Bloomberg News

CFTC-Registered Firms’ Change in Adjusted Net Capital

August 01, 2012

Following is a table detailing Futures Commission Merchants’ monthly change in adjusted net capital for May. 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.

================================================================================
                                         May       April       March         May
                                        2012        2012        2012       YOY%
================================================================================
MORGAN STANLEY SMITH BARNEY LLC        42.9%       26.6%       16.8%       78.9%
AMERIPRISE FINANCIAL SERVICES IN       39.0%       43.5%       -3.7%       10.2%
TRADELINK LLC                          38.8%      -19.0%      -26.8%      -31.9%
NEUBERGER BERMAN LLC                   37.2%        9.2%       43.5%      -29.4%
ALPARI (US) LLC                        32.6%      -20.5%       10.8%       10.6%
WELLS FARGO ADVISORS LLC               20.7%      -34.6%        2.8%       65.6%
================================================================================
                                         May       April       March         May
                                        2012        2012        2012       YOY%
================================================================================
OANDA CORPORATION                      16.3%       -6.1%       -5.0%       -7.4%
FOREX CAPITAL MARKETS LLC              14.6%      -47.4%       88.3%      -19.0%
CUNNINGHAM COMMODITIES LLC             14.3%       -8.6%      -11.3%       -7.6%
CAPITAL MARKET SERVICES LLC            13.0%      -14.7%        4.0%      -11.8%
YORK BUSINESS ASSOCIATES LLC            9.9%        4.6%       12.1%      -13.4%
ABN AMRO CLEARING CHICAGO LLC           8.6%      -10.2%       12.4%       54.4%
SANFORD C BERNSTEIN & CO LLC            8.1%        8.3%        3.1%      -20.0%
OPTIONSXPRESS INC                       7.6%       -7.2%        3.1%      -16.7%
AMP GLOBAL CLEARING LLC                 7.0%       11.7%       13.3%       83.1%
RJ OBRIEN ASSOCIATES LLC                5.5%       -6.9%       -3.5%       11.9%
FXDIRECTDEALER LLC                      5.5%      -14.8%        2.3%       -7.0%
DEUTSCHE BANK SECURITIES INC            5.4%       -6.1%        1.1%       37.2%
UBS FINANCIAL SERVICES INC              5.2%       -0.7%       -3.6%       -6.4%
MITSUI BUSSAN COMMODITIES USA IN        5.0%        2.0%        0.8%        1.6%

================================================================================
                                         May       April       March         May
                                        2012        2012        2012       YOY%
================================================================================
CROSSLAND LLC                           4.9%      -27.3%        4.6%      -18.8%
GUGGENHEIM SECURITIES LLC               4.8%       17.1%      -19.5%         n/a
FOREX CLUB LLC                          4.7%       -1.0%        0.4%       13.9%
SANTANDER INVESTMENT SECURITIES         4.6%      -49.9%      -31.5%      -49.3%
CITADEL SECURITIES LLC                  4.4%       -9.9%      -15.3%       20.9%
LPL FINANCIAL LLC                       4.3%        3.6%        4.9%      -32.9%
RAYMOND JAMES & ASSOCIATES INC          4.0%      -12.4%       -8.0%      -11.8%
RBS SECURITIES INC                      4.0%       -0.5%        5.7%       90.4%
MCVEAN TRADING & INVESTMENTS LLC        3.9%       -2.2%        0.1%       31.5%
IKON GLOBAL MARKETS INC                 3.8%      -35.6%      274.7%      -44.2%
MORGAN STANLEY & CO LLC                 3.3%       -1.1%       -2.6%       23.3%
PIONEER FUTURES INC                     3.2%      -16.7%       -6.9%      -42.9%
STEPHENS INC                            2.9%       -3.5%        9.7%       22.1%
INSTITUTIONAL LIQUIDITY LLC             2.5%       -3.1%        9.5%        4.1%
STATE STREET GLOBAL MARKETS LLC         1.9%        1.0%       -1.5%       14.0%


================================================================================
                                         May       April       March         May
                                        2012        2012        2012       YOY%
================================================================================
PEREGRINE FINANCIAL GROUP INC           1.8%       -1.8%       -4.1%      -13.9%
TRADESTATION SECURITIES INC             1.5%        0.6%       -3.7%      -17.4%
MIZUHO SECURITIES USA INC               1.4%      -10.7%       -0.2%       -0.8%
ROSENTHAL COLLINS GROUP LLC             1.3%      -15.8%       15.8%        5.5%
BNP PARIBAS PRIME BROKERAGE INC         1.3%        2.2%       -0.1%         n/a
VELOCITY FUTURES LLC                    1.3%       46.9%        4.7%       -7.4%
MERRILL LYNCH PIERCE FENNER & SM        1.1%       -2.8%        3.6%       13.3%
MITSUBISHI UFJ SECURITIES USA IN        1.1%        2.5%       -6.3%      142.0%
GOLDMAN SACHS & CO                      0.9%       18.0%       -3.6%       22.3%
INTEGRATED BROKERAGE SERVICES LL        0.8%       34.5%       -6.0%      -20.3%
RAND FINANCIAL SERVICES INC             0.7%        0.5%       -0.2%        5.5%
TENCO INC                               0.5%      -12.3%        1.2%        3.4%
FRIEDBERG MERCANTILE GROUP INC          0.3%        2.9%       -3.7%      -18.6%
ADVANCED MARKETS LLC                    0.1%       -0.6%        0.0%        1.4%
MID CO COMMODITIES INC                  0.1%       27.0%        1.4%      -34.2%


================================================================================
                                         May       April       March         May
                                        2012        2012        2012       YOY%
================================================================================
ADM INVESTOR SERVICES INC               0.1%        3.7%        3.8%       -7.9%
JEFFERIES & COMPANY INC                 0.0%      -19.9%       20.7%         n/a
TRADITION SECURITIES AND FUTURES        0.0%       -0.1%        0.0%       -1.7%
XPRESSTRADE LLC                         0.0%       -0.1%        0.1%         n/a
ICAP CORPORATES LLC                     0.0%        0.6%        1.8%         n/a
JP MORGAN CLEARING CORP                -0.1%       -0.5%        3.2%       27.8%
CX CAPITAL MARKETS LLC                 -0.3%       -1.6%       -0.3%       20.5%
ITG DERIVATIVES LLC                    -0.4%       19.2%      -10.8%       36.5%
CANTOR FITZGERALD & CO                 -0.6%      -20.3%       -0.3%       15.6%
FX SOLUTIONS LLC                       -0.6%      -22.4%      -14.6%      -26.3%
FRONTIER FUTURES INC                   -0.9%        0.5%       -0.6%       -1.6%
CITIGROUP GLOBAL MARKETS INC           -1.1%       -8.2%        1.4%      -10.4%
INSTINET LLC                           -1.1%       -3.9%       -2.6%        5.4%
NATIXIS SECURITIES AMERICAS LLC        -1.2%        4.7%       -1.2%       72.2%
WHITE COMMERCIAL CORPORATION           -1.2%        5.8%        0.3%       -3.1%
IRONBEAM INC                           -1.2%        8.0%        3.0%        2.8%
FCSTONE LLC                            -1.3%       -5.1%       -2.9%       -5.7%
================================================================================
                                         May       April       March         May
                                        2012        2012        2012       YOY%
================================================================================
JP MORGAN SECURITIES LLC               -1.4%        2.2%        7.1%       46.2%
MB TRADING FUTURES INC                 -1.6%      571.9%      -85.7%       -3.7%
LINN GROUP THE                         -1.9%       -6.4%       -1.2%       12.1%
CIBC WORLD MARKETS CORP                -1.9%       -2.0%        3.3%        6.0%
GH FINANCIALS LLC                      -2.1%       -2.9%       -1.1%         n/a
UBS SECURITIES LLC                     -2.1%        5.2%       -3.6%        6.1%
EASY FOREX US LTD                      -2.2%       -2.6%       -1.2%      -16.2%
PHILLIP FUTURES INC                    -2.2%       -3.9%        0.4%         n/a
JEFFERIES BACHE LLC                    -3.1%        1.1%        0.1%         n/a
GOLDMAN SACHS EXECUTION & CLEARI       -3.3%        5.8%       -1.6%       24.8%
OPPENHEIMER & CO INC                   -3.8%      -10.1%        3.6%      -18.2%
RBC CAPITAL MARKETS LLC                -3.8%       -5.3%        0.5%       16.6%
BNP PARIBAS SECURITIES CORP            -3.9%        3.3%        3.6%       27.5%
MACQUARIE FUTURES USA LLC              -4.1%        6.2%       -3.9%       14.0%
ADVANTAGE FUTURES LLC                  -4.6%        0.5%        3.4%       -3.7%
DAIWA CAPITAL MARKETS AMERICA IN       -5.5%        2.6%       10.8%       -3.2%
MAREX NORTH AMERICA LLC                -5.8%       -6.6%       -5.4%         n/a
================================================================================
                                         May       April       March         May
                                        2012        2012        2012       YOY%
================================================================================
BARCLAYS CAPITAL INC                   -5.8%       -6.7%       -4.5%       -8.0%
EAGLE MARKET MAKERS INC                -6.0%      -14.6%        8.9%      -14.5%
INTERACTIVE BROKERS LLC                -6.0%       19.0%        6.9%       14.7%
NOMURA SECURITIES INTERNATIONAL        -6.1%      -12.0%        1.9%      -10.0%
WELLS FARGO ADVISORS FINANCIAL N       -6.1%       20.5%       -6.0%       -8.7%
MORGAN KEEGAN & COMPANY INC            -6.4%      -52.8%        0.0%      -48.7%
VISION FINANCIAL MARKETS LLC           -6.9%      -27.3%       -5.4%       -9.5%
STRAITS FINANCIAL LLC                  -7.6%       -8.2%       -0.5%         n/a
TIMBER HILL LLC                        -7.9%       -0.8%        3.8%      -25.0%
DORMAN TRADING LLC                     -8.0%       -4.8%        9.0%       12.3%
GLOBAL FUTURES & FOREX LTD             -8.1%      -11.8%        1.7%      -26.7%
WELLS FARGO SECURITIES LLC             -9.8%       26.8%      -13.3%      140.0%
MERRILL LYNCH PROFESSIONAL CLEAR      -11.7%      -10.5%       -4.4%      -23.7%
MAREX USA LIMITED                     -12.0%       20.0%        9.7%       -0.9%
BGC FINANCIAL LP                      -12.7%       26.0%      -12.2%        1.5%
COMMONWEALTH FOREIGN EXCHANGE IN      -13.3%       17.0%       -5.5%        2.3%
PENSON FINANCIAL SERVICES INC         -14.2%       13.4%      -27.1%         n/a
================================================================================
                                         May       April       March         May
                                        2012        2012        2012       YOY%
================================================================================
NEWEDGE USA LLC                       -14.9%       -0.6%       -2.6%      -12.3%
MBF CLEARING CORP                     -16.2%      -20.8%      -10.0%      -83.7%
GAIN CAPITAL GROUP LLC                -17.1%       -0.1%      -18.7%      -41.4%
COUNTRY HEDGING INC                   -19.0%       15.5%      -11.9%      -46.2%
ENSKILDA FUTURES LTD                  -19.4%        2.5%        0.9%        7.1%
OPEN E CRY LLC                        -21.5%       -9.6%       -3.8%      -42.7%
CREDIT SUISSE SECURITIES (USA) L      -23.6%        3.5%        7.0%       -5.5%
TD AMERITRADE INC                     -38.2%        5.8%        7.4%      -37.9%
BNY MELLON CLEARING LLC              -100.0%        0.4%       -0.2%     -100.0%
HSBC SECURITIES USA INC              -100.0%        5.4%       -0.4%     -100.0%
LEK SECURITIES CORPORATION           -100.0%      -17.0%        8.2%     -100.0%
STERLING COMMODITIES CORP            -100.0%        3.0%        4.6%     -100.0%
TRADESTATION FOREX INC               -100.0%        3.9%        6.1%         n/a
================================================================================
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: Alex Tanzi at atanzi@bloomberg.net


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