Phillip Capital Inc. business hours are Monday through Friday from 7:30 am to 4:30 pm CST.
Phillip Capital Inc. is located at the CBOT (Chicago Board of Trade) building at 141 W Jackson Blvd, Suite 1531A, Chicago IL 60604.
Phillip Capital Inc. is a full clearing CFTC registered futures commission merchant (FCM) since February of 2011, with direct exchange & clearing memberships at the CME, CBOT, NYMEX, COMEX, ICE Futures US, ICE Futures EU, NFX, CFE, DME, ICE Clear US, ICE Clear EU and OCC, and access to all major futures markets worldwide. Additionally, we are a registered Securities Broker Dealer and Financial Industry Regulatory Authority (FINRA) member. PhillipCapital’s services include self-clearing corporate equity and debt securities. We are a member of the PhillipCapital group of companies (The PhillipCapital Group) headquartered in Singapore since 1975. The PhillipCapital Group has over $1.5 Billion US in shareholder’s equity, no long-term debt, over a million clients worldwide, more than 5000 employees and $35 Billion US in AUM.
Our decision to start an FCM in the United States was motivated by the desire to reduce counterparty risk and to directly control where customer segregated funds are held for our customers based in Asia. We also saw opportunities to offer global markets to all participants and develop long term clearing businesses in the U.S., Asia and abroad.
Our goal is to provide global products to participants worldwide; where by offering a variety of products and platforms for customers to trade globally. In 2015, we expanded our current financial services beyond futures to include self-clearing corporate equity and debt securities. Our first securities trades were executed in February of 2016. Also, in February of 2016, we were granted membership to ICE Europe exchange.
Phillip Capital Inc. is a direct clearing member of the following US and Non US Exchanges: CME, CBOT, COMEX, NYMEX, NFX, ICE US, CFE (CBOE). ICE EU and DME (Dubai). Our affiliates around the globe clear the following exchanges: DGCX, HKEX, ICDX, NCDEX, MCX, MCX-SX, NSE, BSE, NSPOT, IEX, OSE, TOCOM, TSE, BMD, SGX, SMX, TFEX and Borsa Istanbul.
Customers’ money is held in segregated and or secured accounts per CFTC and SEC regulations (as applicable). As a policy, PhillipCapital carries an excess amount of its own money in these secured and segregated accounts.
Phillip Capital Inc. is regulated by the U.S. Commodity Futures Trading Commission (CFTC), National Futures Association (NFA) and each commodity futures exchange for which we are members. The CME Group is our designated self-regulatory organization (DSRO). Additionally, as a registered Securities Broker Dealer, we are regulated by the Securities and Exchange Commission (SEC), Financial Industry Regulatory Authority (FINRA), and applicable U.S. states.
Phillip Capital Inc. plan was always to become a multi asset financial institution providing a one stop shop for investors and traders.
If you are a US domiciled resident, the minimum initial deposit to open an account is $5,000 US. If you are a non-US domiciled person, then your minimum initial deposit is $5,000 US. Of course, depending on what you are trading, you will be required to deposit additional amounts of Initial Margin for the different products that you trade. If you are a proprietary trading firm or professional trader requiring direct market access to the exchanges, your minimum requirements will range from $100,000 US to $1 Million US depending on which exchanges and which platforms you use.
You can open Individual, Joint, Corporate, LLC, LLP, Trust, IRA, Pension Plan and Discretionary Trading accounts.
Yes you can! To apply online, just go to newaccount.phillipusa.com.
We pride ourselves on typically responding to any requests within one business day. The total time it takes to open an account would depend on the type of account you would like to open. If we receive all the necessary documentation, we can typically open an individual account within one business day.
You can fund your account by wire, check, or ACH transfer. Please go to our documents page for more information on funding.
For segregated accounts, we accept: US Dollar, Canadian Dollar, Swiss Franc, Japanese Yen, Euro, Chinese Renminbi, British Pound, Australian Dollar & New Zealand Dollar. For secured accounts, we accept: US Dollar, Japanese Yen, Singapore Dollar, Hong Kong Dollar, Australian Dollar, Euro, British Pound, Malaysian Ringgit & Chinese Renminbi.
PhillipCapital offers several free platform simulator options including CQG Trader, J-Trader, NinjaTrader and Trading Technologies. To learn more or find out if we offer a demo for a particular platform, please click here.
Phillip Capital Inc. charges margins based on what is set by the applicable exchange. However, we reserve the right to increase the margin when our stress test shows that the risk has increased more than the margins set.
Phillip Capital Inc. offers day trading margins of 25%-50% on a case by case basis. Applicable rates depend on the product that will be traded and the individual investor’s experience; such rates are determined and set by our Risk Dept. For all day trading margin requests, please email email@example.com.
Phillip Capital Inc. charges and fees are shown here. In addition to commissions, we also charge exchange, NFA and platform fees. We pass on these costs respectively.
Interest charges occur whenever there is a deficit in any currency by origin (segregated or secured). Sometimes debit interest can be charged even if rolled up margin excess is positive and there is no margin call, but a particular currency margin excess is negative. As a firm, Phillip Capital Inc. will need to charge you debit interest as we are holding currency risk. For other currency exposure we have to pay interest to other banks and financial institutions as well. Interest charges occur in the following situations: When you have an overnight margin deficiency in any currency. When you are trading in a contract that settles in a non-US currency. To avoid being charged interest, please ensure that you have sufficient funds in any of the currencies by origin. You can transfer money from one of your accounts to another without a charge by emailing treasury.
Commissions and platform transaction fees are typically charged per transaction and are reflected in your daily statements. Fees that are charged monthly include (but are not limited to): certain platform fees, give up fees, desk fees and interest
Customers’ money is held in segregated and/or secured accounts per CFTC and SEC regulations (as applicable). As required by US Regulations, PhillipCapital carries an excess amount of its own money in these segregated and secured accounts.
Form 1099-INT is an annual tax statement that summarizes your interest income for the tax year. Interest reported on Form 1099-INT includes interest paid on savings accounts, interest-bearing checking accounts, and US Savings bonds. All information provided on Form 1099-INT is reported to the Internal Revenue Service (IRS).
Profits or losses are realized when a futures or options position is closed. Profits and losses are unrealized when a futures or an option on a futures position is held open. The amount of unrealized futures profit or loss is the difference between the initial purchase or sale price and the settlement value of the position on the last trading day. The amount of unrealized options on futures profit or loss is the net value of the long and short option value on the last trading day. The unrealized profit or loss for futures and options positions is the sum of the open trade equity and net option value on the last trading day.
PhillipCapital does not include realized options profit and loss on the 1099.
Total Realized P/L on open contracts on the last trading day minus the Unrealized P/L on Open Contracts on the last trading day of the prior year plus the Unrealized P/L on open contracts on the last trading day; or calculated as follows:
+ Total Realized Profit or Loss as of last trading day
• Prior year’s Unrealized Profit/Loss on open contracts
+ Current year’s Unrealized Profit/Loss on open contracts
= Aggregated Profit/Loss on contracts