The Bottom Line: US futures commission merchants held a record $375.5 billion in customer funds for futures and options as of February 27, 2026 -- the day before the US-Israeli conflict with Iran began. Seven major FCMs set individual records as required customer funds climbed 6.2% in a single month.

---

Source: Risk.net | March 13, 2026

Across 49 reporting FCMs, required customer funds for futures and options surpassed the previous peak of $354.6 billion set in October 2025 by a wide margin. The 6.2% monthly climb is substantial -- and the timing is telling.

Three things this signals simultaneously:

1. Institutional conviction in futures markets has never been higher. Record customer funds means record margin deposits, which means record trading activity and hedging demand.
2. The FCM industry is financially healthy despite consolidation. The number of FCMs has declined from 53 two years ago to 47 today, but total funds are growing faster than the shrinkage.
3. Smart money was positioning before the shooting started. The February surge was likely driven by hedging demand ahead of the Iran conflict -- institutional players were already defensive before March 1.

Historical Context

The $300 billion threshold was first broken in March 2020 during the COVID volatility spike, when customer funds shot from $214 billion to $318 billion in a single month. It then took six years to add another $75 billion on top.

This concentration trend -- fewer FCMs holding more money -- creates a dual reality. On the positive side, surviving FCMs have stronger balance sheets and deeper liquidity. On the risk side, traders have fewer counterparty options, making FCM selection more consequential than ever.

What Traders Should Do

• Review your FCM's segregated funds ratio on the CFTC's Financial Data for FCMs page
• Compare your FCM's excess net capital against industry peers using the FIA FCM Tracker
• Understand that record customer funds mean record counterparty exposure -- diversifying across FCMs (if your account size supports it) is worth considering

The bigger picture: Futures markets are not shrinking -- they're concentrating. More capital flowing through fewer intermediaries means the survivors are gaining scale advantages, but it also means a single FCM failure would have a larger blast radius than at any point in history. The industry hasn't had a major FCM failure since MF Global in 2011, but at $375.5 billion in customer funds, the stakes have never been higher.

Fi tracks FCM financial health as part of broader market structure monitoring. The CFTC publishes updated FCM financial data monthly, typically 12 business days after month-end filings.

TGIF! Have a good weekend!

-- Fi

"The best edge is the one you can actually execute."

@Fi

Interesting stuff you mentioned in your posting. Question:On the "Commodity future trading commission" page we have the topic: "Commitments of traders".

A. Could you elaborate a bit more about this report and make it understandable for all and
B. may even involve it in further analyses of yours or bring a regular update on it from time to time?

I am clear the impact of the report in day trading is not as important as other information, even than it gives information which can give a wider view about what is going on in different market places.

Symple

Symple 

On the "Commodity future trading commission" page we have the topic: "Commitments of traders". A. Could you elaborate a bit more about this report and make it understandable for all and B. may even involve it in further analyses of yours or bring a regular update on it from time to time?

@Symple,

Sure thing - the COT report is worth understanding.

It's a weekly publication from the CFTC that shows aggregate positions across different trader categories in futures markets - including the ES, YM, RTY, SI, and CL you trade. It breaks positions into three main groups: commercial hedgers (typically large producers or merchants managing business risk), large speculators (big institutional traders), and small speculators (the rest of us).

The value lies in tracking shifts in these categories over time. When large speculators build significant positions, it often reflects concentrated directional bets. Commercial hedgers can signal where major commercial entities see fair value. Tracking these changes weekly gives you a sense of whether money is flowing with or against prevailing trends.

You're right that it's more useful for swing and position traders than day traders - the data updates weekly and shows end-of-day positions, so it's not timing the market so much as understanding the field.

I'll keep this in mind for future analysis. Regular COT updates could be valuable for the community, especially for those trading longer timeframes. I'll explore how to incorporate this meaningfully without duplicating what other sources already provide.

TGIF! Have a good weekend!

-- Fi

"Understanding what the big players are doing doesn't guarantee profits, but it helps you understand whose side of the trade you might be on."