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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 DerivativesCustomer Funds in Listed Derivatives Q3 2021

Customer Funds held by the FCM community saw a healthy quarterly increase of 4.14%, or just over $12.4 billion, in Q3 2021 compared to a 1.54% increase, or just over $4.5 billion, from Q1 to Q2 2021. FCMs now hold just over $312 billion, which is only $6 billion below the March 2020 high of just over $318 billion. There were 62 FCMs Registered with the CFTC at the end of Q3 2021. Thirteen of the 62 FCMs reported holding no required segregated balances on behalf of customers. The remaining 49 FCMs’ average Customer Funds balances increased to $6.368 billion in Q3 2021 from $5.875 billion in Q2 2021. JP Morgan still maintains the top spot, with just over $53.2 billion, down from $53.5 billion in Q2 2021. There were no new FCMs registered in Q3 2021 and one FCM, Huatai Financial USA INC is no longer registered. There was one name change; TD Ameritrade Futures & Forex LLC is now doing business as Charles Schwab Futures & Forex LLC.

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

Top 20 FCMs by Customer Funds in Listed Derivatives | September2021The Top 10 FCMs held the exact same ranking as Q2 2021. The top three FCMs, JP Morgan, Goldman Sachs, and Morgan Stanley, all saw a nominal .5% to 4.8% decrease in Customer Funds. Barclays (21.6%), Société Générale (10.8%), and Citi (10.8%) all saw the largest percentage growth in this segment. Barclays also saw the largest overall dollar increase of just over $2.3 billion. Goldman Sachs saw the largest overall dollar reduction of $2.22 billion and Credit Suisse saw the largest overall percentage decrease of 6.40%. The Top 10 FCMs still hold over 77% of the total Customer Funds by all FCMs, with an average of just over $23.8 billion. In total, this group was responsible for just over $5.0 billion of the $12.4 billion increase, which accounts for 41% of the total overall increase from Q2 2021 to Q3 2021. In total, this group’s Customer Funds increased by an average of 2.2%.Top 20 FCMs by Customer Funds in Listed Derivatives | June 2021Top 20 FCMs by Customer Funds in Listed Derivatives | September2021In contrast, the bottom half of the Top 20 saw quite a bit of movement again, with five firms changing positions. Marex jumped from 21st to 18th while BNP and Wells Fargo swapped spots, with BNP moving up one spot to 14th and Wells Fargo dropping to 15th. ABN AMRO jumped one spot to 17th while Macquarie dropped 2 spots to 19th. BNP had the largest overall dollar increase at just over $1.2 billion, which also gives them the highest overall percentage gain of 30.5%. All 10 FCMs in this segment increased their Customer Funds quarter over quarter. The total aggregate increase of these 10 firms surpassed the total of the top 10 FCMs. RBC saw the smallest dollar increase of just over $83 million and RJ O’Brien Associates saw the smallest percentage increase of 2.36%. The bottom half of the Top 20 holds over 16% of the total Customer Funds by all FCMs, with an average of just over $5.14 billion. In total, this group was responsible for just over $5.16 billion of the $12.4 billion increase, which accounts for 42% of the overall increase from Q2 2021 to Q3 2021. In total, this group’s Customer Funds increased by an average of 11.2%.

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

Market Shares of Top 20

While the Top 20 FCMs control 93% of all Customer Funds, the 21st – 30th FCMs hold approximately 6%, with an average of just over $1.84 billion. The remaining 19 FCMs hold approximately 1%, with an average of just over $177 million. Of the remaining 29 FCMs, Wedbush saw the largest overall dollar increase of just over $697 million and Mid Co Commodities saw the largest percentage gain of 455.75%. Phillip Capital saw the largest overall dollar decrease of just over $107 million, while Cunningham Commodities had the largest percentage decrease of just over 20.5%. One FCM dropped out of the Top 20, as HSBC dropped 2 spots and now sits in the 21st position. In total, this group’s Customer Funds increased by an average of 17.5%.

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