Record Customer Funds Held by FCMs on Eve of Iran War

Futures commission merchants (FCMs) held a record $375.5 billion in customer funds for futures and options as of February 27, 2026, the day before escalating conflict between the U.S., Israel, and Iran began. This represents a 6.2% increase from the previous peak of $354.6 billion set in October 2025, according to data from 49 reporting FCMs Risk.net.

Increased Market Volatility and FCM Holdings

The surge in customer funds held by FCMs coincides with a period of heightened geopolitical risk stemming from the conflict with Iran. Increased volatility in global markets often leads investors to increase margin deposits with FCMs, driving up the total funds held. The timing suggests a potential correlation between investor positioning and anticipation of market disruption related to the conflict.

Individual FCM Records

Seven major FCMs reportedly set individual records for customer funds held in February 2026. Goldman Sachs was among those reaching new peaks, though specific figures for individual firms are not publicly available without a Risk.net subscription.

Broader Implications of the Iran Conflict

The conflict with Iran is having a cascading effect on global markets. The Center for Strategic and International Studies (CSIS) notes the conflict has military, regional, and geopolitical implications, impacting the Middle East and beyond. Beyond direct military engagements, the conflict has expanded into cyber warfare, targeting critical infrastructure in Israel and the Gulf region, and potentially drawing in other state actors like Azerbaijan and China Flashpoint.

Supply chain disruptions are also emerging as a significant concern. MSCI highlights the uneven impact of the war on global markets, identifying risks across revenue, operations, and supply chains.

Military and Infrastructure Impacts

Following the elimination of Iranian leadership, U.S. And Israeli forces have conducted strikes targeting remaining command structures and strategic assets, including alleged nuclear and missile facilities Flashpoint. Reports indicate significant fragmentation within the Iranian military, with widespread desertion among commanders and a breakdown in command and control. On March 6, 2026, 50 Israeli planes dropped 100 bombs on an underground bunker in Tehran, and U.S. Forces destroyed a hidden ballistic missile factory within the city Flashpoint.

Key Takeaways

• FCMs held a record $375.5 billion in customer funds as of February 27, 2026.
• This increase likely reflects heightened market volatility due to the conflict with Iran.
• Seven major FCMs, including Goldman Sachs, set individual record highs.
• The conflict is expanding beyond direct military engagement to include cyber warfare and potential involvement of additional state actors.
• Significant disruption to Iranian military cohesion and strategic infrastructure has been reported.