Futures commission merchants, month by month · December 2025
Futures commission merchants in December 2025
64 FCMs reported $583 billion in customer funds for December 2025, −1.1% on the month; the fifteen largest held 92% of it.
$583 billion
customer funds, all FCMs
−1.1%
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 | $98 billion | −2.0% | $67 billion | $7.7 billion | $23 billion | $27 billion |
| Morgan Stanley & Co LLC | $74 billion | +0.6% | $32 billion | $9.2 billion | $32 billion | $19 billion |
| Goldman Sachs & Co LLC | $71 billion | −3.8% | $36 billion | $10 billion | $25 billion | $23 billion |
| Bofa Securities Inc | $59 billion | −2.0% | $32 billion | $5.2 billion | $22 billion | $23 billion |
| Citigroup Global Markets Inc | $57 billion | −0.5% | $21 billion | $4.8 billion | $32 billion | $18 billion |
| Barclays Capital Inc | $50 billion | +2.0% | $21 billion | $5.6 billion | $24 billion | $9.9 billion |
| Sg Americas Securities LLC | $33 billion | −2.4% | $24 billion | $7.0 billion | $2.2 billion | $6.3 billion |
| Wells Fargo Securities LLC | $25 billion | −0.3% | $8.1 billion | $374 million | $16 billion | $11 billion |
| Bnp Paribas Securities Corp | $12 billion | +1.1% | $8.8 billion | $465 million | $3.2 billion | $4.2 billion |
| Ubs Securities LLC | $11 billion | −1.6% | $8.3 billion | $1.7 billion | $910 million | $4.5 billion |
| Interactive Brokers LLC | $10 billion | −2.4% | $9.6 billion | $685 million | $21.5 million | $11 billion |
| Marex Capital Markets Inc | $9.1 billion | −2.4% | $8.7 billion | $314 million | $83.7 million | $884 million |
| Hsbc Securities USA Inc | $8.5 billion | +7.0% | $6.4 billion | $396 million | $1.7 billion | $1.4 billion |
| Adm Investor Services Inc | $8.4 billion | +1.5% | $8.0 billion | $429 million | $0 | $477 million |
| Rbc Capital Markets LLC | $8.3 billion | −1.0% | $4.7 billion | $907 million | $2.7 billion | $2.0 billion |
| Mizuho Securities USA LLC | $8.2 billion | +2.0% | $6.6 billion | $1.7 billion | $0 | $1.6 billion |
| Stonex Financial Inc | $6.2 billion | −1.0% | $5.9 billion | $326 million | $0 | $517 million |
| Rj Obrien Associates LLC | $6.2 billion | −0.6% | $6.0 billion | $222 million | $0 | $393 million |
| Macquarie Futures USA LLC | $4.8 billion | +12.4% | $4.2 billion | $593 million | $0 | $506 million |
| Deutsche Bank Securities Inc | $4.8 billion | −1.5% | $3.4 billion | $935 million | $408 million | $3.0 billion |
| Abn Amro Clearing USA LLC | $3.9 billion | −9.6% | $3.7 billion | $180 million | $0 | $997 million |
| Santander US Capital Markets LLC | $2.9 billion | −10.1% | $2.9 billion | $0 | $0 | $539 million |
| Wedbush Securities Inc | $1.9 billion | −20.7% | $1.8 billion | $10.8 million | $36.2 million | $268 million |
| Clear Street LLC | $1.2 billion | +12.7% | $1.1 billion | $1.8 million | $0 | $977 million |
| Phillip Capital Inc | $936 million | −11.2% | $908 million | $28.0 million | $0 | $137 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 |
|---|---|---|---|
| Goldman Sachs & Co LLC | $71 billion | −$2.8 billion | −3.8% |
| Jp Morgan Securities LLC | $98 billion | −$2.0 billion | −2.0% |
| Bofa Securities Inc | $59 billion | −$1.2 billion | −2.0% |
| Barclays Capital Inc | $50 billion | +$992 million | +2.0% |
| Sg Americas Securities LLC | $33 billion | −$804 million | −2.4% |
| Hsbc Securities USA Inc | $8.5 billion | +$555 million | +7.0% |
| Macquarie Futures USA LLC | $4.8 billion | +$531 million | +12.4% |
| Wedbush Securities Inc | $1.9 billion | −$488 million | −20.7% |
| Morgan Stanley & Co LLC | $74 billion | +$432 million | +0.6% |
| Abn Amro Clearing USA LLC | $3.9 billion | −$412 million | −9.6% |
Every FCM reporting for December 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 | $98 billion | −2.0% | $67 billion | $7.7 billion | $23 billion | $27 billion |
| Morgan Stanley & Co LLC | $74 billion | +0.6% | $32 billion | $9.2 billion | $32 billion | $19 billion |
| Goldman Sachs & Co LLC | $71 billion | −3.8% | $36 billion | $10 billion | $25 billion | $23 billion |
| Bofa Securities Inc | $59 billion | −2.0% | $32 billion | $5.2 billion | $22 billion | $23 billion |
| Citigroup Global Markets Inc | $57 billion | −0.5% | $21 billion | $4.8 billion | $32 billion | $18 billion |
| Barclays Capital Inc | $50 billion | +2.0% | $21 billion | $5.6 billion | $24 billion | $9.9 billion |
| Sg Americas Securities LLC | $33 billion | −2.4% | $24 billion | $7.0 billion | $2.2 billion | $6.3 billion |
| Wells Fargo Securities LLC | $25 billion | −0.3% | $8.1 billion | $374 million | $16 billion | $11 billion |
| Bnp Paribas Securities Corp | $12 billion | +1.1% | $8.8 billion | $465 million | $3.2 billion | $4.2 billion |
| Ubs Securities LLC | $11 billion | −1.6% | $8.3 billion | $1.7 billion | $910 million | $4.5 billion |
| Interactive Brokers LLC | $10 billion | −2.4% | $9.6 billion | $685 million | $21.5 million | $11 billion |
| Marex Capital Markets Inc | $9.1 billion | −2.4% | $8.7 billion | $314 million | $83.7 million | $884 million |
| Hsbc Securities USA Inc | $8.5 billion | +7.0% | $6.4 billion | $396 million | $1.7 billion | $1.4 billion |
| Adm Investor Services Inc | $8.4 billion | +1.5% | $8.0 billion | $429 million | $0 | $477 million |
| Rbc Capital Markets LLC | $8.3 billion | −1.0% | $4.7 billion | $907 million | $2.7 billion | $2.0 billion |
| Mizuho Securities USA LLC | $8.2 billion | +2.0% | $6.6 billion | $1.7 billion | $0 | $1.6 billion |
| Stonex Financial Inc | $6.2 billion | −1.0% | $5.9 billion | $326 million | $0 | $517 million |
| Rj Obrien Associates LLC | $6.2 billion | −0.6% | $6.0 billion | $222 million | $0 | $393 million |
| Macquarie Futures USA LLC | $4.8 billion | +12.4% | $4.2 billion | $593 million | $0 | $506 million |
| Deutsche Bank Securities Inc | $4.8 billion | −1.5% | $3.4 billion | $935 million | $408 million | $3.0 billion |
| Abn Amro Clearing USA LLC | $3.9 billion | −9.6% | $3.7 billion | $180 million | $0 | $997 million |
| Santander US Capital Markets LLC | $2.9 billion | −10.1% | $2.9 billion | $0 | $0 | $539 million |
| Wedbush Securities Inc | $1.9 billion | −20.7% | $1.8 billion | $10.8 million | $36.2 million | $268 million |
| Clear Street LLC | $1.2 billion | +12.7% | $1.1 billion | $1.8 million | $0 | $977 million |
| Phillip Capital Inc | $936 million | −11.2% | $908 million | $28.0 million | $0 | $137 million |
| Plus500us Financial Services, LLC | $905 million | +3.2% | $901 million | $312,705 | $3.8 million | $117 million |
| Advantage Futures LLC | $825 million | +10.9% | $753 million | $72.7 million | $0 | $38.4 million |
| Nanhua USA LLC | $790 million | −10.4% | $789 million | $513,983 | $0 | $64.7 million |
| Tradestation Securities Inc | $789 million | −1.6% | $773 million | $16.3 million | $0 | $234 million |
| Hidden Road Partners Civ US LLC | $704 million | +1.4% | $704 million | $0 | $0 | $519 million |
| Charles Schwab Futures and Forex LLC | $699 million | −13.8% | $699 million | $0 | $0 | $330 million |
| Straits Financial LLC | $530 million | −1.7% | $511 million | $18.9 million | $0 | $50.4 million |
| Gh Financials LLC | $389 million | −4.7% | $367 million | $22.4 million | $0 | $48.3 million |
| Ninjatrader Clearing LLC | $311 million | +3.6% | $310 million | $1.5 million | $0 | $84.2 million |
| Dorman Trading LLC | $280 million | −7.1% | $277 million | $3.3 million | $0 | $27.7 million |
| Mcvean Trading & Investments LLC | $268 million | −17.0% | $268 million | $0 | $0 | $14.8 million |
| Coinbase Financial Markets Inc | $168 million | +3.4% | $168 million | $0 | $33 | $153 million |
| Apex Clearing Corporation | $147 million | +5.1% | $147 million | $0 | $0 | $532 million |
| Ubs Financial Services Inc | $145 million | +4.6% | $144 million | $697,862 | $0 | $1.5 billion |
| Robinhood Derivatives LLC | $131 million | −11.5% | $94.0 million | $0 | $36.6 million | $180 million |
| Ironbeam Inc | $130 million | +0.2% | $130 million | $92,206 | $0 | $17.4 million |
| Etrade Futures LLC | $87.5 million | −7.5% | $87.5 million | $0 | $0 | $73.4 million |
| Amp Global Clearing LLC | $84.4 million | +1.0% | $82.9 million | $1.5 million | $0 | $18.1 million |
| Nomura Securities International Inc | $75.9 million | −39.0% | $75.9 million | $0 | $0 | $2.0 billion |
| Direct Access USA LLC | $75.5 million | −1.6% | $74.2 million | $1.3 million | $0 | $17.8 million |
| Chs Hedging LLC | $74.1 million | +3.4% | $74.1 million | $0 | $0 | $100 million |
| Webull Financial LLC | $41.9 million | +2.4% | $41.8 million | $0 | $114,340 | $203 million |
| Mid Co Commodities Inc | $37.0 million | +10.5% | $37.0 million | $0 | $0 | $17.8 million |
| Performance Predictions II LLC | $641,961 | +48.8% | $0 | $0 | $641,961 | $27.9 million |
| Bitnomial Clearing LLC | $490,860 | +13.2% | $490,860 | $0 | $0 | $1.7 million |
| Lime Trading Corp | $33,022 | +31.0% | $33,022 | $0 | $0 | $11.5 million |
| Fanduel Prediction Markets LLC | $4,178 | new | $39 | $0 | $4,139 | $17.0 million |
| Cantor Fitzgerald & Co | $0 | new | $0 | $0 | $0 | $633 million |
| Curvature Securities LLC | $0 | new | $0 | $0 | $0 | $112 million |
| Daiwa Capital Markets America Inc | $0 | new | $0 | $0 | $0 | $1.4 billion |
| Foris Dax FCM LLC | $0 | new | $0 | $0 | $0 | $4.7 million |
| Gain Capital Group LLC | $0 | new | $0 | $0 | $0 | $64.8 million |
| Jefferies LLC | $0 | new | $0 | $0 | $0 | $2.4 billion |
| Mfi Funding LLC | $0 | new | $0 | $0 | $0 | $455 million |
| Mint Brokers | $0 | new | $0 | $0 | $0 | $2.4 million |
| Natwest Markets Securities Inc | $0 | new | $0 | $0 | $0 | $671 million |
| Oanda Corporation | $0 | new | $0 | $0 | $0 | $34.1 million |
| Scotia Capital USA Inc | $0 | new | $0 | $0 | $0 | $1.6 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.