One of our most popular blog posts: a list of the top FCMs (based on customer funds held in segregation) has been updated with 2026 numbers. When doing research in selecting a futures commission merchant, or FCM, (i.e. custodian) to house your managed futures portfolio, it can be difficult to find a resource to assist in your decision-making process. The best tool we have found is the data put together by CFTC that lists the all the FCMs each year based on total customer equity. Our 2026 ranking contains the top 40 FCMs based on customer funds as of January 31st, 2026. Please keep in mind that there is a total of 65 FCMs on the CFTC list. Here our Top 40 Rankings:
Ranking of FCMs based on customer seg funds
Total assets in segregation of the Top 40 FCMs declined from 2025 to 2026. In 2025 the top 40 had ~$302 Billion; this year’s total is ~$367 Billion. FCM consolidation has taken a pause over the last year with many mergers occurring in years prior. Increased interest in crypto futures and smaller contract sizing has driven up the AUM. Investor demand for managed futures also continued in 2025 as investors demanded more diversification after the selloff in April 2025. aiSource also has seen a rise in investor demand through our website and CTA database registrations.
Most of the top ten FCMs on the list are institutional specific FCMs that do not house accounts smaller than $10M in size. FCMs that aiSource uses to house its clients’ accounts all fall between spots twelve through thirty-six: Marex North American (#12), R.J. O’Brien (#16), StoneX (#17), Phillip Capital (#25), Plus500US Financial Services, LLC (#27) and Dorman Trading (#36). Marex Capital Markets is the largest FCM that is available to all types of clients; as of January 31st, 2026, they had $8.9 billion in client funds. The FCM selection process is different based on the specific needs of each client, and our clients are dispersed amongst the FCMs that we use.
Some FCMs that managed futures investors and CTAs should stay away from are the ones that are not equipped to handle managed futures accounts. Time and time again, aiSource has seen novice investors get attracted by “low commissions,” and open an account with Interactive Brokers (#11) and face hardship when facilitating the needs of a managed account. Interactive Brokers is a great FCM but is better suited for self-directed traders.
As an independent brokerage/investment advisory firm, aiSource has the ability to house its client accounts at any FCM. We are always looking to develop new FCM relationships and offer those to our clients, but based on our experience, R.J. O’Brien, StoneX, Marex North America, and Phillip Capital are some of the best to house multi-CTA portfolios.