It was another year of transition for future commission merchants (FCMs) as the new regulatory structure took hold and constant pressures on capital had futures brokers minding the bottom line to navigate the narrow path to profitability. The evolution of regulations forced FCMs back into traditional lanes as mid-level joint brokers were forced out of the foreign exchange market. "We were transitioning out of FX business and are now doing well even in this environment/' says John Bartleman, president of TradeStation Securities. The political shocks in Europe and America provided volatility to exploit. "The markets that have stood out are the [ones that were affected by] the Brexit vote and the U.S. election/' says Chairman and CEO of R.J. O'Brien &Associates Gerry Corcoran.
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