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-c