Revised Adjusted Net Capital Requirements for FCMs and IBs

The CFTC is amending its regulations that prescribe minimum adjusted net capital requirements for futures commission merchants (‘‘FCMs’’) and introducing brokers (‘‘IBs’’). The amendments: increase the required minimum dollar amount of adjusted net capital that an IB must maintain from $30,000 to 45,000; increase the required minimum dollar amount of adjusted net capital that an FCM must maintain from $250,000 to $1,000,000; amend the computation of an FCM’s margin-based minimum adjusted net capital requirement to incorporate into the calculation customer and noncustomer positions in over-the-counter derivative instruments that are submitted for clearing by the FCM to derivatives clearing organizations (‘‘DCOs) or other clearing organizations (‘‘cleared OTC derivative positions’’); specify capital deductions for FCM proprietary cleared OTC derivative positions based on the deductions required by the Commission’s regulations for FCM proprietary positions in exchange traded futures contracts and options contracts; and amend the FCM capital computation to increase the applicable percentage of the total margin-based requirement for futures, options and cleared OTC derivative positions in noncustomer accounts to eight percent.

Effective March 31, 2010.

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