Series 3: 7.3.5.3. Net Capital Requirement: FCMs

7.3.5.3. Net Capital Requirement: FCMs

For the CFTC, futures commission merchants must maintain adjusted net capital equal to or greater than the greatest of the following:

• • $1 million
• • Its risk-based capital requirement
• • The adjusted net capital required by a registered futures association of which the FCM is a member (e.g., the NFA)
• • For securities brokers and dealers, the amount of net capital required by the SEC

The risk-based capital requirement is 8% of its level of maintenance margin required by the exchanges or clearing organizations for all customer and non-custom