Last updated: 11 October 2026 CFTC data show OANDA Corporation held $132.4 million in US retail forex customer obligations on 31 July 2026, which is 28.1% of the $471.6 million held by the six dealers that report this figure. FTMO completed its acquisition of OANDA Global Corporation on 1 December 2025. Other prop firms are filing brokerage trademarks of their own. Together, those facts describe a sector that is moving into the regulated brokerage business, not away from it.
OANDA: $132.4M of US retail forex customer money on 31 Jul 2026 (28.1% of the six-dealer total), down from $184.4M (33.8%) on 31 Jul 2024.
FTMO: completed the purchase of OANDA Global Corporation on 1 Dec 2025, subject to five regulators’ approvals.
Trademarks: Topstep filed TOPSTEP BROKERAGE (serials 99917176 and 99917181) and TOPSTEP X on 1 Jul 2026. Tradeify filed SLAY MARKETS (serial 50011448) on 24 Jul 2026.
What the CFTC data show
Every month the Commodity Futures Trading Commission publishes financial data for Futures Commission Merchants and Retail Foreign Exchange Dealers. One column is “Total Amount of Retail Forex Obligation”, the customer money each dealer reports. We extracted that column for every dealer that reports a positive figure.
| As of | OANDA retail forex obligation | Share of six-dealer total | Largest dealer |
|---|---|---|---|
| 31 Jul 2024 | $184.4M | 33.8% | GAIN Capital $205.9M |
| 31 Oct 2024 | $174.1M | 33.0% | GAIN Capital $204.7M |
| 31 Jan 2025 | $165.6M | 32.4% | GAIN Capital $211.5M |
| 30 Apr 2025 | $146.1M | 29.5% | GAIN Capital $211.1M |
| 31 Jul 2025 | $144.0M | 29.0% | GAIN Capital $216.4M |
| 31 Oct 2025 | $144.9M | 29.0% | GAIN Capital $215.4M |
| 30 Nov 2025 | $145.2M | 29.3% | GAIN Capital $215.8M |
| 31 Jan 2026 | $133.7M | 28.3% | GAIN Capital $203.1M |
| 30 Apr 2026 | $135.5M | 28.4% | GAIN Capital $203.7M |
| 31 Jul 2026 | $132.4M | 28.1% | GAIN Capital $204.1M |
OANDA’s customer money fell about 28% over those two years, while the total across the six dealers fell about 14%. GAIN Capital Group stayed the largest throughout. The decline was already under way before FTMO closed the deal in December 2025, so it should not be read as a result of the acquisition.
The FTMO–OANDA acquisition
On 2 December 2025, FTMO and OANDA published matching press releases saying FTMO had completed the acquisition of OANDA Global Corporation from CVC Asia Fund IV. The deal needed approvals from five regulators and closed on 1 December 2025. OANDA Corporation, the US dealer in the CFTC file, states in its audited statement for 31 December 2025 that it is a wholly owned subsidiary of OANDA Global Corporation, which is wholly owned through Plutus Investment Holdings Inc. and Omus I Inc. by OMHC a.s., the Czech company that also owns FTMO s.r.o. (OANDA Corporation statement; chain set out on our ownership page). FTMO said it would keep OANDA as a standalone business. The parties did not disclose the price in those releases; later Czech filings reported about 8.79 billion Czech koruna (roughly $422 million), according to Finance Magnates. We treat that price figure as a secondary report until we can cite the filing directly.
Separately, FTMO and OANDA announced a US partnership on 26 August 2025 that opened FTMO evaluations to US residents through ftmo.oanda.com, with five US states excluded. Our ownership page records that partnership in FTMO’s own words.
Other prop firms filing for brokerage
USPTO records in our Trademark Tracker show the same move elsewhere. Topstep filed two applications for TOPSTEP BROKERAGE on 1 July 2026 (serials 99917176 and 99917181), claiming securities, commodity and futures brokerage. The same day it filed TOPSTEP X and TOPSTEPX marks covering software and trading services. On 31 August 2026 it filed THE FUTURES DESK. Tradeify filed SLAY MARKETS on 24 July 2026 (serial 50011448), covering stock brokerage and electronic financial trading, matching the name of its introducing-broker arm. FTMO filed US applications for the FTMO mark on 22 December 2025. Trademark filings show intent; they are not evidence that a product has launched.
Topstep and Tradeify already describe brokerage arms on their own sites. Topstep Brokerage LLC is an NFA-member introducing broker. Tradeify Brokerage LLC d/b/a Slay Markets is a CFTC-registered introducing broker guaranteed by NinjaTrader Clearing. FTMO launched FTMO Futures on 17 September 2026. By 7 October 2026, FundedNext’s futures page listed a new Direct account.
What this does and does not mean
- Customer money at a CFTC-registered RFED is a regulated quantity. Evaluation fees at a prop firm are not the same thing.
- A trademark filing is not a product launch. Whether TOPSTEP BROKERAGE becomes a live service is a separate question.
- OANDA Corporation says in its own audited statement that it sits inside the OANDA Global Corporation group that FTMO’s owner bought, so the CFTC figures are for a company in that group. They say nothing about FTMO’s prop-trading business, and the decline in OANDA’s figure began before the deal closed.
Data: ownership details for 10 firms are at who-owns-your-prop-firm/; USPTO filings are at prop-firm-trademark-tracker/. The CFTC monthly files are public domain. Our open rules dataset is at DOI 10.5281/zenodo.23108163.
By PropDataLab · All PropDataLab datasets