MORGAN STAN
LEY FINANCE
LLC
Annual Financial Rep
ort
December 31, 2021
MORGAN STA
NLEY FINA
NCE
LLC
TABLE
OF
CONTEN
TS
Directors’
Report
Directors’
Responsib
ility Statement
Independent Audito
r
’
s Report
Statements of Financ
ial Condition
Statements of Comp
rehensive Incom
e (Loss)
Statements of Cash F
lows
Statements of Change
s
in
Member’s
Equity (D
eficit)
Notes
to
the F
inancial State
ments
Glossary
of
Common Terms and Acrony
ms
MORGAN STA
NLEY FINA
NCE
LLC
DIRECTORS
’
RE
PORT
Year ended 31 Dec
ember 2021
The
Directo
rs
present
their
r
eport
and
financial
statements
(which
comprise
the
statement
of
financial
condition,
the
statement
of
co
mprehensive
income
(loss),
the
statement
of
cash
flows, t
he
statement
of
changes
in
member’s
equity (deficit) and
the
related
not
es
as
well
as
a
glossary
of
com
mon
terms
and
acronyms
for
Morgan
Stanley
Finance
LLC
(the
“
Company
”)
for
the
year
ended 31 Decembe
r 2021.
RESULT
S
AND
DIVIDENDS
The
comprehensive
income
for the
twelve
months
was
$277,000,000
(31
December
2020: loss of $394,00
0,000).
During the period,
no
dividends were pa
id
or
proposed.
PRINCIPAL
ACTIVITY
The
Company
is
wholly
owned
by
Morgan
Stanley
(the
“Parent”),
which
together
with
its
consolidated
subsidiaries,
form
“
the
Firm”.
The
principal
activity
of
t
he
Company
is
the
issuance
of
Borrowings
(“Struct
ured
Notes”)
,
the cash proceeds bei
ng lent
to
its Parent and
the
hedging
of
t
he
obligations
arising
pursuant
to
s
uch issuances.
The
Company
was
established
under
Delaware
law
on
March
27,
2002.
The
business
office
of
the
Company
is
at
1585
Broadway, New Y
ork,
NY
10036, U.S.A.
FUTURE
OUTLOOK
There
have
not
been
any
significant
changes
in
t
he
Co
mpany’s
principal
activity
during
the
year,
oth
er
than
those
disclosed
in
the
notes
to
the
financia
l
statements
and
no
significant chang
e
is
expected.
BUSINESS R
EVIEW
The
Company
is a
“financ
e
subsidiary”
of
the
Parent,
as
defined
in
SEC
Regulation
S-X.
The
Co
mpany
issues
structured
notes
to
the
marketplace
that
are
fully
and
unconditionally
guaranteed
by
the
Parent.
Proceeds
from
issuances
are
lent
to
the
Parent
in the form of Interco
mpany notes.
The
Co
mpany
has
a
rating
of
B
BB+
from
S&P.
The
issuance
of
S
tructured
Notes expo
ses
the
Company
to
various
types
of
risk
including
foreign
ex
change,
equity,
i
nterest
rate,
and
commodities
risk.
The
Company
hedges
these
risks
through
t
he
use
of
derivative
instruments.
The
statem
ent
of
comprehensive
income
(loss)
for
the
twelve
months
is
set
out
on
page
4 of the audi
ted financial
statements. Th
e
Company
did
not
make
a
ny
gains
or
losses
over $1,000,000
in
the period.
In
the
period,
Structured
Notes
that
are
measured
at
fa
ir
v
alue
pursuant
to
the
fa
ir
value
option
election
requires
presenting
unrealized
DVA
of
$277,000,000
as
‘
Other
comprehensive
income
’
in
the
statement
of
comprehensive inco
me (loss).
The
statement
of
financial
condition
for
the
Company
is
set
out
on
page
3
of
the
audited
financial
statements.
At
31
December
2021
the
Company’s
total
assets
were
$29,817,000,000,
an
in
crease
of
$4,251,000,000
or
17%
com
pared
to
31
December
2020
and
total
liabilities
were
$30,226,000,000
an
increase
of
$3,974,000,000
or
15
%,
compared
to
31
December 2020.
The
changes
to
the
state
ments
of
comprehensive
income
(lo
ss)
and
financial
condition are
in
line
with the
Company
’
s
primary
activity
during
the
period
due
to
growth of the business
.
The pe
rformance
of the
Company
is
included
in
the
results
of
the
Firm, w
hich
are
disclosed
in
the
Firm
’s
Annual
Report
on
Form
10-K
and
quarterly
on
Form
10Q
to
the
SEC
.
The
Firm man
ages
its
key p
erformance
indic
ators
on
a
global
basis
but
in
consideration
of
individual
legal
entities.
For
this
reason,
the
Company’s
Directors
believe
that
providing
MORGAN STA
NLEY FINA
NCE
LLC
DIRECTORS
’
RE
PORT
Year ended 31 Dec
ember 2021
further
performance
indica
tors
for
the
Company
itself
would
not
enhance
an
understanding
of
the
developmen
t,
performance
or
position
of
the
business
of
t
he
Company.
The
risk
management
section
below
sets
out
the Company's and the Firm
's
policies for the
management of sig
nificant busin
ess risks.
Risk managemen
t
The
Company’s
r
isk
manageme
nt
practices
are
aligned
with
those of
the Fir
m.
These
practices
are
administered
on
a
coordinated
global
and
legal
enti
ty
basis
with
consideration
given
to
the
Com
pany’s
specific internal capi
tal requirements
.
Risk
is
an
inherent
part
of
the
Fir
m’s
business
and
activities.
Manag
ement
believes
effective
risk
management
is
vital
to
the
success
of
the
Firm’s
business
activities.
Accordingly,
the
Firm
has
policies
and
procedures
in
place
to
identify,
assess,
monitor
and
manage
the
significant
risks
involved
in
the
activities
of
its
business
and
support functions.
The
cornerstone
of
the
Firm’s
r
isk
management
philosophy
is
the
pursuit
of
risk-adjusted returns through prudent risk-
taking
that
protects
the
Firm
’s
capital
base
and
f
ranchise.
Five
key
principles
underlie
this
philosophy:
integrity,
comprehensiven
ess,
independenc
e,
accountability,
and
transparency.
To
help
ensure
the
efficacy
of
ri
sk
management,
which
is
an
essen
tial
component
of
the
F
irm’s
reputation,
senior
management
requ
ires
thorough
and frequent c
ommunicat
ion and
the
appropriate
escal
ation
of
risk
matters.
The
fast-paced,
complex,
and
constantly-
evolving
nature
of
global
financial
markets
requires
that
the
Firm
maintains
a
risk
management
culture
that
is
incisive,
knowledgeable
about
specialized
products
and
markets,
and
subject
to
ongoing
review
and enhancement.
Market risk
Market risk refers
to
the ris
k that a change
in
the level of
one
or
more market prices, rates,
spreads,
indice
s,
volatilitie
s,
correlations
or
other
market
factors,
such
as
m
arket
liquidity,
wil
l
result
in
losse
s
for
a
position
or
portfolio.
Genera
lly,
the
Firm
incurs
market
risk
as
a
result of
trading,
investing
and
client
facilitation
activities,
principa
lly
within
the
Institutional
Securities
business
segment
where
the
substantial
majority
of
the
Firm’s
market risk exposu
re
is
gen
erated.
The Company has exposures
to
a wide range
of
r
isks
relating
to
interest
rates,
equity
prices
and for
eign exchan
ge
rates
as
w
ell
as
the
associated implied volatilities
and spreads
of
the
global
markets
in
wh
ich
the
Company
conducts its trad
ing activities.
Sound
market
risk m
anagemen
t
is
an
integral
part
of
the
Firm’s
culture.
The
various
business
units
and
trading
desks
are
responsible
for
ensuring
that
market
risk
exposures
are
well-manag
ed
and
prudent.
Market
risk
is
also
monitored
through
var
ious
measures:
by
use
of
st
atistics;
by
measures of
position
size
and
sensitivity;
and
through
routine
stress testing,
which measures
the
impact
on
the
value
of
existing
portfolios
of
specified
changes
in
market
factors,
and
scenarios
designed
by
the
Market
Risk
Department
in
collaboration with business
units.
Credit risk
Credit
risk
refers
to
the
risk
of
l
oss
arising
when a
borrower,
counterp
arty or
issuer do
es
not meet
its financia
l obligations
to
the
Firm.
The
Firm
is
primarily
exposed
to
credit
risk
exposure
from
institutions
and
individuals.
This
r
isk
may
arise
from
a v
ariety
of
business
activities,
i
ncluding,
but
not
l
imited
to,
entering
into
swap
or
other
derivative
contracts under
which
counterpart
ies
have
obligations
to
make
payments
to
the
Firm;
extending
credit
to
clients;
providing
short-
or
long-term
funding
t
hat
is
secured
by
MORGAN STA
NLEY FINA
NCE
LLC
DIRECTORS
’
RE
PORT
Year ended 31 Dec
ember 2021
physical
or
financial
collatera
l
whose
value
may
at
time
s
be
i
nsufficien
t
to
ful
ly
cover
the
repayment
amount;
and
posting
margin
and/or
collateral
to
counterparties.
This
type
of risk requires cred
it analysis
of
specific
counterparties,
both
initially
and
on
an
ongoing
basis.
The
Firm
al
so
incurs
credi
t
risk
in
traded
securities
and
whereby
the
value
of
these
assets
may
fluctuate
based
on
realized
or
expected
defaults
on
the
underlying obligat
ions or loans.
The
Firm
establishes
practices
to
evaluate,
monitor
and con
trol c
redit
risk
ex
p
osure
both
within and across
business segments. The
Firm
is
responsible
for
ensuring
timely
and
transparent co
mmunicatio
n of
material
credit
risks,
ensuring
compliance
with
establish
ed
limits,
and
es
calating
risk
concentrations
to
appropriate
senior
management.
The
Firm’s
credit risk exposure
is
managed by credit
professionals
a
nd
risk
committees
that
monitor
risk
exposures,
i
ncluding
credit
sensitive, higher
risk transactions.
Operational Risk
Operational
risk
refers
to
the
risk
of
loss,
or
of damage
to
t
he
Firm’s
reputation, resulting
from
ina
dequate
or
failed
processes
or
systems,
from
human
factors
or
fr
om
external
events
(e.g.
cyber
attack
s
or
third-party
vulnerabilities)
that
may
m
anifest
a
s,
for
example,
loss
of
information,
business
disruption,
theft
and
fraud,
l
egal
and
compliance
risks,
or
damage
to
physical
assets.
The
Firm
may
incur
operational
risk
across
the
full
sc
ope
of
its
business
activities,
including
revenue-generating
activiti
es
(e.g.,
sales
and
trading)
and
co
ntrol
g
roups
(e
.g.
information
technology
and
t
rade
processing).
The
Firm’s
operational
risk
framework
is
established
to
identify,
measure,
monitor and
control
risk.
Effective
operational
risk
management
is
essential
to
reducing
the
impact
of
operational
risk
incidents
and
mitigating
legal,
regulatory
and
r
eputational
risks. The framework
is
contin
ually evolving
to
a
ccount
for
changes
in
the
Firm
and
to
respond
to
the
changing
regulatory
and
business environme
nt.
Model
Ri
sk
Model risk
refers
to
the potential f
or adverse
consequences
from
decisions
based
on
incorrect
or
misused
model
out
puts.
Model
risk
can
l
ead
to
financial
loss,
poor
business
and
strategic
decision
making
or
damage
to
the
Company’s
or t
he
Firm’s
reputation. The
risk
inherent
in
a
model
is
a
function
of
the
materiality,
complexity
and
uncertainty
around inputs and assu
mptions.
Model
risk
is
generated
from
the
use
of
models
impac
ting
financial
stat
ements,
regulatory
f
ilings,
capital
adequacy
assessments
an
d th
e formulation of st
rategy.
Sound m
odel risk
management
is
an
integral
part
of
our
Risk
Management
Framework.
The
MRM
is
a
distinct
department
in
Risk
Management responsible
for the oversight
of
model risk.
MRM
establishes
a
model
risk
tolerance
in
line
with
the
Firm’s
risk
appetite.
The
tolerance
is
based
on
an
assessment
of
the
materiality
of the
risk
of
financial
loss
or
reputational
damage
due
to
errors
in
design,
implementation
and/or
inappropriate
use
of
models.
The
tolerance
is
monitored
through
model-specific
and
aggregate
business-level
assessments,
which
are
based
upon
qualitative and quant
itative factors.
MORGAN STA
NLEY FINA
NCE
LLC
DIRECTORS
’
RE
PORT
Year ended 31 Dec
ember 2021
A guiding principle for managing model risk
is
the
“effective
chal
lenge”
of
models.
The
effective
chal
lenge
of
models
is
defined
as
critical
analysis
by
objective,
informed
parties
who
can
identify
model
limitatio
ns
and
assumptions
and
drive
appropriate
changes.
MRM
provides
effec
tive
challenge
of
models,
independen
tly
validates
and
approves models for use,
annually recertifie
s
models,
identifies
and
tracks
remediation
plans
for
model
limitations,
and
reports
on
model
risk
metrics.
The
department
also
oversees
the
development
of
controls
to
support
a
complete
and
accurate
Firm-wide
model inventory.
Liquidity risk
Liquidity
risk
refers
to
the
ri
sk
that
the
Firm
will
be
unable
to
finance
i
ts
opera
tions
due
to
a
loss
of
access
to
capital
markets
or
difficulty
in
liquidating
its
assets.
Liquidity
risk
also
encompasses
the
Firm’s
ability
(or
perceived
ability)
to
meet
its
financial
obligations
in
a
timely
manner
without
experiencing
significan
t
b
usiness
disruption
or
reputational
damage
that
may
threaten
its
viability
as
a
going
concern.
Liquidity
risk
also
encompasses
the
associated
funding
risks triggered by the
market or idiosyncr
at
ic
stress
events
that
may
negatively
affect
our
liquidity
and
may
impact
our
ability
to
raise
new
funding.
Generally
,
the
Firm
incurs
liquidity
and
funding
risk
as
a
result
of
its
trading,
lending,
i
nvesting,
and
client
facilitation activi
ties.
The
Firm’s
Liquidity
Risk
Management
Framework
is
critical
to
help
ensure
that
the
Firm
maintains
sufficient
li
quidity
reserves
and
durable
funding
sources
to
meet
the
Firm’s
daily
obligations
and
to
withstand
unanticipated
stress
events.
The
Liquidity
Risk
Dep
artment
is
a
d
istinct
area
in
Risk
Management responsible f
or
the oversight
and monitoring of
liquidity risk.
The
Liquid
ity
Ri
sk
Dep
artment
ens
ures
transparency
of
m
aterial
liquidity
and
funding
risks, comp
liance
with establ
ished
risk
limits
and
escalation
of
ri
sk
concentrations
to
appropriate
senior
management.
To
execute
these
r
esponsib
ilities,
the
Liquidity
Risk Department
establishes limits
in
line
with
t
he
Firm’s
risk
appetite,
identifies
and
analyzes emerging
liquidity and
funding
risks
to
ensure
such
risks
are
appropriately
mitigated,
monitors
and
reports
risk
exposures
against
metrics
and
limits,
and
reviews
the
methodologies
and
assumptions
underpinning
its
Liquidity
Stress
Tests
to
ensure sufficient
liquidity
and
funding under
a range
of
adverse scenarios.
Replacement
of
London
Interbank
Offered
Rate
and
replacement
or
reform
of
other
interest
rate
be
nchmarks
could
adversely
affect
our
business,
financial
condition and re
sults of operat
ions.
Central
banks
around
the
world,
including
the
Federal
Reserve,
hav
e
commissioned
committees
and
working
groups
of
market
participants
and
official
sect
or
representatives
t
o
replace
LIBO
R
and
replace
or
reform
other
interest
rate
be
nchmarks
(collectively,
the
“IB
ORs”).
A
transition
away
from
the
widespread use
of
the
IBORs
to
alternative
rates
and
other
potential
interest
rate b
enchmark
reforms
is
underway
an
d
will
continue over
the course of
the next
few
years.
These
r
eforms
have
caused and
may in
the
future
cause
such
rates
to
per
form
differently
than
in
the
past,
or
to
cease
entirely,
or
have
other consequences
that
are
contrary to marke
t expectat
ions.
The ongoing market transition away from
IBORs
and other
interest rate b
enchmarks
to
alternative reference rates i
s
comp
lex
and
could have a range o
f adverse impa
cts on the
business,
financial
c
onditi
on
and
results
of
operations.
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INDEPENDENT AUDITOR
’
S REPORT
To the Board of Dir
ectors of
Morgan Stanley Fi
nance, LL
C
Op
inion
We have audited
the
financi
al statements o
f Morgan Sta
nley Finance, LLC
(the “Compan
y”), a wholly own
ed
subsidiary of M
organ Stanl
ey (the
“Parent”
), which co
mprise the stat
ements of
financial condition a
s of Decembe
r
31,
20
21 and December
31,
2020
, an
d the relat
ed statements o
f compreh
ensive income (loss), cash flow
s, and
changes in mem
ber’s equity (d
eficit) for th
e years then end
ed, and
th
e relat
ed
notes
to
the financial stat
ements
(collectively r
eferred to as the
“
financia
l statements
”
)
.
In our opinion, t
he accompa
nying financial stat
ements p
re
sent fairly, in al
l material resp
ects, the financi
al position
of the Company as o
f December 31,
20
21
an
d
2020
, and the results o
f its operations a
nd its cash flows
for the
years then end
ed in accorda
nce with accounting
principles
ge
ne
ra
ll
y acc
epted in the Unit
ed States o
f America
.
Basis for Opinion
We
conducted our au
dits in accordanc
e with auditi
ng standards g
enerally accepte
d in t
he
United States of
America (GAAS).
Our responsibil
ities under tho
se stan
dards are furt
her described
in the Auditor
’s Responsibil
ities
for the Audit of th
e Financia
l State
me
nts section of our report.
We are requir
ed to be independent o
f the
Company and to
me
et our
other ethical r
esponsibiliti
es, in accordanc
e with the relevant
ethical requir
ements
relating to our audit
s. We b
elieve that th
e audit eviden
ce we have obtain
ed i
s
sufficient and app
ropriate to
provide a basis
for our audit opinion.
Responsibilit
ie
s of Manage
ment for the Financial
Statements
Management is r
esponsible for th
e preparation a
nd fair prese
ntation of the
se financial
statements in acc
ordance
with accounting principl
es gen
erally accept
ed
in
th
e United
States of America, a
nd for the desig
n,
implementati
on, and maint
enance of int
ernal control r
elevant to the p
reparation a
nd fair presentati
on of
financial statem
ents that are
free from mat
erial missta
tement, whether due to fraud o
r er
ro
r.
In preparing th
e financial sta
tements, managem
ent is required to
evaluate whet
her there are co
nditions o
r
events, consid
ered in the a
ggregate, that
raise substan
tial doubt abo
ut the Compa
ny’s ability to co
ntinue as a
going concern for on
e year after
the date that th
e financia
l statements are available to
be issued.
Auditor
’
s Responsibilit
ies for the Audit of the Fina
nc
ia
l Statements
Our objectives are to
obtain reaso
nable assura
nce about wh
ether t
he
financial
statements as a w
hole are fr
ee
from material mi
sstatement, wh
ether due to fraud or
error, and issu
e an auditor
’
s repo
rt that includ
es the
auditor
’
s opinion
.
Re
asona
ble assurance is
a high level of a
ssurance but is
not absolut
e assurance an
d therefore
is
not a guarantee t
hat an audit
conducted in acco
rdance with GAA
S will always detect a material
misstatem
ent
when it exists.
The risk of n
ot detecting a
material misstatement r
esulting fro
m fraud is high
er than for on
e
resulting from
error, as frau
d may involve collusion
, forgery, intenti
onal omissio
ns, misrepr
esentations, or t
he
override of internal
control. Missta
tements are con
sidered mat
erial if there is a
sub
st
antial likelihood t
hat,
individually or
in the aggreg
ate, they would in
fluence t
he judgment made by a rea
sonable us
er based on the
financial statem
ents.
In performing an a
udit in accordanc
e with GAAS
, we:
•
Exercise professional
judgment and
maintain prof
e
ss
ional skepticis
m throughout
the audit.
•
Identify and asses
s the risks of mat
erial missta
tement of the financial stat
ements, wheth
er due to fraud
or error, and d
esign and perform a
udit proc
edures responsi
ve to those risks
. Such proced
ures include
examining
,
on
a test basis
, evidence r
egarding the am
ounts and disclo
sures in th
e financial state
ments.
•
Obtain an understandi
ng of internal cont
rol relevant to the a
udit in order to de
sign audit
procedures that
are appropriate
in the circu
mstances, but
not for the
pu
rpose of expressing a
n opinion o
n the
effectiveness o
f the Compa
ny’s internal cont
rol. Accordi
ngly, no such opinion i
s express
ed.
•
Evaluate the approp
riateness of acc
ounting policies us
ed and the r
easonableness
of significant
accounting esti
mates made by
ma
nagement, as
well as eva
luate the ove
rall presenta
tion of the financial
statements.
•
Conclude whether, in ou
r judgment
, there are con
ditions or events, co
nsidered in th
e aggregate, that
raise substantial
doubt abo
ut the Compan
y’s ability to
continue as a
go
ing concer
n for a reasona
ble
period of time
.
We are require
d to commu
nicate with thos
e charged with governanc
e regarding, among
other matters
, the
planned scope an
d timing of the au
dit, significant a
udit findi
ngs, and c
ertain intern
al control-related mat
te
rs that
we identified du
ring the au
dit.
Emphasis of Matter
We draw attenti
on to Note 3 of the
financial stat
ements, which
describes th
e fact that
the activities of t
h
e
Company include signi
ficant t
ransactions with a
ffiliates
and may not n
ece
ss
arily be indica
tive of th
e conditions
that would hav
e existed or
the results o
f operations if t
he Company had operated
as an unaffili
ated busines
s. Our
opinion is not mo
dified with respect
to this matter.
Report on Other Legal and
Regulatory Requirement
s
—
European Single Electronic F
ormat
In connection with
the Company’s
listing requir
ements w
ith the Luxembo
urg Stock Excha
nge, manag
ement is
responsible
for preparing t
he financial statement
s in complianc
e with the requir
ements s
et forth in Arti
cle 3 of
the Delegate
d R
egulation 2
019/815 on Europea
n Single Electronic
Format (ESEF R
egulation).
The require
ments
se
t forth in
the ESEF Regula
tion that ar
e relevant to th
e Company relate
to the financial statem
ents being
prepared using a
valid eXte
nsible Hyper
Text Markup L
anguage (XHTML) format. A
s part of our ass
essment as to
whether the fi
nancial statement
s are prepa
red, in all material r
espects, in acco
rdance with the
requirements
set
forth in the ESEF Reg
ulation that ar
e relevant to th
e Company, we
have per
formed tests of
th
e Company’s
compliance with th
e requirement to
prepare th
e financial
statements using a
valid XHTML format. In ou
r opinion,
the financial stat
ements, id
entified as
“
MSF 202
1 F
S.
xhtml
”
,
have been
prepared, i
n all materia
l respects, in
accordance with t
he requir
ements set fo
rth in the ESEF Regulati
on that are rel
evant to the Co
mpany inso
far as it
re
lates to the pr
eparation of th
e financial stat
ements i
n a valid XHT
ML format.
Ot
her Information Includ
ed in the Annual Director
’
s
R
eport
Management is r
esponsible for th
e other infor
mation includ
ed in the Annual director
’
s
r
eport. The oth
er
information comp
rises the informati
on includ
ed in the Annual director
’
s
report bu
t does not include th
e financia
l
statements an
d our auditor
’s report th
ereon. Our opini
on on
the financial state
ments does
not cover the
other
information, and
we do not expr
ess an opini
on or any f
orm of assuranc
e thereon.
In connection with
our audits of
the financial statem
ents, our res
ponsibility is to
read the oth
er information
and
consider wheth
er a material inconsi
stency exist
s between the oth
er information
and the financi
al statem
ents, or
the other informat
ion otherwise
appears to be
materia
lly misstated. If, based on the wo
rk performed, we
conclude that an u
ncorrected mat
erial misstatem
ent of the other in
formation exi
sts, we are r
equired to de
scribe
it in our report.
s/ Deloitte &
Touche LLP
New York, New Yo
rk
April 22
,
202
2
MORGAN STA
NLEY FINA
NCE
LLC
STATEMEN
TS
OF
FINAN
CIAL CONDITION
(In millions
of
dollars, except
where noted)
See Notes
to
the Financial Statements
- 3 -
At
At
December 31,
2021
December 31,
2020
Assets
Cash
$
5
$
6
Trading assets at f
air value
1,687
1,524
Receivables:
Broker dealers
14
6
Notes receivab
le from Parent
27,977
23,972
Intercompany fro
m Parent
134
58
Total Assets
$
29,817
$
25,566
Liabilities
Trading liabilitie
s at fair value
$
-
$
3
Payables:
Broker dealers
64
-
Interest
17
16
Intercompany to Pa
rent
-
22
Borrowings (inclu
des $30,017 and $26,206
at fair v
alue)
30,145
26,211
Total Liabilities
$
30,226
$
26,252