Barclays, JPM drive record FCM funds growth in 2025

- By Joshua Walker
- 28 Jan 2026

For futures commission merchants (FCMs), 2025 delivered the largest annual increase in customer funds for both futures and options (F&O), and swaps since 2020.

Funds required to be set aside for F&O ended the year at $338.6 billion across 49 FCMs, up $55.9 billion or 19.8% over 2025. Both the absolute and proportional increases were the second highest in the past 12 years of data, surpassed only

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