Futures commission merchants (FCMs) held a record $375.5 billion in customer funds for futures and options as of February 27, 2026, the day before escalating tensions between the U.S. And Israel with Iran began, according to data reported by Risk.net.
The total represents a 6.2% increase from the previous month, surpassing the prior peak of $354.6 billion recorded in October 2025. Forty-nine FCMs reported their customer funds, contributing to the record high.
Seven major FCMs individually set recent records for customer funds held. Goldman Sachs was among those reporting record figures, though the specific amount was not disclosed. This surge in funds held by FCMs comes as financial institutions face increasing scrutiny regarding capital requirements and risk management practices. Recent reports indicate that changes to Basel III regulations could significantly impact capital cushions for major banks, including JP Morgan and Bank of America, according to Risk.net.
The increase in customer funds also coincides with a period of volatility in financial markets. In the fourth quarter of 2025, Citi and JP Morgan experienced record Value at Risk (VAR) overshoots, suggesting increased market uncertainty and potential for larger-than-expected losses. This environment may be driving investors to increase their positions in futures and options, leading to higher balances held by FCMs.
The rising funds held by FCMs also occur as some financial institutions navigate evolving regulatory landscapes. First Citizens Bank, following its acquisition of assets from Silicon Valley Bank, is facing closer examination and potentially tighter rules, as reported by Risk.net. Goldman Sachs has seen a drop in its risk-weighted asset density to a seven-year low, potentially influencing its capital adequacy calculations.
The end of SLR (Supplementary Leverage Ratio) relief measures is also reportedly weighing on JP Morgan, adding another layer of complexity to the capital management strategies of major financial institutions. The combined effect of these factors – regulatory changes, market volatility and increased customer activity – contributed to the record levels of customer funds held by FCMs on the eve of heightened geopolitical tensions.
