Futures Commission Merchant (FCM) Registration

A futures commission merchant (FCM) is an entity that solicits or accepts orders to buy or sell futures contracts, options on futures, retail off-exchange forex contracts or swaps, and accepts money or other assets from customers to support such orders.

Registration is required for an FCM unless the entity:

  • Handles transactions only for the firm itself, firm's affiliates, firm's top officers, or firm's directors; or
  • Is a non-U.S. resident or firm with only non-U.S. customers and submits all trades for clearing to a CFTC registered FCM.

All registered FCMs must be NFA Members.

Registration Requirements for FCMs

To register and become an NFA Member:

Registration Requirements for Principals and Associated Persons (AP) of FCMs

An FCM is required to file the following for its principals (one of whom must be designated as the firm's Chief Compliance Officer) and associated persons (AP)

An application fee for principals and APs is not required if the individual is currently registered with the CFTC in any capacity or is listed as a principal of a current CFTC registrant. Only one application fee is required if the individual is filing an application as both an AP and Principal. One principal must be an AP, forex AP or swap AP.

Access NFA's Online Registration System

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Request Access to NFA's Online Registration System

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View FCM Member Requirements

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