As of March 31, 2019, and March 31, 2018, the Company’s securities sold, not yet purchased – at fair value was $0 and $1,135, respectively.

During the year ended March 31, 2019, the Company sold shares received as pledges under reverse repurchase agreements and recognized financial liabilities at fair value in the amount $7,357 and partially closed short positions in the amount of $7,547 by purchasing securities from third parties, reducing its financial liability. During the year ended March 31, 2019, the Company recognized a gain on the change in the fair value of financial liabilities in the Consolidated Statements of Operations and Statements of Other Comprehensive Income/(Loss) in the amount of $872, with foreign exchange translation gains of $73.

A short sale involves the sale of a security that is not owned in the expectation of purchasing the same security (or a security exchangeable) at a later date at a lower price. A short sale involves the risk of a theoretically unlimited increase in the market price of the security that would result in a theoretically unlimited loss.