Futures commission merchants (FCMs) and retail foreign exchange dealers (RFEDs) must file monthly financial reports with the CFTC's Division of Swap Dealer and Intermediary Oversight (DSIO) within 17 business days after the end of the month. To view the financial data for all FCM's, please use the link below:
Some key columns that we believe are important are:
- Customers' Assets in Seg: This is the total amount of customer funds in the FCM's segregated back account. (more information on customer segregated funds can be found here).
- Net Capital Requirement: The minimum net capital that each FCM must maintain is determined under CFTC Regulation 1.17(a)(1)(i). Refer to pages
7-11 through 7-12 of the Form 1-FR-FCM Instructions for more information regarding how to compute the net
- Adjusted Net Capital: This is the amount of regulatory capital available to meet the FCM's
minimum net capital requirement. The classification of assets and liabilities
used in arriving at net capital, and the additional capital haircuts that a FCM
may be required to take, are set forth in CFTC Regulation 1.17.
- Excess Net Capital: This is the amount by which the adjusted net capital exceeds the net
capital requirement. In other words, this is the FCMs free cash resting at the FCM to use for whatever purposes.
- DSRO: This column identifies the firm's Designated Self-Regulatory
Organization (DSRO). A DSRO is the organization that is primarily responsible
for conducting audits of and ongoing financial surveillance over the firm. A
DSRO can be a designated contract market (DCM) or the National Futures
A firm's net capital requirement
is the greater of:
- FCM minimum dollar amount ($1,000,000); or
- risk based capital requirement, the sum of 8% of total customer risk maintenance margin and 8% of total noncustomer risk maintenance margin; or
- the amount of capital required by a registered futures association (currently NFA is the only such association); or
- for securities brokers and dealers, the amount of net capital required by Rule 15c3-1(a) of the Securities and Exchange Commission; or
- minimum dollar amount for FCM’s offering or engaged in retail forex transactions and RFEDs ($20,000,000); or
- minimum dollar amount for FCM’s offering or engaged in retail forex transactions and RFEDs ($20,000,000) plus five percent of the FCM’s or RFED’s total retail forex obligation in excess of $10,000,000