Broker-dealers by size
Every firm with a page sits in one band by the total assets its statement of financial condition prints. Each band's page gives the spread of five ratios computed from its firms' filings, for the whole band and for each way of clearing. No page names a firm by where it falls.
The bands
Corpus version 03aaa6d87ba8
| Total assets | Firms | Median, net capital as a multiple of requirementNet capital divided by the requirement. 1.0× means net capital just equals the requirement. A firm that falls below 1.2× must notify the SEC and its examining authority within 24 hours. Which leg of the requirement binds differs by firm, so read the multiple alongside the aggregate‑indebtedness ratio. |
|---|---|---|
| Under $250K | 699 | 6.2× of 671 |
| $250K to $1M | 551 | 14.7× of 529 |
| $1M to $10M | 915 | 17.5× of 882 |
| $10M to $100M | 515 | 32.7× of 498 |
| $100M to $1B | 173 | 82.6× of 160 |
| Over $1B | 167 | 120.0× of 131 |
Which leg of the requirement binds differs by firm, so read the multiple alongside the aggregate‑indebtedness ratio on each band's page. Firms whose filings state their figures in another currency sit in no band: 3 of them.
At the rule's early-warning lines
Counts only · each as of the firm's fiscal year end
- Aggregate indebtedness above 12 to 1
- 5 of the 1,119 firms whose filings print aggregate indebtedness in dollars and positive net capital
- Net capital under 120% of the requirement
- 32 of the 2,876 firms whose filings print both figures
- Below the net capital requirementNet capital below the requirement on the computation the filing prints, as of the fiscal year end. Rule 15c3‑1 requires a firm to hold at least its requirement at all times, and Rule 17a‑11 requires it to notify the SEC and its examining authority the same day it falls below. The filing is as of that one day.
- 24 of the 2,597 firms whose filings print the computation
Rule 17a‑11 requires a firm to notify the SEC and its examining authority within 24 hours when its aggregate indebtedness exceeds 1,200% of its net capital or its net capital falls below 120% of its requirement, and the same day when net capital falls below the requirement. Each count reads one day, each firm's fiscal year end, from its filing, and says nothing about any firm since. How the aggregate‑indebtedness ratio is counted is on /methodology.
Across the corpus
Counts over every firm with a page
Going‑concern language, by size
| Total assets | Firms | With the language |
|---|---|---|
| Under $250K | 699 | 59 |
| $250K to $1M | 551 | 22 |
| $1M to $10M | 915 | 9 |
| $10M to $100M | 515 | 1 |
| $100M to $1B | 173 | 0 |
| Over $1B | 167 | 0 |
What the audit opinion covers
| Full statements | 1,113 |
| The statement of financial condition only | 1,865 |
| Other than the full statements | 1 |
| No auditor's report in the public copy | 58 |
Days from fiscal year end to filing
Median 64 days; the middle half filed between 58 and 89 days after their year end (3,037 filings).