The companies, products and regulatory developments shaping the broker industry.
A reconstruction of the CFTC’s August and September snapshots shows a $309m increase in funds above customer requirements. Firm-level movements demonstrate why that is not equivalent to $309m of new deposits.
An FXBrokers.ai reconstruction of CFTC returns finds $673.4 billion of reported customer property in August 2026. Domestic futures, foreign futures and cleared swaps all expanded, while the aggregate disclosed cushion remained broadly stable as a share of assets.
CMC’s customer-money pool grew 65% to £1.1491bn while recognised group cash rose 12% to £276.5m. The accounts show why the two balances cannot be combined—and why the missing average balance prevents a credible yield calculation.
CMC’s profit increased, but its growth required substantially more collateral at brokers and produced much weaker operating cash conversion. The largest customer-money pool remained safeguarded outside the balance sheet and unavailable as corporate liquidity.
Marex disclosed US$12.71bn of segregated client money at June, but recognised only US$2.08bn as an asset. Separately, net interest supplied 48.7% of third-quarter clearing revenue as average client balances rose 41%.