US FCMs’ residual interest buffers hit record low in December

A decade on from CFTC rules on residual interest target, firms’ segregated cash has not kept pace with client funds

US futures commission merchants’ (FCMs) residual interest – the amount of own funds set aside to support daily changes in clients’ accounts – as a share of required customer funds for swaps hit an all-time low of 3.3% at the end of last year, Risk Quantum analysis of data from the Commodity Futures Trading Commission (CFTC) shows. 

At the turn of 2023, the aggregate residual interest in segregated accounts across the 13 US FCMs amounted to $5.4 billion, compared with $162 billion in required

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