A segment of the futures commission merchant (FCM) industry is experiencing notable growth, with smaller firms reporting substantial increases in customer funds. As of the conclude of January 2026, Risk Quantum reported that 25 FCMs held futures and options (F&O) customer funds below $1 billion, a diverse range spanning from Philip Capital’s $904.5 million to Bitnomial Clearing’s $522,959.
The surge in assets held by these smaller FCMs contrasts with the performance of larger, more established firms, suggesting a potential realignment of market share. Several of these firms recorded triple-digit increases in customer funds throughout 2025 and into early 2026, according to the report.
Bitnomial Clearing, LLC, a Delaware limited liability company registered with the CFTC as a derivatives clearing organization, held $522,959 in customer funds as of January 2026. The firm already possesses derivatives exchange and brokerage licenses, operating as a vertically integrated market structure, a license granted by the United States Commodity Futures Trading Commission (CFTC) in December 2023.
Philip Capital, a broker dealer and FCM, serves clients across North America, Europe, and Asia, providing access to global equity, interest rate, and index markets, as well as energy, currencies, metals, livestock, dairy, grains, oilseeds, and soft commodities. The firm held $904.5 million in customer funds as of January 2026.
The reasons behind the growth of smaller FCMs are likely multifaceted, including increased demand for specialized services, competitive pricing, and a growing appetite for alternative trading venues. Barclays and J.P. Morgan are also experiencing a surge in FCM funds, with customer funds logging their biggest annual jump since 2020, indicating a generally positive environment for FCMs.
