Bloomberg News

CFTC-Registered Firms’ Change in Adjusted Net Capital

August 07, 2012

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

================================================================================
                                        June         May       April        June
                                        2012        2012        2012       YOY%
================================================================================
PHILLIP FUTURES INC                   213.0%       -2.2%       -3.9%         n/a
SANTANDER INVESTMENT SECURITIES        61.6%        4.6%      -49.9%      -16.0%
STRAITS FINANCIAL LLC                  48.3%       -7.6%       -8.2%         n/a
GAIN CAPITAL GROUP LLC                 37.8%      -17.1%       -0.1%       -9.4%
FOREX CAPITAL MARKETS LLC              36.0%       14.6%      -47.4%      -21.2%
VISION FINANCIAL MARKETS LLC           29.1%       -6.9%      -27.3%        1.2%
================================================================================
                                        June         May       April        June
                                        2012        2012        2012       YOY%
================================================================================
CANTOR FITZGERALD & CO                 22.7%       -0.6%      -20.3%       69.4%
COUNTRY HEDGING INC                    22.7%      -19.0%       15.5%      -26.4%
ENSKILDA FUTURES LTD                   20.0%      -19.4%        2.5%       30.9%
BGC FINANCIAL LP                       19.2%      -12.7%       26.0%        8.2%
COMMONWEALTH FOREIGN EXCHANGE IN       19.0%      -13.3%       17.0%        3.4%
BARCLAYS CAPITAL INC                   16.2%       -5.8%       -6.7%       15.7%
WELLS FARGO SECURITIES LLC             13.2%       -9.8%       26.8%       81.3%
RBC CAPITAL MARKETS LLC                11.4%       -3.8%       -5.3%       38.1%
GLOBAL FUTURES & FOREX LTD             10.8%       -8.1%      -11.8%       -6.2%
ROSENTHAL COLLINS GROUP LLC            10.4%        1.3%      -15.8%       25.3%
JEFFERIES & COMPANY INC                10.2%        0.0%      -19.9%         n/a
RBS SECURITIES INC                      8.5%        4.0%       -0.5%      110.0%
FCSTONE LLC                             7.8%       -1.3%       -5.1%        8.5%
WHITE COMMERCIAL CORPORATION            7.5%       -1.2%        5.8%        8.7%
DORMAN TRADING LLC                      7.1%       -8.0%       -4.8%       -7.7%
FXDIRECTDEALER LLC                      6.8%        5.5%      -14.8%        9.1%
ITG DERIVATIVES LLC                     6.4%       -0.4%       19.2%       48.2%
================================================================================
                                        June         May       April        June
                                        2012        2012        2012       YOY%
================================================================================
DAIWA CAPITAL MARKETS AMERICA IN        6.3%       -5.5%        2.6%        6.9%
NOMURA SECURITIES INTERNATIONAL         6.1%       -6.1%      -12.0%       18.1%
SANFORD C BERNSTEIN & CO LLC            5.9%        8.1%        8.3%       -5.1%
CAPITAL MARKET SERVICES LLC             5.1%       13.0%      -14.7%        1.7%
JP MORGAN SECURITIES LLC                4.8%       -1.4%        2.2%       43.5%
TD AMERITRADE INC                       4.7%      -38.2%        5.8%      -39.6%
MERRILL LYNCH PROFESSIONAL CLEAR        4.4%      -11.7%      -10.5%      -24.5%
FX SOLUTIONS LLC                        3.5%       -0.6%      -22.4%      -29.2%
GUGGENHEIM SECURITIES LLC               3.3%        4.8%       17.1%         n/a
UBS SECURITIES LLC                      3.1%       -2.1%        5.2%       13.6%
JEFFERIES BACHE LLC                     2.9%       -3.1%        1.1%         n/a
AMERIPRISE FINANCIAL SERVICES IN        2.6%       39.0%       43.5%       -8.8%
FRONTIER FUTURES INC                    2.5%       -0.9%        0.5%       -0.4%
GOLDMAN SACHS EXECUTION & CLEARI        2.4%       -3.3%        5.8%       23.2%
PIONEER FUTURES INC                     2.3%        3.2%      -16.7%      -44.4%
YORK BUSINESS ASSOCIATES LLC            2.2%        9.9%        4.6%      -19.9%
TRADESTATION SECURITIES INC             2.1%        1.5%        0.6%      -16.2%
================================================================================
                                        June         May       April        June
                                        2012        2012        2012       YOY%
================================================================================
EAGLE MARKET MAKERS INC                 2.0%       -6.0%      -14.6%       -9.7%
ADM INVESTOR SERVICES INC               1.9%        0.1%        3.7%       -6.4%
GOLDMAN SACHS & CO                      1.8%        0.9%       18.0%       21.0%
AMP GLOBAL CLEARING LLC                 1.6%        7.0%       11.7%       74.3%
OPPENHEIMER & CO INC                    1.6%       -3.8%      -10.1%      -10.5%
MITSUBISHI UFJ SECURITIES USA IN        1.2%        1.1%        2.5%      147.6%
RAND FINANCIAL SERVICES INC             0.9%        0.7%        0.5%        6.7%
MB TRADING FUTURES INC                  0.8%       -1.6%      571.9%       -2.7%
FRIEDBERG MERCANTILE GROUP INC          0.6%        0.3%        2.9%      -17.0%
BNP PARIBAS PRIME BROKERAGE INC         0.5%        1.3%        2.2%         n/a
TENCO INC                               0.5%        0.5%      -12.3%       -4.1%
GH FINANCIALS LLC                       0.5%       -2.1%       -2.9%         n/a
MAREX USA LIMITED                       0.4%      -12.0%       20.0%        3.6%
IKON GLOBAL MARKETS INC                 0.3%        3.8%      -35.6%      -33.6%
MID CO COMMODITIES INC                  0.2%        0.1%       27.0%      -34.0%
CX CAPITAL MARKETS LLC                  0.1%       -0.3%       -1.6%       21.2%
TRADITION SECURITIES AND FUTURES        0.0%        0.0%       -0.1%       -1.8%
================================================================================
                                        June         May       April        June
                                        2012        2012        2012       YOY%
================================================================================
XPRESSTRADE LLC                         0.0%        0.0%       -0.1%         n/a
WELLS FARGO ADVISORS LLC               -0.1%       20.7%      -34.6%       70.6%
ADVANCED MARKETS LLC                   -0.2%        0.1%       -0.6%        1.1%
MERRILL LYNCH PIERCE FENNER & SM       -0.4%        1.1%       -2.8%        3.7%
STATE STREET GLOBAL MARKETS LLC        -0.4%        1.9%        1.0%       15.0%
ALPARI (US) LLC                        -0.4%       32.6%      -20.5%        9.4%
NEWEDGE USA LLC                        -0.5%      -14.9%       -0.6%      -13.8%
BNP PARIBAS SECURITIES CORP            -0.6%       -3.9%        3.3%       11.3%
INTEGRATED BROKERAGE SERVICES LL       -0.7%        0.8%       34.5%      -18.8%
UBS FINANCIAL SERVICES INC             -0.9%        5.2%       -0.7%      -10.3%
INSTITUTIONAL LIQUIDITY LLC            -0.9%        2.5%       -3.1%        3.2%
MCVEAN TRADING & INVESTMENTS LLC       -1.1%        3.9%       -2.2%       30.1%
ADVANTAGE FUTURES LLC                  -1.2%       -4.6%        0.5%       -4.5%
EASY FOREX US LTD                      -1.6%       -2.2%       -2.6%      -16.5%
JP MORGAN CLEARING CORP                -1.6%       -0.1%       -0.5%       20.2%
RJ OBRIEN ASSOCIATES LLC               -1.7%        5.5%       -6.9%       12.1%
CITIGROUP GLOBAL MARKETS INC           -2.0%       -1.1%       -8.2%       -4.0%
================================================================================
                                        June         May       April        June
                                        2012        2012        2012       YOY%
================================================================================
INTERACTIVE BROKERS LLC                -3.1%       -6.0%       19.0%       10.1%
MACQUARIE FUTURES USA LLC              -3.1%       -4.1%        6.2%        2.4%
MAREX NORTH AMERICA LLC                -3.3%       -5.8%       -6.6%         n/a
FOREX CLUB LLC                         -3.5%        4.7%       -1.0%       11.2%
CROSSLAND LLC                          -3.6%        4.9%      -27.3%      -30.3%
LINN GROUP THE                         -3.8%       -1.9%       -6.4%        5.9%
CUNNINGHAM COMMODITIES LLC             -4.1%       14.3%       -8.6%      -11.8%
NATIXIS SECURITIES AMERICAS LLC        -4.2%       -1.2%        4.7%       60.2%
VELOCITY FUTURES LLC                   -4.5%        1.3%       46.9%      -12.1%
CIBC WORLD MARKETS CORP                -4.5%       -1.9%       -2.0%        1.1%
DEUTSCHE BANK SECURITIES INC           -4.9%        5.4%       -6.1%       22.7%
MITSUI BUSSAN COMMODITIES USA IN       -5.0%        5.0%        2.0%       -2.2%
MORGAN STANLEY SMITH BARNEY LLC        -5.6%       42.9%       26.6%       65.2%
LPL FINANCIAL LLC                      -5.6%        4.3%        3.6%       38.9%
OANDA CORPORATION                      -5.7%       16.3%       -6.1%       -9.9%
OPTIONSXPRESS INC                      -6.0%        7.6%       -7.2%      -20.6%
INSTINET LLC                           -6.7%       -1.1%       -3.9%      -10.8%
================================================================================
                                        June         May       April        June
                                        2012        2012        2012       YOY%
================================================================================
TIMBER HILL LLC                        -7.3%       -7.9%       -0.8%      -32.6%
STEPHENS INC                           -8.6%        2.9%       -3.5%        2.8%
MORGAN KEEGAN & COMPANY INC            -8.9%       -6.4%      -52.8%      -52.4%
RAYMOND JAMES & ASSOCIATES INC         -9.9%        4.0%      -12.4%      -26.6%
CITADEL SECURITIES LLC                -11.6%        4.4%       -9.9%      -11.5%
ICAP CORPORATES LLC                   -11.7%        0.0%        0.6%         n/a
MBF CLEARING CORP                     -11.8%      -16.2%      -20.8%      -85.4%
TRADELINK LLC                         -12.5%       38.8%      -19.0%      -42.0%
CREDIT SUISSE SECURITIES (USA) L      -13.4%      -23.6%        3.5%      -30.9%
MIZUHO SECURITIES USA INC             -13.8%        1.4%      -10.7%        2.5%
IRONBEAM INC                          -14.1%       -1.2%        8.0%      -14.6%
MORGAN STANLEY & CO LLC               -16.3%        3.3%       -1.1%       19.9%
WELLS FARGO ADVISORS FINANCIAL N      -17.5%       -6.1%       20.5%      -25.9%
ABN AMRO CLEARING CHICAGO LLC         -19.0%        8.6%      -10.2%       22.3%
OPEN E CRY LLC                        -20.6%      -21.5%       -9.6%      -51.0%
NEUBERGER BERMAN LLC                  -76.7%       37.2%        9.2%      -65.3%
PENSON FINANCIAL SERVICES INC        -100.0%      -14.2%       13.4%         n/a
================================================================================
                                        June         May       April        June
                                        2012        2012        2012       YOY%
================================================================================
PEREGRINE FINANCIAL GROUP INC        -100.0%        1.8%       -1.8%     -100.0%
================================================================================
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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