# IMC SECURITIES LLC X-17A-5 (2024-02-28) — Broker-dealer annual report

- Company: IMC SECURITIES LLC
- Form: X-17A-5
- Filed: 2024-02-28
- Period: 2023-12-31
- Accession: 0001408672-24-000003
- CIK: 1408672
- File #: 8-67680
- Type: Broker-dealer
- Material weakness: No
- Auditor: PricewaterhouseCoopers, LLC
- Auditor location: Chicago, IL
- Contact: Paul Nowicki
- Phone: 3122047442
- Email: paul.nowicki@imc.com
- Website: imc.com
- Signed by: Paul Nowicki (CFO)

Original filing: https://www.sec.gov/Archives/edgar/data/1408672/000140867224000003/Public_IMC_2023.pdf

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# IMC-Chicago, LLC

Statement of Financial Condition

December 31, 2023 Available for Public Inspection

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

## ANNUAL REPORTS FORM X-17A-5

## PART III

hours per response: 12 sec file number 8-52600

omb approval

OMB Number: 3235-0123

Estimated average burden

Expires: Nov. 30, 2026

## 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 01/01/2023

MM/DD/YY

\_ AND ENDING 12/31/2023 MM/DD/YY

A. REGISTRANT IDENTIFICATION

NAME OF FIRM: IMC-Chicago, LLC

TYPE OF REGISTRANT (check all applicable boxes):

 Broker-dealer □ Check here if respondent is also an OTC derivatives dealer

ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.)

## 233 South Wacker Drive, #4300

|                                              | (No. and Street)                                                          |                      |  |  |  |  |  |
|----------------------------------------------|---------------------------------------------------------------------------|----------------------|--|--|--|--|--|
| Chicago                                      | Illinois                                                                  | 60606                |  |  |  |  |  |
| (City)                                       | (State)                                                                   | (Zip Code)           |  |  |  |  |  |
| PERSON TO CONTACT WITH REGARD TO THIS FILING |                                                                           |                      |  |  |  |  |  |
| Paul Nowicki                                 | (312) 204-7442                                                            | paul.nowicki@imc.com |  |  |  |  |  |
| (Name)                                       | (Area Code - Telephone Number)                                            | (Email Address)      |  |  |  |  |  |
| B. ACCOUNTANT IDENTIFICATION                 |                                                                           |                      |  |  |  |  |  |
|                                              | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing* |                      |  |  |  |  |  |
|                                              |                                                                           |                      |  |  |  |  |  |
| PricewaterhouseCoopers. LLP                  |                                                                           |                      |  |  |  |  |  |

| (Name - if individual, state last, first, and middle name)                                                  |                       |                                            |          |            |  |  |  |
|-------------------------------------------------------------------------------------------------------------|-----------------------|--------------------------------------------|----------|------------|--|--|--|
| One North Wacker Drive                                                                                      | Chicago               |                                            | Illinois | 60606      |  |  |  |
| (Address)                                                                                                   | (City)                |                                            | (State)  | (Zip Code) |  |  |  |
| October 20, 2003                                                                                            |                       | 238                                        |          |            |  |  |  |
| (Date of Registration with PCAOB)(if applicable)                                                            |                       | (PCAOB Registration Number, if applicable) |          |            |  |  |  |
|                                                                                                             | FOR OFFICIAL USE ONLY |                                            |          |            |  |  |  |
|                                                                                                             |                       |                                            |          |            |  |  |  |
| * ( ) me for avomation from the roquiremont that the annual reported by the reports of an internantant with |                       |                                            |          |            |  |  |  |

n 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)(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.

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## OATH OR AFFIRMATION

I. Paul Nowicki , swear (or affirm) that, to the best of my knowledge and belief, the financial report pertaining to the firm of IMC-Chicago, LLC as of

12/31 \_\_ 2 023\_\_\_ 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_2_Picture_3.jpeg)

Signature: Title: Chief Financial Officer

## 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.
- [ (I) 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.
- □ (o) Reconciliations, including appropriate explanations, of the FOCUS Report with computation of net capible net worth under 17 CFR 240.15c3-1, 17 CFR 240.18a-2, 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.
- [ (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 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 240.17o-5(e)(3) or 17 CFR 240.180-7(d)(2), as applicable.

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|                                                         | Page(s) |
|---------------------------------------------------------|---------|
| Report of Independent Registered Public Accounting Firm | ー       |
| Statement of Financial Condition                        |         |
| Statement of Financial Condition                        | 2       |
| Notes to Statement of Financial Condition               | 3-8     |

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![](_page_4_Picture_0.jpeg)

## **Report of Independent Registered Public Accounting Firm**

To the Board of Directors and Member of IMC-Chicago, LLC

## *Opinion on the Financial Statement – Statement of Financial Condition*

We have audited the accompanying statement of financial condition of IMC-Chicago, LLC (the "Company") as of December 31, 2023, including the related notes (collectively referred to as the "financial statement"). In our opinion, the financial statement presents fairly, in all material respects, the financial position of the Company as of December 31, 2023, in conformity with accounting principles generally accepted in the United States of America.

## *Basis for Opinion*

The 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 of this financial statement 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.

February 28, 2024

We have served as the Company's auditor since 2009.

PricewaterhouseCoopers LLP, One North Wacker, Chicago, IL 60606 T: (312) 298 2000, www.pwc.com/us

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## IMC-Chicago, LLC Notes to Statement of Financial Condition December 31, 2023

#### 1.

#### Organization

IMC-Chicago, LLC's (the "Company") primary business is to conduct proprietary trading of securities as a registered market maker. The Company is a wholly owned subsidiary of MC Americas, Inc. (the "Parent"), which is ultimately a wholly owned subsidiary of IMC B.V. (the "Ultimate Parent"). The Company is an Illinois limited liability company established on April 27, 2000. The Company's principal operations are located in Chicago, Illinois.

In accordance with requlations under the Securities Exchange Act of 1934, the Company is registered as a broker-dealer with the Securities and Exchange Commission (the "SEC") and is a member of the Chicago Board Options Exchange ("CBOE"), and various exchanges. The Company does not trade on behalf of customers and effects transactions only with other registered broker exchange members. The Company is a member of the Financial Industry Authority. Inc. and the Securities Investor Protection Corporation.

### Cash

The Company maintains cash in bank deposit accounts that, at times, may exceed federally insured limits.

#### Memberships in Exchanges

Memberships in exchanges which represent only the right to conduct business on the exchange are accounted for as indefinite infornible assets which are reviewed annually for impairnent. Memberships in exchanges that represent ownership interests in an exchange and provide the Company the right to conduct business on the exchange are recorded at cost or, if an other than value has occurred, at a value that reflects management s estimate of the impairment. The disclosure of the exchange memberships is based on recent sales, where available.

#### Income Taxes

For purposes of federal and state income status as a separate tax entity is disregarded. As such, the operations of the Company are treated as held directly by its sole member, the Parent is responsible for reporting the Company's taxable income or loss and has elected not o push down the effects of income taxes to the Company. There are no tax sharing arrangements between the Company and the Parent. Additionally, there are no obligations for the tax liabilities of the Parent. The Company is included in the consolidated federal and state income tax returns filed by the Parent.

#### Equipment, Hardware and Leasehold Improvements

Equipment, hardware, furniture and fixtures, and leasehold improvements are recomulated depreciation. Depreciation is provided on a straight-line basis using estimated useful lives of the assets, which are three years for equipment and hardware and the lesser of the useful life of the years for furniture and fixtures and the lesser of the useful life of the asset, or lease term for leasehold improvements.

### Receivable from and Payable to Clearing Brokers

Receivable from and payable to clearing brokers on the statement of financial condition includes cash held on dearing brokers for open positions, amounts due tolfrom brokers for the net of trades and variation marqin for open future positions. The Company may obtain short-term financing from its browing against its proprietary positions, subject to collateral maintenance requirements.

#### Other Assets

Other assets on the statement of financial condition includes prepayments and receivables from third parties.

#### Securities Owned and Securities Sold, not yet purchased

Substantially all of the Company's securities sold, not yet purchased, are held at major financial institutions which are permitted by contract or custom to sell or repledge these securities owned and securities sold, not yet purchased are reflected in the statement of financial condition at fair value (see Note 2)

## Financial Instruments

Management estimates the aggregate carying value of other financial instruments (including receivables) recognized on the statement of financial condition approximates their fair value as such financial instruments are short-term in nature, bear interest at current market rates or are subject to frequent repricing.

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|-----------------------------------------------------------------------------------------------------------|--|--------------------|--|-------------------------|---------------------|--|
| &=A6<;@                                                                                                   |  |                    |  |                         |                     |  |
| BAB?2@                                                                                                    |  |                    |  |                         |                     |  |
| ?<@@3.6?C.9B2<312?6C.A6C20<;A?.0A@                                                                        |  | <br><br>           |  | <br><br><br>            | <br><br>            |  |
| :<B;A@A5.A5.C2/22;<33@2A6;A52<br>@A.A2:2;A<336;.;06.90<;16A6<;0<B;A2?=.?AF                                |  |                    |  |                         |                     |  |
| ;2AA6;4<br>                                                                                               |  |                    |  |                         |                     |  |
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| @A.A2:2;A<336;.;06.90<;16A6<;<br>                                                                         |  |                    |  |                         |                     |  |
| %2AE=<@B?2                                                                                                |  | <br>               |  | <br><br>                |                     |  |

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| ;;.<;<br>8.:*<260 | #201<7/&;.<br>2*+242<2.;<br>8.:*<260 |  |
|-------------------|--------------------------------------|--|
|                   | <br>                                 |  |
|                   | <br>                                 |  |
|                   | #201<7/&;.<br><br><br><br><br>       |  |

{11}------------------------------------------------

Future minimum lease payments as of December 31, 2023 are as follows:

| Year ending December 31, 2023      |     | IT Infrastructure<br>Leases |   | Office<br>Leases |    | Total      |  |
|------------------------------------|-----|-----------------------------|---|------------------|----|------------|--|
| 2024                               | ക്ക | 2.631.003                   | S | 3,277,994        | ಕ್ | 5,908,997  |  |
| 2025                               |     | 521,735                     |   | 3,365,820        |    | 3,887,555  |  |
| 2026                               |     | 405,337                     |   | 3,455,744        |    | 3,861,081  |  |
| 2027                               |     | 204,676                     |   | 3,206,511        |    | 3.411.187  |  |
| 2028                               |     |                             |   | 4,002,383        |    | 4,002,383  |  |
| Thereafter                         |     |                             |   | 17,233,955       |    | 17,233,955 |  |
| Total lease payments               |     | 3,762,751                   |   | 34.542.407       |    | 38,305,158 |  |
| Less: Interest                     |     | 219.277                     |   | 9.401.973        |    | 9.621.250  |  |
| Present value of lease liabilities |     | 3,543,474                   | D | 25,140,434       |    | 28,683,908 |  |

The weighted average remaining lease term and discount rate as of December 31, 2023 were as follows:

| Weighted average remaining lease term (years) - Operating leases | 0 44  |
|------------------------------------------------------------------|-------|
| Weighted average discount rate - Operating leases                | 6.75% |

The terms of the Company's office space lease required a deposit of \$1,270,000 which the Company satisfied by providing the lessor a standby letter of credit from a financial institution in the amount of \$1,270,000. The letter of credit was issued on April 2, 2019 and amended on May 4, 2022 and is extended on an annual basis, unless the financial institution provides notificating otherwise. As of May 4, 2022, the letter of credit requirement will remain in \$820,000 and reduce by \$164,000 annually for three years starting in 2030. As of December 31, 2023, the letter of credit is collateralized by \$820,000 of certificates of deposits with the financial institution.

#### 8. Contingent Liabilities

In the normal course of business, the Company may enter into contacts that contain a number of representations and warranties which may provide for general or specific indemnifications. The Company's exposure under these contracts are not currently known as any such exposure would be based on future claims which could be made against the Company. There have been no such claims since the inception of the Company. Management does not anticipate any risk of loss to be remote. As such, the Company believes the amount for which it could be liable, if any, will not have a material adverse effect on the statement of financial condition.

### Brokerage, Clearance, and Exchange Fees

At December 31, 2023, the amounts due from / to counterparties in relation to Brokerage, Clearance Fees, recorded net by counterparty, were \$6,859,732 in other assets and \$57,177,890 in accounts payable and accrued expenses on the statement of financial condition.

#### Related Parties 10.

The Company maintains written Service Level Agreements with various affiliates. Agreements with various affiliates. Agreements between the Company and affiliates nay be amended or restated in the normal course of business. The services primarily include the usage of trading infrastructure and usage of tradition, the Company receives services for marketing and communication, and support services. Reimbursements occurs on a monthly basis. In addition, the Company requests reimbursement from affiliates for global infrastructure costs the Company has incurred on behalf of these entities.

At December 31, 2023, the amounts due from / to affiliates consist of the following:

| Receivables/(payables) from/to affiliates: |                  |
|--------------------------------------------|------------------|
| IMC Trading BV                             | (3,032,826)      |
| IMC BV and other affiliates                | (61,737,124)     |
| Stockbridge, Inc. affiliates               | (59,437,531)     |
|                                            | \$ (124.207.481) |

#### Net Capital Requirements 11.

The Company is subject to the net capital requirements of the Company computes its net capital requirement under the alternative method provided for in Rule 15c3-1, which requires that the Company maintain net capital equal to the greater of \$1,000,000 or 2% of aggregate debit iems, as defined. At December 31, 2023, the Company had net capital of \$418,351,827 in excess of its required net capital of \$1,000,000.

#### 12. Subsequent Events

The Company has performed an evaluation of subsequent events through February 28, 2024, which is the statement of financial condition was available to be issued and noted no subsequent events requiring disclosure.


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