Futures commission merchant. An FCM is a person who solicits or accepts orders to buy or sell, by means of a CCP, futures contracts, options on futures, swaps, or certain other products, and accepts money, securities, or property (or extends credit in lieu thereof) to margin or guarantee any contracts that result therefrom. Because of the mandatory clearing of certain derivatives under the DFA, FCMs are now playing a more prominent role in the swaps market than they previously did, and many market participants have put in place, or are in the process of putting in place, cleared swaps-related documentation with FCMs.

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