CFTC-Registered Firms’ Excess to Net Capital Ratios

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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