CoachA futures commission merchant (FCM) is, in the United States, an entity that solicits or accepts orders for futures, options on futures or swaps and accepts money or other assets from customers to support them; it must be registered and a member of the industry’s self-regulatory body. A clearing member is a firm admitted by a clearing house to clear trades in its own name; it guarantees its customers’ trades to the clearing house and contributes to the default fund (Chapter 5).
