CFTC-Registered Firms’ Excess to Net Capital Ratios
By Stephen Rose -
2012-09-11T14:10:10Z
Following is a table detailing Futures Commission Merchants’ excess net capital as a percentage of net adjusted capital for July. These firms act as brokers for any commodity for future delivery on or subject to the rules of any exchange. They must file monthly financial reports with the Commodity Futures Trading Commission.
Adjusted net capital is the amount of regulatory capital available to meet the minimum net capital requirement as set by the CFTC. Excess net capital is the amount by which adjusted net capital exceeds the net capital requirement. The higher the ratio, the more capital the firm has available beyond what is required.
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July June May Year
2012 2012 2012 Ago
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WELLS FARGO ADVISORS LLC 99.9% 99.9% 99.9% 99.8%
CITADEL SECURITIES LLC 99.8% 99.7% 99.7% 99.8%
CIBC World Markets CORP 99.7% 99.7% 99.7% 99.7%
NATIXIS SECURITIES AMERICAS LLC 99.6% 99.6% 99.6% 99.5%
AMERIPRISE FINANCIAL SERVICES INC 99.2% 99.3% 99.2% 99.4%
MITSUBISHI UFJ SECURITIES USA INC 99.2% 99.4% 99.4% 98.6%
DAIWA CAPITAL MARKETS AMERICA INC 98.8% 98.7% 98.8% 99.7%
WELLS FARGO SECURITIES LLC 98.8% 99.3% 99.1% 99.3%
STATE STREET GLOBAL MARKETS LLC 98.7% 98.7% 98.5% 98.5%
Instinet LLC 98.5% 98.8% 99.1% 98.4%
Nomura Securities INTERNATIONAL INC 98.3% 98.1% 98.3% 98.7%
ICAP CORPORATES LLC 97.9% 97.3% 97.9% n/a
WELLS FARGO ADVISORS FINANCIAL NETWO 97.2% 97.2% 97.7% 94.2%
GUGGENHEIM SECURITIES LLC 97.1% 97.5% 92.9% n/a
TD AMERITRADE INC 97.0% 97.4% 97.5% 99.7%
Morgan Keegan & COMPANY INC 96.9% 96.4% 96.7% 98.1%
BGC FINANCIAL LP 96.7% 98.4% 98.0% 98.2%
Cantor Fitzgerald & CO 96.6% 97.1% 97.1% 97.0%
BNY MELLON CLEARING LLC 96.0% 96.7% n/a 96.9%
BNP Paribas Securities CORP 95.3% 94.8% 94.5% 96.3%
LPL FINANCIAL LLC 95.1% 95.2% 95.5% 93.1%
Santander Investment Securities INC 94.9% 94.1% 90.0% 97.0%
GOLDMAN SACHS EXECUTION & CLEARING L 94.8% 95.1% 93.8% 92.4%
RBS SECURITIES INC 94.5% 94.7% 93.5% 90.0%
JEFFERIES & COMPANY INC 94.4% 93.9% 94.0% n/a
Timber Hill LLC 94.1% 95.3% 94.9% 95.2%
IKON GLOBAL MARKETS INC 94.0% 90.3% 90.3% 93.1%
RBC Capital Markets LLC 94.0% 93.0% 93.4% 92.4%
Neuberger Berman LLC 93.9% 88.2% 97.2% 98.0%
Tradestation Securities INC 93.8% 94.8% 93.9% 95.1%
Morgan Stanley SMITH BARNEY LLC 93.8% 95.7% 95.9% 96.8%
Merrill Lynch PIERCE FENNER & SMITH 93.5% 93.7% 93.5% 92.0%
UBS Securities LLC 93.2% 93.0% 92.3% 91.8%
OPTIONSXPRESS INC 93.1% 93.3% 92.3% 76.3%
Tradelink LLC 92.7% 93.4% 94.2% 95.9%
Deutsche Bank Securities INC 92.7% 94.1% 93.8% 92.0%
HSBC Securities USA INC 91.7% 91.5% n/a 91.1%
UBS Financial Services INC 90.9% 90.9% 90.7% 91.6%
Raymond James & Associates INC 90.4% 89.4% 90.4% 91.6%
SANFORD C BERNSTEIN & CO LLC 89.2% 89.0% 88.8% 91.6%
Citigroup Global Markets INC 89.1% 90.1% 89.9% 90.2%
GH FINANCIALS LLC 88.5% 88.4% 88.4% n/a
LEK SECURITIES CORPORATION 87.7% 87.3% n/a 83.3%
JP MORGAN SECURITIES LLC 87.4% 87.8% 87.1% 87.0%
GOLDMAN SACHS & CO 87.1% 87.1% 86.7% 83.5%
Interactive Brokers LLC 86.9% 86.3% 87.1% 83.7%
BNP PARIBAS PRIME BROKERAGE INC 85.9% 86.3% 86.4% n/a
PHILLIP FUTURES INC 85.5% 86.8% 41.4% n/a
MERRILL LYNCH PROFESSIONAL CLEARING 85.1% 87.1% 87.7% 86.9%
DORMAN TRADING LLC 84.7% 83.2% 79.4% 90.2%
Oppenheimer & Co INC 84.2% 83.1% 82.4% 84.9%
Barclays Capital INC 83.8% 84.4% 81.7% 86.6%
EAGLE MARKET MAKERS INC 83.2% 83.2% 82.9% 86.2%
Stephens Inc 83.1% 83.6% 84.9% 82.7%
MORGAN STANLEY & CO LLC 82.4% 81.8% 84.6% 82.6%
Oanda Corporation 81.6% 80.6% 80.9% 82.9%
STRAITS FINANCIAL LLC 78.8% 80.5% 76.7% n/a
Credit Suisse Securities (USA) LLC 75.8% 77.2% 81.0% 88.5%
ITG DERIVATIVES LLC 75.1% 75.7% 74.1% 60.2%
JP MORGAN CLEARING CORP 72.7% 73.2% 72.0% 72.2%
CROSSLAND LLC 72.2% 70.4% 63.5% 67.9%
MCVEAN TRADING & INVESTMENTS LLC 71.7% 76.1% 78.2% 86.6%
CX CAPITAL MARKETS LLC 70.2% 70.4% 70.3% 64.0%
Mitsui Bussan Commodities USA INC 67.7% 66.1% 67.8% 67.3%
YORK BUSINESS ASSOCIATES LLC 67.0% 54.0% 53.0% 59.4%
RAND FINANCIAL SERVICES INC 66.9% 85.3% 81.1% 78.4%
Capital Market Services LLC 64.8% 64.3% 62.5% 67.6%
Friedberg Mercantile Group INC 64.8% 64.4% 64.2% 70.6%
GLOBAL FUTURES & FOREX LTD 62.7% 66.3% 62.8% 68.1%
IRONBEAM INC 61.4% 60.8% 66.4% 66.7%
WHITE COMMERCIAL CORPORATION 60.9% 60.7% 57.7% 60.3%
MAREX USA LIMITED 57.7% 64.2% 64.0% 64.7%
MBF CLEARING CORP 57.7% 23.7% 32.7% 88.6%
Gain Capital Group LLC 57.4% 56.5% 40.5% 50.0%
CUNNINGHAM COMMODITIES LLC 55.1% 45.7% 50.8% 69.3%
Enskilda Futures LTD 50.8% 54.6% 48.6% 49.0%
FRONTIER FUTURES INC 49.4% 48.7% 47.4% 46.5%
Open E Cry LLC 47.8% 36.2% 47.8% 65.6%
VISION FINANCIAL MARKETS LLC 47.4% 53.1% 34.9% 55.4%
Mizuho Securities USA INC 47.4% 63.2% 68.3% 78.2%
ABN AMRO CLEARING CHICAGO LLC 46.0% 39.7% 50.2% 49.1%
LINN GROUP THE 45.0% 31.8% 43.4% 59.2%
COMMONWEALTH FOREIGN EXCHANGE INC 44.3% 47.2% 37.1% 47.5%
MAREX NORTH AMERICA LLC 43.1% 56.0% 38.2% n/a
Pioneer Futures INC 43.0% 44.4% 43.1% 66.1%
ADM Investor Services INC 41.3% 44.7% 47.4% 47.1%
ADVANTAGE FUTURES LLC 40.4% 43.9% 36.1% 37.7%
Forex Capital Markets LLC 39.3% 46.5% 37.1% 60.3%
VELOCITY FUTURES LLC 37.8% 38.4% 41.2% 43.5%
MID CO COMMODITIES INC 37.6% 47.5% 56.2% 49.9%
AMP GLOBAL CLEARING LLC 36.7% 40.7% 39.7% 31.6%
Newedge USA LLC 35.2% 36.5% 35.0% 35.0%
MACQUARIE FUTURES USA LLC 34.9% 57.7% 59.5% 52.3%
EASY FOREX US LTD 34.1% 35.1% 36.1% 44.9%
Tradition Securities and Futures INC 34.0% 34.0% 34.0% 35.2%
FCSTONE LLC 28.3% 28.4% 35.4% 45.0%
FX Solutions LLC 27.5% 25.2% 22.6% 46.4%
RJ OBRIEN ASSOCIATES LLC 26.5% 30.3% 35.5% 33.3%
JEFFERIES BACHE LLC 25.7% 29.3% 32.7% n/a
Rosenthal Collins Group LLC 23.4% 24.5% 25.7% 32.8%
Country Hedging INC 22.0% 27.3% 21.3% 29.0%
Alpari (US) LLC 19.0% 27.0% 27.4% 21.4%
FXDIRECTDEALER LLC 17.8% 19.5% 13.7% 15.0%
XPRESSTRADE LLC 12.5% 13.0% 13.0% n/a
MB TRADING FUTURES INC 10.1% 10.4% 9.5% 19.9%
INSTITUTIONAL LIQUIDITY LLC 1.6% 6.7% 7.7% 5.0%
Advanced Markets LLC 1.3% 1.8% 2.0% 0.7%
FOREX CLUB LLC 0.8% 1.2% 4.7% 1.2%
INTEGRATED BROKERAGE SERVICES LLC -280.8% 24.0% 24.5% 37.5%
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NOTE: A firm’s net capital requirement is the greater of: (1) $250,000,
(2) risk based capital requirement, the sum of 8% of total customer
risk maintenance margin and 4% of total noncustomer
risk maintenance margin; or (3) the amount of capital
required by a registered futures association; (4) for
securities brokers and dealers, the amount of net capital
required by Rule 15c3-1(a) of the Securities Exchange
Commission.
To contact the reporter on this story: Stephen Rose in Washington at srose31@bloomberg.net
To contact the editor responsible for this story: ================================================================================ July June May Year Ago ================================================================================ Alex Tanzi at atanzi@bloomberg.net
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