Futures commission merchants, month by month · September 2025
Futures commission merchants in September 2025
63 FCMs reported $586 billion in customer funds for September 2025, +1.6% on the month; the fifteen largest held 91% of it.
$586 billion
customer funds, all FCMs
+1.6%
change on the month
63
FCMs reporting
91%
held by the fifteen largest
The largest FCMs by customer funds
Customer funds are what each FCM must hold for its customers, as it reports them: US futures, foreign futures and cleared swaps added together.
| FCM | Customer funds | Change on the month | US futures (4d) | Foreign futures (Part 30) | Cleared swaps | Adjusted net capital |
|---|---|---|---|---|---|---|
| Jp Morgan Securities LLC | $101 billion | +1.9% | $71 billion | $7.6 billion | $23 billion | $25 billion |
| Morgan Stanley & Co LLC | $73 billion | +1.9% | $34 billion | $8.6 billion | $31 billion | $19 billion |
| Goldman Sachs & Co LLC | $73 billion | −0.1% | $40 billion | $9.6 billion | $23 billion | $22 billion |
| Bofa Securities Inc | $58 billion | +0.1% | $32 billion | $5.5 billion | $21 billion | $19 billion |
| Citigroup Global Markets Inc | $57 billion | +2.4% | $21 billion | $4.8 billion | $31 billion | $19 billion |
| Barclays Capital Inc | $45 billion | +0.6% | $18 billion | $5.2 billion | $22 billion | $7.6 billion |
| Sg Americas Securities LLC | $33 billion | +2.8% | $23 billion | $7.4 billion | $2.4 billion | $5.8 billion |
| Wells Fargo Securities LLC | $24 billion | −0.9% | $8.4 billion | $264 million | $15 billion | $9.6 billion |
| Bnp Paribas Securities Corp | $13 billion | −0.7% | $8.5 billion | $747 million | $3.6 billion | $4.1 billion |
| Ubs Securities LLC | $11 billion | +6.7% | $8.2 billion | $1.8 billion | $847 million | $4.2 billion |
| Interactive Brokers LLC | $11 billion | +1.7% | $10.0 billion | $674 million | $19.1 million | $10 billion |
| Marex Capital Markets Inc | $9.8 billion | +6.9% | $9.5 billion | $278 million | $60.8 million | $775 million |
| Adm Investor Services Inc | $9.0 billion | +9.2% | $8.6 billion | $371 million | $0 | $495 million |
| Mizuho Securities USA LLC | $8.3 billion | −10.7% | $6.9 billion | $1.4 billion | $0 | $1.3 billion |
| Hsbc Securities USA Inc | $8.2 billion | +11.9% | $5.9 billion | $479 million | $1.8 billion | $1.3 billion |
| Rbc Capital Markets LLC | $8.1 billion | +1.2% | $4.7 billion | $701 million | $2.6 billion | $1.6 billion |
| Stonex Financial Inc | $7.4 billion | +9.3% | $7.2 billion | $247 million | $0 | $524 million |
| Rj Obrien Associates LLC | $6.3 billion | +8.1% | $6.0 billion | $248 million | $0 | $367 million |
| Deutsche Bank Securities Inc | $4.9 billion | −5.8% | $3.6 billion | $1.1 billion | $223 million | $2.6 billion |
| Macquarie Futures USA LLC | $4.7 billion | +3.8% | $4.2 billion | $495 million | $0 | $498 million |
| Abn Amro Clearing USA LLC | $4.3 billion | −6.2% | $4.1 billion | $173 million | $0 | $831 million |
| Santander US Capital Markets LLC | $2.9 billion | −4.6% | $2.9 billion | $0 | $0 | $548 million |
| Wedbush Securities Inc | $2.3 billion | +2.4% | $2.3 billion | $11.0 million | $0 | $251 million |
| Clear Street LLC | $1.7 billion | +21.9% | $1.7 billion | $567,499 | $0 | $889 million |
| Plus500us Financial Services, LLC | $1.2 billion | +5.0% | $1.2 billion | $285,139 | $0 | $119 million |
Biggest movers on the month
Among FCMs holding $100 million or more, the largest changes in customer funds from the month before, in dollars.
| FCM | Customer funds | Change | Change |
|---|---|---|---|
| Jp Morgan Securities LLC | $101 billion | +$1.9 billion | +1.9% |
| Morgan Stanley & Co LLC | $73 billion | +$1.4 billion | +1.9% |
| Citigroup Global Markets Inc | $57 billion | +$1.4 billion | +2.4% |
| Mizuho Securities USA LLC | $8.3 billion | −$1.0 billion | −10.7% |
| Sg Americas Securities LLC | $33 billion | +$918 million | +2.8% |
| Hsbc Securities USA Inc | $8.2 billion | +$874 million | +11.9% |
| Adm Investor Services Inc | $9.0 billion | +$762 million | +9.2% |
| Ubs Securities LLC | $11 billion | +$681 million | +6.7% |
| Marex Capital Markets Inc | $9.8 billion | +$635 million | +6.9% |
| Stonex Financial Inc | $7.4 billion | +$633 million | +9.3% |
Every FCM reporting for September 2025
All 63, by customer funds.
| FCM | Customer funds | Change on the month | US futures (4d) | Foreign futures (Part 30) | Cleared swaps | Adjusted net capital |
|---|---|---|---|---|---|---|
| Jp Morgan Securities LLC | $101 billion | +1.9% | $71 billion | $7.6 billion | $23 billion | $25 billion |
| Morgan Stanley & Co LLC | $73 billion | +1.9% | $34 billion | $8.6 billion | $31 billion | $19 billion |
| Goldman Sachs & Co LLC | $73 billion | −0.1% | $40 billion | $9.6 billion | $23 billion | $22 billion |
| Bofa Securities Inc | $58 billion | +0.1% | $32 billion | $5.5 billion | $21 billion | $19 billion |
| Citigroup Global Markets Inc | $57 billion | +2.4% | $21 billion | $4.8 billion | $31 billion | $19 billion |
| Barclays Capital Inc | $45 billion | +0.6% | $18 billion | $5.2 billion | $22 billion | $7.6 billion |
| Sg Americas Securities LLC | $33 billion | +2.8% | $23 billion | $7.4 billion | $2.4 billion | $5.8 billion |
| Wells Fargo Securities LLC | $24 billion | −0.9% | $8.4 billion | $264 million | $15 billion | $9.6 billion |
| Bnp Paribas Securities Corp | $13 billion | −0.7% | $8.5 billion | $747 million | $3.6 billion | $4.1 billion |
| Ubs Securities LLC | $11 billion | +6.7% | $8.2 billion | $1.8 billion | $847 million | $4.2 billion |
| Interactive Brokers LLC | $11 billion | +1.7% | $10.0 billion | $674 million | $19.1 million | $10 billion |
| Marex Capital Markets Inc | $9.8 billion | +6.9% | $9.5 billion | $278 million | $60.8 million | $775 million |
| Adm Investor Services Inc | $9.0 billion | +9.2% | $8.6 billion | $371 million | $0 | $495 million |
| Mizuho Securities USA LLC | $8.3 billion | −10.7% | $6.9 billion | $1.4 billion | $0 | $1.3 billion |
| Hsbc Securities USA Inc | $8.2 billion | +11.9% | $5.9 billion | $479 million | $1.8 billion | $1.3 billion |
| Rbc Capital Markets LLC | $8.1 billion | +1.2% | $4.7 billion | $701 million | $2.6 billion | $1.6 billion |
| Stonex Financial Inc | $7.4 billion | +9.3% | $7.2 billion | $247 million | $0 | $524 million |
| Rj Obrien Associates LLC | $6.3 billion | +8.1% | $6.0 billion | $248 million | $0 | $367 million |
| Deutsche Bank Securities Inc | $4.9 billion | −5.8% | $3.6 billion | $1.1 billion | $223 million | $2.6 billion |
| Macquarie Futures USA LLC | $4.7 billion | +3.8% | $4.2 billion | $495 million | $0 | $498 million |
| Abn Amro Clearing USA LLC | $4.3 billion | −6.2% | $4.1 billion | $173 million | $0 | $831 million |
| Santander US Capital Markets LLC | $2.9 billion | −4.6% | $2.9 billion | $0 | $0 | $548 million |
| Wedbush Securities Inc | $2.3 billion | +2.4% | $2.3 billion | $11.0 million | $0 | $251 million |
| Clear Street LLC | $1.7 billion | +21.9% | $1.7 billion | $567,499 | $0 | $889 million |
| Plus500us Financial Services, LLC | $1.2 billion | +5.0% | $1.2 billion | $285,139 | $0 | $119 million |
| Phillip Capital Inc | $1.1 billion | +20.5% | $1.1 billion | $34.4 million | $0 | $133 million |
| Hidden Road Partners Civ US LLC | $883 million | +48.9% | $883 million | $0 | $0 | $266 million |
| Nanhua USA LLC | $872 million | +49.2% | $871 million | $378,653 | $0 | $61.1 million |
| Charles Schwab Futures and Forex LLC | $822 million | −17.0% | $822 million | $0 | $0 | $301 million |
| Tradestation Securities Inc | $795 million | +1.2% | $779 million | $16.5 million | $0 | $230 million |
| Advantage Futures LLC | $718 million | −1.7% | $609 million | $109 million | $0 | $38.4 million |
| Straits Financial LLC | $535 million | +1.7% | $521 million | $13.5 million | $0 | $49.0 million |
| Mcvean Trading & Investments LLC | $329 million | −0.7% | $329 million | $0 | $0 | $14.3 million |
| Dorman Trading LLC | $328 million | −0.9% | $325 million | $3.3 million | $0 | $27.7 million |
| Gh Financials LLC | $316 million | +5.9% | $298 million | $17.2 million | $0 | $31.8 million |
| Ninjatrader Clearing LLC | $291 million | +5.5% | $289 million | $1.5 million | $0 | $63.8 million |
| Ubs Financial Services Inc | $184 million | +15.6% | $183 million | $693,297 | $0 | $1.2 billion |
| Ironbeam Inc | $180 million | +3.4% | $180 million | $92,559 | $0 | $15.7 million |
| Coinbase Financial Markets Inc | $166 million | +12.6% | $166 million | $0 | $0 | $149 million |
| Apex Clearing Corporation | $148 million | +6.0% | $148 million | $0 | $0 | $502 million |
| Robinhood Derivatives LLC | $138 million | +25.3% | $116 million | $0 | $21.9 million | $74.6 million |
| Nomura Securities International Inc | $96.5 million | +13.3% | $96.5 million | $0 | $0 | $2.2 billion |
| Etrade Futures LLC | $91.3 million | +5.5% | $91.3 million | $0 | $0 | $72.7 million |
| Amp Global Clearing LLC | $86.1 million | +2.3% | $84.4 million | $1.7 million | $0 | $16.8 million |
| Chs Hedging LLC | $75.9 million | +13.1% | $75.9 million | $0 | $0 | $94.8 million |
| Direct Access USA LLC | $57.3 million | −20.7% | $55.4 million | $1.9 million | $0 | $18.1 million |
| Webull Financial LLC | $34.8 million | +9.9% | $34.8 million | $0 | $39,597 | $186 million |
| Mid Co Commodities Inc | $25.7 million | +97.2% | $25.7 million | $0 | $0 | $15.8 million |
| Bitnomial Clearing LLC | $364,879 | +1.1% | $364,879 | $0 | $0 | $1.6 million |
| Lime Trading Corp | $4,752 | −5.0% | $4,752 | $0 | $0 | $11.2 million |
| Cantor Fitzgerald & Co | $0 | new | $0 | $0 | $0 | $411 million |
| Curvature Securities LLC | $0 | new | $0 | $0 | $0 | $113 million |
| Daiwa Capital Markets America Inc | $0 | new | $0 | $0 | $0 | $1.3 billion |
| F&O Financial LLC | $0 | new | $0 | $0 | $0 | $2.1 million |
| Foris Dax FCM LLC | $0 | new | $0 | $0 | $0 | $2.0 million |
| Gain Capital Group LLC | $0 | new | $0 | $0 | $0 | $65.8 million |
| Jefferies LLC | $0 | new | $0 | $0 | $0 | $1.9 billion |
| Mfi Funding LLC | $0 | new | $0 | $0 | $0 | $278 million |
| Mint Brokers | $0 | new | $0 | $0 | $0 | $2.4 million |
| Natwest Markets Securities Inc | $0 | new | $0 | $0 | $0 | $624 million |
| Oanda Corporation | $0 | new | $0 | $0 | $0 | $42.9 million |
| Performance Predictions II LLC | $0 | new | $0 | $0 | $0 | $2.4 million |
| Scotia Capital USA Inc | $0 | new | $0 | $0 | $0 | $1.1 billion |
What the data can and cannot say
- The CFTC publishes each FCM's own month-end report. The figures are the amounts each firm is required to hold for customers and its adjusted net capital; they are not its revenue or its market share of trading.
- A change on the month can come from customers' positions, margin levels or market moves as much as from customers won or lost.
- Firms are matched from one month to the next by name; a firm that renamed shows as new.
Sources: CFTC, Financial Data for FCMs. Figures are as filed; none is estimated. Not investment advice.