SELECTED FCM FINANCIAL DATA AS OF 

November 30, 2015

FROM REPORTS FILED BY 

December 30, 2015

1 of 2

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

29

30

31

32

33

34

35

36

37

38

39

40

41

42

43

44

45

46

47

48

49

50

51

52

53

54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

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

(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 11/30/2015 594,080,254 174,801,613 419,278,641 3,108,120,292 2,767,187,145 340,933,147 150,671,777 185,943,305 142,903,882 43,039,423 14,290,388 0 0 0 0 0

2 ADM INVESTOR SERVICES INC FCM CBOT 11/30/2015 305,523,031 193,990,300 111,532,731 4,556,470,973 4,286,847,838 269,623,135 120,000,000 320,692,412 262,645,713 58,046,699 20,000,000 12,683,044 3,305,025 9,378,019 8,000,000 0

3 ADVANTAGE FUTURES LLC FCM CME 11/30/2015 24,387,802 15,037,805 9,349,997 518,874,341 503,261,285 15,613,056 8,500,000 30,319,150 28,342,716 1,976,434 1,000,000 0 0 0 0 0

4 AMP GLOBAL CLEARING LLC FCM NFA 11/30/2015 2,686,432 1,500,000 1,186,432 50,164,087 48,076,516 2,087,571 900,000 1,356,775 1,073,570 283,205 150,000 0 0 0 0 0

5 BARCLAYS CAPITAL INC FCM BD NYME 11/30/2015 7,127,656,239 1,166,101,681 5,961,554,558 6,421,537,749 5,624,701,824 796,835,925 309,358,600 3,005,313,122 2,695,941,135 309,371,987 135,336,245 5,416,391,503 4,749,921,133 666,470,370 267,895,552 0

6 BGC FINANCIAL LP FCM BD NFA 11/30/2015 41,137,942 1,540,628 39,597,314 0 0 0 0 0 0 0 0 0 0 0 0 0

7 BNP PARIBAS PRIME BROKERAGE INC FCM BD NYME 11/30/2015 2,837,669,794 248,172,596 2,589,497,198 2,895,412,164 2,568,144,029 327,268,135 256,814,403 24,660,374 11,537,561 13,122,813 10,000,000 11,003,730 2,908,690 8,095,040 5,000,000 0

8 BNP PARIBAS SECURITIES CORP FCM BD CBOT 11/30/2015 1,715,023,961 251,379,315 1,463,644,646 1,120,748,034 912,130,286 208,617,748 182,426,057 34,967,871 19,730,660 15,237,211 1,973,066 898,748,434 658,498,684 240,249,750 65,849,868 0

9 BOCI COMMODITIES & FUTURES USA LLC FCM CME 11/30/2015 11,018,266 1,000,000 10,018,266 1,000,203 0 1,000,203 1 184 0 184 1 6 0 6 1 0

10 CANTOR FITZGERALD & CO FCM BD CBOT 11/30/2015 205,458,553 7,082,730 198,375,823 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 11/30/2015 32,110,935 10,718,285 21,392,650 162,278,724 132,119,385 30,159,339 13,100,000 2,200,201 745,478 1,454,723 545,000 503,912 0 503,912 310,000 0

12 CITIGROUP GLOBAL MARKETS INC FCM BD SD CBOT/NFA 11/30/2015 7,182,742,237 1,426,015,330 5,756,726,907 8,312,690,612 7,945,046,879 367,643,733 321,200,000 1,229,729,859 989,426,113 240,303,746 150,000,000 7,469,641,331 7,225,290,799 244,350,532 211,975,000 0

13 CREDIT SUISSE SECURITIES (USA) LLC FCM BD CBOT 11/30/2015 9,936,682,124 1,840,284,516 8,096,397,608 7,894,235,407 7,378,180,058 516,055,349 368,909,003 3,061,319,496 2,805,347,632 255,971,864 140,267,382 11,036,966,269 10,305,665,966 731,300,303 515,283,298 0

14 CUNNINGHAM COMMODITIES LLC FCM CBOT 11/30/2015 5,154,886 1,262,800 3,892,086 66,939,260 63,007,659 3,931,601 3,050,000 324,575 34,400 290,175 100,000 0 0 0 0 0

15 DAIWA CAPITAL MARKETS AMERICA INC FCM BD CME 11/30/2015 555,819,110 8,895,629 546,923,481 5,451,761 0 5,451,761 1 532,133 0 532,133 1 0 0 0 0 0

16 DEUTSCHE BANK SECURITIES INC FCM BD CBOT 11/30/2015 11,194,783,647 668,219,447 10,526,564,200 3,793,047,532 3,511,991,968 281,055,564 200,000,000 1,101,837,710 909,155,062 192,682,648 150,000,000 1,847,699,916 1,551,074,787 296,625,129 250,000,000 0

17 DORMAN TRADING LLC FCM CME 11/30/2015 9,966,743 1,952,259 8,014,484 168,138,883 164,602,959 3,535,924 2,000,000 3,584,604 2,845,121 739,483 200,000 0 0 0 0 0

18 E D & F MAN CAPITAL MARKETS INC FCM BD CME 11/30/2015 86,019,587 1,000,000 85,019,587 1,028,362,274 996,681,941 31,680,333 20,000,000 69,307,966 62,864,765 6,443,201 3,000,000 3,175,079 1,759,117 1,415,962 500,000 0

19 E TRADE CLEARING LLC FCM BD NFA 11/30/2015 999,577,092 162,372,004 837,205,088 59,487,661 44,305,468 15,182,193 10,000,000 1,441,844 332,655 1,109,189 1,000,000 0 0 0 0 0

20 EFL FUTURES LIMITED FCM CME 11/30/2015 34,233,258 18,583,350 15,649,908 263,540,612 250,568,882 12,971,730 5,000,000 0 0 0 0 0 0 0 0 0

21 FOREX CAPITAL MARKETS LLC FCMRFD SD NFA 11/30/2015 41,315,912 28,915,267 12,400,645 0 0 0 0 0 0 0 0 0 0 0 0 188,305,336

22 GAIN CAPITAL GROUP LLC FCMRFD NFA 11/30/2015 40,407,240 26,330,636 14,076,604 255,617,724 243,539,580 12,078,144 5,000,000 6,843,921 3,291,338 3,552,583 1,000,000 0 0 0 0 136,612,728

23 GH FINANCIALS LLC FCM CME 11/30/2015 15,709,868 5,814,419 9,895,449 96,143,667 85,453,443 10,690,224 4,000,000 2,046,800 1,043,687 1,003,113 75,000 0 0 0 0 0

24 GOLDMAN SACHS & CO FCM BD SD CBOT/NFA 11/30/2015 15,993,595,390 2,545,621,415 13,447,973,975 23,236,656,894 22,657,568,143 579,088,751 475,000,000 13,246,319,493 12,644,266,570 602,052,923 475,000,000 3,828,557,733 3,386,007,608 442,550,125 350,000,000 0

25 GOLDMAN SACHS EXECUTION & CLEARING LP FCM BD CME 11/30/2015 1,701,168,615 138,814,225 1,562,354,390 1,206,271,558 597,633,436 608,638,122 540,000,000 73,021,336 23,769,416 49,251,920 40,000,000 0 0 0 0 0

26 HSBC SECURITIES USA INC FCM BD CME 11/30/2015 976,513,226 254,183,891 722,329,335 1,501,272,500 1,385,774,898 115,497,602 110,000,000 233,600,812 173,322,779 60,278,033 10,000,000 1,250,096,511 1,036,561,040 213,535,471 90,000,000 0

27 IBFX INC RFED SD NFA 11/30/2015 61,319,367 22,082,274 39,237,093 0 0 0 0 0 0 0 0 0 0 0 0 51,645,473

28 INTERACTIVE BROKERS LLC FCM BD CME 11/30/2015 2,276,353,621 271,579,819 2,004,773,802 2,804,891,215 2,585,690,491 219,200,724 155,000,000 460,731,059 334,339,478 126,391,581 80,000,000 0 0 0 0 45,621,933

29 INTL FCSTONE FINANCIAL INC FCM BD CME 11/30/2015 142,115,978 72,205,942 69,910,036 1,915,105,509 1,867,718,081 47,387,428 26,000,000 105,609,090 84,398,101 21,210,989 8,000,000 0 0 0 0 0

30 IRONBEAM INC FCM NFA 11/30/2015 2,233,699 1,000,000 1,233,699 39,810,450 38,456,733 1,353,717 800,000 226,717 111,431 115,286 50,000 0 0 0 0 0

31 ITG DERIVATIVES LLC FCM BD NFA 11/30/2015 1,937,650 1,000,000 937,650 0 0 0 0 0 0 0 0 0 0 0 0 0

32 JEFFERIES LLC FCM BD NFA 11/30/2015 1,591,504,213 84,939,268 1,506,564,945 0 0 0 0 0 0 0 0 0 0 0 0 0

33 JP MORGAN CLEARING CORP FCM BD NFA 11/30/2015 7,475,690,484 1,695,611,607 5,780,078,877 769,014,492 541,536,447 227,478,045 48,738,280 550,007,955 398,172,823 151,835,132 35,835,554 250,000 0 250,000 1 0

34 JP MORGAN SECURITIES LLC FCM BD SD CEI/NFA 11/30/2015 13,997,430,047 2,467,381,093 11,530,048,954 17,839,118,356 16,218,899,401 1,620,218,955 1,459,700,946 3,580,720,617 3,222,075,097 358,645,520 289,986,759 7,547,034,673 6,823,762,075 723,272,598 614,138,587 0

35 MACQUARIE FUTURES USA LLC FCM CBOT 11/30/2015 254,585,119 173,323,557 81,261,562 2,275,863,286 2,110,854,640 165,008,646 90,000,000 44,789,229 28,627,874 16,161,355 2,003,951 27,525,931 9,133,183 18,392,748 639,323 0

36 MAREX NORTH AMERICA LLC FCM CME 11/30/2015 19,008,491 13,311,269 5,697,222 177,658,120 172,822,791 4,835,329 4,200,000 53,171,433 51,760,558 1,410,875 1,000,000 0 0 0 0 0

37 MCVEAN TRADING & INVESTMENTS LLC FCM NFA 11/30/2015 11,668,716 4,633,467 7,035,249 880,837,847 859,062,426 21,775,421 18,000,000 2,417,861 0 2,417,861 400,000 0 0 0 0 0

38 MERRILL LYNCH PIERCE FENNER & SMITH INCORPORATED FCM BD CBOT 11/30/2015 11,230,808,388 1,561,594,769 9,669,213,619 13,074,800,043 12,787,211,498 287,588,545 200,000,000 3,347,978,221 3,098,480,510 249,497,711 150,000,000 4,901,569,992 4,610,613,388 290,956,604 150,000,000 0

39 MERRILL LYNCH PROFESSIONAL CLEARING CORP FCM BD NFA 11/30/2015 3,215,215,951 467,090,388 2,748,125,563 1,540,382,896 879,144,173 661,238,723 300,000,000 3,815,396 106,750 3,708,646 1,000,000 0 0 0 0 0

40 MID CO COMMODITIES INC FCM NFA 11/30/2015 7,882,729 3,021,555 4,861,174 32,274,589 23,755,802 8,518,787 5,138,000 0 0 0 0 0 0 0 0 0

41 MINT BROKERS FCM BD NFA 11/30/2015 5,982,436 1,000,000 4,982,436 0 0 0 0 0 0 0 0 0 0 0 0 0

42 MITSUBISHI UFJ SECURITIES USA INC FCM BD NFA 11/30/2015 599,378,196 1,632,253 597,745,943 0 0 0 0 0 0 0 0 0 0 0 0 0

43 MIZUHO SECURITIES USA INC FCM BD SD CME/NFA 11/30/2015 623,855,092 231,018,018 392,837,074 2,566,975,966 2,364,349,911 202,626,055 125,000,000 965,231,298 785,131,972 180,099,326 70,000,000 30,095,390 4,733,506 25,361,884 15,000,000 0

44 MORGAN STANLEY & CO LLC FCM BD SD CME/NFA 11/30/2015 9,864,093,198 1,909,202,506 7,954,890,692 12,977,350,320 12,769,200,875 208,149,445 105,000,000 3,986,564,052 3,768,203,312 218,360,740 105,000,000 9,206,770,259 9,088,709,001 118,061,258 92,000,000 0

45 NANHUA USA LLC FCM CME 11/30/2015 10,661,567 4,684,072 5,977,495 86,453,432 80,628,800 5,824,632 1,000,000 0 0 0 0 0 0 0 0 0

46 NEUBERGER BERMAN LLC FCM BD NFA 11/30/2015 23,179,157 1,500,000 21,679,157 0 0 0 0 0 0 0 0 0 0 0 0 0

47 NOMURA SECURITIES INTERNATIONAL INC FCM BD CBOT 11/30/2015 2,424,751,042 83,056,605 2,341,694,437 293,025,009 201,326,357 91,698,652 15,000,000 17,994,080 1,739,561 16,254,519 1,000,000 0 0 0 0 0

48 OANDA CORPORATION FCMRFD NFA 11/30/2015 95,540,578 24,548,823 70,991,755 0 0 0 0 0 0 0 0 0 0 0 0 100,976,464

49 OPTIONSXPRESS INC FCM BD NFA 11/30/2015 246,874,134 7,422,160 239,451,974 94,909,159 66,670,419 28,238,740 10,000,563 4,184,687 1,314,997 2,869,690 197,250 0 0 0 0 0

50 PHILLIP CAPITAL INC FCM BD CME 11/30/2015 34,737,488 20,000,000 14,737,488 214,826,347 195,950,618 18,875,729 9,797,531 14,474,648 4,814,396 9,660,252 240,720 0 0 0 0 0

51 PICTET OVERSEAS INC FCM BD NFA 11/30/2015 17,549,487 1,000,000 16,549,487 0 0 0 0 0 0 0 0 0 0 0 0 0

52 RAND FINANCIAL SERVICES INC FCM CME 11/30/2015 81,415,152 16,910,782 64,504,370 282,198,300 238,500,500 43,697,800 7,155,000 37,702,300 15,070,100 22,632,200 452,100 0 0 0 0 0

53 RBC CAPITAL MARKETS LLC FCM BD CME 11/30/2015 1,591,280,742 206,511,736 1,384,769,006 2,089,042,685 1,893,965,273 195,077,412 120,000,000 144,162,864 103,135,457 41,027,407 20,000,000 773,587,222 551,641,710 221,945,512 80,000,000 0

54 RBS SECURITIES INC FCM BD CBOT 11/30/2015 4,610,881,941 114,854,003 4,496,027,938 1,880,066,846 1,696,119,344 183,947,502 125,000,000 148,150,001 22,850,271 125,299,730 100,000,000 0 0 0 0 0

55 RJ OBRIEN ASSOCIATES LLC FCM SD CME/NFA 11/30/2015 197,844,635 149,011,513 48,833,122 4,104,309,707 4,018,138,320 86,171,387 50,000,000 263,268,544 238,267,835 25,000,709 20,000,000 0 0 0 0 0

56 ROSENTHAL COLLINS GROUP LLC FCM CME 11/30/2015 78,739,638 57,124,803 21,614,835 1,356,048,902 1,330,139,172 25,909,730 18,000,000 34,710,221 22,709,948 12,000,273 8,000,000 0 0 0 0 0

57 SANFORD C BERNSTEIN & CO LLC FCM BD NFA 11/30/2015 196,405,452 27,094,829 169,310,623 0 0 0 0 0 0 0 0 0 0 0 0 0

58 SANTANDER INVESTMENT SECURITIES INC FCM BD NYME 11/30/2015 233,229,223 12,124,661 221,104,562 400,899,851 396,656,147 4,243,704 4,000,000 0 0 0 0 0 0 0 0 0

59 SCOTIA CAPITAL USA INC FCM BD CME 11/30/2015 556,916,817 49,335,880 507,580,937 0 0 0 0 0 0 0 0 0 0 0 0 0

60 SG AMERICAS SECURITIES LLC FCM BD CME 11/30/2015 3,523,514,678 1,242,007,588 2,281,507,090 15,778,476,444 15,020,796,802 757,679,642 500,000,000 4,069,870,190 3,703,130,971 366,739,219 255,000,000 354,148,676 180,011,598 174,137,078 75,000,000 0

61 STATE STREET GLOBAL MARKETS LLC FCM BD CME 11/30/2015 571,504,755 41,233,313 530,271,442 621,172,513 497,721,200 123,451,313 24,886,060 56,320,539 7,996,202 48,324,337 15,000,000 0 0 0 0 0

62 STRAITS FINANCIAL LLC FCM CME 11/30/2015 23,590,923 13,486,637 10,104,286 419,714,517 405,586,643 14,127,874 2,000,000 44,428,989 36,082,769 8,346,220 300,000 0 0 0 0 0

63 TD AMERITRADE FUTURES & FOREX LLC FCM NFA 11/30/2015 95,771,848 12,670,814 83,101,034 236,098,881 197,033,648 39,065,233 18,000,000 0 0 0 0 0 0 0 0 0

64 TRADESTATION SECURITIES INC FCM BD CME 11/30/2015 62,734,493 4,154,038 58,580,455 506,782,927 496,232,031 10,550,896 9,000,000 21,223,086 19,901,677 1,321,409 800,000 0 0 0 0 0

65 TRADOVATE LLC FCM NFA 11/30/2015 1,547,605 1,000,000 547,605 0 0 0 0 0 0 0 0 0 0 0 0 0

66 UBS FINANCIAL SERVICES INC FCM BD NFA 11/30/2015 1,282,007,247 108,908,018 1,173,099,229 123,906,555 89,571,565 34,334,990 22,000,000 26,485,411 4,274,560 22,210,851 15,000,000 0 0 0 0 0

67 UBS SECURITIES LLC FCM BD CBOT 11/30/2015 6,238,189,644 1,039,692,762 5,198,496,882 9,480,071,427 8,743,312,792 736,758,635 612,031,895 4,610,524,099 4,106,001,717 504,522,382 400,000,000 1,488,708,032 1,222,654,111 266,053,921 200,000,000 0

68 UOBBF CLEARING LIMITED FCM NFA 11/30/2015 7,935,327 1,000,000 6,935,327 0 0 0 0 0 0 0 0 0 0 0 0 0

69 WEDBUSH SECURITIES INC FCM BD CBOT 11/30/2015 137,407,176 23,159,695 114,247,481 698,226,170 675,609,819 22,616,351 17,750,000 28,419,023 24,617,572 3,801,451 1,000,000 0 0 0 0 47,777,572

70 WELLS FARGO SECURITIES LLC FCM BD CME 11/30/2015 3,279,322,326 655,385,356 2,623,936,970 2,837,581,503 2,517,174,590 320,406,913 175,000,000 610,629,833 251,252,889 359,376,944 30,000,000 5,718,892,515 5,054,896,357 663,996,158 400,000,000 0

71 XCHANGE FINANCIAL ACCESS LLC FCM BD NFA 11/30/2015 7,969,900 1,424,868 6,545,032 39,927,843 37,681,429 2,246,414 1,750,000 0 0 0 0 0 0 0 0 0

72 YORK BUSINESS ASSOCIATES LLC FCM NFA 11/30/2015 5,464,055 1,000,000 4,464,055 40,581,802 36,235,897 4,345,905 2,000,000 2,127,773 1,661,080 466,693 200,000 0 0 0 0 0

Totals 165,205,836,742 154,220,578,257 10,985,258,485 7,390,878,117 45,871,303,159 41,114,850,161 4,756,452,998 2,764,403,417 61,824,050,158 56,467,147,778 5,356,902,380 3,391,591,630 570,939,506
SELECTED FCM FINANCIAL DATA AS OF 

November 30, 2015

FROM REPORTS FILED BY 

December 30, 2015

2 of 2

78

79

80

81

82

83

84

85

86

87

88

89

90

91

92

93

94

95

96

97

98

99

100

101

102

103

104

105

106

107

108

109

110

111

112

113

114

115

116

117

118

119

120

121

122

123

124

125

126

127

128

129

130

131

132

133

134

135

ABCDEFGH I JKLMNOPQRSTU

October Web Page Update 73

Additions0

NONE

Deletions

1

MB TRADING FUTURES INC

Name Changes

NONE

November Web Page Update 72

 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.

(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: 

•  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

•  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.

(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.

(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. 

(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.

(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.