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Largest Clearing Firms (FCMs) - Ranked by Customer Segregated Funds

Many traders feel bigger is better when it comes to a Futures Commission Merchant (FCM). That theory may have been proved wrong when Refco's CEO had hidden $430 million in debt and forced the company into bankruptcy. Much of that business has since moved to Man Financial (MF Global). FCMs, for those who don't know, are basically the companies that clear trades for your brokerage firm. Most brokers don't have the resources for traders in all the pits and the back office support, so they use an FCM.

We have listed the FCMs by Customer Segregated Funds. This is basically the total of all their customers funds The funds in these accounts cannot be touched by the FCM, so traders can rest assured their money is safe even in the case of an FCM going bankrupt. We have also listed whether the FCM is a Broker / Dealer. They clear stocks and other securities. If the FCM is not a Broker / Dealer, they just strictly clear the futures markets. They are the more pure FCM for the commodity and futures markets if you wanted to narrow the field.

*Rankings of FCM's by Customer Segregated Equity -April 30, 2011
- Non Broker Deals Only - (Source: CFTC)
- Ranked by Customer Segregated Funds*

JP MORGAN FUTURES INC: $17,628,775,299
PRUDENTIAL BACHE COMMODITIES LLC: $3,400,585,000
RJ OBRIEN ASSOCIATES LLC: $2,815,862,733
ADM INVESTOR SERVICES INC: $2,797,845,347
ROSENTHAL COLLINS GROUP LLC: $1,832,840,806
BNP PARIBAS COMMODITY FUTURES INC: $1,609,147,270
FCSTONE LLC: $1,164,476,821
PENSON FUTURES: $864,074,811
MCVEAN TRADING & INVESTMENTS LLC: $845,290,957
MACQUARIE FUTURES USA INC: $813,691,662
PEREGRINE FINANCIAL GROUP INC: $511,339,095
ADVANTAGE FUTURES LLC: $430,207,984
ENSKILDA FUTURES LTD: $388,754,287
RAND FINANCIAL SERVICES INC: $327,307,200
TENCO INC: $305,910,159
TRILAND USA INC: $214,973,309
COUNTRY HEDGING INC: $142,691,536
CROSSLAND LLC: $116,808,770
DORMAN TRADING LLC: $101,031,944
MBF CLEARING CORP: $93,507,639
OPEN E CRY LLC: $90,434,711
YORK BUSINESS ASSOCIATES LLC: $72,923,324
VELOCITY FUTURES LLC: $71,700,880
IRONBEAM INC: $62,508,657
MAREX NORTH AMERICA LLC: $59,730,683
CUNNINGHAM COMMODITIES LLC: $53,917,287
LINN GROUP THE: $42,285,565
FRONTIER FUTURES INC: $34,390,668
STERLING COMMODITIES CORP: $31,366,238
BNY MELLON CLEARING LLC: $31,161,559
AMP GLOBAL CLEARING LLC: $28,594,453
CX CAPITAL MARKETS LLC: $26,591,840
MID CO COMMODITIES INC: $25,551,108
IKON GLOBAL MARKETS INC: $16,928,151
FRIEDBERG MERCANTILE GROUP INC: $11,350,990
EAGLE MARKET MAKERS INC: $2,201,733
STRAITS FINANCIAL LLC: $1,443,739
GLOBAL FUTURES & FOREX LTD: $803,063
IG MARKETS INC: $156,289

*This represents the total amount of funds that an FCM is required to segregate on behalf of customers who are trading on a designated contract market or derivatives transaction execution facility. This is the sum of all accounts that contain a net liquidating equity.

In other words, this is the total value of all accounts their customers hold. The FCMs have to keep the money separated and cannot comingle with their other funds or accounts. When you open an account through an Introducing Broker, you will make your check or wire payable to the FCM. Those funds are then held in a customer segregated account under your name. This is data as of April 30, 2011.


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