION | | | Expires: Nov. 30, 2026 | | Washington, D.C. 20549 | | | Estimated average burden
hours per response: 12 | | ANNUAL REPORTS | | | | | | | | SEC ALE NUMBER | | | FORM X-17A-5 | | 8-65999 | | | PART Ill | | | | | | | | | | FACING PAGE
Information Required Pursuant to Rules 17a-S, 17a-12, and 18a-7 under the Securities Exchange Act of 1934 | | | | FILING FOR THE PERIOD BEGINNING October 1, 2024 | | | | | AND ENDING September 30, 2025
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MM/00/YY | | | | | | A. REGISTRANT IDENTIFICATION | | | | | | | | | NAMEoFFIRM: Dynamex Trading, LLC | | | | | | | | | | TYPE OF REGISTRANT (check all applicable boxes): | | | | | C!J Broker-dealer | D Security-based swap dealer | | D Major security-based swap participant | | D Check here if respondent is also an OTC derivatives dealer | | | | | ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) | | | | | | | | | | 11 Broadway, Ste. 360 | | | | | | (No. and-Street) | | | | New York | NY | | 10004 | | (dty) | (State) | | (Zip Code) | | | | | | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | Michael Clark | 415-283-3410 | mike.clark@dynamextrading.com | | | (Name) | (Area Code - Telephone Number) | (Email Address) | | | | B. ACCOUNTANT IDENTIFICATION | | | | | | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing• | | | | | RSM US LLP | | | | | | (Name - if individual, state last, first, and middle name) | | | | 30 South Waker Drive, Ste. 3300 | Chicago | IL | 60606 | | (Address) | (City) | (State) | (Zip Code) | | 9/24/2003 | | 49 | | | | | | PCAOB R istration Number if a licable | | | FOR OFFICIAL USE ONLY | | | | | | | | | • Claims 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 to the collectlon of Information contained In this form are not required to respond unless the form displays a currently valid 0MB control number.** {2}------------------------------------------------ ## OATH OR AFFIRMATION | I, _M_ic_h_a_el_C_la_r_k _______________ _, swear (or affirm) that, to the best of my knowledge and belief, the | |-----------------------------------------------------------------------------------------------------------------| | financial report pertaining to the firm of Dynamex Trading, LLC | as of | |-----------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------| | 2~
9/30 | is true and correct. I further swear (or affirm) that neither the company nor any | | | partner, officer, director, or equivalent person, as the case may be, has any proprietary interest in any account classified solely | | as that o | | | | | | | | ![](_page_2_Picture_3.jpeg) | Signature: | ,. | | |-----------------------------------|----|--| | Title:
Chief Financial Officer | | | # **This filing•• contains (check all applicable boxes):** - i!il (a) Statement of financial condition. - **l!!!I** (b) Notes to consolidated statement of financial condition. - □ (c) Statement of income (loss) or, if there is other comprehensive income in the period(s) presented, a statement of comprehensive income (as defined in§ 210.1-02 of Regulation **S-X).** - D {d} Statement of cash flows. - D (e) Statement of changes in stockholders' or partners' or sole proprietor's equity. - D (f) Statement of changes in liabilities subordinated to claims of creditors. - D (g) Notes to consolidated financial statements. - □ (h) Computation of net capital under 17 CFR 240.1Sc3-1 or 17 CFR 240.lBa-1, as applicable. - D (i) Computation of tangible net worth under 17 CFR 240.18a-2. - □ U} Computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR 240.15c3-3. - D (k) Computation for determination of security-based swap reserve requirements pursuant to Exhibit B to 17 CFR 240.15c3-3 or Exhibit A to 17 CFR 240.18a-4, as applicable. - D {I) Computation for Determination of PAB Requirements under Exhibit A to § 240.15c3-3. - D (m) Information relating to possession or control requirements for customers under 17 CFR 240.15c3-3. - □ (n) Information relating to possession or control requirements for security-based swap customers under 17 CFR 240.15c3-3{p)(2) or 17 CFR 240.lBa-4, as applicable. - D (o) Reconciliations, including appropriate explanations, of the FOCUS Report with computation of net capital or tangible net worth under 17 CFR 240.15c3-l, 17 CFR 240.lBa-1, or 17 CFR 240.18a-2, as applicable, and the reserve requirements under 17 CFR 240.15c3-3 or 17 CFR 240.18a-4, as applicable, if material differences exist, or a statement that no material differences exist. - D (p) Summary of financial data for subsidiaries not consolidated in the statement of financial condition. - l!!!I (q) Oath or affirmation in accordance with 17 CFR 240.17a-5, 17 CFR 240.17a-12, or 17 CFR 240.18a-7, as applicable. - D (r) Compliance report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.lBa-7, as applicable. - D (s) Exemption report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - iiiiii (t) Independent public accountant's report based on an examination of the statement of financial condition. - D (u) Independent public accountant's report based on an examination of the financial report or financial statements under 17 CFR 240.17a-5, 17 CFR 240.18a-7, or 17 CFR 240.17a-12, as applicable. - D (v) Independent public accountant's report based on an examination of certain statements in the compliance report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - D (w) Independent public accountant's report based on a review of the exemption report under 17 CFR 240.17a-S or 17 CFR 240.18a-7, as applicable. - D (x) Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.1Sc3-1e or 17 CFR 240.17a-12, as applicable. - D (y) Report describing any material inadequacies found to exist or found to have existed since the date of the previous audit, or a statement that no material inadequacies exist, under 17 CFR 240.17a-12(k). □ (z) Other: \_\_\_\_\_\_\_\_\_\_\_ \_ \_\_\_\_\_\_\_\_\_\_\_\_\_ \_\_\_\_\_\_\_\_\_\_\_ \_ - - '"'To request confidential treatment of certain portions of this filing, see 17 CFR 240.17a-5{e){3) or 17 CFR 240.1Ba-7{d}{2}, as applicable. {3}------------------------------------------------ | Contents | | |---------------------------------------------------------|-----| | Report of Independent Registered Public Accounting Firm | 1 | | Statement of Financial Condition | 2 | | Notes to Statement of Financial Condition | 3-5 | | | | {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) **RSMUSLLP** ## **Report of Independent Registered Public Accounting Firm** To the Members of Dynamex Trading, LLC ## **Opinion on the Financial Statement** We have audited the accompanying statement of financial condition of Dynamex Trading, LLC (the Company) as of September 30, 2025, and the related notes (collectively, the financial statement). In our opinion, the financial statement presents fairly, in all material respects, the financial position of the Company as of September 30, 2025, in conformity with accounting principles generally accepted in the United States of America. ## **Basis for Opinion** This financial statement is the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statement based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with 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. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion. 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 statement. 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 statement. We believe that our audit provides a reasonable basis for our opinion. 1 I We have served as the Company's auditor since 2007. Chicago, Illinois November 10, 2025 **THE POWER OF BEING UNDERSTOOD** ASSURANCE I TAX I CONSULTING RSM US LLP is the U.S. member firm of RSM International, a global network of independent assurance, tax, and consulting firms. Visit rsmus.com/aboutus for more information regarding RSM US LLP and RSM International. {5}------------------------------------------------ # **Statement of Financial Condition September 30, 2025** | Assets | | | |---------------------------------------|----|-----------| | Cash | \$ | 27,626 | | Receivable from clearing broker | | 2,019,411 | | Receivable from affiliate | | 621,395 | | Transaction fees receivable | | 446,908 | | Other assets | | 118,203 | | | | | | Total assets | \$ | 3,233,543 | | Liabilities and Members' Equity | | | | Compensation payable | \$ | 404,944 | | Accounts payable and accrued expenses | | 117,837 | | | | | | Total liabilities | | 522,781 | | | | | | Members' equity | | 2,710,762 | | | | | | Total liabilities and members' equity | \$ | 3,233,543 | | | | | See Notes to Statement of Financial Condition. {6}------------------------------------------------ ## **Notes to Statement of Financial Condition** ## **Note 1. Nature of Business and Significant Accounting Policies** **Nature of operations**: Dynamex Trading, LLC (the Company), a Delaware limited liability company organized in August 2002, is a majority owned subsidiary of Group One Holdings LLC (the Manager). On October 1, 2024 the Company and the Manager converted from California limited liability companies to Delaware limited liability companies. As a result of this conversion, there was no significant impact on the financial statements. The Company is a broker-dealer registered with the Securities and Exchange Commission (SEC) and is a member of the Financial Industry Regulatory Authority and the Chicago Board Options Exchange. The Company provides securities and derivatives execution services to broker-dealers and institutional customers, through a clearing broker. Significant accounting policies are as follows: The Company follows generally accepted accounting principles in the United States (GAAP), as established by the Financial Accounting Standards Board (FASB), to ensure consistent reporting of financial condition, results of operations, and cash flows. **Use of estimates**: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amount of revenue and expenses during the reporting period. Actual results could differ from those estimates. **Revenue recognition**:A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account pursuant to Accounting Topic 606, Revenue from Contracts with Customers (Topic 606). On trade date, the Company executes the customer's order at an agreed upon price, fulfilling all performance obligations set forth in the agreement, and therefore, recognizes and records transaction fee revenues on a trade-date basis. Receivables from contracts with customers within the scope of Topic 606 were \$446,908 at September 30, 2025 and \$497,641 at September 30, 2024. See Note 2. **Measurement of credit losses on financial statements:** Transaction fees receivable are within the scope of (ASU) No. 2016-13, *Financial Instruments – Credit Losses (Topic 326) – Measurement of Credit Losses on Financial Instruments*. The Company has determined that Transaction fees receivable have a deminimis risk of loss due to historical collections. Therefore, as of September 30, 2025, the Company has not recorded a credit loss for these financial assets. **Income taxes**: The Company is taxed as a partnership under the provisions of the Internal Revenue Code and, accordingly, is not subject to federal income taxes. Instead, the individual members are liable for the federal income taxes on their respective shares of taxable income or loss. The FASB provides guidance for how uncertain tax positions should be recognized, measured, disclosed and presented in the financial statements. This requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Company's tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained "when challenged" or "when examined" by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense and liability in the current year. Management has determined that there are no material uncertain income tax positions through September 30, 2025. The Company is generally not subject to examination by United States federal and state tax authorities for the tax years before 2021. {7}------------------------------------------------ # **Notes to Statement of Financial Condition** **Segment reporting**: In November 2023, the FASB issued ASU No. 2023-7 ("ASU 2023-07"), Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures to improve reportable segment disclosure requirements, primarily through enhanced disclosers about significant segment expenses. The Company is engaged in a single line of business as a registered broker-dealer, comprising of providing securities and derivatives execution services to broker-dealers and institutional customers. The Company has identified its Chief Executive Officer as the Chief Operating Decision Maker ("CODM"), who uses net income to evaluate the results of the business and to manage the Company through the forecasting process. The Company's operations constitute a single operating segment and therefore, a single reportable segment, because the CODM manages the business activity using information of the Company as a whole. The accounting policies used to measure the profit and loss of the segment are the same as those described in the summary of significant accounting policies and the segment financial information is the same as those presented in the financial statements. # **Note 2. Related-Party Transactions** The Company provides securities and derivatives execution services to Group One Trading LLC (Group One), an affiliate of the Manager. As of September 30, 2025, included in transaction fees receivable on the statement of financial condition is a receivable from Group One of \$122,859, related to these services. Pursuant to a written agreement, Group One provides the Company office space, certain administrative services and payroll processing. As of September 30, 2025, receivable from affiliate of \$621,395 includes prepaid expenses reimbursable from Group One related to payroll, payroll processing and other services. # **Note 3. Concentration of Credit Risk** Substantially all of the Company's assets are held at BofA Securities, Inc. (the Clearing Broker). Pursuant to agreement and SEC asset segregation rules, the risk is partially mitigated as the Clearing Broker is required to comply with the rules governing the segregation of customers' funds and securities. In the event of the Clearing Broker's insolvency or in the event it does not fulfill its obligations, the Company may be exposed to risk. The Company does not anticipate non-performance by its customers or its Clearing Broker. In addition, the Company has a policy of reviewing the creditworthiness of the Clearing Broker on a regular basis. # **Note 4. Contingencies and Indemnifications** In the normal course of business, the Company may be subject to various claims, litigation, regulatory and arbitration matters. Management is not aware of any such matters as of September 30, 2025. The Company enters into contracts that contain a variety of representations and warranties that provide indemnifications under certain circumstances. The Company's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Company that have not yet occurred. Management of the Company expects the risk of loss to be remote. The Company has agreed to indemnify its Clearing Broker for losses that it may sustain from the customer accounts introduced by the Company. As of September 30, 2025, there were no unsecured amounts owed to the Clearing Broker by the Company's customers. {8}------------------------------------------------ ## **Notes to Statement of Financial Condition** ## **Note 5. Net Capital Requirements** The Company is subject to the SEC Uniform Net Capital Rule (Rule 15c3-1). Under this rule, the Company is required to maintain net capital of \$100,000 or 6-2/3 percent of "aggregate indebtedness," whichever is greater, as these terms are defined. Net capital and aggregate indebtedness change from day to day, but at September 30, 2025, the Company had net capital and net capital requirements of \$1,524,256 and \$100,000, respectively. The net capital rule may effectively restrict distributions to its members. The Company operates pursuant to an exemption under SEC Rule 15c3-3(k)(2)(ii). As such, the Company is not required to calculate a reserve requirement and segregate funds for the benefit of customers. The requirements of Paragraph (k)(2)(ii) provide that the Company clear all transactions on behalf of customers on a fully disclosed basis with a clearing broker which carries all of the accounts of the customers and maintains and preserves all related books and records as are customarily kept by a clearing broker. ## **Note 6. Customer Concentration** For the year ended September 30, 2025, the Company had two major customers. A customer is considered major when the customer represents more than 10% total transaction fees receivable as of September 30, 2025. Transactions with major customers are as follows: | | Percentage of | |------------|--------------------| | | transaction fee | | | receivable as of | | | September 30, 2025 | | Customer A | 27% | | Customer B | 17% | | | | ## **Note 7. Subsequent Events** Management of the Company evaluated subsequent events through the date these financial statements were issued for potential recognition and/or disclosure Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.