Regulatory Capital Requirements (Tables)

9 Months Ended

Sep. 30, 2019

Regulatory Capital Requirements

Schedule of regulatory capital requirements

At September 30, 2019 and December 31, 2018, the regulatory capital requirements and regulatory capital for TWL, DW, TWD, TEL, TWJ and TWEU are as follows (in thousands):

As of September 30, 2019	TWL		DW		TWD		TEL		TWJ		TWEU
Regulatory Capital	$	13,091	$	47,260	$	18,767	$	52,499	$	9,719	$	6,342
Regulatory Capital Requirement		2,115		1,907		459		20,331		7,927		1,652
Excess Regulatory Capital	$	10,976	$	45,353	$	18,308	$	32,168	$	1,792	$	4,690

As of December 31, 2018	TWL		DW		TWD		TEL		TWJ
Regulatory Capital	$	18,986	$	41,164	$	24,042	$	46,157	$	10,592
Regulatory Capital Requirement		2,698		1,803		599		17,493		3,413
Excess Regulatory Capital	$	16,288	$	39,361	$	23,443	$	28,664	$	7,179

Schedule of financial resources and liquid financial resources

The required and maintained financial resources and liquid financial assets at September 30, 2019 and December 31, 2018 are as follows (in thousands):

	As of September 30, 2019				As of December 31, 2018
	TW SEF		DW SEF		TW SEF		DW SEF
Financial Resources	$	24,766	$	15,864	$	31,232	$	17,837
Required Financial Resources		10,500		5,479		10,500		5,169
Excess Financial Resources	$	14,266	$	10,385	$	20,732	$	12,668
Liquid Financial Assets	$	13,207	$	9,631	$	16,662	$	11,888
Required Liquid Financial Assets		5,250		2,740		5,250		2,585
Excess Liquid Financial Assets	$	7,957	$	6,891	$	11,412	$	9,303