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Using data from the Commodity Futures Trading Commission (CFTC), the FCM Observer tracks the most notable changes in the Futures Commissions Merchants landscape. For a more in-depth look into any of the visualizations below, please visit our FCM Dashboard.

Largest Monthly Changes in Customer Funds in Listed Derivatives

As shown above, the listed derivatives market experienced the largest monthly expansion in its history with customer funds held across FCMs rising by over $104 billion or +49%. This figure was five times larger compared to the prior largest positive and negative changes.

Customer Funds in Listed Derivatives

Many OTC market participants sought the safety of clearinghouses and shifted some of their exposures to listed markets.

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

The FCM landscape continues to be concentrated towards the largest participants with the Top 5 and Top 10 FCMs controlling respectively 59% and 80% of customer funds. In contrast, the 33 active FCMs outside of the Top 20 collectively represent a market share of 5% or $17bn.

Top 20 FCMs by Customer Funds in Listed Derivatives | March 2020

The Top 10 FCMs ranking remains unchanged with the exception of Wells Fargo which showed one of the strongest relative progression YoY (+113%) climbing 4 spots in the ranking to move in 10th position. Goldman Sachs is still the largest player (+75% YoY) but lost ground to JP Morgan (+96% YoY) which controls just under $3bn less in customer funds.

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