• The Commodity Futures Trading Commission is the federal agency created by Congress to regulate futures trading. The Commodity Exchange Act of 1974 became effective April 21, 1975. Previously, futures trading had been regulated by the Commodity Exchange Authority of the USDA.
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| ||Floor broker: Is a member of an exchange who executes orders for others. This compares to a Floor Trader.A member who is paid a fee for executing orders for clearing members or their customers. A floor broker executing customer orders must be licensed by the Cftc.|
| ||Futures commission merchant: A firm or person engaged in soliciting or accepting and handling orders for the purchase or sale of futures contracts, subject to the rules of a futures exchange and, who, in connection with such solicitation or acceptance of orders, accepts any money or securities to margin any resulting trades or contracts. The FCM must be licensed by the Cftc. Related: commission house , omnibus accountIs a firm which is registered to do customer business in the futures and options on-futures business. This customer business relates to the taking of orders for contract execution.|
| ||Registered representative: A person registered with the Cftc who is employed by, and soliciting business for, a commission house or futures commission merchant.|
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