The companies, products and regulatory developments shaping the broker industry.
The two SEC orders show why affected rows, deficient submissions, error types and sanctions cannot be collapsed into a per-transaction enforcement rate.
UK accounts transfer as cash after liquidation, while supported AvaTrade positions are closed and recreated; the parent filing does not map the legal-entity exceptions.
Jefferies reported substantial cash and liquidity, but its dealer balance sheet became more dependent on pledged inventory, borrowed securities and gross customer and counterparty balances. The figures describe financing sensitivity, not evidence of distress.