Description
EXHIBIT #2
(c)(2)
(vi)
(F)
Definitions: Net Capital (Continued)
SECURITIES HAIRCUTS
NONCONVERTIBLE DEBT SECURITIES
(1) In the case of nonconvertible debt securities having a fixed interest rate and a fixed maturity
date and which are not traded flat or in default as to principal or interest and which are rated in one of
the four highest rating categories by at least two of the nationally recognized statistical rating
organizations, the applicable percentages of the market of the greater of the long or short position in
each of the categories specific below are:
(i)
Less than 1 year to maturity………………………..………2%
(ii)
1 year but less than 2 years to maturity…………..….3%
(iii)
2 years but less than 3 years to maturity…………….5%
(iv)
3 years but less than 5 years to maturity……….……6%
(v)
5 years but less than 10 years to maturity…………..7%
(vi)
10 years but less than 15 years to maturity……..7 ½%
(vii)
15 years but less than 20 years to maturity……..…..8%
(viii)
20 years but less than 25 years to maturity…….…8 ½%
(ix)
25 years or more to maturity………………………………..9%
(2) A broker or dealer may elect to exclude from the above categories long or short positions
that are hedged with short or long positions in securities issued by the United States or any agency
thereof or nonconvertible debt securities having a fixed interest rate and a fixed maturity date and
which are not traded flat or in default as to principal or interest and which are rated in one of the four
highest rating categories by at least two of the nationally recognized statistical rating organizations if
such securities have maturity dates:
(i)
Less than five years and within 6 months of each other,
(ii)
Between 5 years and 10 years and within 9 months of each other,
(iii)
Between 10 and 15 years and within 2 years of each other; or
(iv)
15 years or more and within 10 years of each other.
SEA Rule 15c3-1(c)(2)(vi)(F)(2)
Original Work Copyright © 1976 Editorial Revisions © 1993 By The New York Stock Exchange, Inc.
ticker
direction
YHOO US B
YHOO US B
C US
S
YHOO US B
FB US
S
BAC US B
AAPL US S
ORCL US S
ORCL US S
BAC US B
C US
S
GRPN US B
BAC US B
FB US
B
FB US
B
BAC US S
AAPL US S
EBAY US B
YHOO US S
AAPL US B
AAPL US S
BAC US S
DELL US S
AAPL US S
GRPN US B
FB US
B
C US
B
BAC US B
C US
S
FB US
B
AAPL US S
MSFT US B
AAPL US S
GRPN US S
BAC US S
MSFT US S
YHOO US S
GRPN US S
BAC US B
AAPL US S
BAC US B
C US
S
ORCL US B
DELL US S
DELL US B
BAC US S
MSFT US S
YHOO US B
FB US
B
AAPL US B
EBAY US B
GRPN US B
MSFT US B
quantity
price
100
18,73
20
18,8
200
34,56
100
18,61
200
27,39
100
9,81
50
589,01
100
32,39
200
32,349
444
9,825
200
34,28
400
4,12
100
9,79
100
27,75
100
27,12
15
9,81
25
589,08
100
52,62
400
18,62
100
589,05
10
589,08
17
9,8
1452
10,17
88
589
1000
4,23
100
27,74
100
34,28
100
9,88
100
34,37
600
27,74
100
588,9
500
26,75
20
589,08
100
4,19
1800
9,829
100
26,62
200
18,73
100
4,14
100
9,855
25
589,08
1000
9,81
500
34,36
134
32,3
100
10,02
300
10,2
1800
9,818
100
26,6
600
18,7
300
28,11
65
589,08
100
52,52
200
4,2
56
26,54
Directions: Answer the questions below using Excel formul
1) Count the number of trades that are buying YHOO US?
2) Count the number of trades that are selling YHOO US?
3) How many shares of GRPN US were traded on the day?
4) What is the total market value of all the trades that are b
5) What is the volume-weighted average price of all buys in
AAPL US B
MSFT US B
AAPL US S
YHOO US B
C US
B
GRPN US B
GRPN US B
ORCL US B
GRPN US S
GRPN US S
C US
S
ORCL US B
C US
S
EBAY US S
MSFT US S
ORCL US S
BAC US B
AAPL US B
AAPL US S
ORCL US B
AAPL US S
DELL US B
AAPL US S
FB US
B
DELL US B
BAC US B
MSFT US S
ORCL US S
AAPL US S
YHOO US B
ORCL US S
DELL US B
GRPN US S
C US
B
GRPN US B
YHOO US B
EBAY US B
MSFT US S
FB US
B
YHOO US S
MSFT US B
GRPN US S
ORCL US S
BAC US S
ORCL US B
C US
S
GRPN US B
MSFT US S
C US
S
AAPL US B
DELL US S
GRPN US S
BAC US B
GRPN US S
AAPL US B
50
30
100
100
25
100
300
100
100
100
100
167
100
100
180
17
300
95
100
100
14
200
9
500
1700
8
200
15
83
800
100
300
60
600
300
100
1500
4400
300
100
655
400
400
600
167
6200
100
200
100
100
200
100
800
100
108
589,11
26,52
589,04
18,73
34,36
4,12
4,23
32,36
4,16
4,175
34,62
32,46
34,29
52,39
26,51
32,3
9,825
589,11
588,99
32,11
589,07
10,225
589,05
28,3
10,38
9,8
26,62
32,39
589,07
18,55
32,33
10,19
4,21
34,53
4,23
18,71
52,08
26,6
27,75
18,645
26,54
4,15
32,32
9,82
32,45
34,26
4,12
26,61
34,4
589,12
10,335
4,11
9,8
4,08
589,11
GRPN US B
BAC US S
DELL US B
EBAY US B
BAC US B
AAPL US S
EBAY US S
AAPL US S
AAPL US B
DELL US S
EBAY US S
C US
B
MSFT US S
EBAY US B
MSFT US S
AAPL US B
YHOO US B
AAPL US S
MSFT US S
ORCL US S
C US
B
GRPN US S
BAC US S
MSFT US S
DELL US S
BAC US S
DELL US S
EBAY US S
EBAY US S
GRPN US S
YHOO US B
BAC US B
GRPN US B
AAPL US S
MSFT US B
FB US
S
GRPN US S
ORCL US B
GRPN US S
AAPL US S
AAPL US B
DELL US B
AAPL US S
DELL US B
GRPN US S
AAPL US B
C US
S
EBAY US B
EBAY US S
BAC US S
ORCL US S
BAC US B
BAC US S
ORCL US B
FB US
B
13380
4,23
100
9,89
2100
10,2
100
52,45
200
9,795
50 589,0798
86
52,43
50
589,09
5
589,11
300
10,23
20
52,39
1400
34,37
3
26,44
100
52,46
100
26,6
100
589,12
600
18,59
100
589,08
800
26,46
300
32,36
100
34,65
400
4,18
6
9,83
1100
26,51
300
10,36
400
9,82
200
10,26
100
52,33
100
52,36
100
4,22
25
18,8
100
9,815
6900
4,2
9
588,98
100
26,52
100
27,75
500
4,16
23
32,37
100
4,18
18
588,98
100
589,1
600
10,09
6
589,01
1700
10,07
1300
4,16
100
589,02
100
34,56
500
52,41
100
52,47
2000
9,83
33
32,389
200
9,855
100
9,82
738
32,31
550
28,25
AAPL US S
YHOO US S
DELL US B
AAPL US S
MSFT US B
AAPL US S
GRPN US S
ORCL US B
EBAY US S
GRPN US S
BAC US B
FB US
S
BAC US B
MSFT US S
DELL US S
EBAY US B
GRPN US S
C US
S
AAPL US B
DELL US B
MSFT US S
MSFT US B
GRPN US S
YHOO US S
ORCL US S
GRPN US S
EBAY US B
YHOO US S
C US
B
BAC US S
AAPL US B
DELL US B
GRPN US S
DELL US S
BAC US S
DELL US B
GRPN US S
DELL US B
GRPN US S
EBAY US B
AAPL US S
EBAY US S
BAC US S
GRPN US S
GRPN US B
AAPL US S
AAPL US S
AAPL US S
C US
B
AAPL US S
MSFT US S
EBAY US S
AAPL US B
AAPL US B
YHOO US B
100
100
100
100
1425
5
500
167
400
100
278
200
100
400
1900
100
300
100
100
100
750
400
600
100
100
100
100
100
600
3900
100
200
100
300
200
100
100
217
100
100
50
3
100
100
200
100
300
100
30
5
600
100
3
100
17
589,05
18,795
10,16
589,01
26,45
589,1
4,19
32,37
52,03
4,21
9,8
27,9
9,825
26,5
10,09
52,39
4,23
34,4
589,1
10,45
26,75
26,49
4,17
18,65
32,38
4,23
52,42
18,785
34,6
9,82
589,07
10,19
4,18
10,12
9,908
10,11
4,17
10,07
4,17
52,36
589,08
52,23
9,85
4,17
4,12
589,08
589,08
589,07
34,131
589,02
26,62
52,4
589,11
589,03
18,83
MSFT US S
DELL US B
AAPL US S
DELL US S
100
2100
5
64
26,58
10,07
589,1
10,07
below using Excel formulas (e.g. VLOOKUP, SUMIFS, etc).
Microsoft Office
User
U s e r
M i c r o s o f t
O f f i c e
Test 1:
Introduction
Broker-dealers are required to maintain a certain minimum amount of net capital. The
first step in calculating a firm’s net capital is to determine the firm’s total capital. To
then compute net capital, one must take charges against total capital to account for the
inherent risk of positions held. These charges are called ‘haircuts’. Technically, a haircut
is defined as “a percentage that is subtracted from the par value of the assets that are
being used as collateral. The size of the haircut reflects the perceived risk associated
with holding the assets.”
We’re going to determine the haircuts in some hypothetical situations.
Part I: Currencies
There is a separate haircut calculated for each foreign (i.e., non-USD) currency. The first
thing we need to do to calculate the haircut on a given currency is to figure out the
firm’s total exposure to that currency. A negative currency position indicates that the
firm is short (or owes) the currency. There are two ways the accompanying spreadsheet
will show currency exposure:
1) Actual cash is denoted ‘cash’ in the Position Symbol column, and can be in a
variety of different currencies. You can see the symbol for the currency of the
cash in the Currency column (EUR = Euro, GBP = British Pound, BRL = Brazilian
Real, USD = US Dollar). The USD value of the cash is shown in the Market Value
(USD) column. There may be several cash lines for the same currency due to the
positions being in different accounts.
2) We also have forwards. A forward is an agreement to buy a currency in the
future. For risk purposes, it is essentially the same as actually owning the
currency. So if we show a ‘Forward EUR’ position with a market value in USD, this
is the same (for risk and haircut purposes) as if we had ‘cash’ with ‘EUR’ in the
Currency column.
Add up the pieces to get to the total exposure for a currency, and apply a haircut to the
absolute value of that total exposure. If the firm is long and short the same currency
(whether in cash or forwards), the total currency risk is the net position in that currency.
The haircut for GBP and EUR is 6%, while the haircut for ZAR and BRL is 20%. There is no
haircut for USD positions.
What is the total haircut in USD on the positions in the accompanying spreadsheet?
Test 2:
Part II: Bonds
1. Municipal Bonds – Municipal bonds are haircut per Exhibit 1 based on both their time
to maturity and scheduled maturity at date of issue. The bond details can be found on
the Bonds & Ratings Information tab in the spreadsheet.
2. Corporate Bonds – Corporate bonds are haircut based on both their time to maturity
and whether they are rated as investment grade (defined by S&P and Fitch as BBB- and
above and by Moody’s as Baa3 and above)1 by at least two of the nationally recognized
statistical rating organizations. If the bonds qualify as investment grade, use Exhibit 2 to
determine the haircut of the bonds. If they do not qualify as investment grade, then
they are considered non-marketable and follow the haircut rules as stated in Exhibit 3.
It is important to note that the haircut is calculated using the absolute value of the
market value of the relevant bond.
What is the total haircut in USD on the positions in the accompanying spreadsheet as of
2017-12-31?
1
In Exhibit 2, the text references “one of the four highest ratings categories”. The four highest ratings
categories for S&P and Fitch are AAA, AA, A, and BBB. The four highest ratings categories for Moody’s are
Aaa, Aa, A, and Baa. The plus/minus signs and numbers next to the ratings are used for increased
specificity within the ratings categories.
EXHIBIT #1
(c)(2)
(vi)
(B)
Definitions: Net Capital (Continued)
SECURITIES HAIRCUTS (Continued)
MUNICIPALS
(1) In the case of any municipal security which has a scheduled maturity at date of issue of 731
days or less and which is issued at par value and pays interest at maturity, and which is not traded flat or
in default as to principal or interest, the applicable percentages of the market value on the greater of
the long or short position in each of the categories specified below are:
(i)
Less than 30 days to maturity……………………………………..0%
(ii)
30 days but less than 91 days to maturity…………1/8 of 1%
(iii)
91 days but less than 181 days to maturity……….1/4 of 1%
(iv)
181 days but less than 271 days to maturity……..3/8 of 1%
(v)
271 days but less than 366 days to maturity………1/2 of 1%
(vi)
366 days but less than 456 days to maturity………3/4 of 1%
(vii)
456 days but less than 732 days to maturity……………….. 1%
(2) In the case of any municipal security, other than those specified in paragraph (c)(2)(vi)(B)(1),
which is not traded flat or in default as to principal or interest, the applicable percentages of the market
value of the greatest of the long or short position in each of the categories specific below are:
(i)
Less than 1 year to maturity………………………………..1%
(ii)
1 year but less than 2 years to maturity……………….2%
(iii)
2 years but less than 3 ½ years to maturity…………..3%
(iv)
3 ½ years but less than 5 years to maturity…………..4%
(v)
5 years but less than 7 years to maturity………………5%
(vi)
7 years but less than 10 years to maturity………….5 ½%
(vii)
10 years but less than 15 years to maturity……………6%
(viii)
15 years but less than 20 years to maturity…………6 ½%
(ix)
20 years or more to maturity………………………………….7%
SEA Rule 15c3-1(c)(2)(vi)(B)(2)
Original Work Copyright © 1976 Editorial Revisions © 1993 By The New York Stock Exchange, Inc.
EXHIBIT #2
(c)(2)
(vi)
(F)
Definitions: Net Capital (Continued)
SECURITIES HAIRCUTS
NONCONVERTIBLE DEBT SECURITIES
(1) In the case of nonconvertible debt securities having a fixed interest rate and a fixed maturity
date and which are not traded flat or in default as to principal or interest and which are rated in one of
the four highest rating categories by at least two of the nationally recognized statistical rating
organizations, the applicable percentages of the market of the greater of the long or short position in
each of the categories specific below are:
(i)
Less than 1 year to maturity………………………..………2%
(ii)
1 year but less than 2 years to maturity…………..….3%
(iii)
2 years but less than 3 years to maturity…………….5%
(iv)
3 years but less than 5 years to maturity……….……6%
(v)
5 years but less than 10 years to maturity…………..7%
(vi)
10 years but less than 15 years to maturity……..7 ½%
(vii)
15 years but less than 20 years to maturity……..…..8%
(viii)
20 years but less than 25 years to maturity…….…8 ½%
(ix)
25 years or more to maturity………………………………..9%
(2) A broker or dealer may elect to exclude from the above categories long or short positions
that are hedged with short or long positions in securities issued by the United States or any agency
thereof or nonconvertible debt securities having a fixed interest rate and a fixed maturity date and
which are not traded flat or in default as to principal or interest and which are rated in one of the four
highest rating categories by at least two of the nationally recognized statistical rating organizations if
such securities have maturity dates:
(i)
Less than five years and within 6 months of each other,
(ii)
Between 5 years and 10 years and within 9 months of each other,
(iii)
Between 10 and 15 years and within 2 years of each other; or
(iv)
15 years or more and within 10 years of each other.
SEA Rule 15c3-1(c)(2)(vi)(F)(2)
Original Work Copyright © 1976 Editorial Revisions © 1993 By The New York Stock Exchange, Inc.
EXHIBIT #3
(c)(2)
(vii)
/09
Definitions: Net Capital (Continued)
NON-MARKETABLE SECURITIES (Continued)
Marketability of Money Market Instruments (Continued)
Note: For purpose of this interpretation 15c3-1(c)(2)(vii)/09 only, major money markets include:
Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland,
Italy, Japan, Luxembourg, Mexico, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain,
Sweden, Switzerland, United States and United Kingdom
/10
Marketability of Nonconvertible Debt Securities Which Are Not Highly Rated
The SEC Division of Market Regulation will not recommend enforcement action to the Commission if
broker-dealers apply the haircuts described below to nonconvertible debt securities held in their
proprietary accounts which are not rated in one of the four highest rating categories by at least two
NRSROs provided the following conditions are met:
1. The securities can be publicly sold without registration with the Commission under Section 5 of
the Securities Act of 1933, and
2. Current information concerning the issuer is available to the public. Current information is
deemed to be available to the public if:
a. The issuer filed with the Commission public reports consisting of the most recently
required periodic financial report, or
b. The issuer (provided it is the subject of a bankruptcy proceeding) filed with a bankruptcy
court, public information that is sufficient to value the assets and liabilities of the issuer
and such information is dated not more than six months prior to the date of the brokerdealer’s capital computation.
The current information requirement will also be deem to be satisfied by the existence of current ratings
by two NRSROs on any issuance of the issuer. A rating by an NRSRO is considered to be current if the
NRSRO itself continues to hold out its rating for the issuance of the issuer. Non-investment grade
nonconvertible debt securities shall be treated as follows:
1. The broker-dealer shall deduct from its net worth the following percentages applied to the
greater of the gross long or the gross short market value of non-investment grade,
nonconvertible debt securities’ positions in each of the categories specified below:
a.
b.
c.
d.
e.
An initial issuance of at least $100 million……………………………………………..15%
An initial issuance of at least $75 million and less than $100 million……..20%
An initial issuance of at least $50 million and less than $75 million..……..25%
An initial issuance of at least $20 million and less than $50 million..……..50%
An initial issuance of less than $20 million or have been held in inventory for more than
90 days as the result of the failure to complete an underwriting…………100%
Broker-dealers may not include the value of non-investment grade, nonconvertible debt securities,
subject to the haircut percentages set forth above, in paragraph (c)(2)(vi)(J) of Rule 15c3-1 for the
purpose of netting long or short securities positions under paragraph (c)(2)(vi)(J).
2. The broker-dealer shall take an additional portfolio concentration charge on the securities in
categories (b), (c) and (d) above, to the extent the market value of the greater of the gross total
long or gross total short positions in categories (b), (c) and (d) combined exceeds 25 percent of
the broker-dealer’s tentative net capital. The portfolio concentration charge shall be 50 percent
of the haircuts otherwise taken on that portion of the total market value of the securities in
categories (b), (c) and (d) in excess of 25 percent of tentative net capital. This portfolio
concentration charge may be reduced by any undue concentration charge computed in
accordance with paragraph (c)(2)(vi)(M) of Rule 15c3-1.
Securities with an initial issuance of less than $20 million will be deemed to be included in category (d)
above if the issuer has another outstanding issue of non-investment grade, nonconvertible debt
securities, which has an initial issuance of $50 million or more.
Rule 144A debt securities are not deemed to have a ready market pursuant to this interpretation since
they cannot be publicly sold.
(SEC Letter to SIA, February 14, 1994) (No. 94-5, May, 1994) (No. 97-6, October 1997)
SEA Rule 15c3-1(c)(2)(vii)/10
Original Work Copyright © 1976 Editorial Revisions ©2005 By The New York Stock Exchange, Inc.
Position Symbol
cash
cash
cash
cash
cash
cash
Forward GBP
Forward EUR
cash
Currency
BRL
GBP
GBP
GBP
GBP
GBP
USD
USD
EUR
Quantity
1,071,836
110,115
181,656,965
(64,903)
(136,687,829)
337,619
7,407,407
416,667
(416,667)
Price (USD)
0.30
1.35
1.35
1.35
1.35
1.35
1.35
1.20
1.20
Market Value (USD)
321,550.70
148,655.61
245,236,902.37
(87,619.41)
(184,528,568.55)
455,785.69
10,000,000.00
500,000.00
(500,000.00)
Position Symbol
073902PP7 Corp
38144LAB6 Corp
605360QF6 Muni
794458CM9 Muni
929903CF7 Corp
007903AS6 Corp
Currency
USD
USD
USD
USD
USD
USD
Quantity
Price (USD) Market Value (USD)
185.000
0,99
182.225,00
465.000
1,04
481.275,00
1.500.000
1,00
1.500.000,00
915.000
1,00
915.000,00
543.000
1,04
564.720,00
(1.500.000)
1,04
(1.552.500,00)
Bond & Ratings Information
Symbol
929903CF7 Corp
073902PP7 Corp
38144LAB6 Corp
794458CM9 Muni
605360QF6 Muni
007903AS6 Corp
Ratings scale
S&P
AAA
AA+
AA
AAA+
A
ABBB+
BBB
BBBBB+
BB
BBB+
B
BCCC+
CCC
CCCCC
C
D
Maturity
9/15/2019
2/1/2020
9/1/2022
8/15/2026
8/15/2041
8/1/2025
Moody’s
Aaa
Aa1
Aa2
Aa3
A1
A2
A3
Baa1
Baa2
Baa3
Ba1
Ba2
Ba3
B1
B2
B3
Caa1
Caa2
Caa3
Ca
C
Moody’s
Aa3
Baa3
Aa3
A1
A1
Ba2
Fitch
AAA
AA+
AA
AAA+
A
ABBB+
BBB
BBBBB+
BB
BBB+
B
BCCC
DDD
DD
D
S&P
Fitch
AABB+
AAA+
A+
BB+
Investment grade
Speculative grade (“junk”)
AABBBAAA+
A
BBB-
Issue Size
$
800.000.000
$ 2.500.000.000
$ 3.350.000.000
$
34.500.000
$
120.000.000
$
90.000.000
ticker
direction
YHOO US B
YHOO US B
C US
S
YHOO US B
FB US
S
BAC US B
AAPL US S
ORCL US S
ORCL US S
BAC US B
C US
S
GRPN US B
BAC US B
FB US
B
FB US
B
BAC US S
AAPL US S
EBAY US B
YHOO US S
AAPL US B
AAPL US S
BAC US S
DELL US S
AAPL US S
GRPN US B
FB US
B
C US
B
BAC US B
C US
S
FB US
B
AAPL US S
MSFT US B
AAPL US S
GRPN US S
BAC US S
MSFT US S
YHOO US S
GRPN US S
BAC US B
AAPL US S
BAC US B
C US
S
ORCL US B
DELL US S
DELL US B
BAC US S
MSFT US S
YHOO US B
FB US
B
AAPL US B
EBAY US B
GRPN US B
MSFT US B
quantity
price
100
18.73
20
18.8
200
34.56
100
18.61
200
27.39
100
9.81
50
589.01
100
32.39
200
32.349
444
9.825
200
34.28
400
4.12
100
9.79
100
27.75
100
27.12
15
9.81
25
589.08
100
52.62
400
18.62
100
589.05
10
589.08
17
9.8
1452
10.17
88
589
1000
4.23
100
27.74
100
34.28
100
9.88
100
34.37
600
27.74
100
588.9
500
26.75
20
589.08
100
4.19
1800
9.829
100
26.62
200
18.73
100
4.14
100
9.855
25
589.08
1000
9.81
500
34.36
134
32.3
100
10.02
300
10.2
1800
9.818
100
26.6
600
18.7
300
28.11
65
589.08
100
52.52
200
4.2
56
26.54
Directions: Answer the questions below using Excel formul
1) Count the number of trades that are buying YHOO US?
2) Count the number of trades that are selling YHOO US?
3) How many shares of GRPN US were traded on the day?
4) What is the total market value of all the trades that are b
5) What is the volume-weighted average price of all buys in
AAPL US B
MSFT US B
AAPL US S
YHOO US B
C US
B
GRPN US B
GRPN US B
ORCL US B
GRPN US S
GRPN US S
C US
S
ORCL US B
C US
S
EBAY US S
MSFT US S
ORCL US S
BAC US B
AAPL US B
AAPL US S
ORCL US B
AAPL US S
DELL US B
AAPL US S
FB US
B
DELL US B
BAC US B
MSFT US S
ORCL US S
AAPL US S
YHOO US B
ORCL US S
DELL US B
GRPN US S
C US
B
GRPN US B
YHOO US B
EBAY US B
MSFT US S
FB US
B
YHOO US S
MSFT US B
GRPN US S
ORCL US S
BAC US S
ORCL US B
C US
S
GRPN US B
MSFT US S
C US
S
AAPL US B
DELL US S
GRPN US S
BAC US B
GRPN US S
AAPL US B
50
30
100
100
25
100
300
100
100
100
100
167
100
100
180
17
300
95
100
100
14
200
9
500
1700
8
200
15
83
800
100
300
60
600
300
100
1500
4400
300
100
655
400
400
600
167
6200
100
200
100
100
200
100
800
100
108
589.11
26.52
589.04
18.73
34.36
4.12
4.23
32.36
4.16
4.175
34.62
32.46
34.29
52.39
26.51
32.3
9.825
589.11
588.99
32.11
589.07
10.225
589.05
28.3
10.38
9.8
26.62
32.39
589.07
18.55
32.33
10.19
4.21
34.53
4.23
18.71
52.08
26.6
27.75
18.645
26.54
4.15
32.32
9.82
32.45
34.26
4.12
26.61
34.4
589.12
10.335
4.11
9.8
4.08
589.11
GRPN US B
BAC US S
DELL US B
EBAY US B
BAC US B
AAPL US S
EBAY US S
AAPL US S
AAPL US B
DELL US S
EBAY US S
C US
B
MSFT US S
EBAY US B
MSFT US S
AAPL US B
YHOO US B
AAPL US S
MSFT US S
ORCL US S
C US
B
GRPN US S
BAC US S
MSFT US S
DELL US S
BAC US S
DELL US S
EBAY US S
EBAY US S
GRPN US S
YHOO US B
BAC US B
GRPN US B
AAPL US S
MSFT US B
FB US
S
GRPN US S
ORCL US B
GRPN US S
AAPL US S
AAPL US B
DELL US B
AAPL US S
DELL US B
GRPN US S
AAPL US B
C US
S
EBAY US B
EBAY US S
BAC US S
ORCL US S
BAC US B
BAC US S
ORCL US B
FB US
B
13380
4.23
100
9.89
2100
10.2
100
52.45
200
9.795
50 589.0798
86
52.43
50
589.09
5
589.11
300
10.23
20
52.39
1400
34.37
3
26.44
100
52.46
100
26.6
100
589.12
600
18.59
100
589.08
800
26.46
300
32.36
100
34.65
400
4.18
6
9.83
1100
26.51
300
10.36
400
9.82
200
10.26
100
52.33
100
52.36
100
4.22
25
18.8
100
9.815
6900
4.2
9
588.98
100
26.52
100
27.75
500
4.16
23
32.37
100
4.18
18
588.98
100
589.1
600
10.09
6
589.01
1700
10.07
1300
4.16
100
589.02
100
34.56
500
52.41
100
52.47
2000
9.83
33
32.389
200
9.855
100
9.82
738
32.31
550
28.25
AAPL US S
YHOO US S
DELL US B
AAPL US S
MSFT US B
AAPL US S
GRPN US S
ORCL US B
EBAY US S
GRPN US S
BAC US B
FB US
S
BAC US B
MSFT US S
DELL US S
EBAY US B
GRPN US S
C US
S
AAPL US B
DELL US B
MSFT US S
MSFT US B
GRPN US S
YHOO US S
ORCL US S
GRPN US S
EBAY US B
YHOO US S
C US
B
BAC US S
AAPL US B
DELL US B
GRPN US S
DELL US S
BAC US S
DELL US B
GRPN US S
DELL US B
GRPN US S
EBAY US B
AAPL US S
EBAY US S
BAC US S
GRPN US S
GRPN US B
AAPL US S
AAPL US S
AAPL US S
C US
B
AAPL US S
MSFT US S
EBAY US S
AAPL US B
AAPL US B
YHOO US B
100
100
100
100
1425
5
500
167
400
100
278
200
100
400
1900
100
300
100
100
100
750
400
600
100
100
100
100
100
600
3900
100
200
100
300
200
100
100
217
100
100
50
3
100
100
200
100
300
100
30
5
600
100
3
100
17
589.05
18.795
10.16
589.01
26.45
589.1
4.19
32.37
52.03
4.21
9.8
27.9
9.825
26.5
10.09
52.39
4.23
34.4
589.1
10.45
26.75
26.49
4.17
18.65
32.38
4.23
52.42
18.785
34.6
9.82
589.07
10.19
4.18
10.12
9.908
10.11
4.17
10.07
4.17
52.36
589.08
52.23
9.85
4.17
4.12
589.08
589.08
589.07
34.131
589.02
26.62
52.4
589.11
589.03
18.83
MSFT US S
DELL US B
AAPL US S
DELL US S
100
2100
5
64
26.58
10.07
589.1
10.07
below using Excel formulas (e.g. VLOOKUP, SUMIFS, etc).
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attachment