Futures Commission Merchant
a.k.a. FCM
A US firm registered to take orders and hold customer money for futures trading.
In plain English
A US firm registered to take orders and hold customer money for futures trading.
A futures commission merchant (FCM) is a regulated firm that accepts orders and money from clients for futures and options on futures. In the US, retail forex dealers have often been registered as FCMs or retail foreign exchange dealers.
They are overseen by the CFTC and must keep minimum capital and segregate client funds.
Keep this word for good
Your free Private Swap Lounge saves the terms you’ve learned and quizzes you on them. Portal under construction. Expected delivery date is December 01, 2026.