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CFTC-Registered Firms’ Change in Excess Net Capital

Sept. 11 (Bloomberg) -- Following is a table detailing Futures Commission Merchants’ monthly change in excess net 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.

Excess net capital is the amount by which adjusted net capital exceeds the net capital requirement as set by the CFTC.

================================================================================
                                        July        June         May        July
                                        2012        2012        2012       YOY%
================================================================================
MBF CLEARING CORP                     338.0%      -36.1%      -60.8%      -82.5%
NEUBERGER BERMAN LLC                  104.4%      -78.9%       52.0%      -69.2%
LINN GROUP THE                         92.8%      -29.6%       -8.1%       14.1%
OPEN E CRY LLC                         91.1%      -39.9%      -39.5%      -48.3%
YORK BUSINESS ASSOCIATES LLC           72.9%        4.2%       32.5%       38.4%
IKON GLOBAL MARKETS INC                67.8%        0.3%      -35.5%       15.4%
ABN AMRO CLEARING CHICAGO LLC          36.8%      -35.9%      -10.5%       27.4%
================================================================================
                                        July        June         May        July
                                        2012        2012        2012       YOY%
================================================================================
CUNNINGHAM COMMODITIES LLC             28.6%      -13.7%       -9.4%      -22.9%
CITADEL SECURITIES LLC                 21.8%      -11.6%       -6.0%        5.1%
MORGAN STANLEY SMITH BARNEY LLC        19.8%       -5.8%       80.1%       86.3%
MORGAN KEEGAN & COMPANY INC            16.8%       -9.2%      -56.6%      -43.6%
FX SOLUTIONS LLC                       12.3%       15.3%      -56.7%      -56.2%
RAYMOND JAMES & ASSOCIATES INC         11.8%      -10.9%      -10.2%      -14.3%
SANTANDER INVESTMENT SECURITIES        11.6%       69.0%      -50.2%      -64.2%
TD AMERITRADE INC                      10.2%        4.7%      -35.1%      -19.7%
STEPHENS INC                            9.3%      -10.0%       -2.7%       20.9%
GUGGENHEIM SECURITIES LLC               7.7%        8.4%       19.9%         n/a
MITSUI BUSSAN COMMODITIES USA IN        7.4%       -7.4%       10.8%        1.8%
ICAP CORPORATES LLC                     7.4%      -12.2%        1.2%         n/a
WELLS FARGO ADVISORS LLC                7.3%       -0.1%      -21.1%       65.8%
FCSTONE LLC                             7.3%      -13.4%       -2.5%      -33.8%
INTERACTIVE BROKERS LLC                 6.7%       -3.9%       14.7%       22.4%
WELLS FARGO SECURITIES LLC              6.4%       13.4%       14.0%       50.1%
CROSSLAND LLC                           5.7%        6.8%       -8.6%      -29.3%
================================================================================
                                        July        June         May        July
                                        2012        2012        2012       YOY%
================================================================================
INSTINET LLC                            5.5%       -7.1%       -5.0%       -5.6%
DAIWA CAPITAL MARKETS AMERICA IN        5.0%        6.3%       -3.7%        9.5%
LPL FINANCIAL LLC                       4.9%       -6.0%        8.6%       43.9%
OANDA CORPORATION                       4.7%       -6.1%       10.2%      -10.2%
OPPENHEIMER & CO INC                    4.5%        2.4%      -16.1%      -10.6%
OPTIONSXPRESS INC                       4.3%       -5.1%        0.2%        7.0%
LEK SECURITIES CORPORATION              3.4%         n/a     -100.0%       42.8%
GAIN CAPITAL GROUP LLC                  3.4%       92.4%      -33.4%       33.2%
MORGAN STANLEY & CO LLC                 3.1%      -19.0%        0.5%        9.6%
FRONTIER FUTURES INC                    3.0%        5.3%       -0.8%       11.4%
UBS FINANCIAL SERVICES INC              3.0%       -0.7%        5.5%      -11.7%
IRONBEAM INC                            2.6%      -21.3%       10.4%      -20.5%
CAPITAL MARKET SERVICES LLC             2.5%        8.2%       -5.6%      -11.7%
DORMAN TRADING LLC                      2.2%       12.2%      -14.9%      -13.2%
RBC CAPITAL MARKETS LLC                 1.7%       11.0%      -10.0%       22.6%
FRIEDBERG MERCANTILE GROUP INC          1.7%        1.0%        5.1%      -23.1%
UBS SECURITIES LLC                      1.6%        3.9%        3.4%       16.0%
================================================================================
                                        July        June         May        July
                                        2012        2012        2012       YOY%
================================================================================
RBS SECURITIES INC                      1.5%        9.9%        5.0%       83.2%
ROSENTHAL COLLINS GROUP LLC             1.3%        5.4%      -25.9%       -1.7%
STATE STREET GLOBAL MARKETS LLC         1.2%       -0.3%        3.2%       10.9%
SANFORD C BERNSTEIN & CO LLC            1.2%        6.2%       18.8%      -12.8%
BNP PARIBAS SECURITIES CORP             1.1%       -0.2%        0.0%       10.9%
WHITE COMMERCIAL CORPORATION            0.8%       13.0%        8.1%        2.3%
PHILLIP FUTURES INC                     0.6%      556.1%      -49.4%         n/a
MERRILL LYNCH PIERCE FENNER & SM        0.4%       -0.2%       -1.1%        9.0%
GH FINANCIALS LLC                       0.4%        0.6%       -5.5%         n/a
GOLDMAN SACHS EXECUTION & CLEARI        0.3%        3.8%        1.8%       31.4%
WELLS FARGO ADVISORS FINANCIAL N        0.3%      -17.9%       13.5%      -25.2%
EAGLE MARKET MAKERS INC                 0.2%        2.5%      -22.9%      -20.8%
NOMURA SECURITIES INTERNATIONAL         0.2%        6.0%      -18.0%       16.0%
TRADITION SECURITIES AND FUTURES        0.0%        0.0%       -0.2%       -5.0%
HSBC SECURITIES USA INC                 0.0%         n/a     -100.0%        4.1%
GOLDMAN SACHS & CO                     -0.1%        2.3%       24.8%       24.9%
CX CAPITAL MARKETS LLC                 -0.7%        0.2%       -2.6%       32.8%
================================================================================
                                        July        June         May        July
                                        2012        2012        2012       YOY%
================================================================================
BNY MELLON CLEARING LLC                -1.3%         n/a     -100.0%      100.9%
TRADESTATION SECURITIES INC            -1.5%        3.1%        3.1%      -11.8%
NATIXIS SECURITIES AMERICAS LLC        -1.5%       -4.2%        3.5%       66.7%
CIBC WORLD MARKETS CORP                -1.9%       -4.6%       -3.9%        6.3%
VELOCITY FUTURES LLC                   -2.5%      -10.8%      391.4%      -20.8%
JP MORGAN CLEARING CORP                -2.5%        0.1%        0.1%        3.1%
JP MORGAN SECURITIES LLC               -2.5%        5.7%        2.1%        2.9%
MB TRADING FUTURES INC                 -2.8%       10.8%     -112.6%      -54.8%
CANTOR FITZGERALD & CO                 -3.1%       22.7%      -20.1%      -11.6%
ITG DERIVATIVES LLC                    -3.3%        8.7%       27.0%       99.2%
NEWEDGE USA LLC                        -3.3%        3.7%      -24.2%      -13.5%
STRAITS FINANCIAL LLC                  -3.5%       55.7%      -13.9%         n/a
MERRILL LYNCH PROFESSIONAL CLEAR       -3.5%        3.7%      -23.6%      -14.5%
AMERIPRISE FINANCIAL SERVICES IN       -4.1%        2.6%      101.0%      -18.2%
XPRESSTRADE LLC                        -4.3%       -0.2%       -1.0%         n/a
EASY FOREX US LTD                      -4.4%       -4.3%      -12.1%      -36.6%
ADM INVESTOR SERVICES INC              -4.4%       -3.9%       15.5%       -3.9%
================================================================================
                                        July        June         May        July
                                        2012        2012        2012       YOY%
================================================================================
BNP PARIBAS PRIME BROKERAGE INC        -4.7%        0.4%        3.6%         n/a
COUNTRY HEDGING INC                    -5.1%       56.7%       -2.8%      -29.8%
PIONEER FUTURES INC                    -5.5%        5.5%      -27.6%      -61.3%
JEFFERIES & COMPANY INC                -5.7%       10.2%      -20.9%         n/a
RJ OBRIEN ASSOCIATES LLC               -5.8%      -16.1%       22.9%       -1.3%
CITIGROUP GLOBAL MARKETS INC           -7.5%       -1.7%       -9.6%       -6.6%
BARCLAYS CAPITAL INC                   -7.5%       20.1%      -14.0%        2.3%
MCVEAN TRADING & INVESTMENTS LLC       -7.6%       -3.8%        8.7%        3.1%
ADVANTAGE FUTURES LLC                  -8.7%       20.1%      -22.6%       27.8%
CREDIT SUISSE SECURITIES (USA) L       -9.6%      -17.5%      -24.9%      -52.5%
TRADELINK LLC                         -10.0%      -13.3%       13.3%      -45.1%
BGC FINANCIAL LP                      -10.0%       19.7%       10.4%      -23.1%
DEUTSCHE BANK SECURITIES INC          -10.2%       -4.6%        1.2%        5.8%
COMMONWEALTH FOREIGN EXCHANGE IN      -11.0%       51.1%        3.9%      -12.3%
FXDIRECTDEALER LLC                    -11.2%       52.0%      -46.3%       23.2%
JEFFERIES BACHE LLC                   -12.8%       -7.7%       -0.7%         n/a
TIMBER HILL LLC                       -13.3%       -6.9%       -8.3%      -38.7%
================================================================================
                                        July        June         May        July
                                        2012        2012        2012       YOY%
================================================================================
GLOBAL FUTURES & FOREX LTD            -14.8%       17.0%      -27.0%      -22.7%
AMP GLOBAL CLEARING LLC               -15.4%        4.0%       -8.7%       88.4%
MITSUBISHI UFJ SECURITIES USA IN      -17.5%        1.2%        3.7%      109.8%
MID CO COMMODITIES INC                -20.1%      -15.3%      160.6%      -42.6%
ENSKILDA FUTURES LTD                  -20.2%       34.9%      -22.9%       19.2%
VISION FINANCIAL MARKETS LLC          -20.3%       96.5%      -62.9%      -26.4%
RAND FINANCIAL SERVICES INC           -21.9%        6.1%        4.2%      -11.4%
FOREX CAPITAL MARKETS LLC             -23.6%       70.5%      -63.9%      -48.4%
MAREX USA LIMITED                     -23.7%        0.7%        9.1%      -25.4%
MIZUHO SECURITIES USA INC             -24.4%      -20.2%       -4.2%      -46.6%
ADVANCED MARKETS LLC                  -27.5%      -11.6%      -20.3%       75.6%
MAREX NORTH AMERICA LLC               -28.9%       41.8%      -32.7%         n/a
FOREX CLUB LLC                        -33.0%      -74.4%      283.9%      -22.7%
ALPARI (US) LLC                       -36.3%       -2.1%       18.2%      -12.5%
MACQUARIE FUTURES USA LLC             -56.9%       -6.1%        6.0%      -51.8%
INSTITUTIONAL LIQUIDITY LLC           -77.8%      -14.3%      -15.8%      -69.0%
TENCO INC                            -100.0%       -4.0%      -14.8%     -100.0%
================================================================================
                                        July        June         May        July
                                        2012        2012        2012       YOY%
================================================================================
INTEGRATED BROKERAGE SERVICES LL     -334.1%       -3.0%    -1527.2%     -222.8%
================================================================================
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
================================================================================
                                        July        June         May        July
                                        2012        2012        2012       YOY%
================================================================================
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.

SOURCE: Commodity Futures Trading Commission {CFTC <GO>}

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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