Futures Commission Merchants
Futures Commission Merchants (FCMs) are the trade intermediaries that are essential to the futures and options industry. FCMs execute futures and options trades for their customers, provide credit intermediation on behalf of their customers to the clearing organization, process the accompanying margin payments and provide financial reporting (account statements). As of December 2012, there were 110 FCMs. Check back as we evaluate changes in the structure of the FCM industry in terms of asset size and market share over time.