Key Takeaways
- JP Morgan Securities holds the most customer funds of any futures commission merchant, $96.6 billion as of August 31, 2026, according to CFTC data.
- According to the CFTC, the 74 FCMs must hold $647 billion for customers in all, up 12% from a year earlier; the largest five hold 59% of it.
- Cleared swaps are more concentrated still: the five largest swap clearers hold 71% of cleared swap customer funds reported to the CFTC.
- 13 registered FCMs report holding no customer funds at all.
JP Morgan Securities holds more customer money than any other futures commission merchant: $96.6 billion as of August 31, 2026, according to the CFTC. Goldman Sachs & Co. and Morgan Stanley & Co. follow. The 74 FCMs that report to the CFTC must hold $647 billion for customers in all, and the largest five hold 59% of it.
Every figure is the one each FCM reported to the CFTC for August 31, 2026, in the CFTC's monthly financial data for FCMs.
The 30 largest futures commission merchants
FCMs are ranked by the customer funds they are required to hold apart from their own money, across three account classes: futures and options on US exchanges (section 4d(a)(2) of the Commodity Exchange Act), futures on foreign exchanges (Part 30 of the CFTC's rules) and cleared swaps (section 4d(f)). The change column compares each firm with its figure a year earlier, where the CFTC lists it under the same name.
| Rank | FCM | Registered as | Customer funds required | US futures | Foreign futures | Cleared swaps | Change from a year earlier | Source |
|---|---|---|---|---|---|---|---|---|
| 1 | JP Morgan Securities LLC | FCM, broker-dealer, swap dealer | $96.6 billion | $61.8 billion | $10.1 billion | $24.7 billion | −3% | CFTC |
| 2 | Goldman Sachs & Co. LLC | FCM, broker-dealer, swap dealer | $80.3 billion | $43.6 billion | $11.8 billion | $24.9 billion | +11% | CFTC |
| 3 | Morgan Stanley & Co. LLC | FCM, broker-dealer, swap dealer | $74.1 billion | $35.8 billion | $9.7 billion | $28.6 billion | +3% | CFTC |
| 4 | BofA Securities Inc. | FCM, broker-dealer | $67.5 billion | $36.9 billion | $7.0 billion | $23.5 billion | +15% | CFTC |
| 5 | Citigroup Global Markets Inc. | FCM, broker-dealer, swap dealer | $63.2 billion | $22.3 billion | $5.6 billion | $35.3 billion | +13% | CFTC |
| 6 | Barclays Capital Inc. | FCM, broker-dealer | $56.4 billion | $22.0 billion | $7.0 billion | $27.4 billion | +26% | CFTC |
| 7 | SG Americas Securities LLC | FCM, broker-dealer | $37.6 billion | $25.2 billion | $10.0 billion | $2.5 billion | +17% | CFTC |
| 8 | Wells Fargo Securities LLC | FCM, broker-dealer | $28.2 billion | $9.7 billion | $328 million | $18.1 billion | +15% | CFTC |
| 9 | BNP Paribas Securities Corp. | FCM, broker-dealer | $17.0 billion | $10.1 billion | $751 million | $6.2 billion | +32% | CFTC |
| 10 | StoneX Financial Inc. | FCM, broker-dealer | $14.0 billion | $13.4 billion | $548 million | $0 | +107% | CFTC |
| 11 | UBS Securities LLC | FCM, broker-dealer | $13.9 billion | $10.1 billion | $1.9 billion | $1.9 billion | +37% | CFTC |
| 12 | Mizuho Securities USA LLC | FCM, broker-dealer | $12.6 billion | $10.3 billion | $2.4 billion | $0 | +36% | CFTC |
| 13 | Interactive Brokers LLC | FCM, broker-dealer | $11.5 billion | $10.5 billion | $1.0 billion | $25 million | +10% | CFTC |
| 14 | Marex Capital Markets Inc. | FCM, broker-dealer | $11.5 billion | $10.7 billion | $560 million | $183 million | +25% | CFTC |
| 15 | RBC Capital Markets LLC | FCM, broker-dealer | $10.9 billion | $6.5 billion | $1.3 billion | $3.0 billion | +36% | CFTC |
| 16 | HSBC Securities USA Inc. | FCM, broker-dealer | $9.0 billion | $6.4 billion | $759 million | $1.8 billion | +23% | CFTC |
| 17 | ADM Investor Services Inc. | FCM | $8.5 billion | $8.0 billion | $464 million | $0 | +3% | CFTC |
| 18 | Macquarie Futures USA LLC | FCM | $6.5 billion | $6.1 billion | $461 million | $0 | +45% | CFTC |
| 19 | Deutsche Bank Securities Inc. | FCM, broker-dealer | $6.5 billion | $4.3 billion | $1.4 billion | $871 million | +25% | CFTC |
| 20 | ABN AMRO Clearing USA LLC | FCM, broker-dealer | $5.7 billion | $5.5 billion | $222 million | $0 | +25% | CFTC |
| 21 | Santander US Capital Markets LLC | FCM, broker-dealer | $3.5 billion | $3.5 billion | $157,931 | $0 | +13% | CFTC |
| 22 | Phillip Capital Inc. | FCM, broker-dealer | $1.3 billion | $1.3 billion | $15 million | $0 | +43% | CFTC |
| 23 | Advantage Futures LLC | FCM | $1.1 billion | $1.0 billion | $106 million | $0 | +56% | CFTC |
| 24 | Plus500us Financial Services LLC | FCM | $980 million | $973 million | $936,044 | $6 million | n/a | CFTC |
| 25 | Nanhua USA LLC | FCM | $975 million | $974 million | $661,870 | $0 | +67% | CFTC |
| 26 | Wedbush Securities Inc. | FCM, broker-dealer, swap dealer | $931 million | $811 million | $9 million | $111 million | −59% | CFTC |
| 27 | Clear Street LLC | FCM, broker-dealer | $881 million | $871 million | $10 million | $1,503 | −36% | CFTC |
| 28 | TradeStation Securities Inc. | FCM, broker-dealer | $784 million | $773 million | $11 million | $0 | 0% | CFTC |
| 29 | Charles Schwab Futures and Forex LLC | FCM | $746 million | $746 million | $0 | $0 | −25% | CFTC |
| 30 | Hidden Road Partners CIV US LLC | FCM, broker-dealer | $657 million | $657 million | $0 | $0 | +11% | CFTC |
Download this table (CSV), free. The full dataset, every FCM with what it holds and owes in each account class, its capital and its year-earlier figure, is one email away.
How concentrated futures clearing is
- The largest five FCMs hold 59% of all customer funds reported to the CFTC, the largest ten 83%.
- Total customer funds required are up 12% from a year earlier, when they stood at $577 billion (August 31, 2025).
- US futures and options account for 58% of the total.
- Cleared swaps are narrower still: 33 FCMs hold cleared swap customer funds, and the five largest hold 71% of the $199 billion reported to the CFTC.
- 13 registered FCMs report no customer funds at all.
- Every FCM reported holding at least what it was required to in each account class.
What this means for technology buyers
Clearing at this scale runs on margin, collateral and settlement systems that reconcile to the clearinghouse every day. These guides compare the options:
- Clearing and settlement systems for broker-dealers: the post-trade engine an FCM runs.
- Algorithmic trading platforms for proprietary trading: the firms on the other side of an FCM's account.
- Regulatory reporting platforms: capital and liquidity reporting for the banks behind the largest FCMs.
Mapping the business? The Prime Brokerage Business Capabilities Model sets out what a clearing and financing business does, and the Prime Brokerage Value Streams show how that work runs end to end.
More from Finantrix Atlas
How this list was built
The universe is every futures commission merchant in the CFTC's monthly financial data for FCMs, which every registered FCM reports. Firms registered only as retail foreign exchange dealers are left out. Customer funds are the sum of the three requirements the CFTC publishes for each FCM: the customer segregation requirement, the Part 30 secured amount and the cleared swap segregation requirement. Year-earlier figures come from the CFTC's file for August 31, 2025.
Limits
- What is owed, not what is held. The ranking uses what each FCM is required to hold for customers. FCMs hold more than that as a buffer of their own money; the dataset has both.
- Legal entities, not groups. A banking group can clear through more than one FCM, and each is ranked on its own.
- One month-end. Customer balances move with margin requirements and markets, so a single month can differ from the next.
- Names as printed. A firm renamed in the past year shows no year-earlier change.
Cite this
Free to quote, cite and republish, including the chart, with credit to Finantrix Atlas and a link to this page.
JP Morgan Securities holds the most customer funds of any US futures commission merchant, $96.6 billion as of August 31, 2026, according to a Finantrix Atlas analysis of CFTC data.
The five largest futures commission merchants hold 59% of the $647 billion in customer funds reported to the CFTC, according to Finantrix Atlas.
Suggested citation: Finantrix Atlas, "Largest Futures Commission Merchants by Customer Funds," data as of August 31, 2026, from CFTC financial data for FCMs. https://www.finantrix.com/articles/largest-fcms
Embed the chart:
<a href="https://www.finantrix.com/articles/largest-fcms"><img src="https://www.finantrix.com/atlas/largest-fcms.png" alt="The largest futures commission merchants by customer funds, from Finantrix Atlas"></a>
<p>Chart: <a href="https://www.finantrix.com/articles/largest-fcms">Finantrix Atlas</a>, from CFTC financial data for FCMs.</p>
Frequently asked questions
Q: What is a futures commission merchant? A: A firm registered with the CFTC to take orders for futures, options on futures or cleared swaps and to accept customers' money to margin them. The money must be kept apart from the firm's own.
Q: Which FCM holds the most customer funds? A: JP Morgan Securities, with $96.6 billion in customer funds required as of August 31, 2026, according to CFTC data.
Q: How much customer money do FCMs hold? A: According to the CFTC, the 74 FCMs must hold $647 billion for customers across futures, foreign futures and cleared swaps.
Download the data
The 30 rows on this page (CSV), free. The full dataset has all 74 rows, as of August 31, 2026; we email you a link.
Frequently Asked Questions
What is a futures commission merchant?
A firm registered with the CFTC to take orders for futures, options on futures or cleared swaps and to accept customers' money to margin them. The money must be kept apart from the firm's own.
Which FCM holds the most customer funds?
JP Morgan Securities, with $96.6 billion in customer funds required as of August 31, 2026, according to CFTC data.
How much customer money do FCMs hold?
According to the CFTC, the 74 FCMs must hold $647 billion for customers across futures, foreign futures and cleared swaps.