1.3.4.1. Defining the Players
Futures commission merchant. A futures commission merchant is a brokerage firm that solicits and accepts orders from customers and executes trades for the buying and selling of futures contracts. It may also provide credit to its customers to enable trading.
Commission brokers. Commission brokers are individuals who accept orders and execute futures transactions for customers for a fee. These brokers may be independent business persons or representatives of a futures commission merchant.
Floor broker. Floor brokers are commission brokers who represent a futures commission merchant. They are members of a futures exchange and are eligible to