# SG AMERICAS SECURITIES, LLC X-17A-5 (2023-03-01) — Broker-dealer annual report - Company: SG AMERICAS SECURITIES, LLC - Form: X-17A-5 - Filed: 2023-03-01 - Period: 2022-12-31 - Accession: 0001261467-23-000008 - CIK: 1261467 - File #: 8-66125 - Type: Broker-dealer - Material weakness: No - Auditor: Ernst & Young LLP - Auditor location: New York, NY - Contact: James Barski - Phone: 201-839-8687 - Email: ed.cullen@sgcib.com - Website: sgcib.com - Signed by: Edward Cullen (Chief Financial Officer) Original filing: https://www.sec.gov/Archives/edgar/data/1261467/000126146723000008/SGAS_2022_SOFC_V4.pdf --- {0}------------------------------------------------ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 OMB APPROVAL OMB Number: 3235-0123 Expires: Oct. 31, 2023 Estimated average burden hours per response; 12 # ANNUAL REPORTS FORM X-17A-5 PART III | SEC FILE NUMBER | |-----------------| | 8-66125 | FACING PAGE Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934 FILING FOR THE PERIOD BEGINNING 01/01/22 MM/DD/YY 12/31/22 A. REGISTRANT IDENTIFICATION # NAME OF FIRM: SG Americas Securities, LLC TYPE OF REGISTRANT (check all applicable boxes): 1 Broker-dealer - D Security-based swap dealer - O Major security-based swap participant Check here if respondent is also an OTC derivatives dealer AND ENDING ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) # 245 Park Avenue | | (No. and Street) | | | | |-----------------------------------------------------------------------------|------------------------------------------------------------|---------|--------------------------------------------|--| | New York | NY | | 10167 | | | (City) | (State) | | (Zip Code) | | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | | Edward Cullen | 201-839-8856 | | ed.cullen@sgcib.com | | | (Name) | (Area Code - Telephone Number) | | (Email Address) | | | | B. ACCOUNTANT IDENTIFICATION | | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing ** | | | | | | Ernst & Young LLP | | | | | | | (Name - if individual, state last, first, and middle name) | | | | | One Manhattan West | New York | NY | 10001 | | | (Address) | (City) | (State) | (Zip Code) | | | 10/20/2003 | | 42 | | | | (Date of Registration with PCAOB)(if applicable) | | | (PCAOB Registration Number, if applicable) | | | | 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 240.27a-5{e}(1}(ii}, if applicable. Persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. {1}------------------------------------------------ #### OATH OR AFFIRMATION I. Edward Cullen swear ======================================================================================================================================================================== financial report pertaining to the firm of SG Americas Securities, LLC , as of 12/31 2 022 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 proprietary interest in any account classified solely as that of a customer. ![](_page_1_Picture_4.jpeg) Signature: Title: Chief Financial Officer Notary Public #### This filing\*\* contains (check all applicable boxes): - (a) Statement of financial condition. - (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). - O (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) Notes 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 requirements 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 § 240.1Sc3-3. - [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. - | (o) Reconciliations, including appropriate explanations, of the FOCUS Report with computation of net capital or tangible net worth under 17 CFR 240.18c3-1, 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 240.18a-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. - @ (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 240.17o-5(e)/3) or 17 CFR 240.180-7(d)/2), as applicable. {2}------------------------------------------------ SG Americas Securities, LLC (A wholly owned subsidiary of SG Americas Securities Holdings, LLC) (SEC I.D. No. 8-66125) #### STATEMENT OF FINANCIAL CONDITION DECEMBER 31, 2022 WITH REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM {3}------------------------------------------------ #### STATEMENT OF FINANCIAL CONDITION DECEMBER 31, 2022 TABLE OF CONTENTS | Report of Independent Registered Public Accounting Firm | | |---------------------------------------------------------|--| | Statement of Financial Condition | | | Notes to Statement of Financial Condition | | {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) Ernst & Young LLP One Manhattan West New York, NY 10001 Tel: +1 212 773 3000 Fax: +1 212 773 6350 ey.com #### Report of Independent Registered Public Accounting Firm To the Board of Directors and Member of SG Americas Securities, LLC #### Opinion on the Financial Statement We have audited the accompanying statement of financial condition of SG Americas Securities, LLC (the Company) as of December 31, 2022 and the related notes (the "financial statement"). In our opinion, the financial statement presents fairly, in all material respects, the financial position of the Company at December 31, 2022, in conformity with U.S. generally accepted accounting principles. #### 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 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 principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. We have served as the Company's auditor since 2014. March 1, 2023 {5}------------------------------------------------ ## STATEMENT OF FINANCIAL CONDITION DECEMBER 31, 2022 (In thousands) #### Assets | Cash | 69 | 4,305,259 | |------------------------------------------------------------------------|----|------------| | Cash and investments segregated on deposit for regulatory purposes | | 18,511,955 | | Receivables from brokers, dealers, and clearing organizations. | | 1,552,311 | | Receivables from customers | | 1,454,769 | | Collateralized agreements: | | | | Securities purchased under agreement to resell | | 2,219,412 | | Securities borrowed | | 2,506,831 | | Securities received as collateral - at far value | | 1,355,588 | | Financial instruments owned - at fair value | | 276,989 | | Financial instruments owned and pledged as collateral - at fair value | | 397,933 | | Total financial instruments owned - at fair value | | 669,922 | | Other assets | | 253.994 | | Total assets | 5 | 32,830,041 | | Liabilities and member's equity | | | | Short-term borrowings | 8 | 3,526,099 | | Payables to brokers, dealers, and clearing organizations | | 569,234 | | Payables to customers | | 18,148,796 | | Collateralized financings: | | | | Securities loaned | | 912,809 | | Obligation to return securities received as collateral - at fair value | | 1,355,588 | | Financial instruments sold, not yet purchased - at fair value | | 444,406 | | Accrued expenses and other habilities | | 2,173,420 | | | | 27,130,352 | | Subordinated borrowings | | 500,000 | | Member's equity | | 5,199,689 | | Total habilities and member's equity | ಕಾ | 32,830,041 | | | | | See notes to statement of financial condition {6}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`73DD.3a=0bK+KI5650/4/S2;3?C/43?H2D/301?C=0C3?1U361=?43?H4/D/26I=0/1C?I5650/4 /S2;3?C/4K c % ( &"&&\*" 'd & \$% )efgfhijklflmnenghmoT;/+636/./?6=IO1?3?213D9=?H161=?;34E//?>0/>30/H1?322=0H3?2/G16; C/?/03DD@322/>6/H322=5?61?C>01?21>D/41?6;/b?16/H+636/4:61=?46;363II/266;/0/>=06/H3.=5?64=I344/643?H D13E1D161/43?HH142D=450/4=I2=?61?C/?6344/643?HD13E1D161/436F/2/.E/0[7pqpp34G/DD340/>=06/H 3.=5?64=I0/R/?5/43?H/S>/?4/4H501?C6;/@/306;/?/?H/HK+1C?1I123?6/461.36/43?H3445.>61=?4 .3@1?2D5H/I310R3D5/./3450/./?6=I2/0631?I1?3?213D1?4605./?643?H>0=R141=?4I=0>=6/?613DD=44/4 6;36.3@3014/I0=.D161C361=?4KT;/9=.>3?@E/D1/R/46;366;//461.36/4561D1U/H1?6;/>0/>30361=?=I 6;/+636/./?6=IO1?3?213D9=?H161=?30/0/34=?3ED/K-D6;=5C;6;/4/3?H=6;/0/461.36/43?H 3445.>61=?430/E34/H=?6;/E/463R31D3ED/1?I=0.361=?732653D0/45D642=5DHE/.36/013DD@H1II/0/?6 I0=.6;/4//461.36/4K &efro934;1?2D5H/4234;1?H/>=416=0@322=5?64G16;.3a=0.=?/@2/?6/0E3?Q4KT;/0/30/?=234; /M51R3D/?6436F/2/.E/0[7pqppK {7}------------------------------------------------ #### NOTES TO STATEMENT OF FINANCIAL CONDITION DECEMBER 31, 2022 #### 2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Cash and investments segregated on deposit for regulatory purposes - The Company is obligated by rules mandated by the SEC and the CFTC to segregate or set aside cash or qualified securities to satisfy regulations promulgated to protect customer assets. At December 31, 2022, the Company was in compliance with its segregation requirements, which includes segregation, secured, cleared swaps customer funds, 15c3-3 requirements, and 15c3-3 PAB requirements (see Notes 3 and 19). Securities purchased under agreements to resell and Securities sold under agreements to repurchase - The Company purchases securities under agreements to resell ("resale agreements") and takes possession of these securities. Resale agreements are treated as collateralized financing transactions. The Company also securities under agreements to repurchase ("repurchase agreements"). Resale and repurchase agreements are generally collateralized by corporate debt, U.S. government, and equity securities. Resale and repurchase agreements are recorded at their contracted resale or repurchase amounts. Collateral is valued daily, and the Company may require counterparties to deposit additional collateral or return additional collateral pledged when appropriate. Contracted values of resale and repurchase agreements approximate fair value because they are short term in nature and are collateralized. The Company nets certain resale and repurchase agreements with the same counterparty on the Statement of Financial Condition when the requirements of Financial Accounting Standards Board ("FASB") Accounting Standard Codification ("ASC" or "Codification") 210-20-45-11 Offsetting of Amounts Related to Certain Repurchase and Resale Agreements, are met. Interest and fees earned on resale agreements and interest and fees incurred on repurchase agreements. Related accrued interest and fees are included in Other assets or Accrued expenses and other liabilities on the Statement of Financial Condition. Securities borrowed and Securities loaned - Securities borrowed and securities loaned transactions are recorded at the amount of cash collateral advanced or received. Securities borrowed transactions require the Company to deposit cash or other collateral with the lender. The Company receives cash or other collateral for securities loaned transactions from the borrower. Securities borrowed and securities loaned transactions are generally collateralized by equity securities. The Company monitors the market value of the securities borrowed and securities loaned on a daily basis, as collateral is valued daily, and the Company may require counterparties to deposit additional collateral or return additional collateral pledged when appropriate. Contracted values of securities borrowed and securities loaned agreements approximate fair value because the transactions are generally short term in nature and are collateralized. Cash collateralized securities borrowed and securities loaned transactions with a specified maturity date and cleared through a central clearing organization are presented on a net basis on the Statement of Financial Condition according to FASB ASC 210-20-45-1, Right of Setoff Criteria. Securities collateral are also advanced or received in certain non-cash securities borrowed and securities loaned transactions. As required by FASB ASC 860 - Transfers and Servicing ("ASC 860"), in those instances where the Company acts as the lender in a securities lending agreement and receives securities as collateral that can be pledged or sold, it reports the fair value of the securities {8}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`\_LQabcde8I=I58=?347;854:@f7>g47=II4<@=9A=87;=?641B0e8I=I58=?8I:976~4I9::>?949 [675X=:4<@=9A=87;=?64CBJK,LJ1J,M,BJCNO.B1B-.1PQCB0.J.CBR O.B1B-.1P.B2J+TM,BJU1P1B-,21+,-1++.,01JN1.+/1PT,R\K,QCMD1B]T2,2/1+.CT2/1PT1J.CB 1DD+C1-K,2i.B-PT0.BEDTUP.2K,0M1+^,JD+.-,2C+CJK,++,P,/1BJN1-JC+2.B-PT0.BE0,1P,+D+.-, vTCJ1J.CB2x2,,CJ,|R \K,QCMD1B]M1]DP,0E,N.B1B-.1P.B2J+TM,BJ2CVB,0NC+-CPP1J,+1P.,0J+1B21-J.CB21B0M1+E.B 0,DC2.J21J-P,1+.BEC+E1B.1J.CB2RSB1--C+01B-,V.JK\_LQcDP,0E,0N.B1B-.1P.B2J+TM,BJ2JK1J -1BU,2CP0C++,DP,0E,0U]JK,2,-T+,0-CTBJ,+D1+J]1+,+,DC+J,0.Be8I=I58=?8I:976~4I9:>I4< =I<[?4??=947=?@=9A=87;=?64CBJK,LJ1J,M,BJCNO.B1B-.1PQCB0.J.CBR )knorpokpnrsqrlpotsqu\K,QCMD1B],BJ,+2.BJC-,+J1.B0,+./1J./,J+1B21-J.CB2xNTJT+,2iNC+V1+02i P.2J,0,vT.J]CDJ.CB2-CBJ+1-J2i0,P1],00,P./,+]J+10,21B0-+C22-T++,B-]2V1D2|D+.M1+.P]NC+ -T2JCM,+N1-.P.J1J.CBDT+DC2,2R\K,N1.+/1PT,CNNC+V1+02iP.2J,0,vT.J]CDJ.CB2-CBJ+1-J2i1B0 2,-T+.J.,22,JJP,0CB10,P1],00,P./,+]U12.21+,.B-PT0,0.Be8I=I58=?8I:976~4I9:>I4<@=9A=87 ;=?641B0e8I=I58=?8I:976~4I9::>?949[675X=:4<@=9A=87;=?64CBJK,LJ1J,M,BJCNO.B1B-.1P QCB0.J.CBR\K,N1.+/1PT,CNCD,BNTJT+,2-CBJ+1-J21+,+,DC+J,0B,J.B4548;=G?4:A7>~G7>g47: <4=?47:=I<5?4=78IH>7H=I8=98>I:C+==G?4:9>G7>g47:<4=?47:=I<5?4=78IH>7H=I8=98>I:CB JK,LJ1J,M,BJCNO.B1B-.1PQCB0.J.CBR \K,QCMD1B]1P2C,BJ,+2.BJC-,+J1.BP.M.J,0C/,+JK,-CTBJ,+xy\Q{|0,+./1J./,2i121M,1B2JC ,-CBCM.-1PP]K,0E,JK,NPT-JT1J.CB.B-,+J1.B0,N,++,0-CMD,B21J.CBCUP.E1J.CB2R\K,2,-CBJ+1-J2K1/, U,,B,BJ,+,0.BJCNC+DT+DC2,2CJK,+JK1BJ+10.BER\K,N1.+/1PT,CNJK,2,-CBJ+1-J2.2.B-PT0,0.B e8I=I58=?8I:976~4I9:>I4<@=9A=87;=?641B0e8I=I58=?8I:976~4I9::>?949[675X=:4<@=9A=87 ;=?64CBJK,LJ1J,M,BJCNO.B1B-.1PQCB0.J.CBR ronrmkkrqmnkkspqu\_2.EB.N.-1BJDC+J.CBCNJK,QCMD1B]2N.B1B-.1P.B2J+TM,BJ21+,-1++.,0 1JN1.+/1PT,V.JK-K1BE,2.BN1.+/1PT,+,-CEB.,0.B,1+B.BE2RO1.+/1PT,.20,N.B,012JK,D+.-,JK1J -CTP0U,+,-,./,0JC2,PP1B122,JC+D1.0JCJ+1B2N,+1P.1U.P.J]x.R,Riy,j.JD+.-,{|.B1BC+0,+P] {9}------------------------------------------------ #### NOTES TO STATEMENT OF FINANCIAL CONDITION DECEMBER 31, 2022 #### 2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) transaction between market participants at the measurement date. In determining fair value, the Company uses a market approach. Fair value is a market-based measure considered from the perspective of a market participant. As such, even when market assumptions are not readily available, the Company uses its own assumptions to estimate those that market participants would use in pricing the asset or liability at the measurement date. FASB ASC 820 – Fair Value Measurements and Disclosures establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The three levels of the fair value hierarchy under ASC 820 - Fair Value Measurements and Disclosures are as follows: Level 1 - Quoted prices (unadjusted) in active markets for identical unrestricted assets or liabilities. The Company's Level 1 balances generally include U.S. government securities, equity securities, and equity stock index securities. Level 2 - Quoted prices in markets that are not active or adjusted quoted prices in markets that are active, for which all significant inputs are observable, either directly or indirectly. The inputs are based on quoted market prices, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency. The Company's Level 2 balances generally include certain exchange shares, corporate debt and other, certain U.S. government agency securities, OTC options, listed U.S. options and certain derivative contracts. Level 3 - Unobservable inputs that are sigmificant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management or estimation. The Company did not have any assets or liabilities measured at fair value using unobservable inputs or for which unobservable inputs were significant to their fair value measurement throughout the year or at December 31, 2022. An instrument's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company's assessment of the significance of a particular input to the fair value measurement of an instrument requires judgment and consideration of factors specific to the instrument. The availability of observable inputs can vary from product and is affected by a wide variety of factors, including, for example, the type of product, whether the product is new and not yet established in the marketplace, the liquidity of markets and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. The Company uses prices and inputs that are current as of the measurement date. In periods of market disruptions, the observability of prices and inputs may be reduced for many instruments. This condition could cause an instrument to be reclassified between levels (see Note 8). {10}------------------------------------------------ #### NOTES TO STATEMENT OF FINANCIAL CONDITION DECEMBER 31, 2022 #### 2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Customer and noncustomer transactions - Customer and noncustomer transactions on the accompanying Statement of Financial Condition are defined by the SEC and CFTC. Customer and noncustomer balances may also include amounts related to client trades that are cleared through foreign affiliates and are reported in accordance with the Exemption of Certain Foreign Brokers or Dealers Rule - SEC Rule 15a-6 ("SEC Rule 15a-6"). Receivables from and payables to customers include amounts due on futures trading accounts and on cash and margin accounts on a settlement date basis, and securities failed to deliver/receive. The Company has securities owned by customers in its possession or control. These securities are held by the Company as either margin collateral or as fully paid securities in safekeeping and these securities are not reflected in the Statement of Financial Condition. At December 31, 2022, the market value of customer securities held for futures and cleared swaps customers was \$11,482.7 million, of which \$10,390.8 million has been pledged as margin at carrying brokers and clearing organizations. See Note 5 for securities received as collateral and repledged on securities activity. At December 31, 2022, the Company was permitted to repledge securities with a fair value of \$246.3 million under the margin agreements. None of these securities were used to collateralize for the customer margin balances as of December 31, 2022. Employee compensation plans - The Company's employees may participate in certain SG stockbased compensation plans (see Note 14). Other assets - The Company periodically evaluates the carrying value of other assets to determine if events or circumstances exist indicating that the asset may be impaired (see Note 7). The Company has ownership interests in several exchanges. Due to the demutualization of some exchanges, the Company's ownership interests in exchanges are classified as either trading securities or exchange memberships and are included on the Statement of Financial Condition as Financial instruments owned - at fair value, or Other assets, respectively. Exchange membership seats are recorded at cost, or if an other-than temporary impairment in value has occurred, at a value that reflects management's estimate of the impairment. Commissions and fees - Commissions and fees generally include fees earned from the Company acting as an agent in buying and selling futures and securities on behalf of counterparties, including affiliates. The Company's contract arrangements with customers contain a fixed transaction price and a single performance obligation, including trade execution, clearing, settlement and/or custody (if any). The fees derived from these contracts with customers are recognized and collected at the point in time the associated service is fulfilled, generally on trade-execution date. Commissions and fees also include fees earned pursuant to certain intercompany agreements with SGASH and other affiliates. In accordance with these intercompany agreements, the Company acts legally in an agent and broker capacity on behalf of SGASH and affiliates in the U.S. markets (see Note 10). Such intercompany agreements contain a fixed transaction price and a series of distinct services that are substantially the same and have the same pattern of transfer, therefore SGAS is {11}------------------------------------------------ #### NOTES TO STATEMENT OF FINANCIAL CONDITION DECEMBER 31, 2022 #### 2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) required to treat the series as a single performance obligation. The fees derived from these agreements are accrued over time on a monthly basis since the associated series of services are fulfilled continuously over time until such intercompany agreements expire or are terminated. Interest - Interest is measured on contractual or stated interest rates on collateralized agreements, demand deposits and customer balances in debits and recorded on an accrual basis over the life of the instrument. Interest receivable and payable are reported on the Statement of Financial Condition in Other assets and Accrued expenses and other liabilities, respectively. Dividends - The Company receives dividends on certain securities owned and pays dividends on certain securities sold short. The Company records dividend date. Interest and dividend receivable and payable are reported on the Statement of Financial Condition in Other assets and Accrued expenses and other liabilities, respectively. Investment banking - Investment banking fees represent fees earned from debt and equity capital market financing, debt and equity underwriting, and mergers and acquisition advisory services and are generally categorized as financial advisory fees, loan arrangement fees and security underwriting fees. Investment banking fee arrangements contain a fixed transaction price and a single performance obligation (e.g., financial advisory service, loan arrangement service or security underwriting service). Investment banking fees are recognized at the point in time when the Company's performance obligation under the terms of a contractual arrangement is completed, which would typically occur at the closing of a transaction for financial advisory services and loan arrangement services and on trade date for securities underwriting services. These fees are generally collected shortly after the fee recognition date with no embedded financing costs due to the short term nature. Investment banking fees receivable are reported in Other assets on the Statement of Financial Condition. Foreign currency - The Company's assets and liabilities denominated in foreign currencies are translated at the rate of exchange at the Statement of Financial Condition date. Current expected credit losses (CECL) - ASC 326, Financial Instruments - Credit Losses (\*ASC 326") requires the Company recognize the current expected credit losses on all third-party financial assets carried at amortized cost. The Company measures its current expected credit losses for the estimated life of the financial assets by incorporating historical experiences, current conditions, and reasonable and supportable forecasts, which contain forward-looking information, such as forecasted macroeconomic conditions. In most cases, the Company applies a probability of default method whereby the current expected credit losses are calculated by multiplying the exposures by the probability of default (probability the asset will default during the lifetime) and the loss given default (percentage of the asset not expected to be collected due to default). The Company's third-party financial assets within the scope of ASC 326 include mainly cash, receivables from brokers, dealers and clearing organizations, customer receivables, collateralized financing transactions (i.e. securities borrowed, and securities purchased under agreement to resell transactions) and other receivables. {12}------------------------------------------------ #### NOTES TO STATEMENT OF FINANCIAL CONDITION DECEMBER 31, 2022 #### 2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) These financial assets are generally short-term in nature and the counterparties to the Company consist primarily of clearing organizations, broker-dealers, and large money center banks that are subject to regulatory reserves, liquidity, and capital adequacy requirements. Additionally, the collateralized financing transactions are subject to collateral-maintenance provisions whereby the borrowers are required and expected to continually adjust the amount of collateral securing the financial assets. The Company has elected, as a practical expedient, a method that compares the amortized cost basis with the fair value of collateral to measure the current expected credit losses for such financial assets. Based on the composition of financial assets, the Company determined that there are no significant expected credit losses on financial assets within the scope of ASC 326 at December 31, 2022. Income taxes - The Company is a single member limited liability company that is disregarded for federal, state, and local income tax purposes. As such, for U.S. tax purposes, the activities of the Company are reported as part of SG's U.S. tax filings. No tax allocations were made from SG to the Company. Reference rate reform - The Company applies certain reference rate reform accounting provisions contained in ASU No. 2020-04, Reference Rate Reform (ASC 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, ASU No. 2021-01, Reference Rate Reform (ASC 848): Scope and ASU No. 2022-06, Reference Rate Reform (ASC 848): Deferral of the Sunset Date of ASC 848 when modifying contracts in scope of the provisions. These accounting provisions provide optional, temporary relief to ease the burden of accounting for reference rate reform activities that affect contractual modifications of floating rate financial instruments indexed to interbank offering rates (IBORs) and hedge accounting relationships. Modifications of qualifying contracts are accounted for as the continuation of an existing contract rather than as a new contract. Recently adopted accounting pronouncements - In December 2022, the FASB issued Accounting Standard Update (ASU) No. 2022-06, Reference Rate Reform (ASC 848): Deferral of the Sunset Date of ASC 848 ("ASU No. 2022-06"). The amendments in this ASU defer the sunset date of ASC 848 from December 31, 2022, to December 31, 2024, after which entities will no longer be permitted to apply the relief in ASC 848. ASU No. 2022-06 is effective for the Company immediately upon issuance. The adoption of ASU No. 2022-06 did not have a material impact on the Company's Statement of Financial Condition. Accounting Developments - In June 2022, the FASB issued ASU No. 2022-03, Fair Value Measurement (ASC 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions ("ASU No. 2022-03"). The amendments in this ASU clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The amendments in this ASU also require the following disclosures for equity securities subject to contractual sale restrictions: 1. The fair value of equity securities subject to contractual sale restrictions 2. The nature and remaining duration of the restriction(s) 3. The circumstances that could cause a lapse in the restriction(s). ASU No. 2022-03 is effective for the Company on January 1, 2024. The adoption of {13}------------------------------------------------ ## # !"#"!!\$%#&\$'!()!\$#%(\*+ &%L&\$( | | !"#"!!\$%#&\$'!()!\$#%(*+ | | | | | |--|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|--|--| | | ,-./01222345667089:;<:=:8<>5:65=?:@80789A07G585071 | | | | | | | H !"I"*J(#K(#(L("#(*\$*(&\$# \$LL(%'"#\$LM
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57D8>P=<78DD06GT708B<8?P>@9:D;:6P<:8R<@<=S<>3T222T@07D5D80E89890PD:7GDVW | | | | | | | | | | | | Y6P=<78D89:8@:7S>?:>8BO<7<>:66B 57@6PG<5857=<78D<@P>585<:DP>BS566D0>8><:DP>BS07GD:7G:>< >8in Statement of
Financial Condition | |------------------------------------------------------------------|----|--------------|----|------------|------|---------|-----|------|------------------------------------------------------------| | Securities received as collateral - at fair | | | | | | | | | | | value | S | 1,355,588 | S | | - \$ | - | | \$ | 1,355,588 | | Financial instruments owned - at fair
value | | | | | | | | | | | Equity securities | S | 550,162 | 69 | 15 | 5 | | | - \$ | 550,177 | | U.S. government securities | | 2,577 | | | | | | | 2,577 | | Corporate debt and other | | | | 20 | | | | | 20 | | Derivative contracts | | | | 117,148 | | = | | | 117,148 | | | ea | 552.739 | ಕೆ | 117,183 \$ | | | | - 15 | 669,922 | | Liabilities | | | | | | | | | | | Obligation to return securities received as | | | | | | | | | | | collateral - at fair value | 69 | 1,355,588 \$ | | | - \$ | i | | ಳಿ | 1,355,588 | | Financial instruments sold, not yet
purchased - at fair value | | | | | | | | | | | Equity securities | S | 357,392 | S | | S | | - 2 | S | 357,392 | | U.S. government securities | | 23 | | | | | | | 23 | | Derivative contracts | | | | 86,991 | | | | | 86,991 | | | S | 357,415 | S | 86,991 | ಕೆ | | | S | 444,406 | There were no assets or liabilities measured at fair value on a non-recurring basis during 2022. The carrying amounts and fair values of other financial assets and financial liabilities not measured at fair value in the Statement of Financial Condition approximate their fair value except for the subordinated debt. Fair value of the subordinated borrowings is approximately \$514.9 million at December 31, 2022 based on discounted cash flows using overnight rate ("OIS") adjusted for the borrower's Credit Default Swap ("CDS") spread on subordinated issues. Financial assets and financial liabilities not measured at fair value in the Statement of Financial Condition are considered Level 2 in the fair value hierarchy, except for Cash and Cash segregated on deposit for regulatory purposes on the Statement of Financial Condition which are considered as Level 1. {18}------------------------------------------------ #### NOTES TO STATEMENT OF FINANCIAL CONDITION DECEMBER 31, 2022 #### 8. FAIR VALUE MEASUREMENT (CONTINUED) The Company assesses its financial instruments to determine the appropriate classification within the fair value hierarchy, as defined by ASC 820-10. Transfers between fair value classifications occur when there are changes in pricing observability levels. Transfers of financial instruments among levels are deemed to occur at the end of the reporting period. There were no transfers between the Company's Level 1 and/or Level 2 classified financial instruments during the year ended December 31, 2022. There were no purchases, sales, transfers, and unrealized gains and losses related to Level 3 assets and liabilities during the year ended December 31, 2022. #### Valuation techniques: · Equity securities - Exchange traded equity securities: Exchange traded equity securities are measured based on quoted exchange prices in active markets, which are generally obtained from pricing services, and are categorized as Level 1 in the fair value hierarchy. Non-exchange traded equity securities: Non-exchange traded equity securities are measured primarily using broker quotations, pricing service data from external providers and prices observed from recently executed market transactions and are categorized as Level 2 in the fair value hierarchy. · U.S. government and agency securities - U.S. Treasury securities: U.S. Treasury securities are measured based on quoted market prices and generally categorized as Level 1 of the fair value hierarchy. U.S. agency issued debt securities: Callable and non-callable U.S. agency issued debt securities are measured based on quoted market prices and trade data for identical or comparable securities and generally classified as Level 2 of the fair value hierarchy. The Company did not hold any positions at December 31, 2022. - · Corporate debt and other Corporate debt and other securities held by the Company are traded OTC and are classified as Level 2. Prices of corporate debt and other securities which cannot be observed in the market either directly or through comparative securities are valued using broker quotes or models which incorporate inputs that are observable. - · Derivatives Listed derivative contracts: Listed derivative contracts entered into by the Company generally include listed equity options, futures contracts, and securities settled on a delayed delivery basis, which are measured based on quoted exchange prices which are generally obtained from pricing services if they are actively traded. Securities settled on a delayed delivery basis are generally categorized as Level 1 in the fair value hierarchy. The fair value of listed equity options contracts is measured based upon models that calibrate to market-clearing levels and are generally categorized as Level 2 in the fair value hierarchy. The fair values of futures contracts are excluded from the table above and are reported net in Receivables from brokers, and clearing organizations or Payables to brokers, dealers and clearing organizations on the Statement of Financial Condition. If these exchange traded futures contracts were included in the fair value hierarchy, all would have been classified as Level 1. {19}------------------------------------------------ #### NOTES TO STATEMENT OF FINANCIAL CONDITION DECEMBER 31, 2022 #### 8. FAIR VALUE MEASUREMENT (CONTINUED) OTC derivative contracts: OTC derivative contracts include equity derivative contracts entered into by the Company to economically hedge its exposure to certain deferred compensation liabilities, interest rate swaps, foreign exchange swaps and forward contracts. These contracts are generally valued using observable inputs. OTC derivative contracts are primarily categorized in Level 2 of the fair value hierarchy given that valuation models require observable inputs generally including contractual terms, market prices of underlying instruments, yield curve and measures of volatility. · Securities received as collateral from non-cash securities loaned - Securities received as collateral from non-cash securities loaned transactions are categorized in the fair value hierarchy based on the underlying securities received in the transaction. At December 31, 2022, securities received consisted primarily of exchange traded equities and U.S. Treasury securities. #### 9. OFFSETTING The Company enters into derivatives transactions, securities purchase agreement to resell, securities sold under agreement to repurchase, securities borrowed and securities loaned transactions. The Company executes these transactions to facilitate customer match-book activity, cover short positions and to fund Company's trading inventory. The Company manages credit exposure from certain transactions by entering into master netting agreements and collateral arrangements with counterparties. The relevant agreements allow for the efficient closeout of transactions, liquidation and set-off of collateral against the net amount owed by the counterparty following a default. The Company does not net the amounts eligible for offsetting upon counterparty default related to these financial instruments in the Statement of Financial Condition. In certain cases, the Company may agree for collateral to be posted to a third-party custodian under a tri-party arrangement that enables the Company to take control of such collateral in the event of a counterparty default. Default events generally include, among other things, failure to pay or insolvency or bankruptcy of a counterparty. {20}------------------------------------------------ #### NOTES TO STATEMENT OF FINANCIAL CONDITION DECEMBER 31, 2022 #### 9. OFFSETTING (CONTINUED) The following tables present information about the offsetting of these instruments and related collateral at December 31, 2022 (in thousands): Assets | | | Gross Amount
of Recognized
Assets | GOSS Amount
Offset on the
Statement of
mancial Condition Financial Condition | Net Amount of
Assets Presented in
Statement of | Amounts Not Offset but
Eligible for Offsetting
Upon Counterparty
Default (1) | | | Net Amounts (2) | | | |---------------------------------------------------|--|-----------------------------------------|---------------------------------------------------------------------------------------|------------------------------------------------------|---------------------------------------------------------------------------------------|-------------|--|-----------------|--|--| | Denvatives-Listed equity options - long | | 71.702 | | 71,702 | | | | 71,702 | | | | Denvatives OTC | | | | | | | | | | | | Forward equity contracts | | 60 | | સ્ટ | | | | 60 | | | | Foreign currency swaps | | 45,363 | | 45,363 | | | | 45,363 | | | | Interest rate swaps | | 25 | | 23 | | | | 23 | | | | Cash and investments segregated on deposst for | | | | | | | | | | | | regulatory purposes: Securities purchased under | | | | | | | | | | | | agreement to resell | | 2.260.991 | | 2.260.991 | | (5.280.391) | | | | | | Securities purchased under agreement to resell | | 2,219,412 | | 2 219 412 | | (2,213,032) | | 6377 | | | | Securities borrowed | | 2.506.831 | | 2,506,831 | | (2,436,152) | | 70.679 | | | | Securities received as collateral - at fair value | | 1355,588 | | 1.355,588 | | (1,355,588) | | | | | | | | | | | | | | | | | #### Liabilities | | | Gross Amount
of Recognized
Liabusties | | Cross Amount
Offset on the
Statement of
Financial Condition Financial Condition | | Net Amount of
Liabilities Presented
in Statement of | Amounts Not Offset but
Eligible for Offsetting
Upon Counterparty
Default (1) | | Net Amounts (2) | | |--------------------------------------------------------|---|---------------------------------------------|--|------------------------------------------------------------------------------------------|-----|-----------------------------------------------------------|---------------------------------------------------------------------------------------|-----|-----------------|--| | Denvatives Listed equity options - short | 2 | (1 040) 2 | | | - 2 | (1,040) | | . 3 | (1.040) | | | Denvatives -OTC | | | | | | | | | | | | Forward equity contracts | | 2567 | | | | 2.567 | | | 2,567 | | | Foreign currency swaps | | 84,888 | | | | 84,883 | | | 84,883 | | | Interest rate swaps | | 575 | | | | 376 | | | 576 | | | Securities sold under agreements to repurchase | | | | | | | | | | | | Secunties loaned | | 912 809 | | | | 912,809 | (891,177) | | 21.632 | | | Obligation to return securities received as collateral | | 1355.588 | | | | 1.355.588 | (1,322,583) | | | | - (1) Amounts represent a). recognized assets and liabilities that are subject to enforceable master agreements with rights of setoff and b). the fair value of collateral that the Company had received or pledged under enforceable master agreements, limited for table presentation purposes to the net amount of the recognized assets due from or liabilities due to each counterparty. - (2) Represents the amount for which, in the case of net recognized assets, the Company had not received collateral, and in the case of net recognized liabilities, the Company had not pledged collateral. {21}------------------------------------------------ #### NOTES TO STATEMENT OF FINANCIAL CONDITION DECEMBER 31, 2022 #### 9. OFFSETTING (CONTINUED) The following table presents the Company's gross obligations disaggregated by the class of collateral pledged and the remaining maturity of securities sold under agreements to repurchase and securities loaned at December 31, 2022 (in thousands): | | Remaining Contractual Maturity of Agreements | | | | | | | | |----------------------------------------------------------------------|----------------------------------------------|------------|----|--------------------|---|--|---|---------| | | | Overnight | | <30 Days > 30 Days | | | | Total | | Securities sold under agreements to repurchase
Collateral Pledged | | | | | | | | | | Equity securities | | | A | | A | | | | | Total | | | | | S | | | | | Securities loaned
Collateral Pledged | | | | | | | | | | Equity securities | S | 847,274 | \$ | 65.478 \$ | | | S | 912.752 | | Corporate debt | | 31 | | | | | | 31 | | Total | | 847,331 \$ | | 65.478 \$ | | | ದ | 912,809 | | | | | | | | | | | {22}------------------------------------------------ #### NOTES TO STATEMENT OF FINANCIAL CONDITION DECEMBER 31, 2022 #### 10. RELATED PARTY TRANSACTIONS Amounts outstanding to and from affiliates at December 31, 2022 are reflected in the Statement of Financial Condition as set forth below (in thousands): #### Assets | Cash | 8 | 133 | |------------------------------------------------------------------------|---|-----------| | Cash and investments segregated on deposit for regulatory purposes | | 7,897,623 | | Receivables from brokers, dealers, and clearing organizations | | 276,819 | | Receivables from customers | | 436.953 | | Collateralized agreements: | | | | Securities borrowed | | 45.896 | | Securities received as collateral - at fair value | | 300,423 | | Fmancial instruments owned - at fair value | | 43.400 | | Other assets | | 67,259 | | Liabilities | | | | Short-term borrowings | S | 3,525,300 | | Payables to brokers, dealers, and clearing organizations | | 71,352 | | Payables to customers | | 889,769 | | Collateralized financings: | | | | Securities loaned | | 322,812 | | Obligation to return securities received as collateral - at fair value | | 300,453 | | Financial instruments sold, not yet purchased - at far value | | 88,030 | | Accrued expenses and other habilities | | 1,801,203 | | Subordinated borrowings | | 500,000 | The related party balances set forth in the tables above resulted from transactions between the Company and SG and affiliates in the normal course of business as part of its trading, clearing, financing, and general operations. In addition, certain costs have been allocated from SG and affiliates to the Company for operational and administrative support and management services. #### Cash and investments segregated on deposit for regulatory purposes The Company maintains certain bank accounts at an affiliated bank. The Company also maintains segregated cash funds with an affiliate in compliance with its segregation and secured regulatory requirements. These bank and cash balances are included in Cash and investments segregated on deposit for regulatory purposes on the Statement of Financial Condition and are as set forth in the table above. {23}------------------------------------------------ ## # -./01.21341.53627413.869/.9368:3;8/65 !"# !\$! %& '!()%&\*')%!(%+", <=>?@ABCDEFG>CHICDJ>K>FLM>INLMLH>IMHCDICFMO@DI@DP>=CGN@NCNNOGOCM>IQ<=>?@ABCDECGI@ ODFLHIPH@R>HCS>CDJFG>CHODSF=CHS>IN@HNLMLH>IMHCDICFMO@DIFG>CH>JCDJ>K>FLM>J@DP>=CGN@NM=> ?@ABCDEPEOMICNNOGOCM>IQ <=>?@ABCDEFCHHO>IFG>CHODSCDJI>MMG>A>DMCFF@LDMI@NTUCDJCNNOGOCM>ICDJBH@VOJ>INLMLH>ICDJ I>FLHOMO>IFG>CHODSWI>MMG>A>DMWCDJFLIM@JEI>HVOF>IN@HM=>OHXQTQMHCJODSCFMOVOMO>IQ <=>?@ABCDEFGCIIONO>II>FLHOMO>IH>F>OVCPG>ICDJBCECPG>IH>GCM>JM@M=>I>CFMOVOMO>ICID@DFLIM@A>H Y=>H>M=>H>OICD@DF@DN@HAODSILP@HJODCMO@DCSH>>A>DMQ<=>?@ABCDEFCHHO>IH>F>OVCPG>ICDJ BCECPG>IH>GCM>JM@CNNOGOCM>IZNLMLH>ICFMOVOMO>ICID@DFLIM@A>HQ<=>I>H>F>OVCPG>I@N[Q\AOGGO@D CDJBCECPG>I@N[]W^\_\_QAOGGO@DCH>H>F@HJ>JOD`abacdefgahijklfjkmajhnoaegajhnepobgaejcpq kjqepcresckphCDJtbbjuaoavwaphahepoksxajgcefcgcscahnH>IB>FMOV>GE@DM=>TMCM>A>DM@NyODCDFOCG ?@DJOMO@DCDJCH>CII>MN@HM=ODM=>MCPG>CP@V>Q <=>?@ABCDEACODMCODIFG>CHODSCDJI>MMG>A>DMCFF@LDMIYOM=CNNOGOCM>IY=@BH@VOJ>NLMLH>ICDJ I>FLHOMO>IFG>CHODSFLIM@JEI>HVOF>IN@HOMIN@H>OSDMHCJODSCFMOVOMO>IQzM{>F>AP>H|]WPCGCDF>I ODM=>I>CFF@LDMIY>H>[]]Q]AOGGO@DCDJ[}QAOGGO@DCDJCH>ODFGLJ>JOD`abacdefgahijklfjkmajhn oaegajhnepobgaejcpqkjqepcresckph@H~eefgahskfjkmajhnoaegajhnepobgaejcpqkjqepcresckphn H>IB>FMOV>GE@DM=>TMCM>A>DM@NyODCDFOCG?@DJOMO@DQ zGI@ODFGLJ>JOD`abacdefgahijklfjkmajhnoaegajhnepobgaejcpqkjqepcresckph@H~eefgahsk fjkmajhnoaegajhnepobgaejcpqkjqepcresckphnCH>CNNOGOCM>NCOGIM@J>GOV>HCDJH>F>OV>@N[}QAOGGO@D CDJ[^Q}AOGGO@DWH>IB>FMOV>GE@DM=>TMCM>A>DM@NyODCDFOCG?@DJOMO@DQ LMIMCDJODSH>F>OVCPG>IH>GCM>JM@H>ICG>CSH>>A>DMIYOM=TUCDJCNNOGOCM>IM@MCG>J[^QAOGGO@DCDJ CH>ODFGLJ>JODsxajehhash@DM=>TMCM>A>DM@NyODCDFOCG?@DJOMO@DQ # 17183415362#33415;/75;/1.5 <=>?@ABCDEBH@VOJ>II>FLHOMO>ICDJNLMLH>IFG>CHODSW>K>FLMO@DWCDJFLIM@JEI>HVOF>IM@CNNOGOCM>IQ >F>OVCPG>ICDJBCECPG>IODF@DD>FMO@DYOM=M=>I>CFMOVOMO>IYOM=M=>CNNOGOCM>ICH>H>B@HM>JODM=> `abacdefgahijklfjkmajhnoaegajhnepobgaejcpqkjqepcresckphCDJ~eefgahskfjkmajhnoaegajhnepo bgaejcpqkjqepcresckph@DTMCM>A>DM@NyODCDFOCG?@DJOMO@DCDJCH>I>MN@HM=ODM=>MCPG>CP@V>Q '/443;1.348:12;.36537;8/65 <=>?@ABCDECGI@>DM>HIODM@VCHO@LIF@GGCM>HCGO>JCSH>>A>DMICDJNODCDFODSMHCDICFMO@DIYOM=TU CDJCNNOGOCM>IQ <=>?@ABCDE>DM>HIODM@I=@HMM>HAH>ICG>CDJH>BLHF=CI>CSH>>A>DMIYOM=CNNOGOCM>IODF@DD>FMO@D YOM=I=@HMICG>ICDJ@M=>HF@GGCM>HCGO>JMHCDICFMO@DIQ>ICG>CSH>>A>DMICH>>DM>H>JODM@BHOACHOGEM@ CFLOH>M=>I>FLHOMO>ID>>J>JN@HFG>CHODS@HSCDOCMO@DACHSODJ>B@IOMI@HM@ODV>IM>KF>IIFCI=NH@A @B>HCMODSCFMOVOMO>IQ>ICG>CSH>>A>DMICH>ODFGLJ>JODabujcscahwujbxehaoupoajeqjaalapshsk {24}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`452<7A4<1==735@7=;A7?C72<5?1@@5<5;C5?a345A57<3;C;3;5A7@5@5<1@?5?73345<123@7<3781G23;2 I.JK-LML./bN--Nc.O72?I.JK-LML./0NQP.O1234563735852319:;272<;7=>12?;3;1272?7@57AA5391@34 ;234537B=57B1C5D`452A512?;3;12Dg99;=;735?B7=72<5A;2<1225<3;12W;34345A5A518F72^H525@735A<188;AA;12@5C52G5A9@185o518F72^5235@5?;231C7@;1GA91@W7@?<123@7<3AW;346XDgA19p5<58B5@qaZa34597;@ C7=G5191F5291@W7@?<123@7<3AA1=?W7AYrsDt8;==;1272?;A@5F1@35?;2uLPQPJLQ0vP/M-KS.PM//N0Ow PNMx.MTK-JUQ/.OwQMfQL-dQ0K.1234563735852319:;272<;7=>12?;3;12D]4597;@C7=G5191F52 91@W7@?<123@7<3AFG@<47A5?W7AY[Dr8;==;1272?;A;2<=G?5?;2uLPQPJLQ0vP/M-KS.PM/NcP.OwQM fQL-dQ0K.1234563735852319:;272<;7=>12?;3;12D ]45>18F72^7=A15235@5?;231<5@37;2V]>?5@;C73;C5<123@7<3AW;3472799;=;735315<1218;<7==^ 45?H5;3A5oF1AG@5313459=G<3G73;12;2C7=G519<5@37;258F=1^55?595@@5?<18F52A73;12DgA19 p5<58B5@qaZa34597;@C7=G519345A5?5@;C73;C5Aa25319<7A4F7;?1@@5<5;C5?a3137=5? 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