CFTC-Registered Firms’ Excess to Net Capital Ratios
By -
Jan 15, 2013
Following is a table detailing Futures Commission Merchants’ excess net capital as a percentage of net adjusted capital for November. 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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Nov. Oct. Sept. Year
2012 2012 2012 Ago
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JEFFERIES & COMPANY INC n/a n/a 94.0% 93.3%
WELLS FARGO ADVISORS LLC 99.9% 99.9% 99.9% 99.8%
CITADEL SECURITIES LLC 99.8% 99.7% 99.8% 99.8%
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Nov. Oct. Sept. Year
2012 2012 2012 Ago
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CIBC World Markets CORP 99.7% 99.7% 99.7% 99.7%
WELLS FARGO SECURITIES LLC 99.6% 99.5% 99.5% 99.0%
NATIXIS SECURITIES AMERICAS LLC 99.5% 99.5% 99.5% 99.5%
MITSUBISHI UFJ SECURITIES USA INC 99.4% 99.4% 98.4% 99.1%
Instinet LLC 99.0% 98.7% 96.9% 98.4%
AMERIPRISE FINANCIAL SERVICES INC 98.9% 99.0% 98.9% 99.2%
Nomura Securities INTERNATIONAL INC 98.6% 97.9% 98.5% 98.5%
GUGGENHEIM SECURITIES LLC 98.5% 98.3% 97.1% 94.2%
DAIWA CAPITAL MARKETS AMERICA INC 98.3% 98.0% 98.7% 99.2%
BGC FINANCIAL LP 98.2% 89.8% 95.9% 98.0%
STATE STREET GLOBAL MARKETS LLC 98.1% 99.8% 98.8% 97.8%
Cantor Fitzgerald & CO 97.5% 95.2% 95.7% 96.1%
Morgan Keegan & COMPANY INC 97.4% 96.9% 96.6% 98.3%
WELLS FARGO ADVISORS FINANCIAL NETWO 97.0% 97.4% 97.3% 84.9%
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Nov. Oct. Sept. Year
2012 2012 2012 Ago
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BNY MELLON CLEARING LLC 96.9% 97.2% 96.4% 85.5%
Santander Investment Securities INC 96.9% 95.2% 95.8% 90.3%
Neuberger Berman LLC 96.8% 96.3% 95.3% 98.2%
TD AMERITRADE INC 96.5% 96.7% 96.9% 99.7%
RBS SECURITIES INC 95.2% 95.3% 95.1% 90.4%
GOLDMAN SACHS EXECUTION & CLEARING L 95.0% 94.6% 94.1% 92.9%
Morgan Stanley SMITH BARNEY LLC 94.9% 94.5% 94.6% 97.4%
BNP Paribas Securities CORP 94.5% 93.8% 94.2% 96.7%
Tradestation Securities INC 94.3% 93.9% 94.0% 95.5%
Timber Hill LLC 93.5% 93.8% 93.3% 94.6%
LPL FINANCIAL LLC 93.5% 94.2% 94.5% 95.5%
OPTIONSXPRESS INC 93.5% 92.9% 93.3% 92.2%
UBS Securities LLC 93.4% 93.2% 92.6% 91.6%
Merrill Lynch PIERCE FENNER & SMITH 93.3% 93.2% 93.1% 92.2%
RBC Capital Markets LLC 93.2% 90.8% 93.6% 93.0%
KNIGHT CAPITAL AMERICAS LLC 92.8% 91.8% 92.8% n/a
Tradelink LLC 92.8% 93.5% 94.0% 97.4%
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Nov. Oct. Sept. Year
2012 2012 2012 Ago
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IKON GLOBAL MARKETS INC 91.6% 92.7% 93.5% 94.4%
Citigroup Global Markets INC 91.4% 90.4% 89.8% 89.6%
Deutsche Bank Securities INC 91.3% 90.7% 90.6% 92.7%
UBS Financial Services INC 91.1% 89.9% 91.0% 90.8%
Raymond James & Associates INC 90.8% 90.9% 88.4% 93.0%
MERRILL LYNCH PROFESSIONAL CLEARING 88.9% 89.2% 84.6% 93.0%
SANFORD C BERNSTEIN & CO LLC 88.3% 89.0% 88.8% 92.1%
GH FINANCIALS LLC 88.2% 88.3% 88.3% n/a
BNP PARIBAS PRIME BROKERAGE INC 87.9% 87.4% 87.4% 86.4%
HSBC Securities USA INC 87.8% 88.1% 89.0% 90.7%
JP MORGAN SECURITIES LLC 87.6% 87.2% 86.1% 86.8%
GOLDMAN SACHS & CO 87.5% 86.8% 86.2% 82.8%
Interactive Brokers LLC 86.7% 87.5% 86.5% 87.2%
LEK SECURITIES CORPORATION 85.8% 86.1% 85.7% 84.5%
Oppenheimer & Co INC 85.2% 84.3% 86.3% 84.4%
MORGAN STANLEY & CO LLC 84.3% 83.6% 82.6% 86.5%
EAGLE MARKET MAKERS INC 82.9% 83.3% 83.6% 84.8%
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Nov. Oct. Sept. Year
2012 2012 2012 Ago
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Barclays Capital INC 82.8% 83.0% 82.2% 83.3%
Oanda Corporation 82.2% 81.8% 80.9% 81.2%
Credit Suisse Securities (USA) LLC 81.6% 76.1% 76.4% 83.8%
Stephens Inc 80.6% 79.0% 83.0% 86.6%
DORMAN TRADING LLC 80.1% 80.7% 83.1% 89.7%
MCVEAN TRADING & INVESTMENTS LLC 78.6% 75.4% 76.9% 82.3%
ITG DERIVATIVES LLC 78.3% 79.1% 78.7% 65.6%
JP MORGAN CLEARING CORP 75.9% 76.1% 74.0% 72.1%
STRAITS FINANCIAL LLC 75.3% 71.9% 77.1% 86.3%
Friedberg Mercantile Group INC 72.2% 72.2% 65.0% 70.8%
RAND FINANCIAL SERVICES INC 71.6% 68.1% 67.4% 79.5%
YORK BUSINESS ASSOCIATES LLC 71.0% 71.1% 70.9% 71.0%
CROSSLAND LLC 70.5% 61.6% 76.4% 74.4%
Mitsui Bussan Commodities USA INC 69.8% 70.6% 70.2% 65.9%
CX CAPITAL MARKETS LLC 69.8% 70.0% 70.1% 71.7%
Enskilda Futures LTD 67.9% 59.4% 43.2% 31.1%
Open E Cry LLC 66.5% 69.9% 76.4% 70.9%
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Nov. Oct. Sept. Year
2012 2012 2012 Ago
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MAREX USA LIMITED 64.0% 64.1% 59.4% 57.6%
Mizuho Securities USA INC 62.9% 63.1% 64.9% 68.6%
WHITE COMMERCIAL CORPORATION 62.3% 64.9% 61.1% 64.1%
ABN AMRO CLEARING CHICAGO LLC 56.2% 50.3% 35.1% 52.8%
VISION FINANCIAL MARKETS LLC 54.0% 50.2% 50.7% 72.9%
Forex Capital Markets LLC 52.1% 40.6% 39.8% 18.4%
IRONBEAM INC 51.0% 55.5% 56.2% 66.9%
ADVANTAGE FUTURES LLC 47.8% 43.7% 37.8% 47.6%
FRONTIER FUTURES INC 47.4% 43.9% 44.4% 47.3%
ADM Investor Services INC 46.9% 42.2% 38.4% 49.6%
CUNNINGHAM COMMODITIES LLC 45.7% 52.6% 54.9% 69.1%
LINN GROUP THE 45.3% 37.6% 41.1% 55.2%
AMP GLOBAL CLEARING LLC 41.3% 40.1% 36.4% 44.0%
MAREX NORTH AMERICA LLC 41.0% 34.0% 45.8% 30.8%
Pioneer Futures INC 40.9% 40.7% 42.6% 67.9%
Newedge USA LLC 39.6% 38.9% 35.4% 40.7%
MBF CLEARING CORP 38.4% 46.6% 49.0% 87.5%
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Nov. Oct. Sept. Year
2012 2012 2012 Ago
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Tradition Securities and Futures INC 35.9% 33.8% 34.0% 34.9%
VELOCITY FUTURES LLC 35.2% 36.5% 35.8% 44.3%
JEFFERIES BACHE LLC 33.8% 29.9% 19.3% 29.3%
FCSTONE LLC 33.4% 30.2% 30.1% 43.5%
RJ OBRIEN ASSOCIATES LLC 33.0% 28.5% 26.3% 38.2%
EASY FOREX US LTD 31.8% 32.1% 32.3% 42.0%
MID CO COMMODITIES INC 31.7% 39.5% 33.8% 51.1%
Gain Capital Group LLC 29.7% 37.1% 43.3% 60.6%
Capital Market Services LLC 29.0% 61.2% 62.4% 59.6%
PHILLIP FUTURES INC 27.2% 28.2% 27.2% 77.6%
Rosenthal Collins Group LLC 24.7% 23.3% 28.7% 55.5%
Alpari (US) LLC 20.7% 30.0% 31.9% 15.4%
COMMONWEALTH FOREIGN EXCHANGE INC 19.0% 3.1% 44.2% 63.7%
FX Solutions LLC 18.5% 27.5% 31.9% 52.9%
MACQUARIE FUTURES USA LLC 15.5% 20.5% 26.4% 52.5%
XPRESSTRADE LLC 12.5% 12.5% 12.6% 13.0%
MB TRADING FUTURES INC 7.6% 11.2% 10.9% 17.6%
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Nov. Oct. Sept. Year
2012 2012 2012 Ago
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Advanced Markets LLC 1.0% 0.8% 1.2% 2.8%
INSTITUTIONAL LIQUIDITY LLC 0.3% 4.5% 6.4% 2.3%
FXDIRECTDEALER LLC -21.3% 21.8% 22.1% 45.5%
GLOBAL FUTURES & FOREX LTD -193.7% 57.5% 60.2% 71.8%
INTEGRATED BROKERAGE SERVICES LLC -1152.0% -878.3% -869.3% 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.
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Nov. Oct. Sept. 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