From the December 01, 2011 issue of Futures Magazine • Subscribe!

Top 50 Brokers of 2011: This one is on us

European leaders

By Steve Zwick

We began the year wondering if the European Union could get its regulatory reforms in order, and closed wondering if it could keep itself intact. On Jan. 1, the European Securities and Markets Authority (ESMA) replaced the Committee of European Securities Regulators (CESR), and ESMA boss Steven Maijoor soon promised a smooth road for European regulatory reform despite the bumpy periphery.

"It is all about transparency, stability and international co-ordination," he said at the International Capital Market Association’s (ICMA) annual meeting in May, identifying his three priorities for the summer: Implementing the Alternative Investment Fund Managers Directive (AIFMD) and the European Market Infrastructure Regulation (EMIR) and overhauling the Markets in Financial Instruments Directive (MiFID).

Those efforts are still progressing, but have been eclipsed by the existential threat posed by Greece and Italy.

European regulators and exchanges don’t release segregated funds figures for FCMs publicly. We compile our list of the top brokers by polling market participants and then confirming information with the FCMs. This survey is not scientific, and we welcome any feedback from those with a different view.

NYSE.Liffe

  • Top Contract: Euribor Futures
  • Year-to-date average daily volume (through October): 985,438
  • 2010 average daily volume (for the full year): 963,198
  • 2009 average daily volume (for the full year): 753,356

Eurex

  • Top Contract: Eurostoxx 50 Futures
  • Year-to-date average daily volume (through October): 1.6 million
  • 2010 average daily volume (for the full year): 1.45 million
  • 2009 average daily volume (for the full year): 1.31 million

Top Brokers (in terms of customer funds, in no particular order)

  • Goldman Sachs & Co.
  • Newedge Group
  • JP Morgan Futures Inc.
  • Deutsche Bank Securities Inc.
  • Citigroup Global Markets Inc.
  • UBS Securities LLC
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