FCM capital buffers drop below pandemic nadir
HSBC Securities, RBC Capital Markets set record lows for surplus over requirements
Futures commission merchants (FCMs) reported their smallest combined capital surplus as a proportion of requirements in more than a decade in September, dropping below the previous low level seen at the onset of the Covid-19 pandemic.
Across 65 reporting firms, the aggregate net capital requirement was $46.8 billion against adjusted net capital of $169.4 billion – leaving a surplus of $122.5
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