# EDGAR Filing Document

**Accession Number:** 0001300257
**File Stem:** 0001300257-23-000001
**Filing Date:** 2023-1
**Character Count:** 11590
**Document Hash:** 6b35b393f0f70628bbdb6dc58202b96f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001300257-23-000001.hdr.sgml**: 20230105

**ACCESSION NUMBER**: 0001300257-23-000001

**CONFORMED SUBMISSION TYPE**: X-17A-5/A

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20211231

**FILED AS OF DATE**: 20230105

**DATE AS OF CHANGE**: 20230105

**EFFECTIVENESS DATE**: 20230105

**PERIOD START**: 20210101

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BELVEDERE TRADING LLC
- **CENTRAL INDEX KEY:** 0001300257
- **IRS NUMBER:** 020535442
- **STATE OF INCORPORATION:** IL
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** X-17A-5/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 008-66612
- **FILM NUMBER:** 23510097

**BUSINESS ADDRESS:**
- **STREET 1:** 10 S RIVERSIDE PLAZA
- **STREET 2:** SUITE 2100
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 312-637-3643

**MAIL ADDRESS:**
- **STREET 1:** 10 S. RIVERSIDE PLAZA
- **STREET 2:** SUITE 2100
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606

### Attached PDF Documents

**Attachment 1:** `BT21SIPC2.pdf`

# BELVEDERE TRADING LLC

## SCHEDULE OF ASSESSMENT AND PAYMENTS
## GENERAL ASSESSMENT RECONCILIATION
## (FORM SIPC-7)

DECEMBER 31, 2021

This report is deemed CONFIDENTIAL in accordance with Rule 17a-5(e)(3)
Under the Securities Exchange Act of 1934

RSM

RSM US LLP

# Report of Independent Registered Public Accounting Firm on Applying Agreed-Upon Procedures

To the Manager and Member of
Belvedere Trading LLC

We have performed the procedures included in Rule 17a-5(e)(4) under the Securities Exchange Act of 1934 and in the Securities Investor Protection Corporation (SIPC) Series 600 Rules, which are enumerated below on the accompanying General Assessment Reconciliation (Form SIPC-7) for the year ended December 31, 2021. Management of Belvedere Trading LLC (the Company) is responsible for its Form SIPC-7 and for its compliance with the applicable instructions on Form SIPC-7.

Management of the Company has agreed to and acknowledged that the procedures performed are appropriate to meet the intended purpose of assisting you and SIPC in evaluating the Company's compliance with the applicable instructions on Form SIPC-7 for the year ended December 31, 2021. Additionally, SIPC has agreed to and acknowledged that the procedures performed are appropriate for their intended purposes. This report may not be suitable for any other purpose. The procedures performed may not address all the items of interest to a user of this report and may not meet the needs of all users of this report and, as such, users are responsible for determining whether the procedures performed are appropriate for their purposes. The appropriateness of these procedures is solely the responsibility of those parties specified in this report. Consequently, we make no representation regarding the appropriateness of the procedures described below either for the purpose for which this report has been requested or for any other purpose.

The procedures we performed and our findings are as follows:

1. Compared the listed assessment payments in Form SIPC-7 with respective cash disbursement record entries, noting no differences.
2. Compared the Total Revenue amounts reported on the Annual Audited Report Form X-17A-5 Part III for the year ended December 31, 2021, with the Total Revenue amounts reported in Form SIPC-7 for the year ended December 31, 2021, noting no differences.
3. Compared any adjustments reported in Form SIPC-7 with supporting schedules and working papers, noting no differences.
4. Recalculated the arithmetical accuracy of the calculations reflected in Form SIPC-7 and in the related schedules and working papers supporting the adjustments, noting no differences.

We were engaged by the Company to perform this agreed-upon procedures engagement and conducted our engagement in accordance with attestation standards established by the American Institute of Certified Public Accountants and in accordance with the standards of the Public Company Accounting Oversight Board (United States). We were not engaged to, and did not, conduct an examination or a review engagement, the objective of which would be the expression of an opinion or conclusion, respectively, on the Company's Form SIPC-7 and for its compliance with the applicable instructions on Form SIPC-7 for the year ended December 31, 2021. Accordingly, we do not express such an opinion or conclusion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you.

THE POWER OF BEING UNDERSTOOD
AUDIT | TAX | CONSULTING

1

We are required to be independent of the Company and to meet our other ethical responsibilities in accordance with the relevant ethical requirements related to our agreed-upon procedures engagement.

This report is intended solely for the information and use of the Company and SIPC and is not intended to be, and should not be, used by anyone other than these specified parties.

RSM US LLP

Chicago, Illinois

February 25, 2022

2

DocuSign Envelope ID: 4E610597-7E3F-4CAC-A88C-2BBE0F6AFF4A

SIPC-7

(36-REV 12/18)

SECURITIES INVESTOR PROTECTION CORPORATION

Mail Code: 8967 P.O. Box 7247 Philadelphia, PA 19170-0001

General Assessment Reconciliation

12/31/2021

SIPC-7

(36-REV 12/18)

For the fiscal year ended 12/31/2021

(Read carefully the instructions in your Working Copy before completing this Form)

# TO BE FILED BY ALL SIPC MEMBERS WITH FISCAL YEAR ENDINGS

1. Name of Member, address, Designated Examining Authority, 1934 Act registration no. and month in which fiscal year ends for purposes of the audit requirement of SEC Rule 17a-5:

66612

CBOE

DEC

BELVEDERE TRADING LLC

10 S. RIVERSIDE PLZ, SUITE 2100

CHICAGO, IL 60606-3825

Note: If any of the information shown on the mailing label requires correction, please e-mail any corrections to form@sipc.org and so indicate on the form filed.

Name and telephone number of person to contact respecting this form.

Lisa Muehlfelt (312)262-3457

2. A. General Assessment (item 2e from page 2)

B. Less payment made with SIPC-6 filed (exclude interest)
07-30-2021

Date Paid

C. Less prior overpayment applied

D. Assessment balance due or (overpayment)

E. Interest computed on late payment (see instruction E) for ____ days at 20% per annum

F. Total assessment balance and interest due (or overpayment carried forward)

G. PAYMENT: √ the box

Check mailed to P.O. Box
Total (must be same as F above)

![img-0.jpeg](img-0.jpeg)

![img-1.jpeg](img-1.jpeg)

117,170

H. Overpayment carried forward

$( )

3. Subsidiaries (S) and predecessors (P) included in this form (give name and 1934 Act registration number):

N/A

The SIPC member submitting this form and the person by whom it is executed represent thereby that all information contained herein is true, correct and complete.

Dated the 22 day of February, 20 22.

Belvedere Trading, LLC

Richardson Forr (Name of Corporation, Partnership or other organization)
DocuSign Enr

DOCODEPCE5276462

(Authorized Signature)

Chief Financial Officer

(Title)

This form and the assessment payment is due 60 days after the end of the fiscal year. Retain the Working Copy of this form for a period of not less than 6 years, the latest 2 years in an easily accessible place.

SIPC REVIEWER

Dates:

Postmarked

Received

Reviewed

Calculations ____

Documentation ____

Forward Copy ____

Exceptions:

Disposition of exceptions:

1

DocuSign Envelope ID: 4E610597-7E3F-4CAC-A88C-2BBE0F6AFF4A
DETERMINATION OF "SIPC NET OPERATING REVENUES"
AND GENERAL ASSESSMENT

Amounts for the fiscal period
beginning 01/01/2021
and ending 12/31/2021

Item No.

2a. Total revenue (FOCUS Line 12/Part IIA Line 9, Code 4030)

Eliminate cents

$181,426,252

2b. Additions:

(1) Total revenues from the securities business of subsidiaries (except foreign subsidiaries) and predecessors not included above.
(2) Net loss from principal transactions in securities in trading accounts.
(3) Net loss from principal transactions in commodities in trading accounts.
(4) Interest and dividend expense deducted in determining item 2a.
(5) Net loss from management of or participation in the underwriting or distribution of securities.
(6) Expenses other than advertising, printing, registration fees and legal fees deducted in determining net profit from management of or participation in underwriting or distribution of securities.
(7) Net loss from securities in investment accounts.

Total additions

2c. Deductions:

(1) Revenues from the distribution of shares of a registered open end investment company or unit investment trust, from the sale of variable annuities, from the business of insurance, from investment advisory services rendered to registered investment companies or insurance company separate accounts, and from transactions in security futures products.
(2) Revenues from commodity transactions.
(3) Commissions, floor brokerage and clearance paid to other SIPC members in connection with securities transactions.
(4) Reimbursements for postage in connection with proxy solicitation.
(5) Net gain from securities in investment accounts.
(6) 100% of commissions and markups earned from transactions in (i) certificates of deposit and (ii) Treasury bills, bankers acceptances or commercial paper that mature nine months or less from issuance date.
(7) Direct expenses of printing advertising and legal fees incurred in connection with other revenue related to the securities business (revenue defined by Section 16(9)(L) of the Act).
(8) Other revenue not related either directly or indirectly to the securities business.
(See Instruction C):

(Deductions in excess of $100,000 require documentation)

(9) (i) Total interest and dividend expense (FOCUS Line 22/PART IIA Line 13, Code 4075 plus line 2b(4) above) but not in excess of total interest and dividend income.

(ii) 40% of margin interest earned on customers securities accounts (40% of FOCUS line 5, Code 3960).

Enter the greater of line (i) or (ii)

Total deductions

2d. SIPC Net Operating Revenues

2e. General Assessment @ .0015

$10,226,616

$

11,988,284

10,226,616
22,214,900
$159,211,353
$238,817

(to page 1, line 2.A.)

2

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM X-17A-5

### ANNUAL AUDITED REPORT

### Filer Information

**Filer CIK:** 0001300257

**Filer CCC:** XXXXXXXX

**Is this a LIVE or TEST filing?:** LIVE

**Would you like a Return Copy?:** No

### Submission Information

**Report Period Begin Date:** 01-01-2021

**Report Period End Date:** 12-31-2021

**Type of Registrant:** Broker-dealer

**Any material weaknesses identified?:** No

**Amendment Description:** We would like to amend our SIPC report to confidential

### Registrant Identification

**Name of Broker-Dealer:** BELVEDERE TRADING LLC

**Business Address:** 10 S RIVERSIDE PLAZA, SUITE 2100, CHICAGO, IL, 60606

**Contact Person:** Lisa Muehlfelt

**Contact Phone:** 312-262-3457

### Independent Public Accountant Identification

**Accountant Name:** RSM US LLP

**Accountant Address:** 30 South Wacker Drive, Suite 3300, Chicago, IL, 60606

**Accountant Type:** Certified Public Accountant

### OATH OR AFFIRMATION

I, **Richardo Forrer**, swear (or affirm) that, to the best of my knowledge and belief, the accompanying financial statements and supporting schedules pertaining to the firm of **BELVEDERE TRADING LLC**, as of **02-28-2022**, are true and correct.

**Signature:** Richardo Forrer

**Title:** Chief Financial Officer

**Notarized:** Yes