What Is the Difference between a Futures Commission Merchant (FCM) and a Clearing Member? ▴ Learn

What Is the Difference between a Futures Commission Merchant (FCM) and a Clearing Member?

A Futures Commission Merchant (FCM) is a firm that solicits or accepts orders for futures or options contracts and accepts money or other assets from customers to support such orders. A clearing member is a firm that has the right to clear trades through a CCP.

While many clearing members are also FCMs, not all FCMs are clearing members.

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