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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.

Customer Funds in Listed Derivatives
Customer Funds in Listed Derivatives

Customer Funds held by the FCM community saw a modest quarterly increase of 1.65% or just under $5 billion, in Q1 2021. These balances are still well below the March 2020 high of just over $318 billion and currently sit at just over $295 billion. There were 61 FCMs Registered with the CFTC as of 3/31/2021. Eleven of the 61 FCMs are dormant and the average Customer funds held by the 50 active FCMs is just under $6 billion, with the largest firm, JP Morgan Securities LLC, accounting for just over $50.5 billion. There were no new FCMs registered and there were two FCMs whose registrations were not renewed; Rand Financial Services and BOCI Commodities.

Top 20 FCMs by Customer Funds in Listed Derivatives | March 2021

Top 20 FCMs by Customer Funds in Listed Derivatives March 2021

Only two firms changed positions, just like Q4 2020, Barclays and Credit Suisse, once again flipped positions, while all the other FCMs remained in their same position. Citibank Global Markets Inc gained the largest percentage of Customer Funds, 13.91%, and the largest dollar increase, just under $2.4 billion. Credit Suisse saw the largest percentage decrease of 7.45% or just under $931 million while JP Morgan Securities LLC saw the largest dollar reduction of just over $2.6 billion or 4.96%.

Top 20 FCMs by Customer Funds in Listed Derivatives March 2021
There was again quite a bit of movement in the bottom half of this group. HSBC slipped four spots from 15th to 19th and ABN AMRO jumped 3 spots from 19th to 16th. Macquarie jumped into the top 20 replacing Deutsche Bank, which now sits at the 21st spot. ABN AMRO gained the largest percentage of Customer Funds, 23.08%, and the largest dollar increase of just over 700 million. HSBC was the only firm that lost assets in this group, as they saw a dollar reduction of just over $392 million or 10.39%.

Market Shares of Top 20 FCMs in Listed Derivatives | March 2021

Market Shares of Top 20 FCMs in Listed Derivatives

Like other industries, the FCM landscape follows the 80/20 rule where 79% of Customer Funds are held by the top 10 or 20% of the FCMs. 98% of Customer Funds are held by the largest 50% of FCMs. The Top Five FCMs hold 59% of Customer Funds and the Top 20 firms hold 94%. In contrast, the 30 active FCMs outside of the Top 20 collectively represent a market share of 5.30%, up from 4.90% on 12/31/2020. If the bottom 30 FCMs were combined, they would rank as the 7th largest FCM, right behind Citibank.

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