FCM capital buffers drop below pandemic nadir

- By Joshua Walker
- 28 Nov 2025

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

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe

You are currently unable to print this content. Please contact info@risk.net to find out more.

You are currently unable to copy this content. Please contact info@risk.net to find out more.

As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.

If you would like to purchase additional rights please email info@risk.net

You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.

If you would like to purchase additional rights please email info@risk.net