SELECTED FCM FINANCIAL DATA AS OF 

March 31, 2015

FROM REPORTS FILED BY 

April 26, 2015

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A B C D E F G H I J K L M N O P Q R S T U

10

Futures Commission Merchant / 

Retail Foreign Exchange Dealer

Registered 

As DSRO As ofDate Adjusted Net Capital Net Capital Requirement Excess Net Capital Customers' Assets in Seg

Customers' Seg 

Required 4d(a)(2)

Excess/Deficient 

Funds in Seg

Target Residual 

Interest in Seg

Funds in Separate 

Section 30.7 

Accounts

Customer Amount 

Pt. 30 Required

Excess/Deficient 

Funds in Separate 

Section 30.7 

Accounts

Target Residual 

Interest in Section 

30.7

Funds in Separate 

Cleared Swap 

Segregation

Customer Amount 

Cleared Swap Seg 

Required

Excess/Deficient 

Funds in Cleared 

Swap Seg Accounts

Target Residual 

Interest in Cleared 

Swap Seg

Total Amount of 

Retail Forex 

Obligation

(a) (b) (c) (d) (e) (f) (g) (h) (i) (j) (k) (l) (m) (n) (o) (p) (q)

1 ABN AMRO CLEARING CHICAGO LLC FCM BD CBOT 3/31/2015 671,997,605 191,283,975 480,713,630 3,230,011,277 2,909,602,252 320,409,025 147,461,546 167,440,882 120,592,974 46,847,908 18,088,946 0 0 0 0 0

2 ADM INVESTOR SERVICES INC FCM CBOT 3/31/2015 293,401,277 164,253,898 129,147,379 3,952,059,002 3,677,332,920 274,726,082 120,000,000 239,971,471 179,917,521 60,053,950 20,000,000 13,148,478 1,675,033 11,473,445 8,000,000 0

3 ADVANTAGE FUTURES LLC FCM CME 3/31/2015 24,225,860 14,197,723 10,028,137 555,566,717 540,478,755 15,087,962 8,500,000 32,505,131 30,537,711 1,967,420 1,000,000 0 0 0 0 0

4 AMP GLOBAL CLEARING LLC FCM NFA 3/31/2015 2,679,417 1,500,000 1,179,417 54,428,255 52,614,279 1,813,976 900,000 1,275,985 856,511 419,474 150,000 0 0 0 0 0

5 BARCLAYS CAPITAL INC FCM BD NYME 3/31/2015 7,379,992,712 1,415,419,658 5,964,573,054 6,754,182,958 6,036,525,748 717,657,210 332,008,916 2,847,615,390 2,597,917,499 249,697,891 130,415,458 6,787,087,626 5,826,506,503 960,581,123 209,171,583 0

6 BGC FINANCIAL LP FCM BD NFA 3/31/2015 58,925,594 2,460,174 56,465,420 0 0 0 0 0 0 0 0 0 0 0 0 0

7 BNP PARIBAS PRIME BROKERAGE INC FCM BD NYME 3/31/2015 3,127,830,885 247,780,632 2,880,050,253 3,091,520,152 2,776,822,298 314,697,854 277,682,230 41,332,619 28,260,121 13,072,498 10,000,000 10,363,668 2,263,877 8,099,791 5,000,000 0

8 BNP PARIBAS SECURITIES CORP FCM BD CBOT 3/31/2015 1,752,448,629 275,287,439 1,477,161,190 1,061,528,175 856,339,747 205,188,428 171,267,949 40,643,510 25,231,105 15,412,405 2,523,111 955,446,941 819,175,327 136,271,614 81,917,533 0

9 BOCI COMMODITIES & FUTURES USA LLC FCM CME 3/31/2015 12,776,923 1,000,000 11,776,923 203 0 203 1 184 0 184 1 6 0 6 1 0

10 CANTOR FITZGERALD & CO FCM BD CBOT 3/31/2015 236,945,557 7,668,138 229,277,419 4,969,921 0 4,969,921 3,000,000 0 0 0 0 0 0 0 0 0

11 CHS HEDGING LLC FCM CBOT 3/31/2015 28,607,620 9,936,922 18,670,698 168,585,167 142,095,879 26,489,288 13,100,000 1,711,870 292,823 1,419,047 545,000 0 0 0 0 0

12 CITIGROUP GLOBAL MARKETS INC FCM BD SD CBOT/NFA 3/31/2015 6,154,011,889 1,346,986,594 4,807,025,295 7,362,244,771 6,976,448,676 385,796,095 349,700,000 946,203,910 760,153,838 186,050,072 150,000,000 6,669,420,650 6,439,454,496 229,966,154 203,775,000 0

13 CREDIT SUISSE SECURITIES (USA) LLC FCM BD CBOT 3/31/2015 8,517,950,171 2,250,188,859 6,267,761,312 9,442,189,907 8,416,610,641 1,025,579,266 420,830,532 3,753,923,878 3,091,080,589 662,843,289 154,554,029 14,258,564,895 11,911,550,993 2,347,013,902 595,577,550 0

14 CUNNINGHAM COMMODITIES LLC FCM CBOT 3/31/2015 5,223,895 1,278,768 3,945,127 71,120,466 66,830,104 4,290,362 3,050,000 343,451 57,601 285,850 100,000 0 0 0 0 0

15 DAIWA CAPITAL MARKETS AMERICA INC FCM BD CME 3/31/2015 514,805,022 9,048,074 505,756,948 5,455,734 0 5,455,734 1 539,709 0 539,709 1 0 0 0 0 0

16 DEUTSCHE BANK SECURITIES INC FCM BD CBOT 3/31/2015 11,523,668,494 812,695,357 10,710,973,137 3,286,758,399 3,004,798,812 281,959,587 200,000,000 1,090,334,425 898,971,737 191,362,688 150,000,000 2,214,822,416 1,897,199,060 317,623,356 250,000,000 0

17 DORMAN TRADING LLC FCM CME 3/31/2015 10,092,588 2,286,145 7,806,443 175,092,514 170,824,049 4,268,465 2,000,000 3,043,908 2,335,797 708,111 200,000 0 0 0 0 0

18 E D & F MAN CAPITAL MARKETS INC FCM BD CME 3/31/2015 56,551,764 24,544,109 32,007,655 696,901,116 675,645,544 21,255,572 14,000,000 48,302,417 45,879,372 2,423,045 2,000,000 0 0 0 0 0

19 E TRADE CLEARING LLC FCM BD NFA 3/31/2015 810,389,192 178,591,299 631,797,893 59,453,166 45,477,144 13,976,022 10,000,000 1,438,738 429,670 1,009,068 1,000,000 0 0 0 0 0

20 EFL FUTURES LIMITED FCM CME 3/31/2015 32,978,875 15,591,533 17,387,342 226,120,770 213,164,641 12,956,129 5,000,000 0 0 0 0 0 0 0 0 0

21 FCSTONE LLC FCM CME 3/31/2015 126,263,856 64,054,360 62,209,496 1,781,535,381 1,734,172,061 47,363,320 24,000,000 62,281,887 44,010,898 18,270,989 8,000,000 0 0 0 0 0

22 FOREX CAPITAL MARKETS LLC FCMRFD SD NFA 3/31/2015 70,967,475 28,346,041 42,621,434 0 0 0 0 0 0 0 0 0 0 0 0 176,920,821

23 GAIN CAPITAL GROUP LLC FCMRFD NFA 3/31/2015 45,849,558 24,994,499 20,855,059 238,906,615 223,712,276 15,194,339 2,500,000 5,930,794 3,092,967 2,837,827 312,500 0 0 0 0 109,889,984

24 GH FINANCIALS LLC FCM CME 3/31/2015 15,579,266 3,691,595 11,887,671 71,846,774 58,135,924 13,710,850 2,500,000 299,740 1,290 298,450 75,000 0 0 0 0 0

25 GOLDMAN SACHS & CO FCM BD SD CBOT/NFA 3/31/2015 15,807,275,107 2,618,101,923 13,189,173,184 22,545,554,717 22,033,574,972 511,979,745 475,000,000 11,888,505,142 11,319,539,628 568,965,514 475,000,000 3,815,972,392 3,429,448,400 386,523,992 350,000,000 0

26 GOLDMAN SACHS EXECUTION & CLEARING LP FCM BD CME 3/31/2015 1,755,768,284 164,009,599 1,591,758,685 1,249,252,032 490,050,867 759,201,165 540,000,000 68,954,089 19,171,451 49,782,638 40,000,000 0 0 0 0 0

27 HSBC SECURITIES USA INC FCM BD CME 3/31/2015 983,458,521 262,334,536 721,123,985 1,096,341,789 1,005,201,693 91,140,096 50,000,000 194,574,010 150,137,489 44,436,521 36,680,354 1,195,830,335 1,042,218,664 153,611,671 30,000,000 0

28 IBFX INC RFED SD NFA 3/31/2015 36,739,856 22,031,898 14,707,958 0 0 0 0 0 0 0 0 0 0 0 0 47,957,466

29 INTERACTIVE BROKERS LLC FCM BD NFA 3/31/2015 2,457,319,651 264,495,354 2,192,824,297 2,694,567,850 2,448,248,685 246,319,165 155,000,000 560,443,201 460,346,957 100,096,244 80,000,000 0 0 0 0 53,625,685

30 IRONBEAM INC FCM NFA 3/31/2015 2,255,764 1,000,000 1,255,764 41,020,982 39,746,899 1,274,083 800,000 146,023 74,825 71,198 50,000 0 0 0 0 0

31 ITG DERIVATIVES LLC FCM BD NFA 3/31/2015 2,365,692 1,000,000 1,365,692 0 0 0 0 0 0 0 0 0 0 0 0 0

32 JEFFERIES LLC FCM BD CBOT 3/31/2015 863,937,672 121,896,236 742,041,436 2,010,743,518 1,899,016,337 111,727,181 90,000,000 211,690,315 142,530,310 69,160,005 50,000,000 18,340,466 6,432,441 11,908,025 5,000,000 0

33 JP MORGAN CLEARING CORP FCM BD NFA 3/31/2015 8,058,471,290 1,854,649,770 6,203,821,520 1,008,867,801 659,010,901 349,856,900 59,310,981 727,222,302 542,041,320 185,180,982 48,783,719 250,000 0 250,000 1 0

34 JP MORGAN SECURITIES LLC FCM BD SD CEI/NFA 3/31/2015 15,368,120,256 2,471,210,010 12,896,910,246 20,782,331,234 18,745,052,511 2,037,278,723 1,687,054,726 4,007,053,359 3,444,927,613 562,125,746 310,043,485 6,611,657,469 5,947,321,154 664,336,315 535,258,904 0

35 MACQUARIE FUTURES USA LLC FCM CBOT 3/31/2015 187,314,122 159,947,623 27,366,499 1,953,597,559 1,794,421,647 159,175,912 90,000,000 20,414,347 5,565,498 14,848,849 389,585 21,965,986 3,657,851 18,308,135 256,050 0

36 MAREX NORTH AMERICA LLC FCM CME 3/31/2015 20,961,260 13,681,730 7,279,530 185,029,538 180,781,327 4,248,211 3,500,000 37,768,105 36,372,878 1,395,227 1,000,000 0 0 0 0 0

37 MB TRADING FUTURES INC RFED NFA 3/31/2015 24,360,779 20,460,934 3,899,845 0 0 0 0 0 0 0 0 0 0 0 0 19,218,689

38 MCVEAN TRADING & INVESTMENTS LLC FCM NFA 3/31/2015 13,287,879 3,854,955 9,432,924 961,530,189 940,852,992 20,677,197 18,000,000 2,417,861 0 2,417,861 400,000 0 0 0 0 0

39 MERRILL LYNCH PIERCE FENNER & SMITH INCORPORATED FCM BD CBOT 3/31/2015 10,490,964,668 1,520,044,122 8,970,920,546 12,262,465,364 11,816,626,793 445,838,571 200,000,000 3,186,413,457 2,984,993,723 201,419,734 150,000,000 3,988,003,789 3,671,697,912 316,305,877 150,000,000 0

40 MERRILL LYNCH PROFESSIONAL CLEARING CORP FCM BD NFA 3/31/2015 3,259,332,810 518,119,250 2,741,213,560 1,267,792,215 680,725,508 587,066,707 300,000,000 4,336,935 625,062 3,711,873 1,000,000 0 0 0 0 0

41 MID CO COMMODITIES INC FCM NFA 3/31/2015 8,026,349 3,637,090 4,389,259 41,247,189 33,050,627 8,196,562 5,000,000 0 0 0 0 0 0 0 0 0

42 MINT BROKERS FCM BD NFA 3/31/2015 7,086,133 1,000,000 6,086,133 0 0 0 0 0 0 0 0 0 0 0 0 0

43 MITSUBISHI UFJ SECURITIES USA INC FCM BD NFA 3/31/2015 373,633,123 1,430,855 372,202,268 0 0 0 0 0 0 0 0 0 0 0 0 0

44 MIZUHO SECURITIES USA INC FCM BD SD CME/NFA 3/31/2015 520,872,796 253,400,779 267,472,017 3,129,629,841 2,924,378,212 205,251,629 135,000,000 723,188,420 622,091,237 101,097,183 70,000,000 27,427,297 1,860,853 25,566,444 15,000,000 0

45 MORGAN STANLEY & CO LLC FCM BD SD CME/NFA 3/31/2015 6,529,599,949 1,828,285,966 4,701,313,983 12,211,452,818 12,007,446,006 204,006,812 105,000,000 3,475,332,472 3,267,075,283 208,257,189 105,000,000 7,939,452,088 7,822,322,430 117,129,658 92,000,000 0

46 NANHUA USA LLC FCM CME 3/31/2015 10,455,141 1,000,000 9,455,141 6,000,229 999,979 5,000,250 1,000,000 0 0 0 0 0 0 0 0 0

47 NEUBERGER BERMAN LLC FCM BD NFA 3/31/2015 41,825,182 1,500,000 40,325,182 0 0 0 0 0 0 0 0 0 0 0 0 0

48 NOMURA SECURITIES INTERNATIONAL INC FCM BD CBOT 3/31/2015 2,230,815,604 77,226,102 2,153,589,502 186,451,724 136,269,607 50,182,117 15,000,000 16,641,917 170,085 16,471,832 1,000,000 49,258,029 26,098,616 23,159,413 20,000,000 0

49 OANDA CORPORATION FCMRFD NFA 3/31/2015 84,759,539 25,396,076 59,363,463 0 0 0 0 0 0 0 0 0 0 0 0 117,921,523

50 OPTIONSXPRESS INC FCM BD NFA 3/31/2015 127,167,620 7,166,989 120,000,631 111,685,939 76,858,323 34,827,616 7,685,832 3,937,556 1,316,670 2,620,886 131,667 0 0 0 0 0

51 PHILLIP CAPITAL INC FCM CME 3/31/2015 36,418,119 20,000,000 16,418,119 252,192,167 234,075,117 18,117,050 11,703,756 10,966,748 7,147,372 3,819,376 357,369 0 0 0 0 0

52 PICTET OVERSEAS INC FCM BD NFA 3/31/2015 16,981,971 1,000,000 15,981,971 0 0 0 0 0 0 0 0 0 0 0 0 0

53 RAND FINANCIAL SERVICES INC FCM CME 3/31/2015 81,737,107 17,641,830 64,095,277 267,669,000 224,863,900 42,805,100 6,745,900 43,895,400 21,416,600 22,478,800 642,500 0 0 0 0 0

54 RBC CAPITAL MARKETS LLC FCM BD CME 3/31/2015 1,238,870,961 162,965,511 1,075,905,450 2,076,607,620 1,889,931,371 186,676,249 120,000,000 152,656,253 112,716,223 39,940,030 20,000,000 115,035,520 27,000 115,008,520 40,000,000 0

55 RBS SECURITIES INC FCM BD CBOT 3/31/2015 4,886,156,001 131,984,697 4,754,171,304 1,856,259,979 1,680,817,046 175,442,933 125,000,000 213,790,270 89,300,565 124,489,705 100,000,000 0 0 0 0 0

56 RJ OBRIEN ASSOCIATES LLC FCM SD CME/NFA 3/31/2015 198,464,209 148,134,671 50,329,538 4,254,575,525 4,166,552,516 88,023,009 40,000,000 261,913,822 233,942,321 27,971,501 20,000,000 0 0 0 0 914,737

57 ROSENTHAL COLLINS GROUP LLC FCM CME 3/31/2015 81,278,619 58,708,731 22,569,888 1,576,442,387 1,549,261,066 27,181,321 18,000,000 31,166,386 19,180,137 11,986,249 8,000,000 0 0 0 0 0

58 SANFORD C BERNSTEIN & CO LLC FCM BD NFA 3/31/2015 170,625,670 25,215,744 145,409,926 0 0 0 0 0 0 0 0 0 0 0 0 0

59 SANTANDER INVESTMENT SECURITIES INC FCM BD NYME 3/31/2015 124,871,463 10,523,077 114,348,386 669,592,621 667,123,539 2,469,082 2,000,000 0 0 0 0 0 0 0 0 0

60 SG AMERICAS SECURITIES LLC FCM BD SD CME/NFA 3/31/2015 3,379,953,417 1,082,202,307 2,297,751,110 14,998,003,663 14,157,407,743 840,595,920 500,000,000 3,793,769,411 3,324,101,825 469,667,586 255,000,000 232,083,341 56,976,230 175,107,111 75,000,000 0

61 STATE STREET GLOBAL MARKETS LLC FCM BD CME 3/31/2015 384,282,276 40,027,641 344,254,635 528,881,004 405,798,188 123,082,816 20,289,909 125,173,594 81,883,580 43,290,014 15,000,000 0 0 0 0 0

62 STRAITS FINANCIAL LLC FCM CME 3/31/2015 24,042,929 13,246,786 10,796,143 611,350,012 595,522,307 15,827,705 2,000,000 46,395,548 39,928,261 6,467,287 300,000 0 0 0 0 0

63 TD AMERITRADE FUTURES & FOREX LLC FCM NFA 3/31/2015 52,434,392 12,254,587 40,179,805 216,194,276 170,191,169 46,003,107 18,000,000 0 0 0 0 0 0 0 0 0

64 TD AMERITRADE INC FCM BD NFA 3/31/2015 265,686,192 1,000,000 264,686,192 0 0 0 0 0 0 0 0 0 0 0 0 0

65 TIMBER HILL LLC FCM BD CME 3/31/2015 352,274,967 57,718,673 294,556,294 794,425,235 789,376,908 5,048,327 5,000,000 0 0 0 0 0 0 0 0 0

66 TRADESTATION SECURITIES INC FCM BD CME 3/31/2015 53,096,320 4,022,013 49,074,307 503,176,269 492,284,650 10,891,619 9,000,000 23,719,910 22,556,157 1,163,753 800,000 0 0 0 0 0

67 UBS FINANCIAL SERVICES INC FCM BD NFA 3/31/2015 1,052,878,443 101,694,680 951,183,763 163,455,083 120,384,570 43,070,513 22,000,000 33,141,166 2,538,248 30,602,918 15,000,000 0 0 0 0 0

68 UBS SECURITIES LLC FCM BD CBOT 3/31/2015 7,223,921,285 979,793,737 6,244,127,548 8,696,767,348 7,932,408,209 764,359,139 555,268,575 4,468,796,305 3,947,733,667 521,062,638 400,000,000 1,518,685,865 1,218,929,228 299,756,637 200,000,000 0

69 UOBBF CLEARING LIMITED FCM NFA 3/31/2015 8,363,613 1,000,000 7,363,613 0 0 0 0 0 0 0 0 0 0 0 0 0

70 WEDBUSH SECURITIES INC FCM BD CBOT 3/31/2015 122,719,758 22,114,851 100,604,907 571,355,834 548,750,088 22,605,746 17,750,000 24,329,709 21,178,745 3,150,964 1,000,000 0 0 0 0 52,297,026

71 WELLS FARGO SECURITIES LLC FCM BD CME 3/31/2015 2,295,025,331 381,696,600 1,913,328,731 1,673,648,961 1,444,263,498 229,385,463 100,000,000 242,085,107 148,825,727 93,259,380 40,000,000 3,623,194,230 3,014,289,096 608,905,134 300,000,000 0

72 WHOTRADES FX LLC FCM NFA 3/31/2015 1,862,393 1,000,000 862,393 0 0 0 0 0 0 0 0 0 0 0 0 0

73 XCHANGE FINANCIAL ACCESS LLC FCM BD NFA 3/31/2015 7,360,568 1,131,898 6,228,670 35,228,463 32,941,978 2,286,485 1,750,000 0 0 0 0 0 0 0 0 0

74 YORK BUSINESS ASSOCIATES LLC FCM NFA 3/31/2015 4,972,242 1,000,000 3,972,242 43,414,630 39,256,199 4,158,431 2,000,000 1,614,200 1,364,334 249,866 200,000 0 0 0 0 0

Totals 165,825,280,045 153,631,155,698 12,194,124,347 7,621,360,854 43,887,593,239 38,900,413,815 4,987,179,424 2,894,742,725 60,066,011,487 53,139,105,164 6,926,906,323 3,165,956,622 578,745,931

February Web Page Update 74

Additions 1

PICTET OVERSEAS INC
SELECTED FCM FINANCIAL DATA AS OF 

March 31, 2015

FROM REPORTS FILED BY 

April 26, 2015

2 of 2

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A B C D E F G H I J K L M N O P Q R S T U

Futures Commission Merchant / 

Retail Foreign Exchange Dealer

Registered 

As DSRO As ofDate Adjusted Net Capital Net Capital Requirement Excess Net Capital Customers' Assets in Seg

Customers' Seg 

Required 4d(a)(2)

Excess/Deficient 

Funds in Seg

Target Residual 

Interest in Seg

Funds in Separate 

Section 30.7 

Accounts

Customer Amount 

Pt. 30 Required

Excess/Deficient 

Funds in Separate 

Section 30.7 

Accounts

Target Residual 

Interest in Section 

30.7

Funds in Separate 

Cleared Swap 

Segregation

Customer Amount 

Cleared Swap Seg 

Required

Excess/Deficient 

Funds in Cleared 

Swap Seg Accounts

Target Residual 

Interest in Cleared 

Swap Seg

Total Amount of 

Retail Forex 

Obligation

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Deletions 1

VISION FINANCIAL MARKETS LLC

Name Changes

NONE

March Web Page Update 74

(m): This represents the total amount of money, securities, and property held in cleared swap customer accounts for cleared swap customers in compliance with Section 4d(f) of the Commodity Exchange Act.

(n): This represents the amount of funds an FCM is required to segregate for customers who trade cleared swaps.

(q): This represents the total amount of funds at an FCM, RFED, or FCMRFD that would be obtained by combining all money, securities and property deposited by a retail forex customer into a retail forex account or accounts, adjusted for the realized and unrealized net profit or loss.

(o): Excess/Deficient funds in cleared swap customer accounts is funds in separate cleared swap segregation accounts, less the cleared swap customer segregation requirement.

(p): This represents the targeted excess of proprietary funds deposited into separate cleared swap segregation accounts above the cleared swap customer segregation requirement. This target amount is set by the firm.

(k): Excess/Deficient funds in separate Section 30.7 accounts is funds in separate Section 30.7 accounts, less the customer amount Part 30 requirement.

(l): This represents the targeted excess of proprietary funds deposited into separate Section 30.7 accounts above the customer amount Part 30 requirement. This target amount is set by the firm.

(h): This represents the targeted excess of proprietary funds deposited into customer segregated accounts above the customer segregation requirement. This target amount is set by the firm.

(i): This represents the total amount of money, securities, and property held in secured accounts for futures and options customers who trade on commodity exchanges located outside the United States in compliance with Part 30 of the Commodity Exchange Act.

(j): This represents the amount of funds an FCM is required to set aside for customers who trade on commodity exchanges located outside of the United States. 

(f): This represents the total amount of funds that an FCM is required to segregate on behalf of customers who are trading on a designated contract market or derivatives transaction execution facility. This is the sum of all accounts that contain a net liquidating equity.

(g): Excess/Deficient funds in segregation is customer assets in segregation, less the customer segregation requirement.

•  minimum dollar amount for FCM’s offering or engaged in retail forex transactions and RFEDs ($20,000,000) plus five percent of the FCM’s or RFED’s total retail forex obligation in excess of $10,000,000.

(d): Excess net capital is adjusted net capital, less the firm's net capital requirement.

(e): This represents the total amount of money, securities, and property held in segregated accounts for futures and options customers in compliance with Section 4d of the Commodity Exchange Act.

•  FCM minimum dollar amount ($1,000,000); or

•  risk based capital requirement, the sum of 8% of total customer risk maintenance margin and 8% of total non-customer risk maintenance margin; or 

•  the amount of capital required by a registered futures association (currently NFA is the only such association); or

•  for securities brokers and dealers, the amount of net capital required by Rule 15c3-1(a) of the Securities and Exchange Commission; or  

•  minimum dollar amount for FCM’s offering or engaged in retail forex transactions and RFEDs ($20,000,000); or

(b): DSRO: Designated Self-Regulatory Organization. FCM/RFED firms that are dually registered as SDs have two DSROs listed if they have a different DSRO for the FCM/RFED and the SD. The DSRO for the FCM/RFED is listed first and the DSRO for the SD is listed second.

(c): A firm's net capital requirement is the greater of: 

 RFED: Retail Foreign Exchange Dealer that is registered with the Commodity Futures Trading Commission.

(a): FCM: Futures Commission Merchant that is registered with the Commodity Futures Trading Commission.

 BD: The FCM is also registered with the Securities and Exchange Commission as a securities broker or dealer.

 FCMRFD: The FCM is also registered with the Commodity Futures Trading Commission as a Retail Foreign Exchange Dealer.

 SD: The FCM or RFED is also registered with the Commodity Futures Trading Commission as a provisionally registered swap dealer.