Nanhua USA

What Nanhua USA does

Nanhua USA LLC is a privately held, CFTC-registered and NFA-member Futures Commission Merchant (FCM) headquartered in Chicago, established in 2013 as the first Chinese capital-funded non-bank FCM in the United States. The firm operates as an indirect wholly-owned subsidiary of Nanhua Futures Co., Ltd., the financial futures arm of Chinese conglomerate Hengdian Group, with the parent group HGNH International Financial Corporation Limited listed on the Hong Kong Stock Exchange. Nanhua USA's stated mission is to bridge Chinese and US derivatives markets by providing cross-border market access, clearing, and risk management services to professional traders, institutional clients, introducing brokers, commercial hedgers, and managed account vehicles.

The company's product surface is organized around three core service lines: Exchange Services (clearing and trading access across CME Group, ICE U.S., Cboe, MIAX Futures, Nodal Exchange, Coinbase Derivatives, and Gulf Mercantile Exchange), Risk Management (compliance, monitoring, and bespoke risk assessment for client portfolios), and Technology Services (bilingual English/Chinese trading platforms, mobile apps, and APIs supporting program trading). Underlying technology integrates with third-party front-ends including Trading Technologies, CQG, Esunny, and CTS. The revenue model is transaction-based, earning commissions and clearing fees on contract executions; pricing is negotiated per client on a pay-as-you-go basis, with no publicly disclosed fee schedule. Distribution is direct and relationship-driven, with around-the-clock client support, and the firm leverages the Hengdian/Nanhua group's affiliate network in Hong Kong, Singapore, London, and Chicago to provide access to 16+ major global exchanges.

The business is structured as a boutique US FCM operation with reported headcount of 1-10 employees, operating within a much larger international group (30+ offices globally, HKD 17.8 billion in group client equity as of June 2025, 68% CAGR in international business revenue from 2022-2024 per HGNH). The firm holds eight exchange memberships spanning CME, ICE U.S., MIAX Futures, Cboe Clear U.S., and Nodal Clear, and is the first and only Chinese futures firm authorized to both trade and clear on Nodal Exchange. No venture capital or private equity investment rounds have been disclosed, and revenue is not publicly reported.

Name

Nanhua USA

Legal name

Nanhua USA LLC

Website

https://nanhua-usa.com

Company type

Private

Founded year

2013

Operating status

Operating

Headcount range

1–10 employees

Short description

Nanhua USA LLC is a Chicago-based, CFTC-registered Futures Commission Merchant and indirect subsidiary of China's Nanhua Futures (Hengdian Group), providing US and global exchange clearing, trading access, risk management, and bilingual trading technology to professional traders, institutional clients, introducing brokers, and commercial hedgers.

Ownership category

akta.pro rank

Product category

Futures Brokerage and Clearing Services

NAICS

Commodity Contracts Intermediation (52316), Commodity Contracts Intermediation (523160), Securities and Commodity Contracts Intermediation and Brokerage (5231)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Commodity Contracts Brokers & Dealers (6221)

akta.pro primary industry

Clearing Broker / Carrying Broker (FCM & Clearing) (FSAEACAF)

Keywords

• Futures clearing services
• Futures commission merchant
• Derivatives trading access
• Global exchange brokerage
• FCM services

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales, Others

Revenue model

1. Futures Commission and Clearing Fees: Nanhua USA operates as a Futures Commission Merchant (FCM) earning commissions on trade executions and clearing services provided to clients across global derivatives exchanges.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels2 records

Core offering

Nanhua USA is a registered Futures Commission Merchant (FCM) that provides trading and clearing services across global derivatives exchanges, including CME Group, ICE U.S., Cboe, MIAX Futures, and Nodal Exchange. The company offers a platform-plus-services model encompassing exchange access, risk management, and technology services (bilingual trading platforms, mobile apps, APIs) primarily to professional traders, institutional clients, introducing brokers, and commercial entities.

Product overview

Nanhua USA Futures LLC is a first Chinese capital-funded non-bank Futures Commission Merchant (FCM) in the United States, established in 2013 and headquartered in Chicago. The company operates a platform-plus-services model offering three core products: Exchange Services (clearing and trading across global exchanges), Risk Management (comprehensive risk assessment and monitoring), and Technology Services (bilingual trading platforms, mobile apps, and APIs for program trading). The firm serves professional traders, retail traders, introducing brokers, omnibus accounts, agricultural hedge accounts, CTA managed accounts, and commercial traders. Access is provided to over 16 major global exchanges including CME Group, ICE, Cboe, Nodal Exchange, and multiple Asian exchanges.

Differentiator

Problem solved

Functional benefit

Products and services

• Exchange Services
• Risk Management
• Technology Services
• CTA/CPO Due Diligence
• Education
• Accounting Services

Quantifiable outcome

• 68% CAGR in international business revenue from 2022 to 2024

Segments7 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration11 records

Feature4 records

Partnerships

Six partnerships are on record, tiered core.

• Nodal ClearcoreStrategic or Co-development PartnerNodal Clear, LLC announced Nanhua USA as a new clearing member, enabling the firm to provide clients access to Nodal Exchange and Coinbase Derivatives contracts. This partnership made Nanhua USA the first and only Chinese futures firm able to both trade and clear products listed on Nodal Exchange.
• Coinbase DerivativescoreTechnology or IntegrationNanhua USA became a Coinbase FCM (Futures Commission Merchant) participant, enabling access to crypto asset derivatives and index products alongside near real-time margin top-up services through Coinbase Derivatives.
• CME GroupcoreChannel Partner/ Reseller/ DistributorNanhua USA is a clearing member of CME Group, providing access to CME, CBOT, NYMEX, and COMEX products including E-mini S&P 500, Eurodollar, energy, and metals contracts.
• ICE U.S.coreChannel Partner/ Reseller/ DistributorNanhua USA is a clearing member of ICE U.S. (IFUS), gaining access to futures, options, and OTC products across energy, commodities, equities, and fixed income.
• MIAX Futures ExchangecoreChannel Partner/ Reseller/ DistributorNanhua USA is a clearing member of MIAX Futures Exchange, the primary venue for trading hard red spring wheat among millers, exporters, elevators, and farmers.
• Cboe Clear U.S.coreChannel Partner/ Reseller/ DistributorNanhua USA is a clearing member of Cboe Clear U.S., providing central clearing of cryptocurrency futures traded on CBOE Futures Exchange, including bitcoin (FBT) and ether (FET) futures.

Scale indicators5 records

Direct peers

• R.J. O'Brien: Chicago-headquartered independent FCM offering clearing and execution across global derivatives exchanges, serving institutional and commercial clients. Highly comparable to Nanhua USA in FCM business model and Chicago base, though without the Chinese-capital affiliation.
• ADM Investor Services: Wholly-owned FCM subsidiary of Archer Daniels Midland providing clearing, execution, and risk management across global commodity and financial futures exchanges. Similar Chicago FCM roots and commercial-clearing franchise.
• StoneX Financial: Publicly traded (NASDAQ: SNEX) global FCM and clearing firm with extensive exchange memberships and a multi-asset class platform serving institutional and commercial clients. Closely mirrors Nanhua USA's core FCM clearing and execution offering at much larger scale.
• ED&F Man Capital Markets: International FCM specializing in soft commodities and sugar, coffee, and cocoa futures with global clearing and execution capabilities. Comparable as a non-bank FCM with international exchange access and commercial-client focus.
• Rosenthal Collins Group: Independent FCM offering clearing and execution for futures and options globally, including FX. Comparable independent FCM structure and multi-exchange clearing franchise.
• Advantage Futures: Independent FCM providing execution, clearing, and introducing broker services across global futures markets. Similar mid-sized independent FCM profile serving professional and institutional traders.
• Marex: Publicly traded (LON: MAEX) global commodities-focused FCM offering clearing and execution across energy, agricultural, metals, and financial futures. Highly comparable multi-exchange FCM model with global affiliate network.
• Wedbush Futures: US-registered FCM providing execution and clearing services to institutional and retail futures traders. Comparable as a smaller US-based FCM with clearing memberships at major US exchanges.

Broad incumbents

• Goldman Sachs (FCM Division): Bulge-bracket investment bank operating a major FCM and prime brokerage franchise with deep clearing memberships and institutional scale. Competes with Nanhua USA for institutional clearing mandates but with vastly broader balance sheet and service offering.
• JPMorgan Securities (Futures & Options): Large global investment bank with full-service FCM operations including clearing, execution, and prime brokerage across futures and options. Adjacent incumbent serving overlapping institutional clients with far greater capital and product breadth.

Market position

Strengths4 records

Weaknesses4 records

Key risks5 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/@NanhuaFutures
• LinkedInlinkedin.com/company/nanhua-usa-llc

Compliance7 records

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Nanhua USA