Bloomberg News

CFTC-Registered Firms’ Excess to Net Capital Ratios

December 10, 2012

Following is a table detailing Futures Commission Merchants’ excess net capital as a percentage of net adjusted capital for October. 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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                                           Oct.      Sept.       Aug.      Year
                                           2012       2012       2012       Ago
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Country Hedging INC                         n/a      19.7%      20.6%      27.1%
ICAP CORPORATES LLC                         n/a      96.9%      97.0%      97.8%
JEFFERIES & COMPANY INC                     n/a      94.0%      94.3%      92.8%
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                                           Oct.      Sept.       Aug.      Year
                                           2012       2012       2012       Ago
================================================================================
WELLS FARGO ADVISORS LLC                  99.9%      99.9%      99.9%      99.8%
STATE STREET GLOBAL MARKETS LLC           99.8%      98.8%      98.7%      97.2%
CITADEL SECURITIES LLC                    99.7%      99.8%      99.8%      99.8%
CIBC World Markets CORP                   99.7%      99.7%      99.7%      99.7%
NATIXIS SECURITIES AMERICAS LLC           99.5%      99.5%      99.6%      99.5%
WELLS FARGO SECURITIES LLC                99.5%      99.5%      99.3%      98.8%
MITSUBISHI UFJ SECURITIES USA INC         99.4%      98.4%      99.2%      99.4%
AMERIPRISE FINANCIAL SERVICES INC         99.0%      98.9%      99.1%      99.3%
Instinet LLC                              98.7%      96.9%      99.0%      97.2%
GUGGENHEIM SECURITIES LLC                 98.3%      97.1%      97.5%      92.4%
DAIWA CAPITAL MARKETS AMERICA INC         98.0%      98.7%      98.9%      99.6%
Nomura Securities INTERNATIONAL INC       97.9%      98.5%      98.4%      99.1%
WELLS FARGO ADVISORS FINANCIAL NETWO      97.4%      97.3%      97.1%      94.7%
BNY MELLON CLEARING LLC                   97.2%      96.4%      96.0%      84.8%
Morgan Keegan & COMPANY INC               96.9%      96.6%      97.2%      98.1%
TD AMERITRADE INC                         96.7%      96.9%      96.9%      99.7%
Neuberger Berman LLC                      96.3%      95.3%      94.5%      97.9%
================================================================================
                                           Oct.      Sept.       Aug.      Year
                                           2012       2012       2012       Ago
================================================================================
RBS SECURITIES INC                        95.3%      95.1%      94.9%      88.7%
Santander Investment Securities INC       95.2%      95.8%      94.9%      90.0%
Cantor Fitzgerald & CO                    95.2%      95.7%      97.1%      97.9%
GOLDMAN SACHS EXECUTION & CLEARING L      94.6%      94.1%      93.9%      92.5%
Morgan Stanley SMITH BARNEY LLC           94.5%      94.6%      94.1%      97.5%
LPL FINANCIAL LLC                         94.2%      94.5%      94.8%      95.0%
TRADESTATION SECURITIES INC               93.9%      94.0%      93.5%      95.7%
Timber Hill LLC                           93.8%      93.3%      94.2%      93.0%
BNP Paribas Securities CORP               93.8%      94.2%      95.3%      95.5%
Tradelink LLC                              93.5%      94.0%      93.5%      97.3%
UBS SECURITIES LLC                        93.2%      92.6%      92.8%      91.3%
Merrill Lynch PIERCE FENNER & SMITH       93.2%      93.1%      93.5%      92.0%
OPTIONSXPRESS INC                         92.9%      93.3%      93.8%      90.3%
IKON GLOBAL MARKETS INC                   92.7%      93.5%      93.7%      93.8%
KNIGHT CAPITAL AMERICAS LLC               91.8%      92.8%      92.7%        n/a
Raymond James & Associates INC            90.9%      88.4%      90.2%      92.6%
RBC Capital Markets  LLC                   90.8%      93.6%      93.4%      94.3%
================================================================================
                                           Oct.      Sept.       Aug.      Year
                                           2012       2012       2012       Ago
================================================================================
Deutsche Bank Securities INC              90.7%      90.6%      93.6%      90.8%
Citigroup Global Markets INC              90.4%      89.8%      89.5%      90.1%
UBS FINANCIAL SERVICES INC                89.9%      91.0%      90.9%      90.8%
BGC FINANCIAL LP                          89.8%      95.9%      97.2%      98.5%
MERRILL LYNCH PROFESSIONAL CLEARING       89.2%      84.6%      87.6%      93.9%
SANFORD C BERNSTEIN & CO LLC              89.0%      88.8%      88.5%      92.8%
GH FINANCIALS LLC                         88.3%      88.3%      88.5%        n/a
HSBC Securities USA INC                   88.1%      89.0%      90.1%      90.7%
Interactive Brokers LLC                   87.5%      86.5%      87.3%      86.7%
BNP PARIBAS PRIME BROKERAGE INC           87.4%      87.4%      87.5%      82.2%
JP MORGAN SECURITIES LLC                  87.2%      86.1%      87.6%      85.9%
GOLDMAN SACHS & CO                        86.8%      86.2%      87.5%      81.4%
LEK SECURITIES CORPORATION                86.1%      85.7%      87.4%      82.9%
Oppenheimer & Co INC                      84.3%      86.3%      84.1%      83.6%
MORGAN STANLEY & CO LLC                   83.6%      82.6%      81.7%      85.0%
EAGLE MARKET MAKERS INC                   83.3%      83.6%      83.9%      82.0%
Barclays Capital INC                      83.0%      82.2%      83.9%      82.9%
================================================================================
                                           Oct.      Sept.       Aug.      Year
                                           2012       2012       2012       Ago
================================================================================
Oanda Corporation                         81.8%      80.9%      81.1%      82.3%
DORMAN TRADING LLC                        80.7%      83.1%      81.7%      87.9%
ITG DERIVATIVES LLC                       79.1%      78.7%      76.2%      60.0%
Stephens Inc                              79.0%      83.0%      79.3%      88.6%
JP MORGAN CLEARING CORP                   76.1%      74.0%      74.4%      72.1%
Credit Suisse Securities (USA) LLC        76.1%      76.4%      80.4%      85.1%
MCVEAN TRADING & INVESTMENTS LLC          75.4%      76.9%      66.6%      81.5%
Friedberg Mercantile Group INC            72.2%      65.0%      65.0%      70.8%
STRAITS FINANCIAL LLC                     71.9%      77.1%      76.7%      86.1%
YORK BUSINESS ASSOCIATES LLC              71.1%      70.9%      70.0%      64.0%
Mitsui Bussan Commodities USA INC         70.6%      70.2%      65.3%      66.7%
CX CAPITAL MARKETS LLC                    70.0%      70.1%      70.1%      71.9%
Open E Cry LLC                            69.9%      76.4%      53.6%      70.4%
RAND FINANCIAL SERVICES INC               68.1%      67.4%      67.4%      84.8%
WHITE COMMERCIAL CORPORATION              64.9%      61.1%      61.1%      62.3%
MAREX USA LIMITED                         64.1%      59.4%      63.8%      60.9%
Mizuho Securities USA INC                 63.1%      64.9%      57.3%      76.6%
================================================================================
                                           Oct.      Sept.       Aug.      Year
                                           2012       2012       2012       Ago
================================================================================
CROSSLAND LLC                             61.6%      76.4%      74.0%      74.9%
Capital Market Services LLC               61.2%      62.4%      64.4%      64.6%
Enskilda Futures LTD                      59.4%      43.2%      47.5%      32.3%
GLOBAL FUTURES & FOREX LTD                57.5%      60.2%      58.6%      72.0%
IRONBEAM INC                              55.5%      56.2%      60.0%      66.9%
CUNNINGHAM COMMODITIES LLC                52.6%      54.9%      45.8%      70.3%
ABN AMRO CLEARING CHICAGO LLC             50.3%      35.1%      45.2%      49.8%
VISION FINANCIAL MARKETS LLC              50.2%      50.7%      42.6%      71.3%
MBF CLEARING CORP                         46.6%      49.0%      52.4%      87.7%
FRONTIER FUTURES INC                      43.9%      44.4%      46.4%      46.6%
ADVANTAGE FUTURES LLC                     43.7%      37.8%      40.7%      45.8%
ADM Investor Services INC                 42.2%      38.4%      37.2%      51.6%
Pioneer Futures INC                       40.7%      42.6%      43.4%      67.6%
Forex Capital Markets LLC                 40.6%      39.8%      29.8%      38.6%
AMP GLOBAL CLEARING LLC                   40.1%      36.4%      36.3%      43.9%
MID CO COMMODITIES INC                    39.5%      33.8%      28.1%      48.4%
Newedge USA LLC                           38.9%      35.4%      34.9%      39.3%
================================================================================
                                           Oct.      Sept.       Aug.      Year
                                           2012       2012       2012       Ago
================================================================================
LINN GROUP THE                            37.6%      41.1%      44.9%      52.7%
Gain Capital Group  LLC                    37.1%      43.3%      48.7%      44.3%
VELOCITY FUTURES LLC                      36.5%      35.8%      33.6%      45.9%
MAREX NORTH AMERICA LLC                   34.0%      45.8%      41.8%      39.9%
TRADITION SECURITIES AND FUTURES INC      33.8%      34.0%      34.0%      34.9%
EASY FOREX US LTD                         32.1%      32.3%      32.5%      42.8%
FCSTONE LLC                               30.2%      30.1%      29.3%      49.6%
Alpari (US) LLC                           30.0%      31.9%      32.5%      20.7%
JEFFERIES BACHE LLC                       29.9%      19.3%      26.1%      21.8%
RJ OBRIEN ASSOCIATES LLC                  28.5%      26.3%      24.0%      32.7%
PHILLIP FUTURES INC                       28.2%      27.2%      27.4%      87.8%
FX Solutions LLC                          27.5%      31.9%      27.4%      49.9%
Rosenthal Collins Group LLC               23.3%      28.7%      24.6%      36.1%
FXDIRECTDEALER LLC                        21.8%      22.1%      13.2%      41.5%
MACQUARIE FUTURES USA LLC                 20.5%      26.4%      29.0%      56.0%
XPRESSTRADE LLC                           12.5%      12.6%      12.6%      12.7%
MB TRADING FUTURES INC                    11.2%      10.9%      11.2%      19.6%
================================================================================
                                           Oct.      Sept.       Aug.      Year
                                           2012       2012       2012       Ago
================================================================================
INSTITUTIONAL LIQUIDITY LLC                4.5%       6.4%       1.8%       2.8%
COMMONWEALTH FOREIGN EXCHANGE INC          3.1%      44.2%      43.9%      15.6%
FOREX CLUB LLC                             1.6%       3.2%       1.0%      10.2%
Advanced Markets LLC                       0.8%       1.2%       1.0%       2.2%
INTEGRATED BROKERAGE SERVICES LLC       -878.3%    -869.3%    -897.2%      38.3%
================================================================================
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.

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Oct. Sept. Aug. Year

2012 2012 2012 Ago ================================================================================

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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