Skip to main content

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

Q4 2020 saw an insignificant decline in Seg Funds, which resulted in a 2.17% decrease quarter over quarter, from $297bn on 9.30.2020 to $290 bn on 12.31.2020. This drop was not surprising due to year-end rebalancing and resetting cash balances in preparation for a new trading year. The balance of Seg Funds as of 12/31/2020 are still well above pre-COVID levels, even with the reduction in Volatility and Margin Requirements. All users and participants should be impressed with the resiliency of the Industry and their responses to the COVID outbreak.

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

Top 20 FCMs by Customer Funds in Listed Derivatives December 2020Only two firms changed positions within the Top 10 FCMs – Credit Suisse and Barclays flipped flopped positions while the top-ten firms lost a total of 2.17% of Seg funds, which equals the overall reduction, quarter over quarter, of all FCMs. The 10th – 20th ranked FCMs saw quite a bit of movement, with two FCMs, StoneX and HSBC, both jumping 2 spots while Deutsche Bank, once a top 10 FCM, dropped 2 spots and now sits at 20th.

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

Market Shares of Top 20 FCMs in Listed DerivativesThe FCM landscape continues to be concentrated and growing among the largest participants with the Top 5 and Top 10 FCMs controlling respectively 60.93% and 79.85% of customer funds, compared to 58.86% and 77.55% on 12/31/2020. In contrast, the 31 active FCMs outside of the Top 20 collectively represent a market share of 5.83%, down from 8.63% on 12/31/2020. If the bottom 31 FCMs were combined, they would rank as the 7th largest FCM.

The views expressed above are not necessarily the views of Thalēs Trading Solutions LLC or any of its affiliates (collectively, “Thalēs”). The information presented above is only for informational and educational purposes and is not an offer to sell or the solicitation of an offer to buy any securities or other instruments. Additionally, the above information is not intended to provide, and should not be relied upon for investment, accounting, legal or tax advice. Thalēs makes no representations, express or implied, regarding the accuracy or completeness of this information, and the reader accepts all risks in relying on the above information for any purpose whatsoever.

Print Article