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Futures Commission Merchants (FCM) are financial entities registered with the Commodity Futures Trading Commission (CFTC) and regulated by the National Futures Association (NFA) in the United States. They act as intermediaries between traders (individuals or institutions) and the futures exchanges where contracts for commodities, financial instruments, and other assets are traded. FCMs facilitate futures and options transactions by executing trades on behalf of their clients and providing clearing and settlement services. They play a crucial role in the futures markets by managing the logistics of trading, including margin requirements, account maintenance, and ensuring compliance with regulatory standards. FCMs may also offer advisory services related to trading strategies and risk management, catering to a wide range of market participants from individual investors to large institutional clients.

CFTC – Futures Commission Merchants (FCMs)