Futures commission merchants, month by month · November 2025
Futures commission merchants in November 2025
64 FCMs reported $590 billion in customer funds for November 2025, +0.1% on the month; the fifteen largest held 92% of it.
$590 billion
customer funds, all FCMs
+0.1%
change on the month
64
FCMs reporting
92%
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 | $100 billion | −1.5% | $68 billion | $7.9 billion | $24 billion | $23 billion |
| Goldman Sachs & Co LLC | $74 billion | +0.2% | $39 billion | $10 billion | $25 billion | $21 billion |
| Morgan Stanley & Co LLC | $73 billion | +1.6% | $33 billion | $9.3 billion | $31 billion | $19 billion |
| Bofa Securities Inc | $60 billion | +2.9% | $33 billion | $5.2 billion | $22 billion | $22 billion |
| Citigroup Global Markets Inc | $57 billion | +0.4% | $22 billion | $4.8 billion | $31 billion | $18 billion |
| Barclays Capital Inc | $49 billion | +4.0% | $20 billion | $5.6 billion | $23 billion | $7.6 billion |
| Sg Americas Securities LLC | $34 billion | +2.7% | $24 billion | $7.6 billion | $2.4 billion | $6.2 billion |
| Wells Fargo Securities LLC | $25 billion | +2.0% | $8.3 billion | $301 million | $16 billion | $10.0 billion |
| Bnp Paribas Securities Corp | $12 billion | −0.0% | $8.7 billion | $567 million | $3.1 billion | $4.1 billion |
| Ubs Securities LLC | $11 billion | +0.2% | $8.1 billion | $1.9 billion | $1.1 billion | $4.3 billion |
| Interactive Brokers LLC | $11 billion | −1.5% | $9.9 billion | $658 million | $22.4 million | $11 billion |
| Marex Capital Markets Inc | $9.3 billion | −3.9% | $9.0 billion | $286 million | $53.0 million | $875 million |
| Rbc Capital Markets LLC | $8.4 billion | −2.2% | $4.8 billion | $764 million | $2.8 billion | $2.0 billion |
| Adm Investor Services Inc | $8.3 billion | −11.6% | $8.0 billion | $351 million | $0 | $543 million |
| Mizuho Securities USA LLC | $8.1 billion | −0.6% | $6.5 billion | $1.5 billion | $0 | $1.5 billion |
| Hsbc Securities USA Inc | $7.9 billion | −0.8% | $5.8 billion | $447 million | $1.7 billion | $1.5 billion |
| Stonex Financial Inc | $6.3 billion | −11.3% | $6.0 billion | $265 million | $0 | $539 million |
| Rj Obrien Associates LLC | $6.2 billion | −3.6% | $6.0 billion | $209 million | $0 | $358 million |
| Deutsche Bank Securities Inc | $4.8 billion | −3.5% | $3.5 billion | $960 million | $402 million | $2.6 billion |
| Abn Amro Clearing USA LLC | $4.3 billion | −2.1% | $4.1 billion | $194 million | $0 | $831 million |
| Macquarie Futures USA LLC | $4.3 billion | −10.3% | $3.7 billion | $580 million | $0 | $502 million |
| Santander US Capital Markets LLC | $3.2 billion | +8.1% | $3.2 billion | $0 | $0 | $583 million |
| Wedbush Securities Inc | $2.4 billion | +4.6% | $2.3 billion | $10.4 million | $0 | $262 million |
| Phillip Capital Inc | $1.1 billion | −4.4% | $1.0 billion | $21.9 million | $0 | $136 million |
| Clear Street LLC | $1.0 billion | −36.6% | $1.0 billion | $1.8 million | $0 | $948 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 |
|---|---|---|---|
| Barclays Capital Inc | $49 billion | +$1.9 billion | +4.0% |
| Bofa Securities Inc | $60 billion | +$1.7 billion | +2.9% |
| Jp Morgan Securities LLC | $100 billion | −$1.5 billion | −1.5% |
| Morgan Stanley & Co LLC | $73 billion | +$1.1 billion | +1.6% |
| Adm Investor Services Inc | $8.3 billion | −$1.1 billion | −11.6% |
| Sg Americas Securities LLC | $34 billion | +$898 million | +2.7% |
| Stonex Financial Inc | $6.3 billion | −$800 million | −11.3% |
| Clear Street LLC | $1.0 billion | −$588 million | −36.6% |
| Wells Fargo Securities LLC | $25 billion | +$494 million | +2.0% |
| Macquarie Futures USA LLC | $4.3 billion | −$494 million | −10.3% |
Every FCM reporting for November 2025
All 64, 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 | $100 billion | −1.5% | $68 billion | $7.9 billion | $24 billion | $23 billion |
| Goldman Sachs & Co LLC | $74 billion | +0.2% | $39 billion | $10 billion | $25 billion | $21 billion |
| Morgan Stanley & Co LLC | $73 billion | +1.6% | $33 billion | $9.3 billion | $31 billion | $19 billion |
| Bofa Securities Inc | $60 billion | +2.9% | $33 billion | $5.2 billion | $22 billion | $22 billion |
| Citigroup Global Markets Inc | $57 billion | +0.4% | $22 billion | $4.8 billion | $31 billion | $18 billion |
| Barclays Capital Inc | $49 billion | +4.0% | $20 billion | $5.6 billion | $23 billion | $7.6 billion |
| Sg Americas Securities LLC | $34 billion | +2.7% | $24 billion | $7.6 billion | $2.4 billion | $6.2 billion |
| Wells Fargo Securities LLC | $25 billion | +2.0% | $8.3 billion | $301 million | $16 billion | $10.0 billion |
| Bnp Paribas Securities Corp | $12 billion | −0.0% | $8.7 billion | $567 million | $3.1 billion | $4.1 billion |
| Ubs Securities LLC | $11 billion | +0.2% | $8.1 billion | $1.9 billion | $1.1 billion | $4.3 billion |
| Interactive Brokers LLC | $11 billion | −1.5% | $9.9 billion | $658 million | $22.4 million | $11 billion |
| Marex Capital Markets Inc | $9.3 billion | −3.9% | $9.0 billion | $286 million | $53.0 million | $875 million |
| Rbc Capital Markets LLC | $8.4 billion | −2.2% | $4.8 billion | $764 million | $2.8 billion | $2.0 billion |
| Adm Investor Services Inc | $8.3 billion | −11.6% | $8.0 billion | $351 million | $0 | $543 million |
| Mizuho Securities USA LLC | $8.1 billion | −0.6% | $6.5 billion | $1.5 billion | $0 | $1.5 billion |
| Hsbc Securities USA Inc | $7.9 billion | −0.8% | $5.8 billion | $447 million | $1.7 billion | $1.5 billion |
| Stonex Financial Inc | $6.3 billion | −11.3% | $6.0 billion | $265 million | $0 | $539 million |
| Rj Obrien Associates LLC | $6.2 billion | −3.6% | $6.0 billion | $209 million | $0 | $358 million |
| Deutsche Bank Securities Inc | $4.8 billion | −3.5% | $3.5 billion | $960 million | $402 million | $2.6 billion |
| Abn Amro Clearing USA LLC | $4.3 billion | −2.1% | $4.1 billion | $194 million | $0 | $831 million |
| Macquarie Futures USA LLC | $4.3 billion | −10.3% | $3.7 billion | $580 million | $0 | $502 million |
| Santander US Capital Markets LLC | $3.2 billion | +8.1% | $3.2 billion | $0 | $0 | $583 million |
| Wedbush Securities Inc | $2.4 billion | +4.6% | $2.3 billion | $10.4 million | $0 | $262 million |
| Phillip Capital Inc | $1.1 billion | −4.4% | $1.0 billion | $21.9 million | $0 | $136 million |
| Clear Street LLC | $1.0 billion | −36.6% | $1.0 billion | $1.8 million | $0 | $948 million |
| Nanhua USA LLC | $881 million | −0.2% | $881 million | $559,665 | $0 | $63.8 million |
| Plus500us Financial Services, LLC | $877 million | −29.0% | $876 million | $356,198 | $0 | $120 million |
| Charles Schwab Futures and Forex LLC | $811 million | −1.8% | $811 million | $0 | $0 | $322 million |
| Tradestation Securities Inc | $802 million | +5.8% | $785 million | $17.3 million | $0 | $227 million |
| Advantage Futures LLC | $744 million | +3.2% | $615 million | $129 million | $0 | $39.5 million |
| Hidden Road Partners Civ US LLC | $694 million | −28.2% | $694 million | $0 | $0 | $428 million |
| Straits Financial LLC | $539 million | +3.1% | $523 million | $16.9 million | $0 | $51.2 million |
| Gh Financials LLC | $408 million | +25.6% | $391 million | $17.7 million | $0 | $48.1 million |
| Mcvean Trading & Investments LLC | $323 million | −2.3% | $323 million | $0 | $0 | $14.2 million |
| Dorman Trading LLC | $302 million | +3.1% | $299 million | $3.1 million | $0 | $28.7 million |
| Ninjatrader Clearing LLC | $300 million | +3.9% | $299 million | $1.4 million | $0 | $77.8 million |
| Coinbase Financial Markets Inc | $162 million | −8.7% | $162 million | $0 | $0 | $150 million |
| Robinhood Derivatives LLC | $148 million | −11.3% | $105 million | $0 | $42.8 million | $144 million |
| Apex Clearing Corporation | $140 million | −6.8% | $140 million | $0 | $0 | $532 million |
| Ubs Financial Services Inc | $139 million | −21.1% | $138 million | $709,775 | $0 | $1.2 billion |
| Ironbeam Inc | $130 million | +12.2% | $130 million | $91,351 | $0 | $16.5 million |
| Nomura Securities International Inc | $124 million | +15.3% | $124 million | $0 | $0 | $2.0 billion |
| Etrade Futures LLC | $94.6 million | −0.7% | $94.6 million | $0 | $0 | $74.4 million |
| Amp Global Clearing LLC | $83.5 million | +1.2% | $82.1 million | $1.4 million | $0 | $17.9 million |
| Direct Access USA LLC | $76.7 million | +13.1% | $74.4 million | $2.3 million | $0 | $17.9 million |
| Chs Hedging LLC | $71.7 million | −4.9% | $71.7 million | $0 | $0 | $100 million |
| Webull Financial LLC | $41.0 million | +11.2% | $40.8 million | $0 | $143,536 | $206 million |
| Mid Co Commodities Inc | $33.5 million | −3.0% | $33.5 million | $0 | $0 | $17.6 million |
| Bitnomial Clearing LLC | $433,687 | −19.3% | $433,687 | $0 | $0 | $1.7 million |
| Performance Predictions II LLC | $431,477 | new | $0 | $0 | $431,477 | $29.6 million |
| Lime Trading Corp | $25,211 | −1.3% | $25,211 | $0 | $0 | $12.1 million |
| Cantor Fitzgerald & Co | $0 | new | $0 | $0 | $0 | $652 million |
| Curvature Securities LLC | $0 | new | $0 | $0 | $0 | $121 million |
| Daiwa Capital Markets America Inc | $0 | new | $0 | $0 | $0 | $1.4 billion |
| Fanduel Prediction Markets LLC | $0 | new | $0 | $0 | $0 | $2.0 million |
| Foris Dax FCM LLC | $0 | new | $0 | $0 | $0 | $1.9 million |
| Gain Capital Group LLC | $0 | new | $0 | $0 | $0 | $61.5 million |
| Jefferies LLC | $0 | new | $0 | $0 | $0 | $2.3 billion |
| Mfi Funding LLC | $0 | new | $0 | $0 | $0 | $458 million |
| Mint Brokers | $0 | new | $0 | $0 | $0 | $2.4 million |
| Natwest Markets Securities Inc | $0 | new | $0 | $0 | $0 | $641 million |
| Oanda Corporation | $0 | new | $0 | $0 | $0 | $35.8 million |
| Scotia Capital USA Inc | $0 | new | $0 | $0 | $0 | $1.5 billion |
| Webull Futures LLC | $0 | new | $0 | $0 | $0 | $25.1 million |
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.