# TRADE CAPITAL MARKETS (TCM) NORTH AMERICA LLC X-17A-5 (2026-01-30) — Broker-dealer annual report - Company: TRADE CAPITAL MARKETS (TCM) NORTH AMERICA LLC - Form: X-17A-5 - Filed: 2026-01-30 - Period: 2025-12-31 - Accession: 0001885589-26-000002 - CIK: 1885589 - File #: 8-70811 - Type: Broker-dealer - Material weakness: No - Auditor: DCPA - Auditor location: Century City, CA - Contact: Steven C Bender - Phone: 6462907248 - Email: sbender@modernrs.com - Website: modernrs.com - Signed by: Steven C Bender (Principal Financial Officer) Original filing: https://www.sec.gov/Archives/edgar/data/1885589/000188558926000002/TRADE2025.pdf --- {0}------------------------------------------------ Trade Capital Markets (TCM) North America LLC Report Pursuant to Rule 17a-5 (d) Financial Statements For the Year Ended December 31, 2025 {1}------------------------------------------------ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 > ANNUAL REPORTS FORM X-17A-5 PART III OMB APPROVAL OMB Number: 3235-0123 Expires: Nov. 30, 2026 Estimated average burden hours per response: 12 ## SEC FILE NUMBER 8-70811 FACING PAGE Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934 AND ENDING 12/31/25 filing for the period beginning 01/01/25 MM/DD/YY MM/DD/YY A. REGISTRANT IDENTIFICATION NAME OF FIRM: TRADE CAPITAL MARKETS (TCM) NORTH AMERICA LLC TYPE OF REGISTRANT (check all applicable boxes): □ Security-based swap dealer \_\_ | Major security-based swap participant 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.) 208 Potters Bluff Drive (No. and Street) Panama City Beach ட 32407 (Zip Code) (City) (State) PERSON TO CONTACT WITH REGARD TO THIS FILING Steven C Bender 646.290.7248 sbender@modernrs.com (Area Code - Telephone Number) (Email Address) (Name) B. ACCOUNTANT IDENTIFICATION INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing\* DCPA (Name - if individual, state last, first, and middle name) 2121 Avenue of the Stars #800 Century City CA 90067 (Address) (City) (State) (Zip Code) 9/15/2020 6567 (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 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. {2}------------------------------------------------ ## OATH OR AFFIRMATION Steven C. Bender swear (or affirm) that, to the best of my knowledge and belief, the 1. financial report pertaining to the firm of TRADE CAPITAL MARKETS (TCM) NORTH AMERICA LLC as a manager of the same as of December 31 2 025 , 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. Signature: Title: Principal 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). - = (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 § 240.15c3-3. - [ (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-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. - | | 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 have existed since the date of the previous audit, or a statement that no material inadequacies exist, under 17 CFR 240.17a-12(k). - □ (z) Other: - \*\* To request confidential treatment of certain portions of this filing, see 17 CFR 240.17a-5(e)(3) or 17 CFR 240.18c-7(d)(2), as applicable. {3}------------------------------------------------ ## REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To Those Charged with Governance and the Member of Trade Capital Markets (TCM) North America LLC: ### Opinion on the Financial Statements We have audited the accompanying statement of financial condition of Trade Capital Markets (TCM) North America LLC (the "Company") as of December 31, 2025, the related statements of operations, changes in member's equity, and cash flows for the year then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025, and the results of its operations and its cash flows for the year then ended, in conformity with accounting principles generally accepted in the United States. ### Basis for Opinion These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements 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 statements are 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 statements, 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 statements. 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 statements. We believe that our audit provides a reasonable basis for our opinion. ### Supplemental Information The information contained in Schedules I and II ("Supplemental Information") has been subjected to audit procedures performed in conjunction with the audit of the Company's financial statements. The Supplemental Information is the responsibility of the Company's management. Our audit procedures included determining whether the Supplemental Information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the Supplemental Information. In forming our opinion on the Supplemental Information, we evaluated whether the Supplemental Information, including its form and content is presented in conformity with 17 C.F.R. § 240.17a-5. In our opinion, Schedules I and II are fairly stated, in all material respects, in relation to the financial statements taken as a whole. DCPA DCPA We have served as the Company's auditor since 2023. Century City, California January 22, 2026 {4}------------------------------------------------ # TRADE CAPITAL MARKETS (TCM) NORTH AMERICA LLC STATEMENT OF FINANCIAL CONDITION DECEMBER 31, 2025 ## ASSETS | Cash | ಿತ | 13,733 | |---------------------------------------|------|--------| | Prepaid expenses and other assets | | 1,826 | | TOTAL ASSETS | ಕಿರಿ | 15,559 | | LIABILITIES AND MEMBER'S EQUITY | | | | Accounts payable | ಮ | 4,000 | | Total Liabilities | | 4,000 | | | | | | Member's Equity | | 11,559 | | TOTAL LIABILITIES AND MEMBER'S EQUITY | ಕೊ | 15,559 | The accompanying notes are an integral part of these financial statements and should be read in conjunction herewith. {5}------------------------------------------------ # TRADE CAPITAL MARKETS (TCM) NORTH AMERICA LLC STATEMENT OF OPERATIONS FOR THE YEAR ENDING DECEMBER 31, 2025 ### Revenues | | | ಲ್ಲಿ | |----------|------------------------------|-----------------| | | Total Revenues | | | Expenses | | | | | Technology and data | 11,280 | | | Professional fees | 71,900 | | | Salaries | 41,160 | | | Regulatory and exchange fees | 3,637 | | | Other expenses | 248 | | | Total Expenses | 128,225 | | | | | | | Net Loss | ನಿ
(128,225) | The accompanying notes are an integral part of these financial statements and should be read in conjunction herewith. {6}------------------------------------------------ # TRADE CAPITAL MARKETS (TCM) NORTH AMERICA LLC STATEMENT OF CHANGES IN MEMBER'S EQUITY FOR THE YEAR ENDING DECEMBER 31, 2025 | | | Member's
Equity | |-----------------------------|--------|--------------------| | Balance - December 31, 2024 | ನಿರ್ವಿ | 23,531 | | Member's Contributions | | 116,253 | | Net Loss | | (128,225) | | Balance - December 31, 2025 | ನಿ | 11,559 | The accompanying notes are an integral part of these financial statements and should be read in conjunction herewith. {7}------------------------------------------------ # TRADE CAPITAL MARKETS (TCM) NORTH AMERICA LLC STATEMENT OF CASH FLOWS FOR THE YEAR ENDING DECEMBER 31, 2025 | CASH FLOWS FROM OPERATING ACTIVITIES: | | | |-----------------------------------------------------------------------------------------------------------|----|-----------| | Net loss | A | (128,225) | | Adjustments to reconcile net loss to cash used: | | | | Decrease in prepaid expenses | | (d) | | Increase in accounts payable | | 500 | | Net cash used in operating activities | | (127,734) | | CASH FLOWS FROM INVESTING ACTIVITIES: | | | | CASH FLOWS FROM FINANCING ACTIVITIES: | | | | Member's cash and noncash contributions | | 116,253 | | Net cash provided by financing activities | | 116,253 | | NET DECREASE IN CASH | | (11,481) | | CASH: | | | | Cash - December 31, 2024 | | 25,214 | | Cash - December 31, 2025 | ರಿ | 13,733 | | SUPPLEMENTAL CASH FLOWS DISCLOSURES: | | | | Income taxes paid | | 0 | | Interest paid | | 0 | | SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVITY:
\$66,360 of intercompany payables was forgiven | | | as non-cash capital contributons by the member. The accompanying notes are an integral part of these financial statements and should be read in conjunction herewith. {8}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`aaHbFIFIcFdea 1234256728=836TV;<73CGfKdFLDNO%Q>6@>>2:2V14437=:U55=177>434]48=5?4T7:72V4=Y7>4=?52TS 7>1=UV>7>6:S421:8=::2T3R4S=T3\ >4=?52TS>2:=541276=T284X54T:4:2T3=R86V276=T:7=?447T47@25672814^U614?4T7:2T36T@U11438=::4:3U16TV7>4 S421\TSYU7U14:>=17Y2886T2]2682R84YUT3:Q=U83R423314::437>1=UV>6T@142:43=541276TV14]4TU4:=1%6YT4@4::21S% 7>1=UV>233676=T285263g6T@256728@=T716RU76=T:Y1=?7>4h214T7@=?52TS%Q>6@>4X54@7:7=51=]634YUT36TV2:T44343\ #### i\* -j. + . - + 0 #### /klmlnopqlqrsksmnr >4Y6T2T@628:7274?4T7:21451452143U:6TV7>42@@1U28R2:6:=Y2@@=UT76TV6T2@@=132T@4Q67>2@@=UT76TV516T@6584: V4T41288S2@@457436T7>4tT67437274:=Y?416@2\4]4TU46:14@=VT6u43Q>4T421T43%Q>6844X54T:4:2T38=::4:214 14@=VT6u43Q>4T6T@U1143\ ## -lqnolsmvksql >4514521276=T=YY6T2T@628:7274?4T7:6T@=TY=1?67SQ67>2@@=UT76TV516T@6584:V4T41288S2@@457436T7>4tT67437274: =Y?416@214^U614:?2T2V4?4T77=?2944:76?274:2T32::U?576=T:7>272YY4@77>4145=17432?=UT7=Y2::47:2T3 862R686764:%2T336:@8=:U14:=Y@=T76TV4T72::47:2T3862R686764:277>43274=Y7>4Y6T2T@628:7274?4T7:2T37>4145=1743 2?=UT7:=Y14]4TU4:2T34X54T:4:3U16TV7>4145=176TV5416=3\@7U2814:U87:@=U8336YY41Y1=?7>=:44:76?274:\ >4=?52TS2@@=UT7:Y=114]4TU46T2@@=132T@4Q67>=56@{'{%4]4TU4Y1=?=T712@7:Q67>U:7=?41:\= #### qwqrxqqynzrmsmnr @U?U8276]423|U:7?4T77=?4?R41}:4^U67SQ2:14^U61432:7>4=?52TS>2:S477=@=T3U@7712T:2@76=T:2T3>2:T==54T @=T712@7:\ {9}------------------------------------------------ ### TRADE CAPITAL MARKETS (TCM) NORTH AMERICA LLC ### NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2025 ### NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED): ### Income Taxes The Company is a single member limited liability company that is treated as a disregarded entity for tax purposes. The taxable income or loss of the Company is allocated to the member. Accordingly, no provision for federal or state income taxes has been reflected in the accompanying financial statements. The Company is subject to New York City unincorporated business tax. As of December 31, 2025 no such liability was incurred for the year. ### Uncertain Tax Positions The Company has adopted the provisions of Financial Accounting Standards Board (FASB) Topic 740, Accounting for Uncertainty in Income Taxes ("Uncertain Tax Position"). This accounting guidance prescribes recognition thresholds that must be met before a tax position is recognized in the financial statements and provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. Under Uncertain Tax Position, an entity may only recognize or continue to recognize tax positions that meet a "more likely than not" threshold. The Company has evaluated its tax position as of December 31, 2025, and does not expect any material adjustments to be made. ### NOTE 3-LEASE ACCOUNTING: In connection with ASC Topic 842 ("ASC Topic 842"), which took effect as of the first day of the fiscal year after December 31, 2018, management has evaluated the financial impact the standards had on the Company's financial statements using a modified retrospective transition approach. As of December 31, 2025, the Company does not maintain any leases in excess of a one year term. As such, the Company does not have an obligation to record a right of use asset or an offsetting lease obligation. There will be no impact to the Company's net capital. ### NOTE 4-NET CAPITAL REQUIREMENTS: The Company is subject to the SEC Uniform Net Capital Rule (SEC Rule 15c3-1), which requires the maintenance of minimum net capital and requires that the ratio of aggregate indebtedness to net capital, both as defined, shall not exceed 15 to 1. At December 31, 2025, the Company had net capital of \$9,733 which was \$4,733 in excess of its required net capital of \$5,000. The Company's ratio of aggregate indebtedness to net capital was 0.41 to 1. ### NOTE 5-CONCENTRATIONS OF CREDIT RISK: ### Cash The Company maintains principally all cash balances in one financial institution which, at times may exceed the amount insured by the Federal Deposit insurance Corporation. The exposure to the Company is solely dependent upon daily bank balances and the respective strength of the financial institution. The Company has not incurred any losses on this account. As of December 31, 2025, the amount in excess of insured limits of \$250,000 was \$0. ### NOTE 6-RELATED PARTY TRANSACTIONS: The Company and its Parent share personnel, office space and administrative expenses. For the year ended December 31, 2025, these expenses amounted to \$66,360, all of which has been forgiven and is included as non-cash member contributions by the Parent. At December 31, 2025 the Company had an intercompany payable to the Parent of \$0. It is possible that the terms of certain of the related party transactions are not the same as those that would result for transactions among wholly unrelated parties. {10}------------------------------------------------ #### - - --- # #### -)\* + - , !!!"#\$%&'&( -./0-1234561728019:.8;78:-088%./013<4-=:->03-:9:084->?7424-.008602.4:-802@:60<21@:>0284?4:-8.8<06:9:0> <1.0-.:45518808:-61--06.:1-A:././0:246.:-?484-4?0-.19%12<21@:>:-?802@:608.1%./013<4-=B/034C:373 <1.0-.:454317-.1997.720<4=30-.8./4../013<4-=6175>;020D7:20>.134E07->02./080:->03-:9:64.:1-864--1. ;008.:34.0>B1A0@02%./013<4-=;05:0@08./4.:.:87-5:E05=:.A:55/4@0.134E034.02:45<4=30-.87->02./080 4224-?030-.84->/48-1.20612>0>4-=61-.:-?0-.5:4;:5:.=:-./09:-4-6:458.4.030-.8912./080:->03-:9:64.:1-8B /013<4-=<21@:>0820<2080-.4.:1-84->A4224-.:08.1617-.02<42.:08:-61--06.:1-A:./4@42:0.=196133026:45 .24-846.:1-84->16648:1-455=:->03-:9:08./034?4:-8.<1.0-.:4551880864780>;=./0;2046/19./18020<2080-.4.:1-84-> A4224-.:08B/013<4-=34=4581<21@:>08.4->42>:->03-:9:64.:1-8.18130617-.02<42.:08.1<21.06../03:-./00@0-. 4>>:.:1-45.4C084201A0>12<4=30-.8420A:.//05>%>700:./02.146/4-?0:-124>@02804<<5:64.:1-19602.4:-.4C54A8B /080:->03-:9:64.:1-8?0-02455=4208.4->42>61-.246.745.02384->4200-.020>:-.1:-./0-1234561728019;78:-088B /034C:373<1.0-.:454317-.1997.720<4=30-.8./4../013<4-=6175>;020D7:20>.134E07->02./080 :->03-:9:64.:1-864--1.;008.:34.0>B1A0@02%./013<4-=;05:0@08./4.:.:87-5:E05=:.A:55/4@0.134E034.02:45 <4=30-.87->02./0804224-?030-.84->/48-1.20612>0>4-=61-.:-?0-.5:4;:5:.=:-./09:-4-6:458.4.030-.8912./080 :->03-:9:64.:1-8B #### -F\* GH IG-J-, /013<4-=/480@4574.0>0@0-.887;80D70-..1./0.4.030-.19:-4-6:451->:.:1->4.0912:.03820D7:2:-?20612>:-? 12>:86518720:-./09:-4-6:458.4.030-.8B/00@4574.:1-A48<0291230>./217?/./0>4.019./09:-4-6:458.4.030-.8A020 4@4:54;50.1;0:8870>B"480>7<1-./:820@:0A%./013<4-=/48>0.023:-0>./4../020A020-10@0-.8A/:6/.11E<5460 ./4.A175>/4@0434.02:45:3<46.1-:.89:-4-6:458.4.030-.8B #### -K\*- L GG- MG-, NOPQRSTSURTVWUUXYSZRS[\ZTS]T^]\_`XT^]aZOPbQW\`cdOT\_P\_ZTeVR\_OP]ZOP/0:-4-6:456617-.:-?.4->42>8"142> abZOPQW\`cdOT\_P\_ZTeVR\_OP]ZOPWUUXYSZRS[\ZTS]T^]\_fX]RgRUTZRXSabfX]RgRUTZRXScX^bW\fcdT\_ZOPTY./12:.4.:@081726019 [PSP^TVVhTUUPiZRS[TUUXYSZi^RSURiVP\_abjWWkcd^PUX[SRlP]ehZOPQW\`mNOPi^RSURiVP\_PneX]RP\_RSZOPfX]RgRUTZRXST^PZX ;04<<5:0>;=-1-?1@02-30-.450-.:.:08:-./0<20<424.:1-199:-4-6:458.4.030-.8:-46612>4-60A:./op:-./0q-:.0>.4.08B 0A46617-.:-?<21-17-6030-.8420:-612<124.0>:-.1./0./217?/./0:8874-60196617-.:-?.4->42>8q<>4.08 abW\rs\_cdm 12./0=0420->:-?!0603;02#\$%&'&(tuT^RXY\_W\rs\_R\_\_YP]ehZOPQW\`vP^PPRZOP^SPvVhR\_\_YP]X^OT]PggPUZRu0 :3<5030-.4.:1->4.08./4.A175>20D7:20./0:2<21@:8:1-8.1;0209506.0>:-./09:-4-6:458.4.030-.912./0=042./0-0->0>B/0 13<4-=/480:./020@4574.0>12:867220-.5=0@4574.:-?./0:3<5:64.:1-8%:94-=%19046/19./080<21-17-6030-.84->./0<188:;50 RniTUZZOPhnThOTuPXSZOPfXniTShs\_gRSTSURTV\_ZTZPnPSZ\_mwSnX\_ZUT\_P\_tnTST[PnPSZOT\_]PZP^nRSP]ZOTZZOP <21-17-6030-.8/4@00:./025:3:.0>12-14<<5:64.:1-.1./013<4-=4->:-45564808%:3<5030-.4.:1-A175>-1./4@0434.02:45 :3<46.1-./09:-4-6:458.4.030-.8.4E0-484A/150B {11}------------------------------------------------ #### - - --- # #### -)\*+ ,- -,- !!!"#\$%&'&( ./0123456077089::0;4<=4><34?3@?9A2?31/4D02=:&E'FG12@0H/1/4<9<0 IJKLMNOPQJRJSTJUNVWXYQLXZMJX[\]R^\_`\_aB`bcdefgWYgJhKOUiXMJKLMNOPQJXJSTJUNWUjLMTONWLUPkMJlZWMWUSYLTKOUWJX <0?=9:709/%0434344;3734?=44=6=:34<@/20@<3m7/9/>1/4;73@752@0H=?/?<0<./.=/6 oKJMONWUSVJYWXWLUpOqJM[\roVpcdOUiWUYQZiJifWNgWUJOYgMJKLMNJiTJOXZMJLjOXJSTJUNsXKMLjWNLMQLXXt]R^ &'&#B'C3790@/u;=@/9?=9:709;@/06<./<=<7/34?209=<=0406<./=4?=H=?;37=?/4<=6=/?39<./!34?34/n27343<=0406 .08<./!13v/9?/:=9=0493m0;<3770:3<=4>@/90;@:/9<09/>1/4<934?/H37;3<=4>2/@60@134:/w ./012345:04?;:<9=<9m;9=4/993:<=H=<=/934?@/20@<96=434:=37@/9;7<93939=4>7/@/20@<3m7/m@0v/@3>/9/@H=:/99/>1/4@/90;@:/934?399/99=4>2/@60@134:/=431344/@ :049=9207=:=/906<./m@0v/@3>/9/@H=:/99/>1/4<3@/<./931/39?/9:@=m/?=4<./?/9:@=2<=0406m;9=4/9934?9;113@506 9=>4=6=:34<3::0;4<=4>207=:=/9401,826 | | | | | | | 1,826 | | | | | | | Net capital before haircuts on securities positions | | | 9,733 | | Less: Haircuts and exempted securities | | | 0 | | | | | | | NET CAPITAL | | ಸಿಕ | 9,733 | | | | | | | AGGREGATE INDEBTEDNESS | | ರಿಕೆ | 4,000 | | MINIMUM NET CAPITAL REQUIRED (6 2/3% of aggregate indebtedness) | | ಿರ | 267 | | | | | | | MINIMUM NET CAPITAL DOLLAR REQUIREMENT | | ತಿ | 5,000 | | | | | | | MINIMUM NET CAPITAL REQUIRED | | ಕಿ | 5,000 | | | | | | | EXCESS NET CAPITAL (\$9,733 - \$5,000) | | ಕಿ | 4,733 | | RATIO OF AGGREGATE INDEBTEDNESS TO | | | | | NET CAPITAL | ಕಿರಿ
4,000 | | | | | ਰਿੰ
9,733 | | 0.41 to 1 | | | | | | There was no material difference between the net capital calculated here and the net capital calculated on the Company's most recently filed Form x17a-5 as of December 31, 2025 See Report of Independent Registered Public Accounting Firm {13}------------------------------------------------ # TRADE CAPITAL MARKETS (TCM) NORTH AMERICA LLC SCHEDULE II INFORMATION RELATING TO RESERVE REQUIREMENT FOR BROKER/DEALERS AND INFORMATION RELATING TO POSSESSION OR CONTROL REQUIREMENTS UNDER SEC RULE 15c3-3 DECEMBER 31, 2025 1) The Company does not claim an exemption under paragraph (k) of 17 C.F.R. 240.15c3-3, but is relying on footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. 240.17a-5 because the has yet to begin a securities business and the Company (1) did not directly or indirectly receive, hold or otherwise owe funds or securities for or to customers; (2) did not carry not carry acounts of or for customers; and (3) did not carry PAB accounts (as defined in Rule 15c3-3) throughout the most recent year without exception. See Report of Independent Registered Public Accounting Firm {14}------------------------------------------------ Trade Capital Markets (TCM) North America LLC Report on Exemption Provisions Pursuant to Provisions of 17 C.F.R. § 15c3-3(k) For the Year Ended December 31, 2025 {15}------------------------------------------------ ## REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To Those Charged with Governance and the Member of Trade Capital Markets (TCM) North America LLC: We have reviewed management's statements, included in the accompanying Exemption Report, in which (1) Trade Capital Markets (TCM) North America LLC does not claim an exemption under paragraph (k) of 17 C.F.R. § 240. 15c3-3, and (2) Trade Capital Markets (TCM) North America LLC's other business activities contemplated by Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5 ("Non-Covered Firm") since the Company has not commenced any business generating activities therefore the Company did not identify any exceptions to this assertion throughout the year ended December 31, 2025. Trade Capital Markets (TCM) North America LLC's management is responsible for compliance with the exemption provisions, and the provisions of Footnote 74, and its statements. Our review was conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States) and, accordingly, included inquiries and other required procedures to obtain evidence about Trade Capital Markets (TCM) North America LLC's compliance with the exemption provisions. A review is substantially less in scope than an examination, the objective of which is the expression of an opinion on management's statements. Accordingly, we do not express such an opinion. Based on our review, we are not aware of any material modifications that should be made to management's statements referred to above for them to be fairly stated, in all material respects, based on the provisions set forth in the Non-Covered Firm provision. DCPA DCPA Century City, California January 22, 2026 {16}------------------------------------------------ ## Trade Capital Markets (TCM) North America LLC Exemption Report For the Year Ended December 31, 2025 Trade Capital Markets (TCM) North America LLC ("the Company"), is a registered broker-dealer subject to Rule 17a -5 promulgated by the Securities and Exchange Commission (17 C.F.R. Section 240.17a -5, "Reports to be made by certain brokers and dealers"). This Exemption Report was prepared as required by 17 C.F.R. Section 240.17a-5(d)(1) and (4). To the best of its knowledge and belief, the Company states the following: - 1) The Company does not claim an exemption under paragraph (k) of 17 C.F.R. § 240. 15c3-3, and - 2) The Company is filing this Exemption Report relying on Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5 because the Company has not commenced any business generating activities. The Company (1) did not directly or indirectly receive, hold, or otherwise owe funds or securities for or to customers, other than money or other consideration received and promptly transmitted in compliance with paragraph (a) or (b)(2) of Rule 15c2-4; (2) did not carry accounts of or for customers; and (3) did not carry PAB accounts (as defined in Rule 15c3-3) 1) throughout the most recent fiscal year without exception. Trade Capital Markets (TCM) North America LLC I, Steven C. Bender, swear (or affirm) that, to my best knowledge and belief, this Exemption Report is true and correct. Title: Principal Financial Officer Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.