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Top 10 Broker-Dealers by Net Capital (2025)

Data extracted from SEC X17-A5 FOCUS filings (Dec 31, 2024)

Rank	Broker-Dealer	Net Capital	Required	Excess
1	J.P. MORGAN SECURITIES LLC CRD 79 • New York, NY	$25.0B	$6.0B	$19.0B
2	GOLDMAN SACHS & CO. LLC CRD 361 • New York, NY	$21.3B	$5.4B	$15.9B
3	CITIGROUP GLOBAL MARKETS INC. CRD 7059 • New York, NY	$17.9B	$4.8B	$13.1B
4	CHARLES SCHWAB & CO., INC. CRD 5393 • San Francisco, CA	$11.1B	$2.0B	$9.1B
5	NATIONAL FINANCIAL SERVICES LLC CRD 13041 • Boston, MA (Fidelity)	$11.0B	$4.1B	$6.9B
6	INTERACTIVE BROKERS LLC CRD 36418 • Greenwich, CT	$9.5B	$1.3B	$8.2B
7	BARCLAYS CAPITAL INC. CRD 19714 • New York, NY	$8.6B	$2.6B	$6.0B
8	PERSHING LLC CRD 7560 • Jersey City, NJ (BNY Mellon)	$2.5B	$370M	$2.1B
9	JEFFERIES LLC CRD 2347 • New York, NY	$2.0B	$140M	$1.9B
10	CLEAR STREET LLC CRD 288933 • New York, NY	$551.6M	$54.5M	$497.1M

Broker-Dealers with Material Weaknesses in Internal Control Over Financial Reporting (2025)

Last Updated: Jan 02, 2026 per SEC FOCUS Data

Broker-Dealer Name	Type of Broker	Clearing Firm	Net Capital	Required Net Capital	Aggregate Indebtedness	Accountant	Accountant Location	Last Filing
FIRST HONOLULU SECURITIES, INC. HONOLULU, HI • CRD 7964	Introducing	RBC Capital Markets LLC	$734,661	$100,000	35%	Davila Advisory, LLC	St. Louis, MO	Sep 29, 2025
AXOS CLEARING LLC OMAHA, NE • CRD 117176	Correspondent Clearing	Self-Clearing	$87,000,000	$5,200,000	34%	BDO USA, P.C.	San Diego, CA	Sep 26, 2025
ETC BROKERAGE SERVICES, LLC DALLAS, TX • CRD 145276	Fully Disclosed Introducing Broker	Axos Clearing	TBD	TBD	TBD	KPMG LLP	New York, NY	Sep 22, 2025
FARINA & ASSOCIATES, INC. NEW YORK, NY • CRD 32830	Fully Disclosed Introducing Broker (Termination Requested October 3, 2025 from FINRA)	Wedbush Securities	TBD	TBD	TBD	Nawrocki Smith LLP	Hauppauge, NY	Jun 24, 2025
ATB CAPITAL MARKETS USA INC. CALGARY, None • CRD 155053	Fully Disclosed Introducing Broker	Axos Clearing	TBD	TBD	TBD	Pannell Kerr Forster of Texas	Houston, TX	May 30, 2025
PERCENT SECURITIES, LLC NEW YORK, NY • CRD 314782	Private Placement M&A Advisory	-	TBD	TBD	TBD	PKF O'Connor Davies LLP	New York, NY	May 13, 2025
OLD SLIP CAPITAL MANAGEMENT, INC. NEW YORK, NY • CRD 7360	M&A Advisory	-	TBD	TBD	TBD	Mercurius Associates LLP	New Deli, India	May 12, 2025
DAM CAPITAL (USA) INC. NEW YORK, NY • CRD 154945	Private Placement	Dam Capital Advisors (Parent)	TBD	TBD	TBD	Mercurius & Associates LLP	New Delhi, India	May 06, 2025
MUFSON HOWE HUNTER & PARTNERS LLC PHILADELPHIA, PA • CRD 132353	Private Placement M&A Advisory	-	TBD	TBD	TBD	Berkower LLC	Iselin, NJ	Apr 29, 2025
UNION CAPITAL COMPANY TUCSON, AZ • CRD 110301	Fully Disclosed Introducing Broker	RBC Capital Markets LLC	TBD	TBD	TBD	Sanville & Company	Dallas, TX	Apr 25, 2025
ICICI SECURITIES INC. NEW YORK, NY • CRD 104285	Fully Disclosed Introducing Broker	ICICI Securities Limited (Parent)	TBD	TBD	TBD	KNAV CPA LLP	New York, NY	Apr 25, 2025
M1 FINANCE LLC CHICAGO, IL • CRD 281242	Fully Disclosed Introducing Broker	Apex Clearing Corporation	TBD	TBD	TBD	Crowe, LLP	New York, NY	Apr 22, 2025
RIDGEBACK SECURITIES HOUSTON, TX • CRD 120448	Fully Disclosed Introducing Broker	Axos Clearing	TBD	TBD	TBD	M&K CPAS PLLC	The Woodlands, TX	Apr 15, 2025
SENAHILL SECURITIES, LLC NEW YORK, NY • CRD 166477	M&A Advisory	-	TBD	TBD	TBD	WithumSmith & Brown, PC	New York, NY	Apr 03, 2025
LOMBARD SECURITIES INCORPORATED BALTIMORE, MD • CRD 27954	Fully Disclosed Introducing Broker	Wells Fargo Clearing Services LLC	TBD	TBD	TBD	RW Group LLC	Landenberg, PA	Apr 01, 2025
KIMELMAN & BAIRD, LLC NEW YORK, NY • CRD 2440	Fully Disclosed Introducing Broker	National Financial Services	TBD	TBD	TBD	LMHS, PC	Norwell, MA	Apr 01, 2025
PENNHAVEN BROKERAGE PARTNERS, LLC DOYLESTOWN, PA • CRD 309708	Fully Disclosed Introducing Broker	Axos Clearing	TBD	TBD	TBD	Sanville & Company	Huntingdon Valley, PA	Apr 01, 2025
I5EQUITY SAN FRANCISCO, CA • CRD 298949	M&A Advisory	-	TBD	TBD	TBD	WWC, P.C. Certified Public Accountants	CA, CA	Apr 01, 2025
TECHSPEED CLEARING RANCHO SANTA MARGARITA, CA • CRD 313766	Correspondent Clearing	Self-Clearing	TBD	TBD	TBD	Crowe LLP	New York, NY	Apr 01, 2025
16 POINTS LLC VEGA ALTA, PR • CRD 277033	M&A Advisory	-	TBD	TBD	TBD	YSL & Associates LLC	New York, NY	Mar 31, 2025
NEXBANK SECURITIES INC DALLAS, TX • CRD 133267	Private Placement M&A Advisory	-	TBD	TBD	TBD	Forvis Mazars LLP	Oklahoma, OK	Mar 31, 2025
PM SECURITIES, LLC CHADDS FORD, PA • CRD 132710	M&A Advisory	-	TBD	TBD	TBD	YSL & Associates	New York, NY	Mar 28, 2025
INTREPID PARTNERS, LLC NEW YORK, NY • CRD 198516	Private Placement M&A Advisory	-	TBD	TBD	TBD	RSM US LLP	New York, NY	Mar 28, 2025
ANKURA CAPITAL ADVISORS, LLC NEW YORK, NY • CRD 114155	Private Placement M&A Advisory	-	TBD	TBD	TBD	Plante & Moran PLLC	Chicago, IL	Mar 25, 2025
P.A.N. SECURITIES, LP NORWALK, CT • CRD 104823	Introducing Broker (trade routing only)	n/a - software provider for broker dealers	TBD	TBD	TBD	EisnerAmper LLP	New York, NY	Mar 25, 2025
CLEAR STREET LLC NEW YORK, NY • CRD 288933	Correspondent Clearing	Self-Clearing	$551,600,000	$54,500,000	2%	Ernst & Young LLP	New York, NY	Mar 21, 2025
CRITICALPOINT PARTNERS LLC EL SEGUNDO, CA • CRD 317345	M&A Advisory	-	TBD	TBD	TBD	Moss Adams	Dallas, TX	Mar 21, 2025
INVESTORS BROKERAGE OF TEXAS, LTD. WACO, TX • CRD 13037	Fully Disclosed Introducing Broker	Hilltop Securities	TBD	TBD	TBD	Sanville & Company	Dallas, TX	Mar 20, 2025
BETA CAPITAL SECURITIES LLC MIAMI, FL • CRD 38964	Self-Clearing	Interactive Broker (Options only)	TBD	TBD	TBD	Crowe, LLP	New York, NY	Mar 12, 2025
R.M.N. SECURITIES, INC. KINGSTON, NY • CRD 20458	Omnibus Introducing Broker	Hilltop Securities	TBD	TBD	TBD	RBSM LLP	New York, NY	Mar 04, 2025
P & M CORPORATE FINANCE CHICAGO, IL • CRD 129624	M&A Activity	-	TBD	TBD	TBD	PricewaterhouseCoopers LLP	New York, NY	Mar 04, 2025
VECTORGLOBAL WMG, INC. MIAMI, FL • CRD 32396	Omnibus Introducing Broker	Pershing LLC	TBD	TBD	TBD	KAUFMAN, ROSSIN & CO P.A.	MIAMI, FL	Mar 04, 2025
RA CAPITAL ASSOCIATES LLC SAN DIEGO, CA • CRD 10081	Foreign Chaperone Broker Dealer (SEC Rule 15a-6)	Pershing (Fixed Income Trades)	TBD	TBD	TBD	FGMK, LLC	Chicago, IL	Mar 03, 2025
EFG CAPITAL INTERNATIONAL CORP. MIAMI, FL • CRD 40118	Fully Disclosed Introducing Broker	Pershing	TBD	TBD	TBD	Pricewaterhouse Coopers	Miami, FL	Mar 03, 2025
UBS FUND SERVICES (USA) LLC HARTFORD, CT • CRD 41848	Private Placement	-	TBD	TBD	TBD	Ernst & Young LLP	New York, NY	Mar 03, 2025
STATETRUST INVESTMENTS INC. BOCA RATON, FL • CRD 104651	Fully Disclosed Introducing Broker	Axos Clearing	TBD	TBD	TBD	Assurance Dimensions	Coral Springs, FL	Mar 03, 2025
VELOCITY CLEARING, LLC HAZLET, NJ • CRD 126588	Correspondent Clearing	Self-Clearing / Pershing LLC & Goldman Sachs to clear securities for Velocity Clearing LLC	$104,031,605	$8,905,233	2%	BDO USA, P.C.	New York, NY	Mar 03, 2025
UBS ASSET MANAGEMENT (US) INC. NEW YORK, NY • CRD 583	Self-Clearing	Self-Clearing	TBD	TBD	TBD	Ernst & Young LLP	New York, NY	Mar 03, 2025
SANFORD C. BERNSTEIN & CO., LLC NASHVILLE, TN • CRD 104474	Self-Clearing	Self-Clearing	TBD	TBD	TBD	PricewaterhouseCoopers LLP	New York, NY	Feb 28, 2025
RICHARDS, MERRILL & PETERSON, INC. SPOKANE, WA • CRD 713	Fully Disclosed Introducing Broker	Wells Fargo Clearing Services	TBD	TBD	TBD	Moss Adams	Spokane, WA	Feb 28, 2025
MAREX CAPITAL MARKETS INC. NEW YORK, NY • CRD 161014	Self-Clearing	Fully Disclosed Relationships with Goldman Sachs, Pershing LLC and Bank of America Securities	$632,591,000	$420,396,000	8%	Deloitte & Touche LLP	New York, NY	Feb 28, 2025
RQD* CLEARING, LLC NEW YORK, NY • CRD 134284	Correspondent Clearing Firm	Self-Clearing / Omnibus Clearing Relationship with RBC Capital Markets	TBD	TBD	TBD	Moss Adams LLP	Dallas, TX	Feb 28, 2025
PERSHING LLC JERSEY CITY, NJ • CRD 7560	Self-Clearing	Self-Clearing	$2,500,000,000	$370,000,000	15.1%	KPMG	New York, NY	Feb 28, 2025
RUSSELL INVESTMENTS FINANCIAL SERVICES, LLC SEATTLE, WA • CRD 329	Self-Clearing	Self-Clearing	TBD	TBD	TBD	RSM	Chicago, IL	Feb 28, 2025
TRADEUP SECURITIES, INC. NEW YORK, NY • CRD 18483	Correspondent Clearing Firm	Self Clearing / Fully Disclosed with Interactive Brokers and US Tiger Securities	TBD	TBD	TBD	Forvis Mazars, LLP	Woodbury, NY	Feb 28, 2025
HSBC SECURITIES (USA) INC. NEW YORK CITY, NY • CRD 19585	Fully Disclosed Introducing Broker	Pershing	TBD	TBD	TBD	PricewaterhouseCoopers LLP	New York, NY	Feb 28, 2025
SPEEDTRADER, INC KATONAH, NY • CRD 107403	Fully Disclosed Introducing Broker	Curvature Securities and Axos Clearing	TBD	TBD	TBD	Wagner, Ferber, Fine & Ackerman PLLC	Floral Park, NY	Feb 28, 2025
DRIVEWEALTH, LLC NEW YORK, NY • CRD 165429	Self-Clearing Broker Dealer	Self-Clearing, Wedbush Securities and RBC Capital Markets LLC in an omnibus relationship	$103,192,000	$250,000	2%	Grant Thornton LLP	New York, NY	Feb 27, 2025
PTI SECURITIES & FUTURES L.P. CHICAGO, IL • CRD 29275	Fully Disclosed Introducing Broker	RBC Capital Markets LLC and Interactive Brokers LLC	TBD	TBD	TBD	Ryan & Juraska	Chicao, IL	Feb 27, 2025
INVESCO CAPITAL MARKETS, INC. HOUSTON, TX • CRD 6939	Omnibus Introducing Broker	B of A Securities Inc and Virtu Americas LLC	TBD	TBD	TBD	PricewaterhouseCoopers LLP	Charlotte, NC	Feb 27, 2025
SANTANDER US CAPITAL MARKETS LLC NEW YORK, NY • CRD 150696	Omnibus Introducing Broker	Pershing LLC	TBD	TBD	TBD	PricewaterhouseCoopers LLP	New York, NY	Feb 26, 2025
CANDEAL SECURITIES, LLC STUYVESANT, NY • CRD 173523	Private Placement	-	TBD	TBD	TBD	Sanville & Company	Dallas, TX	Jan 29, 2025
JEFFERIES LLC NEW YORK, NY • CRD 2347	Self-Clearing	Self-Clearing	$2,020,000,000	$140,000,000	2%	Deloitte & Touche LLP	NEW YORK, NY	Jan 28, 2025
CARL M. HENNIG, INC. OSHKOSH, WI • CRD 140	Omnibus Introducing Broker	RBC Capital Markets LLC	TBD	TBD	TBD	Tuttle & Bond, PLLC	Fredricksburg, TX	Jan 07, 2025

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