Bloomberg News

CFTC-Registered Firms’ Excess to Net Capital Ratios

May 21, 2012

Following is a table detailing Futures Commission Merchants’ excess net capital as a percentage of net adjusted capital for March. These firms act as brokers for any commodity for future delivery on or subject to the rules of any exchange. They must file monthly financial reports with the Commodity Futures Trading Commission.

Adjusted net capital is the amount of regulatory capital available to meet the minimum net capital requirement as set by the CFTC. Excess net capital is the amount by which adjusted net capital exceeds the net capital requirement. The higher the ratio, the more capital the firm has available beyond what is required.

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                                          March       Feb.       Jan.      Year
                                           2012       2012       2012       Ago
================================================================================
WELLS FARGO ADVISORS LLC                  99.8%      99.9%      99.9%      99.8%
CITADEL SECURITIES LLC                    99.7%      99.8%      99.8%      99.7%
CIBC World Markets CORP                   99.7%      99.7%      99.7%      99.7%
================================================================================
                                          March       Feb.       Jan.      Year
                                           2012       2012       2012       Ago
================================================================================
DAIWA CAPITAL MARKETS AMERICA INC         99.7%      99.4%      99.5%      99.5%
NATIXIS SECURITIES AMERICAS LLC           99.6%      99.6%      99.6%      99.5%
MITSUBISHI UFJ SECURITIES USA INC         99.5%      99.3%      99.3%      98.6%
WELLS FARGO SECURITIES LLC                99.5%      99.5%      99.5%      97.9%
Instinet LLC                              99.1%      99.1%      97.7%      98.5%
AMERIPRISE FINANCIAL SERVICES INC         99.0%      98.5%      98.5%      99.1%
Nomura Securities INTERNATIONAL INC       98.7%      99.0%      99.0%      98.8%
Morgan Keegan & COMPANY INC               98.6%      98.5%      98.6%      97.9%
TD AMERITRADE INC                         98.3%      98.2%      99.7%      99.7%
BNY MELLON CLEARING LLC                   98.1%      96.0%      95.3%      97.3%
BGC FINANCIAL LP                          98.0%      97.6%      97.8%      98.4%
ICAP CORPORATES LLC                       97.7%      97.3%      98.0%        n/a
STATE STREET GLOBAL MARKETS LLC           97.7%      98.2%      98.6%      98.7%

================================================================================
                                          March       Feb.       Jan.      Year
                                           2012       2012       2012       Ago
================================================================================
WELLS FARGO ADVISORS FINANCIAL NETWO      97.6%      97.4%      99.4%      93.6%
Cantor Fitzgerald & CO                    97.0%      96.3%      96.8%      96.2%
Morgan Stanley SMITH BARNEY LLC           96.9%      96.3%      96.2%      97.0%
GUGGENHEIM SECURITIES LLC                 96.9%      95.1%      95.9%        n/a
BNP Paribas Securities CORP               95.3%      93.8%      94.2%      93.4%
Tradelink LLC                              95.1%      93.5%      95.2%      95.3%
Santander Investment Securities INC       94.8%      94.6%      96.5%      95.9%
JEFFERIES & COMPANY INC                   94.7%      95.2%      93.7%        n/a
Timber Hill LLC                           94.5%      94.4%      94.8%      95.2%
LPL FINANCIAL LLC                         94.4%      95.0%      93.8%      95.6%
Neuberger Berman LLC                      94.4%      95.9%      94.1%      97.9%
RBC Capital Markets  LLC                   93.9%      94.5%      94.3%      91.1%
Merrill Lynch PIERCE FENNER & SMITH       93.5%      92.9%      92.7%      91.8%
GOLDMAN SACHS EXECUTION & CLEARING L      93.3%      94.2%      95.0%      93.0%
================================================================================
                                          March       Feb.       Jan.      Year
                                           2012       2012       2012       Ago
================================================================================
Deutsche Bank Securities INC              93.2%      91.7%      92.2%      90.7%
Tradestation Securities INC               93.2%      93.0%      93.9%      94.6%
RBS SECURITIES INC                        93.1%      92.1%      91.4%      86.9%
OPTIONSXPRESS INC                         92.6%      92.1%      92.5%      77.4%
UBS Securities LLC                        92.2%      91.9%      92.3%      91.9%
HSBC Securities USA INC                   91.8%      89.9%      90.7%      91.3%
IKON GLOBAL MARKETS INC                   91.6%      93.5%      75.6%      94.2%
Raymond James & Associates INC            91.2%      91.7%      92.3%      91.8%
UBS Financial Services INC                90.4%      89.7%      89.7%      92.1%
Citigroup Global Markets INC              88.9%      90.2%      89.8%      91.6%
MERRILL LYNCH PROFESSIONAL CLEARING       88.7%      90.7%      91.6%      91.4%
GH FINANCIALS LLC                         87.6%      89.0%      89.1%        n/a
SANFORD C BERNSTEIN & CO LLC              87.2%      87.6%      87.0%      92.2%
LEK SECURITIES CORPORATION                87.1%      86.4%      85.3%      85.6%
TENCO INC                                 86.2%      89.5%      90.7%      77.8%
Interactive Brokers LLC                   86.1%      85.0%      85.7%      83.5%
JP MORGAN SECURITIES LLC                  85.8%      86.0%      84.9%      92.7%
================================================================================
                                          March       Feb.       Jan.      Year
                                           2012       2012       2012       Ago
================================================================================
EAGLE MARKET MAKERS INC                   85.7%      86.2%      85.0%      85.8%
GOLDMAN SACHS & CO                        85.4%      82.7%      83.7%      81.4%
Stephens Inc                              85.1%      86.6%      82.3%      83.1%
MORGAN STANLEY & CO LLC                   84.9%      86.0%      87.3%      83.7%
BNP PARIBAS PRIME BROKERAGE INC           84.9%      86.4%      86.2%        n/a
Oppenheimer & Co INC                      84.7%      84.9%      85.3%      84.8%
Barclays Capital INC                      83.5%      83.5%      84.1%      87.9%
DORMAN TRADING LLC                        83.1%      81.7%      81.2%      86.9%
Credit Suisse Securities (USA) LLC        82.2%      85.2%      84.8%      86.5%
RAND FINANCIAL SERVICES INC               78.9%      78.8%      79.8%      76.0%
Oanda Corporation                         78.3%      80.2%      81.5%      82.1%
STRAITS FINANCIAL LLC                     76.0%      75.6%      77.9%        n/a
PENSON FINANCIAL SERVICES INC             74.0%      74.0%      80.8%        n/a
ITG DERIVATIVES LLC                       73.6%      69.3%      72.6%      69.0%
JP MORGAN CLEARING CORP                   71.9%      71.4%      71.0%      68.6%
MCVEAN TRADING & INVESTMENTS LLC          70.6%      73.1%      77.9%      64.3%
CX CAPITAL MARKETS LLC                    70.5%      70.8%      70.9%      56.7%
================================================================================
                                          March       Feb.       Jan.      Year
                                           2012       2012       2012       Ago
================================================================================
PHILLIP FUTURES INC                       68.5%      77.0%      79.0%        n/a
GLOBAL FUTURES & FOREX LTD                67.6%      69.8%      69.1%      71.0%
MAREX USA LIMITED                         67.3%      62.0%      58.3%      61.8%
Mitsui Bussan Commodities USA INC         65.9%      65.5%      65.3%      67.0%
IRONBEAM INC                              65.6%      64.1%      63.1%      47.0%
Friedberg Mercantile Group INC            64.1%      63.1%      64.4%      70.9%
Capital Market Services LLC               63.9%      63.8%      62.4%      61.6%
Mizuho Securities USA INC                 63.4%      64.6%      64.5%      81.6%
Open E Cry LLC                            61.5%      56.1%      60.2%      68.2%
VISION FINANCIAL MARKETS LLC              61.1%      63.6%      67.4%      44.2%
MACQUARIE FUTURES USA LLC                 57.0%      57.1%      56.5%      56.2%
WHITE COMMERCIAL CORPORATION              56.9%      55.8%      55.7%      58.8%
Enskilda Futures LTD                      56.5%      52.1%      51.1%      23.8%
Gain Capital Group  LLC                    52.8%      50.3%      59.8%      32.6%
Forex Capital Markets LLC                 50.6%      61.9%      29.0%      67.5%
CUNNINGHAM COMMODITIES LLC                49.4%      58.6%      65.1%      72.1%
ABN AMRO CLEARING CHICAGO LLC             49.1%      54.7%      54.2%      48.7%
================================================================================
                                          March       Feb.       Jan.      Year
                                           2012       2012       2012       Ago
================================================================================
MBF CLEARING CORP                         47.9%      55.4%      59.8%      84.0%
Pioneer Futures INC                       47.6%      51.1%      54.5%      64.6%
FRONTIER FUTURES INC                      47.5%      47.6%      46.9%      28.4%
ADVANTAGE FUTURES LLC                     47.5%      44.7%      46.1%      40.0%
STERLING COMMODITIES CORP                 47.5%      46.3%      43.8%      88.3%
MAREX NORTH AMERICA LLC                   46.2%      49.9%      54.5%        n/a
YORK BUSINESS ASSOCIATES LLC              46.1%      45.9%      39.4%      66.2%
CROSSLAND LLC                             44.8%      53.0%      52.0%      57.8%
COMMONWEALTH FOREIGN EXCHANGE INC         44.7%      36.3%      39.8%      33.7%
Newedge USA LLC                           43.1%      39.1%      39.3%      30.2%
LINN GROUP THE                            42.0%      43.4%      48.1%      60.6%
ADM Investor Services INC                 41.1%      42.5%      42.9%      44.3%
VELOCITY FUTURES LLC                      39.0%      12.5%       8.3%      41.2%
EASY FOREX US LTD                         38.3%      39.1%      39.9%      48.2%
JEFFERIES BACHE LLC                       37.1%      32.2%      34.5%        n/a
FCSTONE LLC                               34.5%      34.0%      38.9%      34.4%
Tradition Securities and Futures INC      34.0%      34.0%      34.0%      35.1%
================================================================================
                                          March       Feb.       Jan.      Year
                                           2012       2012       2012       Ago
================================================================================
AMP GLOBAL CLEARING LLC                   33.6%      52.0%      45.6%      30.0%
FX Solutions LLC                          33.6%      40.3%      49.0%      41.4%
MID CO COMMODITIES INC                    31.1%      27.4%      31.8%      43.3%
RJ OBRIEN ASSOCIATES LLC                  30.6%      28.4%      33.7%      13.8%
Peregrine Financial Group INC             29.6%      32.7%      35.3%      40.4%
Rosenthal Collins Group LLC               29.2%      29.5%      18.8%      22.1%
INTEGRATED BROKERAGE SERVICES LLC         26.3%      -2.3%       3.8%      39.2%
Country Hedging INC                       25.8%      20.5%      29.9%      19.1%
FXDIRECTDEALER LLC                        18.3%      23.0%      21.5%       5.2%
Alpari (US) LLC                           17.0%      24.5%      16.3%       3.2%
XPRESSTRADE LLC                           13.0%      13.1%      13.0%        n/a
TRADESTATION FOREX INC                     9.8%       5.2%      -0.8%        n/a
MB TRADING FUTURES INC                     8.6%    -499.0%      14.5%      14.6%
INSTITUTIONAL LIQUIDITY LLC                5.9%       9.1%       0.7%       4.8%
Advanced Markets LLC                       2.2%       2.5%       2.5%       0.4%
FOREX CLUB LLC                             1.1%       1.3%       0.8%       2.2%
================================================================================
================================================================================
                                          March       Feb.       Jan.      Year
                                           2012       2012       2012       Ago
================================================================================
NOTE: A firm’s net capital requirement is the greater of: (1) $250,000,
(2) risk based capital requirement, the sum of 8% of total customer
risk maintenance margin and 4% of total noncustomer
risk maintenance margin; or (3) the amount of capital
required by a registered futures association; (4) for
securities brokers and dealers, the amount of net capital
required by Rule 15c3-1(a) of the Securities Exchange
Commission.

To contact the reporter on this story: Stephen Rose in Washington at srose31@bloomberg.net

To contact the editor responsible for this story: ================================================================================ March Feb. Jan. Year Ago ================================================================================ Alex Tanzi at atanzi@bloomberg.net


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