# OUTSET GLOBAL TRADING LIMITED X-17A-5 (2026-04-17) — Broker-dealer annual report - Company: OUTSET GLOBAL TRADING LIMITED - Form: X-17A-5 - Filed: 2026-04-17 - Period: 2025-12-31 - Accession: 0001649283-26-000004 - CIK: 1649283 - File #: 8-69657 - Type: Broker-dealer - Material weakness: No - Auditor: Ryan & Juraska LLP - Auditor location: Chicago, IL - Contact: richard leighton - Phone: 3323454559 - Email: compliance@outsetglobaltrading.com - Website: outsetglobaltrading.com - Signed by: richard leighton (US CFO / FINOP) Original filing: https://www.sec.gov/Archives/edgar/data/1649283/000164928326000004/2025_PUBLIC_SEC.pdf --- {0}------------------------------------------------ OUTSET GLOBAL TRADING LIMITED AUDITED FINANCIAL STATEMENT AVAILABLE FOR PUBLIC INSPECTION DECEMBER 31, 2025 {1}------------------------------------------------ OUTSET GLOBAL TRADING LIMITED REPORT PURSUANT TO RULE 17a-5(d) DECEMBER 31, 2025 {2}------------------------------------------------ # **CONTENTS** | | PAGE | |------------------------------------------------------------|--------------| | Facing Page
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Oath or Affirmation | 1-2 | | Report
of Independent Registered Public Accounting Firm | 3 | | Statement of Financial Condition | 4 | | Notes to Financial Statement | 5
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13 | {3}------------------------------------------------ | | UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 | | OMB APPROVAL
OMB Number: 3235-0123
Expires: Nov. 30, 2026
Estimated average burden | | |-----------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------|------------------------------------|---------------------------------------------------------------------------------------------|--| | | | | hours per response: 12 | | | | ANNUAL REPORTS | | SEC FILE NUMBER | | | | FORM X-17A-5 | | 8 69657 | | | | PART III | | | | | | 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 01/01/2025 AND ENDING 12/31/2025 | | | | | | | MM/DD/YY | | MM/DD/YY | | | | A. REGISTRANT IDENTIFICATION | | | | | NAME OF FIRM: Outset Global Trading Limited | | | | | | 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.) | | | | | | 1120 Avenue of the Americas, 14th Floor | | | | | | | (No. and Street) | | | | | New York | NY | | 10036 | | | (City) | (State) | | (Zip Code) | | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | | Richard Leighton | 3323454559 | Compliance@outsetglobaltrading.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 West Jackson Blvd. Chicago | | | 60604 | | | (Address) | (City) | (State) | (Zip Code) | | | 03/24/2009 | | 3407 | | | | (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 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 | | | | {4}------------------------------------------------ | Richard Leighton | , swear (or affirm) that, to the best of my knowledge and belief, the | | |--------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------|-------| | financial report pertaining to the firm of Outset Global Trading Limited | | as of | | 12/31 | 2025 _ 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. | - Signed by: | | | | I Richard leighton
Signature: | | | Signature: | Neward Colym
-D4E49233F3D8485_ | |------------|-----------------------------------| | Title: | | - - - - - - - - - - - - - - - - - - - - - - - - - - {5}------------------------------------------------ ![](_page_5_Picture_0.jpeg) {6}------------------------------------------------ ## OUTSET GLOBAL TRADING LIMITED STATEMENT OF FINANCIAL CONDITION DECEMBER 31, 2025 #### A S S E T S | Cash and cash equivalents
Due from broker
Receivable from affiliates
Accounts receivable
Fixed Assets, (net of accumulated depreciation of \$83,056)
Other assets | \$
211,790
7,648,583
436,637
151,874
57,423
456,229 | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------| | TOTAL ASSETS | \$
8,962,536 | | LIABILITIES & STOCKHOLDERS' EQUITY | | | Liabilities:
Accounts payable and other liabilities
Soft dollar payable
Taxes payable
Payable to affiliates | \$
1,544,123
2,212,926
244,416
191,519 | | TOTAL LIABILITIES | 4,192,984 | | Stockholders' Equity:
Common Stock, \$1.54 par value; 2 shares authorized, 2 shares issued and
outstanding | 3 | | Additional paid-in capital
Retained Earnings/(Accumulated Deficit) | 1,404,107
3,365,442 | | TOTAL STOCKHOLDERS' EQUITY | 4,769,552 | | TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | \$
8,962,536 | The accompanying notes are an integral part of this financial statement. {7}------------------------------------------------ ## NOTE 1 BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES ### Business Outset Global Trading Limited (the "Company") was incorporated on February 26th, 2015 under the laws of England and Wales. The Company is a registered broker-dealer under the Securities Exchange Act of 1934 and is a member of the Financial Industry Regulatory Authority, Inc. ("FINRA") effective March 29th, 2016. The Company is engaged as an agent in the purchase and sale of equity securities and options of domestic and foreign corporate issuers over-thecounter as non-exchange member arranging for transactions in listed securities by exchange member. The Company operates pursuant to SEC Rule 15a-6 and has a business agreement in place with Outset Global LLP, a corporation under the laws of England and Wales. Outset Global LLP is an unregistered foreign broker-dealer who is not a member of SIPC. The Company has a clearing agreement with its clearing agent. Domestic security transactions are cleared and carried through a U.S. clearing agent on a fully-disclosed basis. The U.S. clearing agent also performs record keeping functions and consequently, the Company operates under the (k)(2)(i) and (k)(2)(ii) exemptive provisions of SEC Rule 15c3-3. The Company clears all foreign security transactions through its affiliate Outset Global LLP pursuant to agreements the affiliate has with foreign clearing agents on an RVP/DVP basis. The Company does not hold customer funds or securities. The Company is engaged in a single line of business as a securities broker-dealer, which is comprised of agency transactions. 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 dividends. 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. {8}------------------------------------------------ ## NOTE 1 BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) ### Use of estimates The preparation of the financial statement in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. ### Commissions The Company buys and sells securities as an agent on behalf of its customers. Each time a customer enters into a buy or sell transaction, the Company charges a commission. Commissions and related execution and clearing expenses are recorded on the trade date (the date that the Company fills the trade order by finding and contracting with a counterparty on behalf of the customer and confirms the trade with the customer.) The Company believes that the performance obligation is satisfied on the trade date because that is when the underlying financial instrument or purchaser is identified, the pricing is agreed upon and the risks and rewards of the ownership of the securities have transferred to/from the customer and the counterparty. ## Consulting income Consulting income consists of consulting services. Fee income and expenses are recorded on the accrual basis of accounting. The performance obligation is satisfied over time as services are rendered. ## ASC Topic 606 The Company recognizes revenue in accordance with Financial Accounting Standards Board Accounting Standards Codification ("FASB ASC") Topic 606, Revenue from Contracts with Customers. That guidance was amended to require public business entities to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Management believes the impact of the amendment to Topic 606 has no material impact on its financial statement. {9}------------------------------------------------ ## NOTE 1 BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) ### Cash and Cash Equivalents The Company has defined cash equivalents as highly liquid investments, with original maturities of less than three months that are not held for sale in the ordinary course of business. ### Functional Currency and Presentation Currency Items included in the financial statement of the Company are measured using the currency of the primary economic environment in which the entity operates (the "Functional Currency". The Functional Currency of the Company is United States Dollars ("USD"). Foreign currency transactions are translated into the Functional Currency using the prevailing exchange rates. ### Equipment Equipment is recorded at cost, less accumulated depreciation. Depreciation is computed using either the declining balance method over the useful life of the assets or a straight line model depending on the type of asset. Equipment is reviewed annually for impairment. ### Fair value measurement FASB ASC 820 defines fair value, establishes a framework for measuring fair value, and establishes a hierarchy of fair value inputs. 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 FASB ASC 820, are used to measure fair value. {10}------------------------------------------------ ## NOTE 1 BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels: Level 1. Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company can access at the measurement date. Level 2. Inputs other than quoted prices included within level 1 that are observable for the asset or liability either directly or indirectly. Level 3. Unobservable inputs for the asset or liability. The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, the liquidity of markets, and other characteristics particular to the security. 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 in determining fair value is greatest for instruments categorized in level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety. FASB ASC 820, Fair Value Measurement has no material effect on this financial statement. At December 31, 2025, the Company held no Level 1, Level 2, or Level 3 investments. ### Income Taxes The Company is subject to corporate taxes in both the United Kingdom and the United States of America. The amount of taxes payable or refundable is recognized as of the date of the financial statement, utilizing currently enacted tax laws and rates. Deferred tax expenses or benefits are recognized in the financial statement for the changes in deferred tax liabilities or assets between years. {11}------------------------------------------------ ## NOTE 1 BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) The Company recognizes and measures its unrecognized tax benefits in accordance with FASB ASC 740, Income Taxes. Under that guidance the Company assesses the likelihood, based on their technical merit, that tax positions will be sustained upon examination based on the facts, circumstances and information available at the end of each period. The measurement of unrecognized tax benefits is adjusted when new information is available, or when an event occurs that requires a change. The Company is no longer subject to income examinations for the years prior to 2022 in the United States and prior to 2021 in the United Kingdom. At December 31, 2025 the Company has an income taxes receivable balance to the United States of \$21,521 included within other assets on the statement of financial condition. ### NOTE 2 TRANSACTIONS WITH AFFILIATES The Company is a party to administrative services and tri-party agreements with its affiliate Outset Global LLP and the subsidiary of this affiliate, Outset Global (Hong Kong) Limited. The affiliate and subsidiary provide the Company with certain services and allocate the expenses in the area of compensation and benefits, administration, leasehold space, furniture and equipment, operational services, computers and related systems support, data and communication lines and equipment. The Company provides to the affiliate and the subsidiary with certain services and expenses in the area of compensation and benefits, administration, leasehold space, furniture and equipment, operational services, computers and related systems support, data and communication lines and equipment. At December 31, 2025 the Company has a receivable balance from Outset Global LLP of \$436,637 and a payable balance to Outset Global (Hong Kong) Limited of \$191,519 {12}------------------------------------------------ ## NOTE 3 NET CAPITAL REQUIREMENT The Company is subject to the SEC Uniform Net Capital Rule (Rule 15c3-1) which requires the maintenance of minimum net capital, as defined. The Company computes its net capital under the alternative method permitted by the net capital rule, which requires that minimum net capital shall not be less than the greater of \$250,000 or 2% of aggregate debit items arising from customer transactions. At December 31, 2025, the Company had net capital of \$3,154,023 which was \$2,904,023 in excess of its required net capital of \$250,000. ### NOTE 4 LEASE COMMITMENTS ## ASC 842 The Company recognizes leases in accordance with Financial Accounting Standards Board Accounting Standards Codification ("FASB ASC") Topic 842, Leases. This guidance requires public business entities to recognize a right-of-use asset and a lease liability in the statement of financial condition. The Company has elected an exemption to this guidance for its shortterm office leases of less than twelve months and recognizes the lease payments on a straight-line basis over their remaining life. Management believes the impact of Topic 842 and the election of the exemption has no material impact on its statement of financial condition. The Company entered into a lease agreement for office space. The lease was structured as a twelve (12) month lease with three months' notice cancellation terms. The Company entered into a lease agreement for office space. The lease is structured as a rolling month to month lease with two months' notice cancellation terms. The Company entered into a lease agreement for office space. The lease is structured as a rolling month to month lease with one month's notice cancellation terms. The Company entered into two long-term lease agreements for office space: a three-year lease commencing June 16, 2025, and a 25-month lease commencing November 1, 2025. At December 31, 2025, the Company had an aggregate Right-of-Use (ROU) assets of \$310,180 which is included within {13}------------------------------------------------ ## NOTE 4 LEASE COMMITMENTS (continued) other assets on the statement of financial condition, and corresponding lease liabilities of \$329,414 included within accounts payable and other liabilities on the statement of financial condition. The ROU assets were calculated as the net present value of total remaining lease payments of \$370,621, discounted using a borrowing rate of 6%. The weighted average remaining life at December 31, 2025 is 2.59 years. | Remaining lease commitments | \$370,621 | |-----------------------------|------------| | Less Imputed Interest | \$(41,207) | | Total Lease Liability | \$329,414 | ## NOTE 5 FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK, CONCENTRATION OF CREDIT RISK, AND CREDIT LOSSES In the normal course of business, the Company's securities activities involve the execution, clearance, and settlement of various transactions with its clearing brokers. These securities activities are transacted on a delivery or receipt versus payment basis and the Company reports such transactions on a trade date basis. The Company's customer's securities transactions are introduced on a fully disclosed basis with its clearing broker. Off-balance sheet risk exists with respect to these transactions due to the possibility that customers may be unable to fulfill their contractual commitments. The Company seeks to minimize this risk though their Know Your Customer (KYC) procedures. As well, the firm may have 15a6 responsibility for Outset Global LLP's US customers as it relates to the above, with the same KYC procedures in place to minimize this risk. Since the Company does not clear its own securities transactions, it has established accounts with its clearing broker for this purpose. This can and often does result in a concentration of credit risk with this firm. Such risk, however, is mitigated by the clearing broker's obligation to comply with rules and regulations of the SEC and FINRA. The Company maintains cash deposits with banks and brokers. At times, such deposits exceed applicable insurance limits. The Company reduces its exposure to credit risk by maintaining such deposits with major financial institutions and monitoring their credit ratings. The Company's bank accounts are insured by the Federal Deposit Insurance Corporation ("FDIC") up to {14}------------------------------------------------ ## NOTE 5 FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK, CONCENTRATION OF CREDIT RISK, AND CREDIT LOSSES (continued) \$250,000. At December 31, 2025, the Company's balances were within the FDIC insured limit. Because the Company has operations outside of the United Kingdom, the Company's home country, there exists a possibility that operations located in the United States may be disrupted in the near term. Management seeks to minimize this risk by monitoring its foreign operations. Management does not consider any risk with its foreign operations to be significant. FASB ASU 2016-13, *Measure of Credit Losses on Financial Instruments*, broadens the information that an entity must consider in developing its estimated credit losses expected to occur over the remaining life of assets measured either collectively or individually to include historical experience, current conditions, and reasonable and supportable forecasts. ASU-2016-13 replaced the prior incurred credit loss model with an expected credit losses model and became effective for fiscal years beginning after December 15, 2019. The standard does not have a material impact on the Company's financial statement. The Company has determined that no allowance for credit losses is necessary because the credit quality of the receivables is considered to be very low risk. ### NOTE 6 GUARANTEES FASB ASC 460, *Guarantees,* requires the Company to disclose information about its obligations under certain guarantee arrangements. FASB 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 value (such as an interest or foreign exchange rate, security or commodity price, an index or the occurrence or nonoccurrence 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 issued no guarantees effective at December 31, 2025 or during the year then ended, except as described in Note 5 above. {15}------------------------------------------------ ### NOTE 7 DUE FROM BROKERS Amounts due from brokers at December 31, 2025 consists of cash deposits and cash equivalents of \$7,599,935 and commission receivables of \$48,648. ## NOTE 8 SOFT DOLLAR The Company has entered into various soft dollar arrangements wherein research and other expenses are paid by the Company on behalf of the introduced business. In accordance with FASB ASC 940-20-25-3, the Company analyzes both the commission income generated from the soft-dollar arrangements and the research provided to determine if liability exists at yearend. At December 31, 2025, the soft dollars liability was \$2,212,926. ### NOTE 9 COMMITMENTS AND CONTINGENCIES In the normal course of business, the Company may become subject to various claims, litigation, regulatory, and arbitration matters. The Company evaluates such matters based on its best available information. At December 31, 2025, the Company accrued \$130,000 in connection with a regulatory matter which is included in accounts payable and other liabilities in the statement of financial condition. ### NOTE 10 SUBSEQUENT EVENTS On February 13, 2026 the Company declared dividends payable totaling \$1,500,000 which were paid on February 20, 2026. Subsequent events have been evaluated through March 5, 2026, the date the financial statements were available to be issued; and no other material events have been identified which require disclosure. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.