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  3. Futures Commission Merchant (FCM)
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Futures Commission Merchant (FCM) - Meaning

An organisation that solicits or accepts orders for the purchase or sale of any financial instrument for future delivery. FCMs can solicit business directly, but most act as exchange liaisons for introducing brokers. An FCM can be either a clearing member of an exchange (a clearing FCM) or a non-clearing member of an exchange (a non-clearing FCM).

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