However, if your account does not have permissions to trade in fractions or the corporate action is issuing non-US shares or non-eligible US shares, the best emini day trading strategy quicken import brokerage account shares will be liquidated. Any system failure that causes an interruption in our service or decreases the responsiveness of our service could impair our reputation, damage our brand name and materially adversely affect our business, financial condition and results of operations. The unaudited pro forma financial data is presented for informational purposes only and should not be considered indicative of actual results of operations that would have been achieved had the Recapitalization and this offering. If the request has been approved, clients will be able to trade on the next day. The unaudited pro forma financial statements should be read in conjunction with our consolidated financial statements and related notes included elsewhere in this prospectus, "Management's Discussion and Analysis of Financial Deleting a robinhood account questrade vs td direct investing and Results of Operations" and the other financial information appearing elsewhere in this prospectus. Buyers and sellers of exchange-traded financial instruments benefit from:. All of these exchanges are partially or fully electronic, meaning that a customer can buy or sell a product traded on that exchange via an electronic link from his or her computer terminal through our system to the exchange. Payments for order flow are made as part of exchange-mandated programs and to otherwise attract order volume to our. We could issue a series of preferred stock that could impede the completion of a merger, tender offer or other takeover attempt. IB has developed business continuity plans that describe steps that the firm and its employees would take in the event of various scenarios. Prior to the IPO, we had historically conducted our business cannabis vapor stocks interactive brokers interest paid to you a limited liability company structure. As a private company, such amounts were classified historically as members' capital. Trading central signals review fpay finviz future acquisitions may result in significant transaction expenses and risks associated with entering new markets in addition to integration and consolidation risks. This is made possible by our proprietary pricing model, which evaluates and monitors the risks inherent in our portfolio, assimilates market data and reevaluates the outstanding quotes in our portfolio each second. The following table sets forth our consolidated results of operations as a percent of our total revenues for the indicated periods:. These and other estimates and assumptions used in the calculation of the pro forma financial information in this prospectus may be materially different from our actual experience as a public company. Table of Contents. Firms in financial service industries have been subject to an increasingly regulated environment over recent years, and penalties and fines sought by regulatory authorities have increased accordingly. We are required to pay Holdings for the benefit relating to additional tax depreciation or amortization deductions we claim as a result of the tax basis step-up our subsidiaries received in connection with our IPO and certain subsequent redemptions of Holdings membership interests. The following table summarizes capital, capital requirements and excess regulatory capital millions :.
Certain provisions in our amended and restated certificate of incorporation may prevent efforts by our stockholders to change our direction or management. We believe that our relations with our employees are good. We may in the future become involved in additional litigation or regulatory proceedings in the ordinary course of our business, including litigation or regulatory proceedings that could be material to our business. Generally, Utilization is the ratio of demand to supply. We employ certain hedging and risk management techniques to protect us from a severe market dislocation. We do not have fully redundant systems. We have always believed that this strategy is the key to attracting customers to our platform, and as a result, Interactive Brokers has become the recognized leader amongst active, professional traders. Any such problems or security breaches could cause us to have liability to one or more third parties, including our customers, and disrupt our operations. The Company has not made grants of common stock outside of its equity compensation plans:. The following two tables present net revenues and income before income taxes for each of our business segments for the periods indicated. Our future success will depend on our response to the demand for new services, products and technologies. Thomas Peterffy Chairman, Chief Executive Officer In planning our business we aim to ride on the front edge of long-term trends. Financial Supervisory Agency capital requirements.
Given the inherent difficulty of predicting the outcome of our litigation and regulatory matters, particularly in cases or proceedings in which binary option stock brokers day trading audiobook or indeterminate damages or fines are sought, or where cases or proceedings are in the early stages, we cannot estimate losses or ranges of losses for cases or proceedings where there is only a reasonable possibility that a loss may be incurred. Each Northbound trading client will be assigned a Broker-to-Client Assigned Number BCAN which will be associated with the identification information collected and will be tagged to every Northbound order on a real-time basis. Our market making software generates and disseminates to exchanges and market centers continuous bid and offer quotes on overtradable, exchange listed products. There is no additional fee to use fractional share trading. We could incur significant legal expenses in defending ourselves against and resolving lawsuits or claims. Tutti gli utenti di conti che mantengano permessi per il trading negli Can i trade stock without 25000 dollars how old do i have to be to buy stocks Uniti Penny Stock sono tenuti all'uso del sistema di autenticazione a due livelli per effettuare l'accesso al conto. This table includes a notation as to whether the impacted issue is eligible for transfer to a U. We were the number one or number two liquidity provider on each of the three largest U. The Company reports its results in two business segments, electronic brokerage and market making. Any failure on our part to anticipate or respond adequately to technological advancements, customer requirements or changing industry standards, or any significant delays in the development, introduction or availability cannabis vapor stocks interactive brokers interest paid to you new services, products or enhancements could have a material adverse effect on our business, financial condition and operating results. The loss of such best legitamite binary options trading online futures trading practice account personnel could have a material adverse effect on our business. Northbound trading refers to the trading of mainland-listed stocks e.
The demand for market making services, particularly services that rely on electronic communications gateways, pharmacyte biotech stock biotechnology penny stocks characterized by:. Forward-looking statements also involve known and unknown risks and uncertainties, which could cause actual results that differ materially from those contained in any forward-looking statement. These Chief Compliance Officers, plus certain other senior staff members, are FINRA-registered principals with supervisory responsibility over the various aspects of our businesses. We are also subject to periodic regulatory audits and inspections. If a holder of restricted IBG Holdings LLC membership interests breaches the non-competition covenant, all interests that remain subject to the restriction would be immediately forfeited. Some of our competitors in this area have greater name recognition, longer operating histories and significantly greater financial, technical, marketing and other resources than we have and offer a wider range of services and financial products than we. If our systems fail to perform, we could experience unanticipated disruptions in operations, slower response times or decreased customer service and customer satisfaction. Certain provisions in our amended cannabis vapor stocks interactive brokers interest paid to you restated certificate of incorporation may prevent efforts by our stockholders to change our direction or management. Our service has experienced periodic system interruptions, which we believe will continue to occur from time to time. Because our revenues marketdelta on ninjatrader custom data feed tradingview profitability depend on trading volume, they are prone to significant fluctuations and are difficult to predict. IB's various companies truth about etrade interactive brokers trade execution regulated under state securities laws, U. This prospectus contains forward-looking statements within the meaning of the federal securities laws. We rely primarily on trade secret, contract, copyright, trademark and patent law to protect our proprietary technology. Unless we specifically state otherwise, all information in this prospectus:. We actively manage our global currency exposure on a continuous basis by maintaining our equity in a basket of currencies we call the GLOBAL. The markets in which we compete are characterized by rapidly changing technology, evolving industry standards and changing trading systems, practices and techniques. A global platform. For example, our amended and restated certificate of incorporation authorizes our board of directors to determine the rights, preferences, privileges and buy bitcoin with fiat on bittrex coinbase physical address of unissued series of preferred stock, without any vote or action by our stockholders. What is the Stock Connect? This growth was predominantly in institutional accounts.
Brody received a Bachelor of Arts degree in economics from Cornell University in Similarly, we seek to market ourselves to our current customers and potential new classes of customers such as broker-dealers, hedge funds and conventional money managers based on our position as a low cost provider of the best execution brokerage services to further drive order flow. In addition, we may experience difficulty borrowing securities to make delivery to purchasers to whom we sold short, or lenders from whom we have borrowed. As an individual floor trader, he founded the firm which became our company. Additionally, adoption or development of similar or more advanced technologies by our competitors may require that we devote substantial resources to the development of more advanced technology to remain competitive. Instructions for entering this order type are outlined below:. Based on our current level of operations, we believe our cash flow from operations, available cash and available borrowings under our senior secured revolving credit facility will be adequate to meet our future liquidity needs for at least the next twelve months. Any future acquisitions may result in significant transaction expenses, integration and consolidation risks and risks associated with entering new markets, and we may be unable to profitably operate our consolidated company. These rules also dictate the ratio of debt-to-equity in the regulatory capital composition of a broker-dealer, and constrain the ability of a broker-dealer to expand its business under certain circumstances. Non-interest Expenses. In addition, we may not be able to obtain new financing. As a result, there may be large and anomalous swings in the value of our positions daily and, accordingly, in our earnings in any period. We believe that our relations with our employees are good. Both benefit from our combined scale and volume, as well as from our proprietary technology. Our customers can simultaneously access different financial markets worldwide and trade across multiple asset classes stocks, options, futures, foreign exchange forex and bonds denominated in ten different currencies, on one screen, from a single account based in any major currency. If a firm fails to maintain the required net capital, it may be subject to suspension or revocation of registration by the applicable regulatory agency, and suspension or expulsion by these regulators could ultimately lead to the firm's liquidation. Utilizing up-to-date computer and telecommunications systems, we transmit continually updated pricing information directly to exchange computer devices and receive trade and quote information for immediate processing by our systems. Our activities in the United States are entirely self-cleared. Brody joined us in and has served as Chief Financial Officer since December Our customers also benefit from advanced "smart-routing" of orders for optimal execution and among the lowest execution and commission costs in the industry.
For "unbundled" commissions, we charge regulatory and exchange fees, at our cost, separately from our commissions, adding transparency to our fee structure. Such factors include, but are not limited to, the following:. As a result of these regulations, our future efforts to sell shares or raise additional capital may be delayed or prohibited. As a result, you may not be able to sell shares of our common stock at prices equal to or greater than the price you paid in this offering. Execution and Clearing. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. Any future acquisitions may result in significant transaction expenses, integration and consolidation risks and risks associated with entering new markets, and we may be unable to profitably operate our consolidated company. These assumptions could prove inaccurate. For example, larger long stock positions give rise to increases in securities loaned as we finance these holdings and larger short stock positions give rise to increases in securities borrowed to enable delivery of shares sold short. Both types of competitors range from sole proprietors with very limited resources to a few highly sophisticated groups which have substantially greater financial and other resources, including research and development personnel, than we do.
Operational efficiencies afforded by registering securities ownership in an electronic form and the ease and low cost by which clients may transfer funds electronically are critical factors enabling the shortening of the settlement cycle. Sales or distributions of substantial amounts of our common stock including shares issued in connection with an acquisitionor the perception that such sales could occur, may cause the market price of our common stock to decline. Both benefit from our combined scale and volume, as well as from our proprietary technology. Therefore, IBG LLC has not recorded any liability in relation to such litigation matters in the accompanying consolidated financial statements. When will the identification take place? Customers interested in developing program trading applications in MS-Excel. For more information on pro forma income taxes applicable to our business under "C" corporation status, see "The Recapitalization Transactions and Our Organizational Structure. Our policy is to estimate and accrue for potential losses that may arise out of litigation, regulatory proceedings and tax audits to the extent that such losses are probable and can be estimated questrade trailing stop percentage otc stock exchange securities accordance with Statement of Financial Accounting Standards SFAS No. Certain provisions in our amended and restated certificate of incorporation may prevent efforts by our stockholders to change our direction or management. The great majority of these inquiries do not lead cannabis vapor stocks interactive brokers interest paid to you fines or any further action how much has the stock market gone up this year vanguard wellington stock IB. If we default on our indebtedness, our business financial condition and results of operation could be materially and adversely affected. Our entire portfolio is evaluated each second and continuously rebalanced throughout the trading day, thus minimizing the risk of our portfolio at all times. We do not have fully redundant systems. The Company reports its results in two business segments, electronic bullish reversal strategies options strategies for high implied volatility and market making. Like other brokerage and financial services firms, our business and profitability are directly affected by elements that are beyond our control, such as economic and political conditions, broad trends in business and finance, changes in volume of securities and futures transactions, changes in the markets in which such transactions occur and changes in how such transactions are processed. Our commissions and execution fees are geographically diversified. The competitive environment for market makers has buy sell trade stocks will cannabis stocks pay dividends considerably in the past several years, most notably with the rise in high frequency trading firms "HFTs". Our future success will depend on our response to the demand for new services, products and technologies. For U. Our revenue base is highly diversified and comprised of millions of relatively small individual trades of various financial products traded on electronic exchanges, primarily stocks, options and futures. In addition, subject to restrictions in our senior secured revolving credit facility and our senior notes, we may incur additional first-priority secured borrowings under the senior secured revolving credit facility.
This regime is intended to enhance regulatory surveillance of mainland-listed stock trading from Hong Kong and requires brokers to report the identity of clients submitting orders to either the Shanghai or Shenzhen Stock Exchange. We may be subject to similar restrictions in other jurisdictions in which we operate. For more information, please read the section entitled "The Recapitalization Transactions and Our Organizational Structure" located elsewhere in this prospectus. Click on the Miscellaneous tab Misc. Fractional Share Trading Overview:. We conduct our market making business through our Timber Hill subsidiaries. Paul J. These statements include, among others, statements regarding our expected business outlook, anticipated financial and operating results, our business strategy and means to implement the strategy, our objectives, the amount and timing of capital expenditures, the likelihood of our success in expanding our business, financing plans, budgets, working capital needs and sources of liquidity. Market conditions that are difficult for other market participants often present Timber Hill with the opportunities inherent in diminished competition. The unaudited pro forma financial statements should be read in conjunction with our consolidated financial statements and related notes included elsewhere in this prospectus, "Management's Discussion and Analysis of Financial Condition and Results of Operations" and the other financial information appearing elsewhere in this prospectus. Any such problems could jeopardize confidential information transmitted over the Internet, cause interruptions in our operations or cause us to have liability to third persons.
The concentration of ownership could discourage potential takeover attempts that other stockholders may favor and could deprive stockholders of an opportunity to receive a premium for their common stock as part of a sale of our company and vanguard global trading inc san diego ca manta canadas hidden penny pot stock opportunity may adversely affect the market price of our common stock. With respect to our direct market access brokerage business, the market for electronic and interactive bidding, offering and trading services in connection with equities, options and futures is relatively new, rapidly evolving and intensely competitive. We are also subject to the risk of litigation and claims that may be without merit. IB provides its customers with high-speed trade execution at low commission rates, in large part because it utilizes the backbone technology developed for Timber Hill's market making operations. Net Income. However, the original dividend from the Swiss company was made from earnings that were not previously taxed in the U. Clients with existing Northbound trading permissions will be presented with the online form upon log in to Account Management. If we default on our indebtedness, our business financial condition and results of operation could be materially and adversely affected. Will cannabis vapor stocks interactive brokers interest paid to you settlement for purchases and sales of options, futures or futures options contracts change? Specialists and designated market makers are granted certain rights and have certain obligations to "make a market" in a particular security. Generally, Utilization is the ratio of demand to supply. The most efficient of these platforms tend to drive the fastest growing businesses and they also tend to receive the most investment, which allows them to be further developed and to gain ever more competitive advantage. Market making activities require us to hold a substantial inventory of equity securities. Like other securities brokerage firms, we have been named as a defendant in lawsuits and from time to time we have been threatened with, or named as a defendant in, arbitrations and administrative proceedings. Our primary assets are our ownership of approximately Our foreign affiliates are similarly regulated under the laws and institutional framework of the countries in which they operate. Our total liability accrued with respect to litigation how many stock markets in the us how much does microsoft stock pay in dividends regulatory proceedings is determined on a case-by-case basis and represents an estimate of probable losses based on, among other factors, the progress of each case, our experience with and industry experience with similar cases and the opinions and views of internal and external legal counsel. Our customers are able to transact trades in ten different currencies and across all product classes seamlessly from one IB Universal Account SM. IBKR does support short sales in fractional shares of eligible U. For years, we have identified as a long-term fee rate short interactive brokers with dividen payouts enduring trend the proliferation crypto portfolio exchange api xem coin exchange large electronic platforms that organize and automate all the functions and processes a business must fulfill. As a corporation, we will be required to pay U.
Trading gains also include revenues from net dividends. K Financial Services Authority financial resources requirement. The electronic brokerage businesses of many of our competitors are relatively insignificant in the totality of their firms' business. Our policy is to estimate and accrue how to sell crypto on robinhood selling covered call for concentrated positions potential losses that may arise out of litigation, regulatory proceedings and tax audits to the extent that such losses are probable and can be estimated in accordance with Statement of Financial Accounting Standards SFAS No. All users on accounts maintaining United States Penny Stocks trading permissions are required use 2 Factor login protection when technical analysis of stock trends pdf in gujarati trading view 5 minute charts into the account. Our mode of operation and profitability may be directly affected by additional legislation; changes in rules promulgated by various domestic and foreign government agencies and self-regulatory organizations that oversee our business; and changes in the interpretation or enforcement of existing laws and rules. We have not authorized anyone to provide you with information that is different. Fractional Share Trading Overview:. Our entire portfolio is evaluated each second and continuously rebalanced throughout the trading day, thus minimizing the risk of our portfolio at all times.
We cannot assure you that we will be successful in developing, introducing or marketing new services, products and technologies. From time to time, we have large position concentrations in securities of a single issuer or issuers engaged in a specific industry or traded in a particular market. We face a variety of risks that are substantial and inherent in our businesses, including market, liquidity, credit, operational, legal and regulatory. According to data received from exchanges worldwide, volumes in exchange-listed equity-based options decreased by approximately 9. In addition, in the event of an acceleration, we may not have or be able to obtain sufficient funds to refinance our indebtedness or make any accelerated payments, including those under the senior notes. Any disruption for any reason in the proper functioning or any corruption of our software or erroneous or corrupted data may cause us to make erroneous trades or suspend our services and could cause us great financial harm. Net Revenues. Si ipotizzi di inserisce un ordine limite di acquisto di azioni del titolo XYZ a This prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted. ITEM 1B. We rely on certain third-party computer systems or third-party service providers, including clearing systems, exchange systems, Internet service, communications facilities and other facilities. Our reliance on our computer software could cause us great financial harm in the event of any disruption or corruption of our computer software. The range of the Price Cap varies depending on the type of instrument and the current price. In light of our automated operations and our automated compliance systems, we have a smaller and more efficient Compliance Department than many traditional securities firms.
Boerse Stuttgart and Clearstream Banking have announced that they will no longer provide services for issues whose main business is connected directly or indirectly to cannabis and other narcotics products. Our customers also benefit from advanced "smart-routing" of orders for optimal execution and among the lowest execution and commission costs in the industry. The following table sets forth the historical summary consolidated statement of income data for IBG LLC for all periods presented. Neither the Securities Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. An active market may not develop following completion of this offering or, if developed, may not be maintained. Si ipotizzi di inserisce un ordine limite di acquisto di azioni del titolo XYZ a Similarly, we seek to market ourselves to our current customers and potential new classes of customers such as broker-dealers, hedge funds and conventional money managers based on our position as fnb forex pricing guide nadex binary options explained low cost provider of the best execution brokerage services to cannabis vapor stocks interactive brokers interest paid to you drive order flow. In the current using metatrader 4 app metatrader 4 size mean of heightened regulation of financial institutions, we expect to incur increasing compliance costs, along with the industry as a. Any such action could negatively affect our results of operations. We hope to offer this in the future. We remain committed to improving our technology, and we try to minimize corporate hierarchy to facilitate efficient communication among employees. Short sale transactions — brokers are required under SEC Rule to close out short sales if unable to borrow securities and make delivery 5g small cap stocks questrade down reddit settlement. Generally, a broker-dealer's capital is net worth plus qualified subordinated debt less deductions for certain types of assets. IB's customers are mainly comprised of "self-service" individuals, former floor traders, trading desk professionals, electronic retail brokers, financial advisors who are comfortable with technology, banks that require global access and hedge funds. Some of these adjustments include, among other items, a deduction and charge to earnings of estimated income taxes based on an estimated tax rate. A large clearing member default could result in a substantial cost to us if we are required to pay such assessments.
We built our business on the belief that a fully computerized market making system that could integrate pricing and risk exposure information quickly and continuously would enable us to make markets profitably in many different financial instruments simultaneously. This increased the total number of shares available to be distributed under this plan to 20,, shares, from 9,, shares. If you purchase stock and borrow funds to pay for the purchase i. Our business was historically operated through a limited liability company that was not subject to U. In our market making activities, we compete with other firms based on our ability to provide liquidity at competitive prices and to attract order flow. Although our growth strategy has not focused historically on acquisitions, we may in the future engage in evaluations of potential acquisitions and new businesses. The price you pay for shares of our common stock sold in this offering is substantially higher than the per share value of our net assets, after giving effect to this offering. In general, any distributions of cash or other property that we pay to our stockholders will constitute dividends for U. Our proprietary technology is the key to our success. We have identified a material weakness in our internal control over financial reporting. While we believe internal company surveys are reliable and market definitions are appropriate, neither these surveys nor these definitions have been verified by any independent sources. The Company currently transacts business and is required to manage balances in each of these 16 currencies. We conduct our market making business through our Timber Hill "TH" subsidiaries. The current settlement cycle for both U. We are required to pay Holdings for the benefit relating to additional tax depreciation or amortization deductions we claim as a result of the tax basis step-up our subsidiaries received in connection with our IPO and certain subsequent redemptions of Holdings membership interests. We are subject to risks relating to litigation and potential securities laws liability. IB receives hundreds of regulatory inquiries each year in addition to being subject to frequent regulatory examinations. These risks could cause a material adverse effect on our business, financial condition or results of operations. However, while Prime accounts may clear U.
Income Tax Expense. Our policy is to estimate and accrue for potential losses that may arise out of litigation, regulatory proceedings and tax audits to the extent that such losses are probable and can be estimated coinbase phone number contact like kind exchange crypto accordance with Statement of Financial Accounting Standards SFAS No. Any future acquisitions may result in significant transaction expenses and risks associated with entering new markets in addition to integration and consolidation risks. New services, products and technologies may render our existing services, products and technologies less competitive. We may not pay dividends on our common stock at any time in the foreseeable future. IB SmartRouting SM searches for the best destination price in view of the displayed prices, sizes and accumulated statistical information about the behavior of market centers at the time an order is placed, and IB SmartRouting SM immediately seeks to execute that order electronically. Click on the Miscellaneous tab Misc. It is the Company's intention that no new Senior Notes will be issued. We face competition in our market making activities. Prior to cocoa futures trading quote forex market bot completion of this offering, as a result of the Recapitalization, our business will become subject to taxes applicable to "C" corporations. The information collected ninjatrader 8 indicator how to change region color finviz criteria reported depends upon the client classification. You should read can you trade nasdaq on webull journalize stock dividend declaration following summary historical and pro forma consolidated financial data in conjunction with the sections entitled "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Selected Historical Consolidated Financial Data," "Unaudited Pro Forma Consolidated Financial Data" and IBG LLC's historical consolidated financial statements and related notes included elsewhere in this prospectus. The unaudited pro forma financial data is presented for informational purposes only and should cannabis vapor stocks interactive brokers interest paid to you be considered indicative of actual results of operations that would have been achieved had the Recapitalization and this offering been consummated on the dates indicated and do not purport to be indicative of balance sheet data or results of operations as of any future date or for any future period. It is possible, however, that such shares could be issued in one or a few large transactions. HFTs that are not registered market makers have certain advantages over registered market making firms that may allow them to bypass regulatory restrictions and trade more quickly and cheaply than registered market makers at some exchanges. Any failure on our part to anticipate or respond adequately to technological advancements, customer requirements or changing industry standards, or any significant delays in the development, introduction or availability of new services, products or enhancements could have a material adverse effect on our business, financial condition and operating results. For example, if we hold a position in an OCC-cleared product .
Historically, our profits have been principally a function of transaction volume on electronic exchanges rather than volatility or the direction of price movements. In case of sudden, large price movements, such market participants may not be able to meet their obligations to brokers who, in turn, may not be able to meet their obligations to their counterparties. IBKR will only accept transfers 1 of blocks of U. Translation gains and losses fluctuate with exchange rates and with changes in the composition of our trading assets and liabilities. Our transaction processing is automated over the full life cycle of a trade. Our trading gains are geographically diversified. We believe that developing, maintaining and continuing to enhance our proprietary technology provides us and our customers with the competitive advantage of being able to adapt quickly to the changing environment of our industry and to take advantage of opportunities presented by new exchanges, products or regulatory changes before our competitors. Search IB:. The members of Holdings have the right to cause the redemption of their Holdings membership interests over time in connection with offerings of shares of our common stock. If our customers default on their obligations, we remain financially liable for such obligations, and although these obligations are collateralized, we are subject to market risk in the liquidation of customer collateral to satisfy those obligations. We do this to protect IB, as well as the customer, from excessive losses and further contributes to our low-cost structure. Our most significant international brokerage subsidiary, Interactive Brokers U. The historical consolidated financial position and results of operations are not necessarily indicative of the financial position or results of operations as of any future date or for any future period. Each Northbound trading client will be assigned a Broker-to-Client Assigned Number BCAN which will be associated with the identification information collected and will be tagged to every Northbound order on a real-time basis. The period-to-period comparisons below of financial results are not necessarily indicative of future results. We expect competition to continue and intensify in the future. ITEM 1B. Nonetheless, in the current climate, we expect to pay significant regulatory fines on various topics on an ongoing basis, as other regulated financial services businesses do. From to Mr. Our systems and operations also are vulnerable to damage or interruption from human error, natural disasters, power loss, telecommunication failures, break-ins, sabotage, computer viruses, intentional acts of vandalism and similar events.
To continue to operate and to expand our services internationally, we may have to comply with the regulatory controls of each country in which we conduct, or intend to conduct business, the requirements of which may not be clearly defined. For purposes of this policy, the term Microcap Stock will include the shares of U. As a result, period to period comparisons of our revenues and operating results may not be meaningful, and future revenues and profitability may be subject to significant fluctuations or declines. What is the Stock Connect? Based on our current level of operations, we believe our cash flow from operations, available cash and available borrowings under our senior secured revolving credit facility will be adequate to meet our future liquidity needs for at least the next twelve months. He is an expert in the economics of securities market microstructure and the uses of transactions data in financial research. As a result of these varying requirements, a bidder may have its bid rejected by the placement agents or a participating dealer while another bidder's identical bid is accepted. Failure of third-party systems on which we rely could adversely affect our business. As we identify and enhance our software, there is risk that software failures may occur and result in service interruptions and have other unintended consequences. As a result of the Recapitalization, immediately following this offering and the application of net proceeds from this offering:. The actual amount of tax benefits that we realize measured by a reduction in taxes otherwise payable by us will depend upon multiple factors, including the tax rate applicable to us at the time. We derive significant revenues in the form of dividend income from these equity securities.