Guaranteed and Independent IB Requirements

Introducing brokers (IB) may be independent, meaning they use the services of futures commission merchants (FCM) for clearing without entering into a guarantee agreement with an FCM, or guaranteed, meaning that the FCM is liable for any acts and omissions by its guaranteed IB. Customer accounts of guaranteed IBs must be carried by the guarantor FCM or retail foreign exchange dealer (RFED) while the customer accounts of independent IBs may be carried by one or more FCMs or RFEDs.