CFTC-Registered Firms’ Excess to Net Capital Ratios
By Stephen Rose -
2012-12-10T21:19:25Z
Following is a table detailing Futures Commission Merchants’ excess net capital as a percentage of net adjusted capital for October. 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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Oct. Sept. Aug. Year
2012 2012 2012 Ago
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Country Hedging INC n/a 19.7% 20.6% 27.1%
ICAP CORPORATES LLC n/a 96.9% 97.0% 97.8%
JEFFERIES & COMPANY INC n/a 94.0% 94.3% 92.8%
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Oct. Sept. Aug. Year
2012 2012 2012 Ago
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WELLS FARGO ADVISORS LLC 99.9% 99.9% 99.9% 99.8%
STATE STREET GLOBAL MARKETS LLC 99.8% 98.8% 98.7% 97.2%
CITADEL SECURITIES LLC 99.7% 99.8% 99.8% 99.8%
CIBC World Markets CORP 99.7% 99.7% 99.7% 99.7%
NATIXIS SECURITIES AMERICAS LLC 99.5% 99.5% 99.6% 99.5%
WELLS FARGO SECURITIES LLC 99.5% 99.5% 99.3% 98.8%
MITSUBISHI UFJ SECURITIES USA INC 99.4% 98.4% 99.2% 99.4%
AMERIPRISE FINANCIAL SERVICES INC 99.0% 98.9% 99.1% 99.3%
Instinet LLC 98.7% 96.9% 99.0% 97.2%
GUGGENHEIM SECURITIES LLC 98.3% 97.1% 97.5% 92.4%
DAIWA CAPITAL MARKETS AMERICA INC 98.0% 98.7% 98.9% 99.6%
Nomura Securities INTERNATIONAL INC 97.9% 98.5% 98.4% 99.1%
WELLS FARGO ADVISORS FINANCIAL NETWO 97.4% 97.3% 97.1% 94.7%
BNY MELLON CLEARING LLC 97.2% 96.4% 96.0% 84.8%
Morgan Keegan & COMPANY INC 96.9% 96.6% 97.2% 98.1%
TD AMERITRADE INC 96.7% 96.9% 96.9% 99.7%
Neuberger Berman LLC 96.3% 95.3% 94.5% 97.9%
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Oct. Sept. Aug. Year
2012 2012 2012 Ago
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RBS SECURITIES INC 95.3% 95.1% 94.9% 88.7%
Santander Investment Securities INC 95.2% 95.8% 94.9% 90.0%
Cantor Fitzgerald & CO 95.2% 95.7% 97.1% 97.9%
GOLDMAN SACHS EXECUTION & CLEARING L 94.6% 94.1% 93.9% 92.5%
Morgan Stanley SMITH BARNEY LLC 94.5% 94.6% 94.1% 97.5%
LPL FINANCIAL LLC 94.2% 94.5% 94.8% 95.0%
TRADESTATION SECURITIES INC 93.9% 94.0% 93.5% 95.7%
Timber Hill LLC 93.8% 93.3% 94.2% 93.0%
BNP Paribas Securities CORP 93.8% 94.2% 95.3% 95.5%
Tradelink LLC 93.5% 94.0% 93.5% 97.3%
UBS SECURITIES LLC 93.2% 92.6% 92.8% 91.3%
Merrill Lynch PIERCE FENNER & SMITH 93.2% 93.1% 93.5% 92.0%
OPTIONSXPRESS INC 92.9% 93.3% 93.8% 90.3%
IKON GLOBAL MARKETS INC 92.7% 93.5% 93.7% 93.8%
KNIGHT CAPITAL AMERICAS LLC 91.8% 92.8% 92.7% n/a
Raymond James & Associates INC 90.9% 88.4% 90.2% 92.6%
RBC Capital Markets LLC 90.8% 93.6% 93.4% 94.3%
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Oct. Sept. Aug. Year
2012 2012 2012 Ago
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Deutsche Bank Securities INC 90.7% 90.6% 93.6% 90.8%
Citigroup Global Markets INC 90.4% 89.8% 89.5% 90.1%
UBS FINANCIAL SERVICES INC 89.9% 91.0% 90.9% 90.8%
BGC FINANCIAL LP 89.8% 95.9% 97.2% 98.5%
MERRILL LYNCH PROFESSIONAL CLEARING 89.2% 84.6% 87.6% 93.9%
SANFORD C BERNSTEIN & CO LLC 89.0% 88.8% 88.5% 92.8%
GH FINANCIALS LLC 88.3% 88.3% 88.5% n/a
HSBC Securities USA INC 88.1% 89.0% 90.1% 90.7%
Interactive Brokers LLC 87.5% 86.5% 87.3% 86.7%
BNP PARIBAS PRIME BROKERAGE INC 87.4% 87.4% 87.5% 82.2%
JP MORGAN SECURITIES LLC 87.2% 86.1% 87.6% 85.9%
GOLDMAN SACHS & CO 86.8% 86.2% 87.5% 81.4%
LEK SECURITIES CORPORATION 86.1% 85.7% 87.4% 82.9%
Oppenheimer & Co INC 84.3% 86.3% 84.1% 83.6%
MORGAN STANLEY & CO LLC 83.6% 82.6% 81.7% 85.0%
EAGLE MARKET MAKERS INC 83.3% 83.6% 83.9% 82.0%
Barclays Capital INC 83.0% 82.2% 83.9% 82.9%
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Oct. Sept. Aug. Year
2012 2012 2012 Ago
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Oanda Corporation 81.8% 80.9% 81.1% 82.3%
DORMAN TRADING LLC 80.7% 83.1% 81.7% 87.9%
ITG DERIVATIVES LLC 79.1% 78.7% 76.2% 60.0%
Stephens Inc 79.0% 83.0% 79.3% 88.6%
JP MORGAN CLEARING CORP 76.1% 74.0% 74.4% 72.1%
Credit Suisse Securities (USA) LLC 76.1% 76.4% 80.4% 85.1%
MCVEAN TRADING & INVESTMENTS LLC 75.4% 76.9% 66.6% 81.5%
Friedberg Mercantile Group INC 72.2% 65.0% 65.0% 70.8%
STRAITS FINANCIAL LLC 71.9% 77.1% 76.7% 86.1%
YORK BUSINESS ASSOCIATES LLC 71.1% 70.9% 70.0% 64.0%
Mitsui Bussan Commodities USA INC 70.6% 70.2% 65.3% 66.7%
CX CAPITAL MARKETS LLC 70.0% 70.1% 70.1% 71.9%
Open E Cry LLC 69.9% 76.4% 53.6% 70.4%
RAND FINANCIAL SERVICES INC 68.1% 67.4% 67.4% 84.8%
WHITE COMMERCIAL CORPORATION 64.9% 61.1% 61.1% 62.3%
MAREX USA LIMITED 64.1% 59.4% 63.8% 60.9%
Mizuho Securities USA INC 63.1% 64.9% 57.3% 76.6%
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Oct. Sept. Aug. Year
2012 2012 2012 Ago
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CROSSLAND LLC 61.6% 76.4% 74.0% 74.9%
Capital Market Services LLC 61.2% 62.4% 64.4% 64.6%
Enskilda Futures LTD 59.4% 43.2% 47.5% 32.3%
GLOBAL FUTURES & FOREX LTD 57.5% 60.2% 58.6% 72.0%
IRONBEAM INC 55.5% 56.2% 60.0% 66.9%
CUNNINGHAM COMMODITIES LLC 52.6% 54.9% 45.8% 70.3%
ABN AMRO CLEARING CHICAGO LLC 50.3% 35.1% 45.2% 49.8%
VISION FINANCIAL MARKETS LLC 50.2% 50.7% 42.6% 71.3%
MBF CLEARING CORP 46.6% 49.0% 52.4% 87.7%
FRONTIER FUTURES INC 43.9% 44.4% 46.4% 46.6%
ADVANTAGE FUTURES LLC 43.7% 37.8% 40.7% 45.8%
ADM Investor Services INC 42.2% 38.4% 37.2% 51.6%
Pioneer Futures INC 40.7% 42.6% 43.4% 67.6%
Forex Capital Markets LLC 40.6% 39.8% 29.8% 38.6%
AMP GLOBAL CLEARING LLC 40.1% 36.4% 36.3% 43.9%
MID CO COMMODITIES INC 39.5% 33.8% 28.1% 48.4%
Newedge USA LLC 38.9% 35.4% 34.9% 39.3%
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Oct. Sept. Aug. Year
2012 2012 2012 Ago
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LINN GROUP THE 37.6% 41.1% 44.9% 52.7%
Gain Capital Group LLC 37.1% 43.3% 48.7% 44.3%
VELOCITY FUTURES LLC 36.5% 35.8% 33.6% 45.9%
MAREX NORTH AMERICA LLC 34.0% 45.8% 41.8% 39.9%
TRADITION SECURITIES AND FUTURES INC 33.8% 34.0% 34.0% 34.9%
EASY FOREX US LTD 32.1% 32.3% 32.5% 42.8%
FCSTONE LLC 30.2% 30.1% 29.3% 49.6%
Alpari (US) LLC 30.0% 31.9% 32.5% 20.7%
JEFFERIES BACHE LLC 29.9% 19.3% 26.1% 21.8%
RJ OBRIEN ASSOCIATES LLC 28.5% 26.3% 24.0% 32.7%
PHILLIP FUTURES INC 28.2% 27.2% 27.4% 87.8%
FX Solutions LLC 27.5% 31.9% 27.4% 49.9%
Rosenthal Collins Group LLC 23.3% 28.7% 24.6% 36.1%
FXDIRECTDEALER LLC 21.8% 22.1% 13.2% 41.5%
MACQUARIE FUTURES USA LLC 20.5% 26.4% 29.0% 56.0%
XPRESSTRADE LLC 12.5% 12.6% 12.6% 12.7%
MB TRADING FUTURES INC 11.2% 10.9% 11.2% 19.6%
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Oct. Sept. Aug. Year
2012 2012 2012 Ago
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INSTITUTIONAL LIQUIDITY LLC 4.5% 6.4% 1.8% 2.8%
COMMONWEALTH FOREIGN EXCHANGE INC 3.1% 44.2% 43.9% 15.6%
FOREX CLUB LLC 1.6% 3.2% 1.0% 10.2%
Advanced Markets LLC 0.8% 1.2% 1.0% 2.2%
INTEGRATED BROKERAGE SERVICES LLC -878.3% -869.3% -897.2% 38.3%
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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.
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Oct. Sept. Aug. Year
2012 2012 2012 Ago ================================================================================
To contact the reporter on this story: Stephen Rose in Washington at srose31@bloomberg.net
To contact the editor responsible for this story: Alex Tanzi at atanzi@bloomberg.net
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