# HAMILTON EXECUTIONS LLC X-17A-5 (2025-03-03) — Broker-dealer annual report - Company: HAMILTON EXECUTIONS LLC - Form: X-17A-5 - Filed: 2025-03-03 - Period: 2024-12-31 - Accession: 0001246510-25-000007 - CIK: 1246510 - File #: 8-66025 - Type: Broker-dealer - Material weakness: No - Auditor: Ryan & Juraska LLP - Auditor location: Chicago, IL - Contact: Helene Berson - Phone: 4152033960 - Email: hberson@fcfgroupholdings.com - Website: fcfgroupholdings.com - Signed by: Anish Vora (Chief Executive Officer) Original filing: https://www.sec.gov/Archives/edgar/data/1246510/000124651025000007/ham2024publicauditreport1.pdf --- {0}------------------------------------------------ Hamilton Executions LLC Annual Audit Report December 31, 2024 Public Document {1}------------------------------------------------ **RYAN &JURASKA lJ...P** Certified Public Accountants 141 West Jackson Boulevard Chicago, Illinois 60604 Tel: 312.922.0062 Fax: 312.922.0672 #### **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** To the Members of Hamilton Executions LLC #### **Opinion on the Financial Statement** We have audited the accompanying statement of financial condition of Hamilton Executions LLC (the "Company") as of December 31 , 2024, and the related notes (collectively referred to as the "financial statement"). In our opinion , the statement of financial condition presents fairly, in all material respects, the financial position of Hamilton Executions LLC as of December 31 , 2024 in conformity with accounting principles generally accepted in the United States of America. #### **Basis for Opinion** This financial statement is the responsibility of Hamilton Executions LLC'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 Hamilton Executions 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 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. We have served as Hamilton Executions LLC's auditor since 2023. Chicago, Illinois February 26, 2025 {2}------------------------------------------------ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ## ANNUAL REPORTS FORM X-17A-5 PART III | UNDER CANDER | | |--------------------------|--| | OMB Number: 3235-0123 | | | Expires: Nov. 30, 2026 | | | Estimated average burden | | | hours per response: 12 | | | | | SEC FILE NUMBER 8-66025 | FILING FOR THE PERIOD BEGINNING 1/1/24 | | | | AND ENDING 12/31/24 | | |--------------------------------------------------------------------------------------------------|--|--------------------------------|----------------------------------------------------------------------|------------------------------|------------| | | | MM/DD/YY | | MM/DD/YY | | | | | A. REGISTRANT IDENTIFICATION | | | | | NAME OF FIRM: Hamilton Executions LLC | | | | | | | TYPE OF REGISTRANT (check all applicable boxes): | | | | | | | Broker-dealer
Check here if respondent is also an OTC derivatives dealer | | | [ Security-based swap dealer Major security-based swap participant | | | | ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) | | | | | | | 11 Wall Street | | | | | | | | | (No. and Street) | | | | | New York | | NY | | | 10005 | | (City) | | | (State) | | (Zip Code) | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | | | Helene Berson | | 415-203-3960 | | hberson@fcfgroupholdings.com | | | (Name) | | (Area Code - Telephone Number) | | (Email Address) | | | | | B. ACCOUNTANT IDENTIFICATION | | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing *
Ryan & Juraska LLP | | | | | | | | | | (Name - if individual, state last, first, and middle name) | | | | 141 W. Jackson Blvd., Suite 2250 Chicago | | | | 11 | 60604 | | Address) | | (City) | | (State) | (Zip Code) | | 372403 | | | 3407 | | | | | | | | | | 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)(1)(ii), if applicable. Persons who are to respond to the collection of internation contained in this form are not required to respond uniess the form displays a currently valid OMB control number. {3}------------------------------------------------ #### OATH OR AFFIRMATION swear (or affirm) that, to the best of my knowledge and belief, the I, Anish Vora . as of financial report pertaining to the firm of Hamilton Executions LLC December 31 , 2 024 , 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 of a customer. ![](_page_3_Figure_3.jpeg) Setary Bublic #### This filing \*\* contains (check all applicable boxes): - & (a) Statement of financial condition. - 8 (b) Notes to consolidated statement of financial condition. - [c] Statement of income (loss) or, if there is other comprehensive in the period(s) presented, a statement of comprehensive income (as defined in § 210.1-02 of Regulation S-X). - [d) Statement of cash flows. - [e) Statement of changes in stockholders' or partners' or sole proprietor's equity. - [ (f) Statement of changes in liabilities subordinated to claims of creditors. - [g) Nctes to consolidated financial statements. - [ (h) Computation of net capital under 17 CFR 240.15c3-1 or 17 CFR 240.18a-1, as applicable. - [ (i) Computation of tangible net worth under 17 CFR 240.18a-2. - [] Computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR 240.15c3-3. - [ [k] Computation for determination of security-based swap reserve reguirements pursuant to Exhibit B to 17 CFR 240.15c3-3 or Exhibit A to 17 CFR 240.18a-4, as applicable. - [1) Computation for Determination of PAB Requirements under Exhibit A to § 240.15c3-3. - [ (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 240.18a-4, as applicable. - [0] Reconciliations, including appropriate explanations, of the FOCUS Report with computation of net capital or tangible net worth under 17 CFR 240.18-3, 17 CFR 240.18a-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. - [ [p] Summary of financial data for subsidiaries not consolidated in the statement of financial condition. - @ (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. - [r] Compliance report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - [s) Exemption report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - 2 (t) Independent public accountant's report based on an examination of the statement of financial condition. - [u] Independent public accountant's report based on an examination of the financial statements under 17 CFR 240.17a-5, 17 CFR 240.18a-7, or 17 CFR 240.17a-12, as applicable. - [ {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. - [ [w] Independent public accountant's report based on a review of the exemption report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - [ {x] Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.17a-12, as applicable. - [] {y} Report describing any material inadequacies 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 240.170-5(e)(2), as applicable. {4}------------------------------------------------ ## **Hamilton Executions LLC** ### **Statement of Financial Condition** ### **December 31, 2024** | Assets | | |---------------------------------------|-------------------| | Cash | \$
1,290,814 | | Deposits with clearing broker | 125,440 | | Receivable from clearing broker | 15,574 | | Commissions receivable | 1,249,371 | | Prepaid expenses and other assets | 329,003 | | Total Assets | \$
3,010,202 | | | | | | | | Liabilities and Members' Equity | | | Liabilities | | | Accounts payable | \$
117,967 | | Accrued expenses | 280,622 | | Due to affiliates | 110,953 | | Total Liabilities | \$
509,542 | | Members' Equity | 2,500,660 | | Total Liabilities and Members' Equity | \$
3,0 I 0,202 | | | | See accompanying notes. {5}------------------------------------------------ # **Hamilton Executions LLC Notes to Financial Statement December 31. 2024** #### I. **Organizztion** Hamilton Executions LLC (the "Company") was formed as a limited liability company in June 2003 ; the Company succeeded the business and approvals of Hamilton Executions, LLC on May 1, 2023. The Company, a DE LLC, operates from its headquarters on the floor of the NYSE American in New York, NY. The company is registered as a broker-dealer with the Securities and Exchange Commission pursuant to Section I 5c of the Securities Exchange Act of 1934 and is a member of the NYSE American and FIN RA. The Company's primary business is to prov ide options floor brokerage services to its institutional customers. Effective May I, 2023, the FCF Group Intermediate Holdings II LLC became the managing member of the Company as with 27.5% ownership. #### **2. Significant Accounting Policies** #### **Basis of Accounting** The financial statements have been prepared on the accrual basis in accordance with accounting principles generally accepted in the United States. #### **Accounts Receivable** The Company's receivables are due from various institutional companies, including broker dealers. Management reviews accounts receivable based on an analysis of each customer and establishes an allowance where collectability of all or part of a receivable becomes impaired. #### **Revenue Recognition** The Company recognizes revenue in accordance with Financial Accounting Standards Board Accounting Standards Codification ("F ASB ASC") Topic 606, Revenue from Contracts with Customers effective in 2018. The recognition and measurement of revenue is based on assessment of individual contract terms. Significant judgement is required to determine whether performance obligations are satisfied at a point in time or over time. The Company provides brokerage execution services to various customers whereby a customer requests the Company to transact or execute the purchase or sale of a specific listed option as instructed by the customer. The Company invoices these customers monthly for the various services in which the Company has purchased and sold pursuant to the customer requests. The Company believes that the performance obligation is met on the trade date of the trade execution as there are no further performance obligations once the transactions are executed by the Company. #### **Exchange Rebates** Rebates that are received for both open-outcry trades as well as qualified contingent crosses are credited on a monthly basis. #### **Use of Estimates** The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America, ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and I iabi I ities at the date of the financia l statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and may have an impact on future periods. {6}------------------------------------------------ # **Hamilton Executions LLC Notes to Financial Statement Decem her 31. 2024** #### **2. Significant Accounting Policies (continued)** #### **Fair Value of Financial Instruments** ASC 820 defines fair value, establishes a framework for measuring fair value, and establishes a fair value hierarchy which prioritizes the inputs to valuation techniques. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market. Valuation techniques that are consistent with the market, income or cost approach, as specified by ASC 820, are used to measure fair value. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels: - Level I inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities the Company has the ability to access. - Level 2 inputs are inputs other than quoted prices included within Level I that are observable for the asset or liability, either directly or indirectly. - Level 3 are unobservable inputs for the asset or liability and rely on management's own assumptions that market participants would use in pricing the asset or liability. The unobservable inputs should be developed based on the best information available in the circumstances and may include the Company 's own data. At December 31 , 2024, the Company held no Level 1, Level 2 or Level 3 investments. #### **Depreciation** Depreciation is calculated using the straight-I ine method over the estimated usefu I lives of the assets of seven years for furniture and five years for equipment and capitalized software. #### **Income Taxes** The Company, a limited liability company, is taxed as a partnership under the Internal Revenue Code and a similar state statute. In lieu of income taxes, the Company passes 100% of its taxable income and expenses to its members. Therefore, no provision or liability for federal or state income taxes is included in these financial statements. In accordance with U.S. GAAP, the Company is required to determine whether its tax positions are more likely than not to be sustained upon examination by the applicable taxing authority, based on the technical merits of the position . Generally, the Company is no longer subject to ex,1minations by major tax jurisdictions for years before 2021. Based on its analysis, there were no tax positions identified by management which did not meet the "more likely than not" standard as of and for the year ended December 31 , 2024. During the year ended December 31 , 2024 the Company received a credit of \$263,600 for the state and local tax paid on behalf of members for pass-through entity tax. #### **Segment Reporting** The Company is engaged in a single line of business as a securities broker-dealer, which involves providing options execution services to its 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, predominantly in the forecasting process, to manage the Company. Additionally, the CODM uses excess net capital (see Note 3), which is not a measure of profit and loss, to make operational decisions while maintaining capital adequacy, such as whether to reinvest profits or pay distributions. The Company's operations constitute a single operating segment and therefore, a single reportable segment, because the CODM manages the business activities 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. The Company derived over 50% of its total revenues from four external customers in 2024. {7}------------------------------------------------ ## **Hamilton Executions LLC Notes to Financial Statement December 31, 2024** #### **2. Significant Accounting Policies (continued)** #### **Measurement of Credit Losses** In June 2016, the FASS issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments. The main objective of ASU 2016-13 is to provide financial statement users with more decision-useful information about an entity's expected credit losses on financial instruments and other commitments to extend credit at each reporting date. To achieve this objective, the amendments in this update replace the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to develop credit loss estimates. Expected credit losses are measured based on historical experience, current conditions, and forecasts that affect the collectability of the reported amount, and are generally recognized earlier than under previous standards. The adoption of this standard on January **1,** 2020 did not have any impact on the Company's financial statements. #### **3. Net Capital Requirements** The Company is subject to the Securities and Exchange Commission's uniform net capital rule (Rule 15c3-1). This rule requires the Company to maintain a minimum net capital equal to the greater of 6-2/3% of aggregate indebtedness or \$5,000. Further, the rule requires that the ratio of aggregate indebtedness to net capital shall not exceed 15 to I. At December 31 , 2024, the Company's net capital was \$1 ,329,909 which was \$1 ,295,940 in excess of the required net capital of \$33 ,969. The Company 's aggregated indebtedness to net capital ratio was 3.83 at December 31 , 2024. #### **4. Risk Concentration** The Company 's cash consists of cash held at a financial institution where it may, at times, exceed government insurance limits during the year. At December 31 , 2024 the Company had uninsured cash balances totaling approximately \$51 ,000. #### **5. Deposit with Clearing Organization** The Company's clearing organization, Vision Financial Markets ("Clearing fim1 "), requires that it maintain at least \$125,000 in deposits. #### **6. Financial Instruments with Off-Balance-Sheet Credit Risk** As a securities floor broker, the Company acts in an agency only capacity for counterparties such as broker dealers, banks and other financial institutions. The Company does not commit capital or otherwise engage in proprietary trading activities. The Company maintains a fully disclosed clearing agreement with Clearing firm. The agreement between the Company and Clearing firm provides that the Company is obligated to assume any exposure related to nonperformance by its customers. These activities may expose the Company to off-balance- sheet risk in the event the customer is unable to fulfill its contracted obligations. In the event the customer fails to satisfy its obligations, the Company may be required to purchase or sell financial instruments at the prevailing market price in order to fulfill the customer's obligation. The Company seeks to control off-the-balance-sheet credit risk by monitoring its customer transaction and reviewing information it receives from its clearing broker on a daily basis and reserving for doubtful accounts when necessary. #### 7. **Guarantees** Accounting Standards Codification Topic 460 ("ASC 460"), Guarantees, requires the Company to disclose information about its obligations under certain guarantee arrangements. ASC 460 defines guarantees as contracts and indemnification agreements that contingently require a guarantor to make payments to the guaranteed party based on changes in an underlying (such as an interest or foreign exchange rate, security or commodity price, an index or the occurrence or non occurrence of a specified event) related to an asset, liability or equity security of a guaranteed party. This guidance also defines guarantees as contracts that contingently require the guarantor to make payments to the guaranteed party based on another entity's failure to perform under an agreement, as well as indirect guarantees of the indebtedness of others. The Company has not recorded any contingent liability related to guarantee agreements at December 31 , 2024. {8}------------------------------------------------ ## **Hamilton Executions LLC Notes to Financial Statement December 31, 2024** #### **8. Occupa1icy** Occupancy expenses are for costs related to maintaining trading position on the floor of the NYSE-AMERICAN. #### **9. Related Party Transactions** The Company maintains an expense sharing agreement with its affiliates under common control ((FCF Derivatives & Securities LLC (Doing business as FOG Equites ("FOG"), and Casey Securities LLC ("Casey") and FCF Group Holdings, LLC (" FCF")). The agreement was amended effective October I, 2024 to remove RF A Securities LLC from the expense sharing agreement since RFA terminated business at that date. Effective October I, 2024 a new expense sharing agreement went into effect. During the year ending December 31 , 2024, the Company was charged by FOG a total of\$89, 162 for shared personnel and other expenses according to the agreement. At December 31 , 2024, the Company owed \$39,561 to FOG which is included in due to affiliates on the statement of financial condition. During the year ending December 31 , 2024, the Company was charged by Casey a total of \$309,935 for services provided by shared personnel and other expenses according to the agreement. At December 31 , 2024, the Company owed \$66,799 to Casey which is included in due to affiliates on the statement of financial cond ition. During the year ended December 31 , 2024, the Company was charged by FCF a total of\$ I 0,561 for shared office space ar.d other expenses according to the agreement. At December 31 , 2024, the Company owed \$4,593 to FCF which is included in due to affiliates on the statement of financial condition. #### **10. Subsequent Events** The Company has evaluated the subsequent events through February 26, 2025, the date which the financial statements were available to be issued, noting no material events requiring disclosure except as noted below. During the months of January and February 2025, the Company had members' equity withdrawals totaling \$554,000. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.