By now everyone knows the routine:
- CFTC publishes FCM Financial Data based on FCM 1-FR Reports and broker/dealer FOCUS Reports
- I grab the spreadsheet version from there, sort the data by meaningful columns like Customer Segregated Funds Required (column J in this case)
- Then I upload the updated spreadsheet here.
The February 2016 FCM Financial Data Report was just published by CFTC.
There were 55 FCMs that reported Customer Seg Funds required in February, 2016. That’s the same number that cleared customer business as of December 31, 2015.
Just 25 of them hold more than $1B in Customer Seg, though. Just five FCMs hold more than $10B. Those are Goldman, JP Morgan, SocGen, Morgan Stanley and Merrill Lynch.
Goldman has more than $6B more Customer Seg money than 2nd-place JP Morgan does.
More than half, or 51.62%, of Customer Seg money is held at the top-5 FCMs. Almost three-quarters, or 73.66%, is held at the top-10 FCMs.
The Customer Seg total in Feb 2016 was $157,006,070,162. That’s up roughly $9B from December 2015.
So while the Seg Funds figures continue to rise – meaning, more customers, futures-users, are clearing business at FCMs, the number of FCMs is not increasing, yet. Hopefully more firms will enter or re-enter the US futures industry.
Until then, despite increasing demand, customers’ choices will continue to be limited to the existing market participants.