Comercio de Sabiduria is an Independent Introducing Broker (IB), which means we never hold client funds directly. Every futures account we open is cleared through a top-tier, NFA-regulated Futures Commission Merchant (FCM). Today our clients clear through three of the most respected names in the industry — StoneX, Phillip Capital, and TradeStation — each holding client funds in fully segregated accounts as required by US futures regulation, and each with decades of operating history.
Why We Clear Through Multiple Top-Tier FCMs (Instead of One)
Most introducing brokers route every client through a single clearing relationship. That’s simpler for the broker but worse for the client: one platform, one fee schedule, one set of exchange relationships, and a single point of operational risk. We do it differently. Offering a choice of Futures Commission Merchants gives our clients real flexibility based on what they actually trade and how they trade it:
- Exchange access — different FCMs have different strengths across CME Group, ICE, Eurex, and Asian exchanges.
- Platform compatibility — CQG, TradeStation, NinjaTrader, MetaTrader, and proprietary tools route through different FCMs differently.
- Account minimums and fee structures — vary by FCM and by trader profile.
- Geographic and jurisdictional fit — US, non-US, commercial, and institutional considerations.
- Operational redundancy — if one FCM has a platform outage, we have alternatives.
StoneX (Now Incorporating R.J. O’Brien)
A global financial-services leader and the largest non-bank FCM in the United States.
StoneX Group (formerly INTL FCStone) is a Fortune 100 global financial-services firm with infrastructure across more than 80 countries. In July 2025, StoneX completed its acquisition of R.J. O’Brien — the oldest futures brokerage in the United States, founded in Chicago in 1914 — becoming the largest non-bank Futures Commission Merchant in the US. For our clients, that brings together R.J. O’Brien’s deep American futures heritage and StoneX’s global commodity and financial-market reach in a single, robust clearing relationship.
Strengths for our clients:
- Deep US futures markets — CME Group (CME, CBOT, NYMEX, COMEX) and ICE
- The largest non-bank FCM in the US by client base and contract volume
- Robust agricultural, energy, and financial futures clearing infrastructure
- Global commodity reach — metals, energy, grains, and softs across 80+ countries
- Strong currency and FX clearing plus institutional-grade research and market intelligence
- Extensive platform compatibility including CQG, TradeStation, and NinjaTrader
- Excellent fit for systems traders, active discretionary traders, commercial hedgers, and producers
Phillip Capital
An Asian-rooted global brokerage with multi-asset clearing.
Phillip Capital’s group has operated since 1975 and serves clients across futures, equities, FX, and structured products worldwide, with a particularly strong presence in Asian futures markets.
Strengths for our clients:
- Best-in-class access to Asian exchanges (SGX, HKEX)
- Multi-asset clearing across futures, options, and FX
- Strong fit for traders with global or Asia-Pacific exposure
- Competitive structure for active traders and family offices
- Robust platform support including CQG and proprietary tools
TradeStation
Award-winning trading technology and a self-clearing US FCM.
TradeStation Securities is a self-clearing, NFA-regulated Futures Commission Merchant best known for its award-winning trading technology and deep support for active and systematic traders. Its platform, extensive historical market data, and EasyLanguage automation have made it a long-standing favorite among rules-based and active discretionary traders.
Strengths for our clients:
- Self-clearing US FCM with direct-market-access execution
- Award-winning desktop, web, and mobile trading platforms
- Deep historical market data and EasyLanguage strategy automation
- Strong fit for active futures traders, systems traders, and automated strategies
- Competitive commissions and a transparent fee structure
- Broad futures coverage across CME Group and other major exchanges
How We Match You to the Right FCM
Account opening starts with a short conversation. We ask about the markets you trade, the platforms you use, your typical position sizes, your jurisdiction, and your operational priorities. From there we recommend the FCM relationship that best fits, walk you through the paperwork, and handle the operational onboarding end-to-end.
If your needs change — if you start trading a new market, your account scales, or you need a different platform — you can move between FCMs without ever leaving Comercio de Sabiduria.However you trade — through our direct-market-access brokerage, a managed futures program, or our proprietary trading systems and strategies — we match you to the FCM that fits best.
Client Funds Are Always Segregated
US futures regulation requires that all customer funds be held in segregated accounts at the FCM — legally separated from the FCM’s own operating capital. This is a fundamental protection of the US futures market structure. Each of our clearing FCMs meets its segregated-funds obligations, and Comercio de Sabiduria itself never holds or touches client funds.
Frequently Asked Questions
Who are Comercio de Sabiduria’s clearing firms?
Comercio de Sabiduria clears client futures accounts through three top-tier, NFA-regulated FCMs: StoneX (which now includes R.J. O’Brien), Phillip Capital, and TradeStation.
Is StoneX the same as R.J. O’Brien now?
Yes. StoneX completed its acquisition of R.J. O’Brien in July 2025, making StoneX the largest non-bank FCM in the United States. Accounts that previously cleared through RJO are now part of the combined StoneX organization.
Can I trade futures through TradeStation with Comercio de Sabiduria?
Yes. As an introducing broker, we can open and support accounts cleared through TradeStation, giving you access to its award-winning platform and self-clearing execution.
Are my funds protected?
All customer funds are held in segregated accounts at the FCM, legally separated from the firm’s operating capital as required by US futures regulation. Comercio de Sabiduria never holds client funds.
Can I switch between FCMs later?
Yes. If your trading needs change, you can move between our clearing FCMs without leaving Comercio de Sabiduria.Many of our clients run systematic and trend-following strategies across these FCMs. For our latest market commentary, visit our Insights — for example, why trend-following systems have struggled recently.
Open an Account
Get in touch for account-opening paperwork and guidance on which clearing relationship — StoneX, Phillip Capital, or TradeStation — best fits your trading. A principal responds within 24 hours.