Introduction to Net Capital Rule 15c3-1
Learn both the Standard Method and the Alternate Method of computing Net Capital as required by Rule 15c3-1 of the Securities Exchange Act of 1934
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Module 1: What is the 1934 Act
- Brief history
- 1934 Securities and Exchange Act
Module 2: Quick Review of Brokerage Processing
- Order management
- Trade processing
- Client service
- Settlement
- Books and records
Module 3: Preliminary Definitions for Net Capital 15c3-1
- Purpose
- Aggregate indebtedness
- Net capital
- Subordinated lending
- Fails
- Securities borrowed
- Haircuts
- Debt securities
- Equity shares
- Limited market value
- Undue concentration
- Non-marketable securities
- Exempted securities
Module 4: Allowable Assets
- Which items constitute liquid assets
- What are haircuts?
Module 5: Non Allowable Assets
- Fixed assets
- Exchange and other memberships
- Intangibles
- Others
Module 6: Net Capital Computation
- Concept of net capital
- Available capital
Module 7: Haircuts
- Common stock or convertible debt
- Preferred stock
- Non-convertible debt
- Government securities
- Municipal
- Money market securities
- Money market funds
- Options
Module 8: Aggregate Indebtedness
- Accounts payable
- Exercise
Module 9: Net capital (Alternative Method)
- Genesis of concept
- Overview of 15c3-3 customer protection
- Computation of 15c3-1 using the alternate method