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FRM-1 Study Notes

Futures Exchange – Professionals

  • Futures Commission Merchants (FCM) – A futures brokerage firm that acts as an intermediary between customers and the exchanges. Also known as commission house or carrying firm.
  • Provides services to customers accounts and collects commissions.
  • The only entity outside the futures clearing house than can hold customers funds
  • Introducing Brokers (IB) – They service customer accounts that they introduce to future commission merchants. They may either be guaranteed by one or more FCMs or may be independent.
  • Account executives (AP) – Agents of FCM or IB, who deal directly with firm's customers.

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