
	2025	2024
	$m	$m
Amounts due to exchanges, clearing houses and other counterparties1	378.3	1,407.5
Amounts due to Prime Brokers1	733.6	1,017.1
Amounts payable to clients1	8,951.7	6,236.9
Accruals	568.2	468.3
Settlement balances1	2,096.4	482.3
Other tax and social security taxes	22.5	9.9
Other creditors1	138.5	118.4
Bank overdrafts	67.2	—
	12,956.4	9,740.4

1.During 2025 the Group made a voluntary change in presentation to separate Amounts due to Prime Brokers and Settlement balances from within Amounts due to

exchanges, clearing houses and other counterparties and Amounts payable to clients. Trade payables, Deferred income and Other creditors were also combined into a

single category of Other creditors. The Group considers this revised view to provide more useful information.

These balances primarily include cash amounts payable to exchanges where the Group is required

to meet margin requirements, either initial or daily variation margin. These margin requirements are there

to secure futures, options and other OTC products, including forwards. These amounts represent financial

Amounts payable to clients and Amounts due to Prime Brokers. Amounts due to Prime Brokers

include cash, realized and unrealized gains or losses on futures and options and margin financing.

The Group’s relationships with its clients are governed by the legal agreements that are signed

between the parties. The amounts due to other counterparties specifically addresses the cash received

from clients for Clearing and Prime Brokerage activity under these legal agreements. The legal

agreements underpin the various different components of a balance with the client; ranging from cash, to

realized and unrealized gains or losses on futures and options, to margin financing. As they are governed

by a single legal agreement, they will be accounted for as a single unit of account. As financial liabilities

that are not (i) contingent consideration of an acquirer in a business combination, (ii) held-for-trading, or

(iii) designated at FVTPL, the single unit of account is initially recorded at fair value but then remeasured

at amortized cost. The one exception being the amounts due to clients which relate to the settlement of

contracts at the London Metal Exchange (‘LME’), where the Group is subject to the settlement and

Where clients are requesting to clear LME forward contracts, these contracts do not settle until the

prompt date and cannot be said to settle daily. Any outstanding LME forwards cleared by the Group will

be treated as an amount due to clients constituting a hybrid instrument which comprises of cash for initial

margin, cash collateral and the outstanding forward which will settle in the future.

As a hybrid instrument, the entire instrument will be categorized as a financial liability held at

Amounts payable to clients include the total of excess pertaining to client activity in exchange

traded futures, options and OTC derivative trading accounts. Client excesses arise from realized and

unrealized trading losses as well as any margin transactions. Client excess accounts are reported gross

of client accounts that contain net debit or negative balances, except where a right of offset exists, or

where the agreement with the client is operated under a title transfer collateral agreement (TTCA). Clients

which operate under TTCA agreements represent a single legal agreement, and in particular where these

clients are provided clearing services by the Group, each client is accounted for as a single unit of

account, within amounts receivable from clients measured at amortized cost, except as above when the

Other creditors primarily relate to brokerage and physical commodity invoices. Included in other

creditors are financial liabilities measured at fair value through profit or loss of $25.5m (2024: $7.4m),

Settlement balances primarily relate to short-term settlement balances arising from transactions

recognized on a trade date basis. These amounts settle within a few days through established clearing

mechanisms and represent intermediary cash flows rather than trading positions.

The Directors consider that the carrying amount of trade and other payables is not materially

Included in Amounts payable to clients and amounts due to exchanges, clearing houses and other

counterparties are segregated balances of $4,789.2m (2024: $4,733.5m) and non-segregated balances of