This past quarter, we identified some of the most notable changes in the listed derivatives market using data from the Commodity Futures Trading Commission. For a more in-depth look into any of the reports seen below, please feel free to visit our FCM Observer Dashboard.

Customer Funds in Listed Derivatives

Customer Funds in Listed Derivatives Q2 2020

After experiencing its largest historical monthly expansion in Q1, listed derivatives retreated in Q2, shrinking by 4.18% ($13.3bn).

Market Shares of Top 20 FCMs in Listed Derivatives | June 2020Market Shares of Top 20 FCMs in Listed Derivatives June 2020

The FCM landscape continues to be concentrated towards the largest participants with the Top 5 and Top 10 FCMs controlling respectively 59.5% ($181.7bn) and 79.6% ($242.7bn) of customer funds. In contrast, the 33 active FCMs outside of the Top 20 collectively represent a market share of 5.5% ($17bn).

Top 10 FCMs by Customer Funds in Listed Derivatives | June 2020Top 10 FCMs by Customer Funds in Listed Derivatives June 2020

The transition from Q1 to Q2 saw a changing of the guards with JP Morgan dethroning the former largest player, Goldman Sachs. JP Morgan capitalized on the momentum garnered in Q1 to claim the top spot by adding over $54bn in customer funds. Not to be outdone, Goldman Sachs remains the largest FCM in customer funds held outside of the U.S. By that same measure, JP Morgan actually ranks #3 behind Morgan Stanley.

The Top 10 FCMs additionally witnessed two other changes in Q2 with Wells Fargo falling out of the Top 10 and dropping to 15 while Mizuho claimed the 10th spot. After experiencing one of the strongest progressions (i.e. +$3.3bn customer funds added in Q1), Wells Fargo retreated in Q2 and saw its customer funds shrink back to December 2019 levels.

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