Regulatory Capital Requirements (Tables)

12 Months Ended

Dec. 31, 2019

Regulatory Capital Requirements

Schedule of regulatory capital requirements

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

As of December 31, 2019	TWL		DW		TWD		TEL		TWJ		TWEU
Regulatory Capital	$	42,317	$	52,016	$	33,807	$	49,611	$	11,851	$	6,217
Regulatory Capital Requirement		2,396		2,026		664		21,856		8,565		1,701
Excess Regulatory Capital	$	39,921	$	49,990	$	33,143	$	27,755	$	3,286	$	4,516

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 December 31, 2019 and 2018 are as follows (in thousands):

	As of December 31, 2019				As of December 31, 2018
	TW SEF		DW SEF		TW SEF		DW SEF
Financial Resources	$	21,303	$	13,707	$	31,232	$	17,837
Required Financial Resources		10,500		5,505		10,500		5,169
Excess Financial Resources	$	10,803	$	8,202	$	20,732	$	12,668
Liquid Financial Assets	$	18,168	$	7,583	$	16,662	$	11,888
Required Liquid Financial Assets		5,250		2,753		5,250		2,585
Excess Liquid Financial Assets	$	12,918	$	4,830	$	11,412	$	9,303