Bloomberg News

CFTC-Registered Firms’ Change in Adjusted Net Capital

January 15, 2013

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

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                                        Nov.        Oct.       Sept.        Nov.
                                        2012        2012        2012       YOY%
================================================================================
RBC CAPITAL MARKETS LLC                42.0%      -31.7%       -4.0%        9.5%
BGC FINANCIAL LP                       39.5%      -20.6%      -14.6%        8.4%
CREDIT SUISSE SECURITIES (USA) L       36.4%       -1.6%       21.2%       12.6%

================================================================================
                                        Nov.        Oct.       Sept.        Nov.
                                        2012        2012        2012       YOY%
================================================================================
SANTANDER INVESTMENT SECURITIES        35.6%       -1.0%       17.7%      149.2%
NOMURA SECURITIES INTERNATIONAL        20.4%       13.3%      -10.6%        9.5%
COMMONWEALTH FOREIGN EXCHANGE IN       19.6%      -42.4%       -0.2%      -55.2%
GUGGENHEIM SECURITIES LLC              15.2%       -6.7%      -13.9%       27.9%
NEUBERGER BERMAN LLC                   14.5%       27.9%       30.2%      -42.6%
KNIGHT CAPITAL AMERICAS LLC            14.0%      -13.1%         n/a         n/a
FOREX CAPITAL MARKETS LLC              13.6%       -5.8%        2.1%       75.6%
CANTOR FITZGERALD & CO                  9.8%       -6.8%       -0.5%      -12.3%
ENSKILDA FUTURES LTD                    8.5%       -0.9%        8.1%       26.6%
CIBC WORLD MARKETS CORP                 6.8%       -0.4%        9.8%       19.0%
DAIWA CAPITAL MARKETS AMERICA IN        6.1%       -8.5%      -10.3%       -5.7%
VISION FINANCIAL MARKETS LLC            5.2%        8.0%       24.7%        1.4%
CITADEL SECURITIES LLC                  4.9%       -7.4%        1.8%       -1.3%
ADM INVESTOR SERVICES INC               4.4%        0.6%        1.5%       16.4%
OPTIONSXPRESS INC                       4.0%        1.3%        5.3%        4.3%
MIZUHO SECURITIES USA INC               4.0%      -12.9%       62.3%       26.6%
MORGAN STANLEY & CO LLC                 3.7%        3.9%       12.2%        4.6%
================================================================================
                                        Nov.        Oct.       Sept.        Nov.
                                        2012        2012        2012       YOY%
================================================================================
TRADITION SECURITIES AND FUTURES        3.3%       -0.4%        0.0%        1.5%
JP MORGAN SECURITIES LLC                3.3%        7.4%        0.6%       11.0%
DEUTSCHE BANK SECURITIES INC            3.3%        9.2%       -2.6%       -1.6%
DORMAN TRADING LLC                      2.6%       -3.7%        2.5%       -1.7%
BNP PARIBAS PRIME BROKERAGE INC         2.6%       -1.8%        2.3%        0.1%
LINN GROUP THE                          2.5%       -4.9%       -0.4%       60.3%
STEPHENS INC                            2.3%       -3.7%       -4.1%       -0.5%
ABN AMRO CLEARING CHICAGO LLC           2.3%       19.1%      -11.0%       44.1%
RBS SECURITIES INC                      2.0%        0.7%       -2.7%       35.0%
ADVANTAGE FUTURES LLC                   2.0%       14.1%       -3.2%       32.4%
AMP GLOBAL CLEARING LLC                 2.0%        6.1%       -0.4%       42.9%
MERRILL LYNCH PIERCE FENNER & SM        2.0%       -0.1%       -2.0%        5.1%
RJ OBRIEN ASSOCIATES LLC                1.9%        0.5%        0.6%       28.3%
STRAITS FINANCIAL LLC                   1.8%       -1.0%       -0.2%       31.2%
OANDA CORPORATION                       1.1%        5.4%       -4.3%        5.8%
RAND FINANCIAL SERVICES INC             0.9%        8.3%       -6.5%        3.2%
MORGAN STANLEY SMITH BARNEY LLC         0.5%       -0.3%       11.6%       75.4%
================================================================================
                                        Nov.        Oct.       Sept.        Nov.
                                        2012        2012        2012       YOY%
================================================================================
BNP PARIBAS SECURITIES CORP             0.3%       -3.3%       -1.3%      -16.0%
PIONEER FUTURES INC                     0.3%       -3.3%       -0.6%      -45.7%
ADVANCED MARKETS LLC                    0.3%       -0.4%       -0.1%       -1.8%
GOLDMAN SACHS & CO                      0.3%        2.9%       -3.9%       15.5%
FRIEDBERG MERCANTILE GROUP INC          0.2%       25.7%        0.5%        5.2%
STATE STREET GLOBAL MARKETS LLC         0.1%       -1.8%        6.6%       14.8%
XPRESSTRADE LLC                         0.0%       -0.1%        0.1%       -0.5%
JEFFERIES BACHE LLC                    -0.1%       12.7%       -2.9%        1.7%
HSBC SECURITIES USA INC                -0.1%        1.0%       -0.6%        7.5%
BARCLAYS CAPITAL INC                   -0.1%        5.5%       -2.5%        0.4%
YORK BUSINESS ASSOCIATES LLC           -0.2%        0.6%       13.5%        0.0%
UBS SECURITIES LLC                     -0.2%        3.5%       -6.4%        4.4%
NEWEDGE USA LLC                        -0.3%        1.0%        1.1%      -17.2%
MAREX USA LIMITED                      -0.4%       13.2%        4.1%       17.7%
JP MORGAN CLEARING CORP                -0.4%        1.9%       -3.5%       -2.3%
MACQUARIE FUTURES USA LLC              -0.4%        0.2%       -0.5%      -32.3%
BNY MELLON CLEARING LLC                -0.4%       -0.6%       15.2%       -3.8%
================================================================================
                                        Nov.        Oct.       Sept.        Nov.
                                        2012        2012        2012       YOY%
================================================================================
EASY FOREX US LTD                      -0.4%       -0.4%       -2.6%      -15.0%
NATIXIS SECURITIES AMERICAS LLC        -0.4%       11.3%       -3.2%       25.2%
UBS FINANCIAL SERVICES INC             -0.5%       -1.9%       -1.1%      -10.5%
MCVEAN TRADING & INVESTMENTS LLC       -0.6%        2.4%       -1.6%       -2.0%
MORGAN KEEGAN & COMPANY INC            -0.7%       -3.1%        4.3%      -44.0%
CX CAPITAL MARKETS LLC                 -0.8%       -0.2%       -0.5%       -6.3%
GH FINANCIALS LLC                      -0.9%        0.1%       -1.8%         n/a
PHILLIP FUTURES INC                    -1.3%        1.3%       -4.4%      188.9%
MITSUBISHI UFJ SECURITIES USA IN       -1.4%        1.4%       13.5%       -1.7%
CITIGROUP GLOBAL MARKETS INC           -1.8%        1.7%        7.3%       -2.8%
EAGLE MARKET MAKERS INC                -2.0%       -1.8%        2.1%      -11.2%
LEK SECURITIES CORPORATION             -2.1%        2.9%      -14.0%        9.1%
VELOCITY FUTURES LLC                   -2.1%        1.1%       -3.1%      -14.2%
FCSTONE LLC                            -2.1%       -5.0%        4.3%       20.7%
MITSUI BUSSAN COMMODITIES USA IN       -2.4%        1.1%        8.5%       13.0%
FRONTIER FUTURES INC                   -2.8%       -0.7%        2.4%        1.3%
INTERACTIVE BROKERS LLC                -2.9%        7.5%        7.0%       31.3%
================================================================================
                                        Nov.        Oct.       Sept.        Nov.
                                        2012        2012        2012       YOY%
================================================================================
IRONBEAM INC                           -2.9%       -2.4%       -1.6%      -20.0%
CUNNINGHAM COMMODITIES LLC             -3.0%       -3.1%       -7.0%      -14.7%
ROSENTHAL COLLINS GROUP LLC            -3.1%       -8.4%        2.2%       -4.9%
OPEN E CRY LLC                         -3.3%       -3.8%      108.8%       28.3%
AMERIPRISE FINANCIAL SERVICES IN       -3.4%        3.3%      -27.9%      -27.7%
CROSSLAND LLC                          -3.5%        0.2%       -0.2%      -30.9%
MB TRADING FUTURES INC                 -3.7%        0.8%        0.8%      -10.5%
ITG DERIVATIVES LLC                    -3.8%        2.2%       16.9%       58.7%
TRADESTATION SECURITIES INC            -4.0%        7.9%       -4.0%      -12.1%
MAREX NORTH AMERICA LLC                -4.1%       -5.4%       -1.4%       42.8%
INSTITUTIONAL LIQUIDITY LLC            -4.3%       -2.0%        3.7%       -0.9%
RAYMOND JAMES & ASSOCIATES INC         -5.7%       29.9%      -20.2%      -24.6%
GOLDMAN SACHS EXECUTION & CLEARI       -5.7%       -1.4%        2.6%       13.1%
WELLS FARGO SECURITIES LLC             -6.1%       -0.8%        6.7%       21.6%
OPPENHEIMER & CO INC                   -6.6%       -4.4%       11.3%       -1.5%
WHITE COMMERCIAL CORPORATION           -6.9%       10.8%        0.5%       -4.9%
SANFORD C BERNSTEIN & CO LLC           -7.4%        0.0%        2.8%      -23.5%
================================================================================
                                        Nov.        Oct.       Sept.        Nov.
                                        2012        2012        2012       YOY%
================================================================================
INSTINET LLC                           -9.2%       -0.8%       -4.7%      -17.3%
TRADELINK LLC                          -9.7%       -8.8%       22.2%      -64.0%
MERRILL LYNCH PROFESSIONAL CLEAR       -9.9%       20.2%        2.0%      -38.0%
TIMBER HILL LLC                       -10.2%       19.6%        1.5%       -5.9%
GAIN CAPITAL GROUP LLC                -10.3%       -9.5%      -25.8%      -44.6%
TD AMERITRADE INC                     -10.6%        5.1%        8.2%      -20.1%
FX SOLUTIONS LLC                      -11.2%       -6.0%        6.3%      -42.5%
WELLS FARGO ADVISORS LLC              -11.4%       10.7%       -4.1%       86.8%
ALPARI (US) LLC                       -11.9%       -2.8%       18.8%        8.1%
MBF CLEARING CORP                     -13.3%       -4.5%      -17.0%      -79.7%
IKON GLOBAL MARKETS INC               -13.6%      -10.3%       -8.1%      -33.5%
WELLS FARGO ADVISORS FINANCIAL N      -14.1%        4.9%        4.7%       -0.9%
MID CO COMMODITIES INC                -18.9%        1.1%       14.5%      -24.5%
LPL FINANCIAL LLC                     -19.0%        2.6%       -1.8%      -26.7%
INTEGRATED BROKERAGE SERVICES LL      -21.9%       -0.9%      -60.7%      -95.0%
FXDIRECTDEALER LLC                    -35.4%       -0.9%        4.8%      -55.2%
CAPITAL MARKET SERVICES LLC           -45.4%       -2.9%       -6.6%      -43.1%
================================================================================
                                        Nov.        Oct.       Sept.        Nov.
                                        2012        2012        2012       YOY%
================================================================================
GLOBAL FUTURES & FOREX LTD            -86.1%       -6.6%       -3.3%      -90.7%
FOREX CLUB LLC                       -100.0%       -1.6%        2.4%     -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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