2010 Customer equity

(millions) [1]

2011 Adjusted net

capital (millions) [2]

2011 Secured amount

(millions) [3]

Broker/Dealer (Y/N)

2011 Non-U.S. customer

equity (millions) [4]

2011 Global clearing

volume (millions) [5]

Retail/Institutional

Managed Funds (Y/N)

Goldman Sachs & Co. [6]

Newedge USA, LLC
J.P. Morgan Securities LLC [7]
Deutsche Bank Securities Inc.
UBS Securities LLC
Merrill Lynch Pierce Fenner & Smith [8]
Citigroup Global Markets Inc.
Credit Suisse Securities (USA) LLC
Morgan Stanley & Co. LLC
Barclays Capital Inc.
Jefferies Bache LLC [9]
ADM Investor Services, Inc.
R.J.O'Brien & Associates
RBS Securities Inc.
ABN AMRO Clearing Chicago LLC
BNP Paribas Commodity Futures, Inc.
Interactive Brokers LLC [10]
FCStone LLC
Rosenthal Collins Group LLC
HSBC Securities USA Inc.
Macquarie Futures USA Inc.
McVean Trading & Investments, LLC
Penson Financial Services Inc.
Mizuho Securities USA Inc
BNY Mellon Clearing LLC
Morgan Stanley Smith Barney LLC
RBC Capital Markets
BNP Paribas Securities Corp.
Tradestation Securities Inc.
Santander Investment Securities
Advantage Futures LLC
Enskilda Futures Limited
PFGBEST
Vision Financial Markets LLC
Country Hedging, Inc.
TENCO Inc.
UBS Financial Services Inc.
optionsXpress, Inc. [11]
Nomura Securities International Inc.
Rand Financial Services Inc.
Dorman Trading, LLC
Mid-Co Commodities Inc.
Velocity Futures, LLC
TransAct Futures [12]
MAREX North America LLC
Crossland LLC
Phillip Futures Inc.
MBF Clearing Corp.
Cunningham Commodities, LLC
Ironbeam Inc.

2010 Rank

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50

2011 Customer equity

(millions) [1]

2011 RANK

Data as of

TOP 50 BROKERS continued

09/30/2011
09/30/2011
09/30/2011
09/30/2011
09/30/2011
09/30/2011
09/30/2011
09/30/2011
09/30/2011
09/30/2011
09/30/2011
09/30/2011
09/30/2011
09/30/2011
09/30/2011
09/30/2011
09/30/2011
09/30/2011
09/30/2011
09/30/2011
09/30/2011
09/30/2011
09/30/2011
09/30/2011
09/30/2011
09/30/2011
09/30/2011
09/30/2011
09/30/2011
09/30/2011
09/30/2011
09/30/2011
09/30/2011
09/30/2011
09/30/2011
09/30/2011
09/30/2011
09/30/2011
09/30/2011
09/30/2011
09/30/2011
09/30/2011
09/30/2011
09/30/2011
09/30/2011
09/30/2011
09/30/2011
09/30/2011
09/30/2011
09/30/2011

21,218.01
20,455.38
19,543.63
15,085.17
10,990.73
10,599.79
10,457.45
6,467.64
6,026.95
5,412.44
2,968.81
2,560.55
2,507.11
2,472.66
1,954.09
1,522.53
1,421.17
1,406.63
1,288.76
972.85
871.66
858.75
815.32
753.04
561.85
560.41
500.66
455.37
428.05
401.02
392.83
374.98
365.59
329.97
286.21
225.44
165.69
165.31
117.03
107.21
105.60
100.98
85.37
79.93
77.94
72.81
62.96
58.85
56.24
39.23

1
2
3
4
7
6
5
10
9
11
12
13
14
15
16
19
20
18
17
22
21
24
25
23
NA
NA
28
NA
27
101
30
31
26
29
35
32
NA
36
37
34
38
41
42
40
100
44
NA
39
45
NA

20,699.80
20,117.84
16,154.21
11,344.53
9,911.61
10,106.92
10,222.46
4,962.30
4,704.60
4,497.62
2,550.24
2,244.33
1,806.47
1,516.31
1,376.14
1,147.76
1,098.44
1,162.42
1,335.29
787.16
787.23
641.63
615.88
736.69
24.61
NA
384.07
357.45
387.29
0.00
281.89
275.98
444.02
361.39
187.14
270.92
215.19
161.53
92.67
211.41
91.31
60.28
57.62
63.15
0.00
47.95
NA
74.76
38.53
NA

12,768.18
2,267.91
17,422.64
7,145.19
11,688.87
13,638.99
7,113.06
6,617.01
7,447.59
5,612.45
249.30
262.10
155.32
2,552.56
224.71
374.03
1,878.11
116.57
66.09
1,041.69
136.63
14.27
185.43
388.82
304.84
1,466.26
1,364.87
2,112.63
59.61
122.95
19.04
30.40
35.94
28.62
19.53
61.54
1,366.95
77.50
2,358.69
74.35
9.38
12.40
1.85
2.78
8.00
11.34
9.72
8.15
3.36
3.02

9,036.37
6,434.00
2,882.07
1,156.42
4,796.13
3,385.54
1,301.11
2,195.33
2,074.13
2,965.64
354.90
153.01
88.77
129.91
303.13
523.10
184.76
27.19
17.18
122.60
72.08
0.00
49.86
497.30
0.34
1,840.71
53.06
0.00
9.68
0.00
35.06
0.00
26.02
7.83
1.70
0.00
0.15
5.35
5.15
22.22
1.83
0.94
15.35
1.73
2.44
18.44
0.00
6.56
0.66
0.36

Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
N
N
N
Y
Y
N
Y
N
N
Y
N
N
Y
Y
N
Y
Y
Y
Y
Y
N
N
N
Y
N
N
Y
Y
Y
N
N
N
N
N
N
N
N
N
N
N

***
DND
DND
***
DND
DND
***
***
***
***
***
974.02
***
***
***
***
DND
DND
DND
***
2,900.00
DND
***
DND
***
***
***
***
***
***
DND
***
***
DND
DND
***
DND
***
***
DND
2.00
***
12.00
DND
***
***
***
71.24
***
***

***
DND
DND
***
DND
DND
***
***
***
***
***
36.04
***
***
***
***
DND
DND
DND
***
123.00
DND
***
DND
***
***
***
***
***
***
273.20
***
***
6.36
DND
***
DND
***
***
10.95
27.50
***
95.00
DND
***
***
***
12.738
***
***

I
I
I
I
I
Both
Both
Both
I
Both
I
Both
Both
I
I
I
Both
Both
Both
I
Both
Both
Both
I
***
Both
I
Both
***
***
Both
I
Both
Both
Both
I
R
Both
***
Both
Both
***
Both
Both
***
Both
***
Both
***
***

N
N
Y
N
Y
Y
N
Y
Y
N
Y
Y
Y
N
N
N
N
N
Y
N
N
Y
Y
N
***
Y
N
N
***
***
Y
N
Y
Y
N
N
Y
N
***
Y
Y
***
N
N
***
Y
***
N
***
***

FOOTNOTES

[1] Customer equity represents the total amount of funds that an FCM is required to segregate on
behalf of customers who are trading on a registered U.S. futures exchange. This is the sum of all
accounts with a net liquidating equity and is reported to the CFTC.

56

[2] A firms Adjusted Net Capital is the amount of regulatory capital available to meet the FCMs
minimum net capital requirement. The classification of assets and liabilities used in arriving at
net capital, and the additional capital haircuts that an FCM may be required to take, are set
forth in CFTC Regulation 1.17.
[3] Secured amount represents the amount of funds an FCM is required to set aside for customers
who trade on futures exchanges located outside the United States.

[6] Goldman Sachs & Co. includes amounts from Goldman Sachs Execution and Clearing LP
[7] JP Morgan Futures Inc. includes amounts from JP Morgan Clearing Corp. and JP Morgan Securities Inc.
[8] Merrill Lynch Fenner & Smith includes amount from Merrill Lynch Professional Clearing Corp.
[9] Jefferies Bache LLC formerly was known as Prudential Bache Commodities LLC
[10] Interactive Brokers LLC includes Timber Hill LLC
[11] optionsXpress, Inc. is now a subsidiary of Charles Schwab. It includes amounts from Open E
Cry, LLC
[12] TransAct Futures fomerly was known as York Business Associates, LLC

[4] Non-U.S. customer equity is the amount of funds FCMs hold for traders outside of the United
States. This was obtained from the FCMs on a voluntary basis. It is not reported to the CFTC.

*** Did not respond with information

[5] This is the number of trades cleared by the listed firm through September.

NA Not applicable

FUTURES December 2011

DND Did not disclose

ASX
BM&F
BOX
BSE-India
CBOE
CCX
CFE
CME Group / CBOT
COMEX
DGCX
DME
ECX
ELX
EUREX
Euronext Liffe
HKEX
ICE
ICE-Canada
ICE Futures Europe
ICE Futures US
IDEM
ISE
KCBT
KRX
LME
LSE
MEFF
MEXDER
MGEX
Nasdaq OMX
MX
Nasdaq OMX PHLX
NFX
NSE
NYMEX
NYSE ARCA OPTIONS
NYSE Amex
NYSE Euronext
ONE CHICAGO
OSE
SAFEX
SGX
TGE
TFX
TOCOM
TSE
TSX
WIENER BORSE

KEY

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50

ASX
Australian Stock Exchange
BM&F Brazilian Mercantile Futures Exchange
BOX
Boston Options Exchange
BSE-India Bombay Stock Exchange
CBOE Chicago Board Options Exchange
CCX
Chicago Climate Exchange
CFE
CBOE Futures Exchange
CME Group / CBOT

Chicago Mercantile Exchange/

Chicago Board of Trade
COMEX Commodity Exchange (New York)
DGCX Dubai Gold & Commodities Exchange
DME
Dubai Mercantile Exchange

ECX
European Climate Exchange
ELX
Electronic Liquidity Exchange
EUREX Eurex
Euronext Liffe
HKEX Hong Kong Exchanges and Clearing Ltd.
ICE
InterContinental Exchange
ICE-Canada
ICE Futures Europe
ICE Futures US
IDEM Italian Derivatives Exchange
ISE
International Securities Exchange
KCBT Kansas City Board of Trade
KRX
Korea Exchange

LME
London Metal Exchange
LSE
London Stock Exchange
MEFF Spanish Financial Futures

& Options Exchange
MEXDER Mercado Mexicano de Derivados
MGEX Minneapolis Grain Exchange
MX
Montreal Exchange
Nasdaq OMX PHLX
NFX
Nasdaq OMX Futures Exchange
NSE
National Stock Exchange of India Ltd.
NYMEX New York Mercantile Exchange
NYSE ACRA OPTIONS
NYSE Amex

NYSE / Euronext New York Stock Exchange

ONE CHICAGO OneChicago SSF Exchange
OSE
Osaka Securities Exchange
SAFEX South African Futures Exchange
SGX
Singapore Exchange
TGE
Tokyo Grain Exchange
TFX
Tokyo Financial Exchange Inc
TOCOM Tokyo Commodity Exchange
TSE
Tokyo Stock Exchange
TSX
Toronto Stock Exchange
WIENER BORSE Austria Exchange
Note: Some exchanges listed now operate
as subsidiaries of other exchanges.

futuresmag.com

57