CFTC Ag Advisory Committee

Statistics on FCM Trends

for the period

December 2005 thru December 2014

DSIO Examinations Branch

September 22, 2015
Change in number of FCMs

85

65 60

11

6 6 

84

62

10

0

20

40

60

80

100

120

140

160

180

200

2005 2009 2014

Firms with no customer assets

Firms with more than 1 FCM with customer assets

Firms with customer assets

Overall decrease in firms with customer assets went from 85 in 2005 to 60 in 2014
Change in Number of FCMs

Decrease in the number of FCMs from 2005 to 2014 is 25 or approximately 29%; and from 

2009 to 2014 a net decrease of 5 or 8%

85

65 60

0

20

40

60

80

100

120

140

160

180

200

2005 2009 2014

Firms with Customer Assets Only
-15

-10

-5

0

5

10

15

Firm Withdrawals/Additions for time period 2006 - 2014 

Added Acquired Went out of business Merged with affiliate Became IB/CTO/CTA Bankruptcy

2006 2007 2008 2009 2010 2011 2012 2013 2014

11 0 -8 6 -3 0 -2 -4 -8 
0

20

40

60

80

100

120

140

160

180

200

0

50

100

150

200

250

300

$ Billions of Customer Assets

Customer Assets by Origin 2005 - 2014 

vs. Number of FCM

Total Customer

Segregated Assets

Total Customer

Secured Assets

Total Customer

Cleared Swaps

Total Customer

Forex Assets

Number

of FCMs

Number of FCMs

28% decrease in number of FCM (as adjusted) vs. an 

increase in total customer assets
18%

GOLDMAN SACHS & CO

22%

JP MORGAN FUTURES INC

22%

JP MORGAN FUTURES INC

15%

JP MORGAN CLEARING CORP

13%

UBS 

8%

6%

MORGAN STANLEY 

9%

10% 

MERRILL LYNCH

9%

NEWEDGE USA LLC

16%

NEWEDGE USA

11% 

NEWEDGE FINANCIAL INC.

10% 

CITIGROUP GLBL MARKETS 5%

MF GLOBAL INC

10%

CREDIT SUISSE SECs. (USA)

8% 

BARCLAYS CAPITAL INC 6%

DEUTSCHE BANK SECs. INC

8%

$0

$20

$40

$60

$80

$100

$120

$140

$160

2005 2014

Billions

10 Largest FCMs by Value of Customer Assets Held 

(Segregated and Secured Assets Only)

2005 and 2014

$89.5 billion

$151 billion

Three new firms entered top 10 in 2014 (Barclays, 

Deutsche Bank, CS); a majority of the overall increase in 

assets was captured by the top 10 firms.
GOLDMAN SACHS & CO

14%

JP MORGAN 

SECURITIES LLC

11%

CREDIT SUISSE 

SECURITIES (USA) LLC

9%

MORGAN STANLEY 

& CO LLC

MERRILL LYNCH 8%

PIERCE FENNER 

& SMITH

7%

NEWEDGE 

USA LLC

7%

BARCLAYS 

CAPITAL INC

6%

DEUTSCHE BANK 

SECURITIES INC

5%

CITIGROUP 

GLOBAL MARKETS INC

5%

UBS SECURITIES LLC

5%

Firms Holding Customer Assets (2014)

Customer assets 

held by the 

top 10 firms.

77% 

Total assets held:

$196,733,061,399 
http://www.cftc.gov/MarketReports/FinancialDataforFCMs/index.htm
http://www.cftc.gov/idc/groups/public/@financialdataforfcms/documents/file/fcmdata0715.pdf

Futures Commission Merchant / 

Retail Foreign Exchange Dealer Registered As DSRO As of

Date 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 7/31/2015 591,284,865 176,321,995 414,962,870 3,054,253,306 2,749,178,207 305,075,099 145,850,748 208,587,726 160,546,991 48,040,735 24,082,049 0 0 0 0 0

2 ADM INVESTOR SERVICES INC FCM CBOT 7/31/2015 304,932,434 191,566,376 113,366,058 4,466,320,899 4,200,215,260 266,105,639 120,000,000 293,428,274 235,528,154 57,900,120 20,000,000 11,626,456 1,228,527 10,397,929 8,000,000 0

3 ADVANTAGE FUTURES LLC FCM CME 7/31/2015 24,098,383 13,971,920 10,126,463 624,266,042 608,745,018 15,521,024 9,000,000 35,684,048 33,759,193 1,924,855 1,000,000 0 0 0 0 0

4 AMP GLOBAL CLEARING LLC FCM NFA 7/31/2015 2,719,739 1,500,000 1,219,739 57,800,170 55,994,290 1,805,880 900,000 1,492,006 1,099,760 392,246 150,000 0 0 0 0 0

5 BARCLAYS CAPITAL INC FCM BD NYME 7/31/2015 6,882,556,756 1,237,826,203 5,644,730,553 6,536,763,002 5,735,207,563 801,555,439 315,436,416 3,160,768,813 2,913,533,856 247,234,957 146,259,400 5,248,243,232 4,538,112,106 710,131,126 162,918,225 0

6 BGC FINANCIAL LP FCM BD NFA 7/31/2015 52,032,478 1,125,198 50,907,280 0 0 0 0 0 0 0 0 0 0 0 0 0

7 BNP PARIBAS PRIME BROKERAGE INC FCM BD NYME 7/31/2015 2,769,627,809 269,905,203 2,499,722,606 2,468,774,948 2,214,739,298 254,035,650 221,473,930 19,089,794 8,345,611 10,744,183 10,000,000 10,683,060 2,574,470 8,108,590 5,000,000 0

8 BNP PARIBAS SECURITIES CORP FCM BD CBOT 7/31/2015 1,861,672,911 234,999,366 1,626,673,545 1,088,084,646 880,531,419 207,553,227 176,106,284 34,277,045 19,197,465 15,079,580 1,919,747 741,603,107 611,726,007 129,877,100 61,172,601 0

9 BOCI COMMODITIES & FUTURES USA LLC FCM CME 7/31/2015 11,751,614 1,000,000 10,751,614 203 0 203 1 184 0 184 1 6 0 6 1 0

10 CANTOR FITZGERALD & CO FCM BD CBOT 7/31/2015 198,331,075 4,955,868 193,375,207 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 7/31/2015 29,628,137 11,480,955 18,147,182 173,456,926 144,910,224 28,546,702 13,100,000 1,720,917 292,228 1,428,689 545,000 660,685 156,600 504,085 310,000 0

12 CITIGROUP GLOBAL MARKETS INC FCM BD SD CBOT/NFA 7/31/2015 7,125,900,213 1,349,383,138 5,776,517,075 7,565,469,227 7,224,505,675 340,963,552 312,500,000 1,363,192,220 1,114,793,937 248,398,283 150,000,000 6,633,327,530 6,314,862,193 318,465,337 210,275,000 0

13 CREDIT SUISSE SECURITIES (USA) LLC FCM BD CBOT 7/31/2015 8,939,585,683 2,165,008,163 6,774,577,520 7,996,806,500 7,492,515,171 504,291,329 374,625,759 3,517,393,355 3,258,518,542 258,874,813 162,925,927 11,903,684,803 11,001,628,081 902,056,722 550,081,404 0

14 CUNNINGHAM COMMODITIES LLC FCM CBOT 7/31/2015 5,201,567 1,430,567 3,771,000 72,169,422 67,629,063 4,540,359 3,050,000 330,070 54,211 275,859 100,000 0 0 0 0 0

15 DAIWA CAPITAL MARKETS AMERICA INC FCM BD CME 7/31/2015 507,898,280 8,800,869 499,097,411 5,450,758 0 5,450,758 1 539,551 0 539,551 1 0 0 0 0 0

16 DEUTSCHE BANK SECURITIES INC FCM BD CBOT 7/31/2015 11,411,886,769 651,877,863 10,760,008,906 3,710,012,485 3,425,508,712 284,503,773 200,000,000 1,182,557,851 980,035,907 202,521,944 150,000,000 2,143,500,550 1,845,243,553 298,256,997 250,000,000 0

17 DORMAN TRADING LLC FCM CME 7/31/2015 9,829,126 2,053,386 7,775,740 180,107,977 176,000,754 4,107,223 2,000,000 3,654,032 2,990,380 663,652 200,000 0 0 0 0 0

18 E D & F MAN CAPITAL MARKETS INC FCM BD CME 7/31/2015 71,558,489 41,290,730 30,267,759 906,303,868 879,241,997 27,061,871 14,000,000 60,148,851 54,896,578 5,252,273 2,000,000 4,395,508 2,593,014 1,802,494 500,000 0

19 E TRADE CLEARING LLC FCM BD NFA 7/31/2015 970,791,264 179,351,359 791,439,905 60,072,678 45,532,935 14,539,743 10,000,000 1,473,395 364,241 1,109,154 1,000,000 0 0 0 0 0

20 EFL FUTURES LIMITED FCM CME 7/31/2015 35,792,444 15,905,628 19,886,816 225,384,706 212,439,695 12,945,011 5,000,000 0 0 0 0 0 0 0 0 0

21 FOREX CAPITAL MARKETS LLC FCMRFD SD NFA 7/31/2015 55,716,625 28,907,743 26,808,882 0 0 0 0 0 0 0 0 0 0 0 0 188,154,855

22 GAIN CAPITAL GROUP LLC FCMRFD NFA 7/31/2015 37,042,058 25,291,958 11,750,100 257,404,414 241,634,911 15,769,503 2,500,000 9,100,968 4,048,145 5,052,823 312,500 0 0 0 0 115,839,158

23 GH FINANCIALS LLC FCM CME 7/31/2015 15,755,832 5,901,425 9,854,407 88,514,035 78,307,083 10,206,952 2,500,000 300,238 1,290 298,948 75,000 0 0 0 0 0

24 GOLDMAN SACHS & CO FCM BD SD CBOT/NFA 7/31/2015 15,336,365,384 2,521,595,506 12,814,769,878 23,064,470,305 22,470,674,980 593,795,325 475,000,000 13,316,043,808 12,663,570,444 652,473,364 475,000,000 4,138,641,601 3,725,116,698 413,524,903 350,000,000 0

25 GOLDMAN SACHS EXECUTION & CLEARING LP FCM BD CME 7/31/2015 1,632,058,099 150,409,820 1,481,648,279 1,128,130,096 549,313,441 578,816,655 540,000,000 69,286,795 19,478,131 49,808,664 40,000,000 0 0 0 0 0

26 HSBC SECURITIES USA INC FCM BD CME 7/31/2015 1,120,323,771 253,678,293 866,645,478 1,229,138,760 1,132,568,087 96,570,673 50,000,000 140,585,370 102,396,208 38,189,162 10,000,000 1,166,062,959 1,006,952,929 159,110,030 70,000,000 0

27 IBFX INC RFED SD NFA 7/31/2015 35,979,606 22,069,492 13,910,114 0 0 0 0 0 0 0 0 0 0 0 0 47,638,065

28 INTERACTIVE BROKERS LLC FCM BD CME 7/31/2015 2,257,239,195 275,367,976 1,981,871,219 2,844,515,664 2,628,833,763 215,681,901 155,000,000 531,347,022 395,204,678 136,142,344 80,000,000 0 0 0 0 65,803,563

29 INTL FCSTONE FINANCIAL INC FCM BD CME 7/31/2015 147,514,967 74,696,673 72,818,294 1,950,324,164 1,900,684,712 49,639,452 26,000,000 93,302,556 73,495,125 19,807,431 8,000,000 0 0 0 0 0

30 IRONBEAM INC FCM NFA 7/31/2015 2,194,452 1,000,000 1,194,452 43,905,884 42,594,019 1,311,865 800,000 214,969 117,150 97,819 50,000 0 0 0 0 0

31 ITG DERIVATIVES LLC FCM BD NFA 7/31/2015 2,026,372 1,000,000 1,026,372 0 0 0 0 0 0 0 0 0 0 0 0 0

32 JEFFERIES LLC FCM BD CBOT 7/31/2015 1,100,215,463 88,358,701 1,011,856,762 174,170,437 61,170,927 112,999,510 90,000,000 72,057,166 2,811,328 69,245,838 50,000,000 1,093,415 0 1,093,415 500,000 0

33 JP MORGAN CLEARING CORP FCM BD NFA 7/31/2015 8,009,526,172 1,674,514,213 6,335,011,959 729,062,498 559,746,351 169,316,147 50,377,172 745,334,571 561,053,680 184,280,891 50,494,831 250,000 0 250,000 1 0

34 JP MORGAN SECURITIES LLC FCM BD SD CEI/NFA 7/31/2015 13,266,310,279 2,489,923,231 10,776,387,048 19,691,175,005 17,973,188,510 1,717,986,495 1,617,586,966 3,796,651,830 3,250,875,620 545,776,210 292,578,806 7,311,462,921 6,610,356,941 701,105,980 594,932,125 0

35 MACQUARIE FUTURES USA LLC FCM CBOT 7/31/2015 195,799,986 174,685,978 21,114,008 2,317,124,142 2,150,037,420 167,086,722 90,000,000 42,246,057 26,165,570 16,080,487 1,831,590 23,649,738 5,312,509 18,337,229 371,876 0

36 MAREX NORTH AMERICA LLC FCM CME 7/31/2015 19,738,974 12,378,466 7,360,508 148,339,744 143,998,344 4,341,400 3,500,000 38,595,529 37,355,364 1,240,165 1,000,000 0 0 0 0 0

37 MB TRADING FUTURES INC RFED NFA 7/31/2015 24,098,773 20,468,240 3,630,533 0 0 0 0 0 0 0 0 0 0 0 0 19,364,792

38 MCVEAN TRADING & INVESTMENTS LLC FCM NFA 7/31/2015 12,011,123 2,590,639 9,420,484 926,985,664 906,338,025 20,647,639 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 7/31/2015 8,837,110,856 1,427,388,921 7,409,721,935 12,075,051,732 11,766,371,351 308,680,381 200,000,000 3,117,070,032 2,905,877,296 211,192,736 150,000,000 3,511,766,189 3,269,226,608 242,539,581 150,000,000 0

40 MERRILL LYNCH PROFESSIONAL CLEARING CORP FCM BD NFA 7/31/2015 2,935,255,712 461,247,856 2,474,007,856 1,463,539,668 874,031,719 589,507,949 300,000,000 3,967,744 259,098 3,708,646 1,000,000 0 0 0 0 0

41 MID CO COMMODITIES INC FCM NFA 7/31/2015 8,281,221 3,227,462 5,053,759 42,497,247 33,814,619 8,682,628 5,000,000 0 0 0 0 0 0 0 0 0

42 MINT BROKERS FCM BD NFA 7/31/2015 6,643,883 1,000,000 5,643,883 0 0 0 0 0 0 0 0 0 0 0 0 0

43 MITSUBISHI UFJ SECURITIES USA INC FCM BD NFA 7/31/2015 388,666,304 1,103,747 387,562,557 0 0 0 0 0 0 0 0 0 0 0 0 0

44 MIZUHO SECURITIES USA INC FCM BD SD CME/NFA 7/31/2015 615,529,262 238,248,308 377,280,954 2,985,578,649 2,780,192,181 205,386,468 125,000,000 748,817,717 648,706,756 100,110,961 70,000,000 28,494,432 3,099,916 25,394,516 15,000,000 0

45 MORGAN STANLEY & CO LLC FCM BD SD CME/NFA 7/31/2015 8,916,600,151 1,813,156,605 7,103,443,546 12,253,868,839 12,051,487,025 202,381,814 105,000,000 4,083,632,775 3,875,809,900 207,822,875 105,000,000 8,694,024,252 5,210,185,797 3,483,838,455 92,000,000 0

46 NANHUA USA LLC FCM CME 7/31/2015 10,346,293 3,431,508 6,914,785 67,646,873 62,404,870 5,242,003 1,000,000 0 0 0 0 0 0 0 0 0

47 NEUBERGER BERMAN LLC FCM BD NFA 7/31/2015 22,241,362 1,500,000 20,741,362 0 0 0 0 0 0 0 0 0 0 0 0 0

48 NOMURA SECURITIES INTERNATIONAL INC FCM BD CBOT 7/31/2015 2,524,063,224 88,563,390 2,435,499,834 262,530,552 167,192,420 95,338,132 15,000,000 16,766,018 415,037 16,350,981 1,000,000 26,196,335 3,235,266 22,961,069 20,000,000 0

49 OANDA CORPORATION FCMRFD NFA 7/31/2015 80,361,892 24,948,360 55,413,532 0 0 0 0 0 0 0 0 0 0 0 0 108,967,198

50 OPTIONSXPRESS INC FCM BD NFA 7/31/2015 135,067,095 7,664,519 127,402,576 116,430,388 77,393,786 39,036,602 11,609,068 3,422,820 766,898 2,655,922 115,035 0 0 0 0 0

51 PHILLIP CAPITAL INC FCM CME 7/31/2015 36,237,458 20,000,000 16,237,458 180,351,693 161,328,095 19,023,598 8,066,405 15,608,337 6,909,833 8,698,504 345,492 0 0 0 0 0

52 PICTET OVERSEAS INC FCM BD NFA 7/31/2015 17,543,739 1,000,000 16,543,739 0 0 0 0 0 0 0 0 0 0 0 0 0

53 RAND FINANCIAL SERVICES INC FCM CME 7/31/2015 81,825,351 15,189,861 66,635,490 262,234,800 219,344,800 42,890,000 6,580,300 28,409,600 5,840,600 22,569,000 175,200 0 0 0 0 0

54 RBC CAPITAL MARKETS LLC FCM BD CME 7/31/2015 1,528,792,506 183,165,332 1,345,627,174 1,799,344,294 1,601,255,418 198,088,876 120,000,000 160,427,378 121,253,012 39,174,366 20,000,000 703,175,908 516,715,684 186,460,224 80,000,000 0

55 RBS SECURITIES INC FCM BD CBOT 7/31/2015 4,584,384,346 111,659,162 4,472,725,184 1,767,823,822 1,587,398,506 180,425,316 125,000,000 165,478,650 40,378,462 125,100,188 100,000,000 0 0 0 0 0

56 RJ OBRIEN ASSOCIATES LLC FCM SD CME/NFA 7/31/2015 198,173,892 150,650,118 47,523,774 4,288,041,278 4,200,215,959 87,825,319 50,000,000 227,936,747 202,765,000 25,171,747 20,000,000 0 0 0 0 1,971,006

57 ROSENTHAL COLLINS GROUP LLC FCM CME 7/31/2015 80,212,370 60,981,976 19,230,394 1,472,668,710 1,446,284,999 26,383,711 18,000,000 34,285,993 23,268,431 11,017,562 8,000,000 0 0 0 0 0

58 SANFORD C BERNSTEIN & CO LLC FCM BD NFA 7/31/2015 185,789,879 27,610,271 158,179,608 0 0 0 0 0 0 0 0 0 0 0 0 0

59 SANTANDER INVESTMENT SECURITIES INC FCM BD NYME 7/31/2015 272,315,685 12,529,072 259,786,613 474,545,364 470,305,095 4,240,269 4,000,000 0 0 0 0 0 0 0 0 0

60 SCOTIA CAPITAL USA INC FCM BD CME 7/31/2015 402,572,191 49,161,556 353,410,635 0 0 0 0 0 0 0 0 0 0 0 0 0

61 SG AMERICAS SECURITIES LLC FCM BD SD CME/NFA 7/31/2015 3,644,538,289 1,173,585,524 2,470,952,765 15,114,852,898 14,364,693,599 750,159,299 500,000,000 3,819,973,336 3,466,533,083 353,440,253 255,000,000 303,765,943 127,861,239 175,904,704 75,000,000 0

62 STATE STREET GLOBAL MARKETS LLC FCM BD CME 7/31/2015 392,658,738 28,878,822 363,779,916 482,110,596 361,282,440 120,828,156 18,064,122 55,859,402 7,970,375 47,889,027 15,000,000 0 0 0 0 0

63 STRAITS FINANCIAL LLC FCM CME 7/31/2015 23,376,076 12,408,138 10,967,938 450,853,496 435,427,485 15,426,011 2,000,000 41,554,446 34,119,726 7,434,720 300,000 0 0 0 0 0

64 TD AMERITRADE FUTURES & FOREX LLC FCM NFA 7/31/2015 60,351,788 15,850,999 44,500,789 272,595,047 200,196,765 72,398,282 18,000,000 0 0 0 0 0 0 0 0 0

65 TIMBER HILL LLC FCM BD CME 7/31/2015 345,826,399 67,058,950 278,767,449 902,656,107 897,616,337 5,039,770 5,000,000 0 0 0 0 0 0 0 0 0

66 TRADESTATION SECURITIES INC FCM BD CME 7/31/2015 63,796,401 4,016,596 59,779,805 544,129,259 533,628,720 10,500,539 9,000,000 27,437,368 26,121,467 1,315,901 800,000 0 0 0 0 0

67 UBS FINANCIAL SERVICES INC FCM BD NFA 7/31/2015 1,321,222,848 101,509,888 1,219,712,960 127,258,192 82,839,208 44,418,984 22,000,000 31,372,601 2,957,145 28,415,456 15,000,000 0 0 0 0 0

68 UBS SECURITIES LLC FCM BD CBOT 7/31/2015 6,705,306,133 990,059,937 5,715,246,196 9,213,283,271 8,471,823,283 741,459,988 593,027,630 4,336,966,887 3,829,430,360 507,536,527 400,000,000 1,284,748,453 1,009,147,560 275,600,893 200,000,000 0

69 UOBBF CLEARING LIMITED FCM NFA 7/31/2015 8,334,813 1,000,000 7,334,813 8,528 0 8,528 100 0 0 0 0 0 0 0 0 0

70 WEDBUSH SECURITIES INC FCM BD CBOT 7/31/2015 126,980,930 20,000,000 106,980,930 861,957,248 837,313,082 24,644,166 17,750,000 30,675,654 26,996,739 3,678,915 1,000,000 0 0 0 0 49,443,594

71 WELLS FARGO SECURITIES LLC FCM BD CME 7/31/2015 3,270,260,468 566,493,838 2,703,766,630 2,575,295,205 2,269,560,726 305,734,479 150,000,000 204,823,206 139,818,546 65,004,660 30,000,000 4,492,094,887 3,980,819,667 511,275,220 350,000,000 0

72 XCHANGE FINANCIAL ACCESS LLC FCM BD NFA 7/31/2015 7,327,878 2,217,855 5,110,023 53,231,822 50,806,983 2,424,839 1,750,000 0 0 0 0 0 0 0 0 0

73 YORK BUSINESS ASSOCIATES LLC FCM NFA 7/31/2015 4,830,833 1,000,000 3,830,833 44,009,949 39,986,936 4,023,013 2,000,000 2,156,083 1,760,730 395,353 200,000 0 0 0 0 0

Totals 163,944,124,023 152,996,182,261 10,947,941,762 7,480,154,902 45,898,465,666 41,288,488,281 4,609,977,385 2,872,860,579 58,383,151,970 49,786,155,365 8,596,996,605 3,246,061,233 597,182,231