Futures Commission Merchants (FCMs)

A Futures Commission Merchant (FCM) is an entity that solicits or accepts orders to buy or sell futures contracts or options on futures and accepts money or other assets from customers to support such orders.

FCMs are required to maintain accounting systems that are similar to those of any other business. Records must be prepared following generally accepted accounting principles.  FCMs must maintain a minimum net capital requirement and adhere to daily and monthly financial reporting requirements.  More...

All FCMs are required to have an anti-money laundering (AML) compliance program in place pursuant to the International Money Laundering Abatement and Anti-Terrorist Financing Act of 2001 (Title III), which was signed into law on October 26, 2001.  NFA rules outline the content and scope of this program and NFA has developed numerous resources to assist Members in meeting this regulatory responsibility.  More...

FCMs that offer retail off-exchange foreign currency (forex) products, have specific registration, recordkeeping, reporting, financial and compliance requirements designed to address the issues unique to this off-exchange environment.  More...