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www.TotalMerrill.com
Provides a full line of services to all commodity / option traders, managed accounts, futures, treasury bonds, computerized trading.
www.absolute-futures.com
Introducing futures broker providing execution services and proprietary research for individual futures traders.
www.accesstrading.com
Commodity quotes and charts, agricultural news, grain bids, weather, Hightower Report opening call.
www.actrading.com
ADM Investor Services (ADMIS) is a full-service commodity brokerage firm, providing clearing, execution and research services to Introducing Brokers.
www.admis.com
Provider of a platform for day-trading futures and options on futures, from LaSalle Futures Group.
advantagetradinggroup.com
Futures commission merchant (FCM) located in Chicago, Illinois. Aegis Online offers a way of placing orders, receiving fills, and keeping track of daily equity.
www.aegisllc.com
Offers professional discount brokerage services as well as full service and managed accounts. Provides real time quotes, charts, futures news, inhouse futures research, online trading, and up-to-the-click account balances.
www.alaron.com
Introducing broker providing traditional and online futures execution services.
www.alphacommodities.com
Commodity futures and options brokerage firm offering full-service, discount, and online trading.
www.altavest.com
Commodity futures and options brokers providing full service, discount, online trading, flash fills, charts, real-time quotes, news, weather reports, newsletters. Brokers specialize in S&P 500, Dow, bonds, currency trading, daytrading, technical...
www.americanfutures.com
Discount commodity broker; full-service broker-assisted accounts; futures commission merchant.
www.ancofutures.com
The firm focuses on executing system-generated trades for futures traders.
www.angusjackson.com
Member based service. Grains, metals, financial, energies, & meat trading.
www.applfutures.com
Registered Introducing Broker handling all futures and options on futures contracts traded on all the major futures exchanges. Located in Chagrin Falls, Ohio.
www.argofutures.com
Discount online trading with commodity trading advisers available to assist trading. Located in Chicago, Illinois.
www.arrowfutures.com
Full service brokerage house specializing in commodity futures and options. Offers trading services and support including: quotes, research, electronic order-entry software.
atradersedge.com
Introducing broker providing full-service and discount futures execution services. The site also provides timely market commentary.
www.atticuspartners.com
Introducing broker providing full service and discount brokerage and managed accounts.
www.betterfutures.com
Provider of offshore brokerage services in foreign exchange, futures and options for corporate and private clients.
www.bfl.co.uk
A world leading brokerage and Trading Advisor for exchange-traded futures and options. Specialty in short term limited risk option strategies.
www.bluefutures.com
Introducing broker for individual traders. The site also provides updated charts for all futures contracts.
www.bohl.minot.com
A registered futures commission merchant with the National Futures Association and a member of the Minneapolis Grain Exchange and the Kansas City Board of Trade.
www.bqci.com
Services include: cash advisory services, discount brokerage, full service brokerage, Internet online trading, managed accounts and pools funds. Also, seminars, computerized simulated trading; charts, quotes, and market news information.
www.brokerpro.com
U.S. based Commodity Trading Advisor (CTA), investing in 14 markets in the U.S., Europe, and Asia. Onshore U.S. fund; also offshore capabilities.
www.brookville.com
Commodity futures, options and foreign exchange brokers. Provides CTA profiles and rankings, quotes and charts, hedge fund rankings & profiles.
www.catranis.com
Introducing broker providing online futures order execution. The site also provides extensive technical and fundamental analysis.
www.ccstrade.com
Commodity brokers specializing in trading the Grain markets including corn, soybeans and wheat; Energy markets including crude oil, unleaded gas, heating oil; Currencies including the dollar, yen and d-mark; and metals including gold, silver and...
www.cerestrading.com
Offers service in designing and implementing futures programs, selecting commodity trading advisors, starting up or expanding a futures operation, developing marketing/sales strategies, establishing trading procedures, improving money management...
www.cfos100.com
Provider of full-service brokerage services for individual traders. The site also provides extensive technical analysis for futures traders.
www.chartingyourfutures.com
Provider of electronic matching, clearing and settlement of futures trades.
www.chicagofutures.com
Maintains online up to the minute quotation service with news, charting, and technical analysis capabilities.
www.cimfutures.com
Introducing broker providing full service to individual futures traders.
www.cleartrade.com
Offers full service and discount brokerage services to the commodity futures trader.
www.commodity.com
Introducing broker, commercial, and institutional clients call directly to strategically located specialists on the Chicago exchange floors. Future and option orders are executed, with “flashing” capability in the corn, wheat, soybean, treasury...
www.compak.com
Provide online execution of commodity futures and options transactions. The site also contains market-moving news and analysis, as well as charting capabilities.
www.compassfinancial.com
Full service commodity trading services offering brokerage and advisory services.
www.coquest.com
A global investment banking firm, providing comprehensive financial advisory, capital raising, sales and trading, and financial products for users and suppliers of capital around the world.
www.csfb.com
Independent Introducing Broker, represented on all major futures exchanges with direct line access to the trading floors of all major exchanges. Site features quote boards, weather updates, market news, supply and demand tables and crop progress...
www.deccapital.com
An independent Introducing broker and a registered Commodity Trading Advisor; not a retail commodity broker.
www.decfutures.com
Weekly energy news letter provides charts, news, commentary, market expectations,and trade recommendations for both hedgers and speculators.
www.devocapital.com
Provide its clients with value-added financial services. Located in Chicago, Illinois.
www.dhfinancial.com
Clearing member on the Chicago Board of Trade and provider of execution services for institutional and individual futures traders.
www.eaglemarketmakers.com
International group with two principal businesses: the supply of agricultural and the provision of financial services - brokers of futures and options.
www.edfman.com
Provider of electronic trading, credit analysis, and clearing services. Developer of eSpeed Markets(sm) electronic trading software. The software runs on IBM PCs and compatibles. Also a provider of related software consulting and custom programm...
www.espeed.com
Introducing broker, whose goal is to educate individuals on the use of the Internet for futures trading.
www.excelfutures.com
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www.expofutures.com
Futures discount brokerage. Site includes online trading, quotes, charts, trading news, account statements and Pit Warrior S&P audio.
www.fadc.com
Introducing broker offering discount futures and options execution. The site also includes charting and news.
www.fieldfinancial.com
Societe Generale's futures brokerage arm. The site includes research material and general information about the futures markets.
www.fimat.com
Using technology provided by OAK Trading Systems, FOX GLOBAL allows online traders to place orders using any computer connected to the Internet. Quotes, charts, news coverage and several market advisory services are available to online clients.
www.foxinvestments.com
Wholly owned subsidiary of Fahnestock & Company, the firm provides online equity trading execution for individuals.
www.freedominvestments.com
Provider of discount and online futures trading execution for individual traders.
www.futuresdiscountgroup.com
Online futures trading platform, the site also includes futures news and charting capabilites.
www.futuresexpress.com
Provider of an online futures trading platform, including charts, news and analysis.
www.futuresonline.com
Futures and options, financial and commodities consulting and brokerage firm. Located in Chicago, Illinois.
www.gltc.com
Based in the UK with interactive internet products offering on-line access to foreign exchange and futures trading, research and account information.
www.gni.co.uk
Introducing broker and provider of managed futures accounts for individual futures traders. The site also provides proprietary market analysis.
www.gpfo.com
Full service commodity brokerage offering services to traders ranging from the beginner to the advanced trader. Site includes futures & options information center and commodity research.
www.gptc.com
Full service introducing brokerage firm, providing each client with individualized service, discount commodity trading with free live quotes and charts and broker-assisted accounts with flash fills in most commodity markets. Located in Bismarck...
www.heartlandinvest.com
Full-service futures brokers offering trading and educational support for both experienced and novice traders. Futures, commodity, and options training.
www.heritagewestfutures.com
Full service, discount, on-line trading futures and options brokerage firm.
www.hi-techfutures.com
Monthly 100 Managed Futures Report and Top 30 Rankings of Commodity Trading Advisors - benchmarks for evaluating managed futures investments.
www.iasg.com
Money and securities broker covering the government and municipal bonds, Eurobonds, corporate bonds, repos, equities, foreign exchange, cash deposits, interest rate products, commodities, asset swaps and credit derivatives.
www.icap.com
Provider of discounted brokerage and online trading services for individual futures traders.
www.iepstein.com
Offers commodity futures and options brokerage and brokers.
www.ifgfutures.com
Full-service and discount broker also providing individually managed accounts, educational options courses and trade recommendations.
www.ifgnet.com
Commodity brokers, commodity trading advisors, managed accounts, futures & options traders. S&P 500, treasury bonds, grains, corn, on-line, computerized trading, and flash fills.
www.infinitybrokerage.com
Provides investors of securities and derivatives market with high-speed access to trade markets around the world. Connected to more than 30 equity and derivatives exchanges and a growing number of ECNs.
www.interactivebrokers.com
Full service clearing firm with an online futures and options order entry system and extensive online market research products providing access to all global commodity futures.
www.iowagrain.com
Futures and options brokerage business that draws on JP Morgan Chase's worldwide network and global derivatives organization.
www.jpmorgan.com
Full service commodity brokerage firm with offices located in Chicago, Oklahoma, Nevada, California, and Texas; maintains complete one-on-one access and trade ideas from their professional floor trader located directly in the Eurodollar and Catt...
www.kisfutures.com
Provider of traditional futures brokerage services, including clearing trades, regulatory issues, information and analysis.
www.laymac.com
Full service futures brokerage that also offers managed accounts and online trading. Located in St. Petersburg, Florida.
www.libertytradinggroup.com
Discount futures brokerage with online trading services. The site also provides quotes, real-time news and live audio.
www.lind-waldock.com
Provider of online and full-service futures brokerage. Site also includes technical and fundamental analysis of futures markets.
www.linkfutures.com
Online, discount, broker assisted, paper trading & system trading.
www.lloydlewis.com
Full and discount service commodity futures introducing broker with access to major futures exchanges worldwide.
www.ltfintl.com
Provider of execution service for broker-dealers, banks, and financial institutions.
www.madoff.com
Online discount futures brokerage arm of EDF & Man Group, the site also provides access to research and account services.
www.mandirect.com
Division of ED&F Man International that provides discount brokerage for individual futures traders. The site also includes fundamental and technical information on the futures markets.
www.manfutures.com
Provider of online execution platform for futures traders. Site also provides technical and fundamental analysis.
www.mcfrlnd.com
Providing full service commodity brokerage and resource site.
www.mcreynoldsmarketing.com
Introducing futures broker providing an online execution platform for individual traders. Site also provides fundamental and technical information and analysis of futures markets.
www.merchantcapitalinc.com
Commodity brokers specializing in trading the Grain markets including corn, soybeans and wheat; Energy markets including crude oil, unleaded gas, heating oil; Currencies including the dollar, yen and d-mark; and metals including gold, silver and...
www.meridiancommodity.com
Global financial services firm that offers securities, asset management, credit services, investment banking (including underwriting public offerings of securities and mergers and acquisitions advice) and institutional sales and trading.
www.msdw.com
Specialized site for stock index futures trading. The firm provides futures execution services, technical and fundamental analysis, and options strategy reccomendations.
www.myindexbroker.com
Offers full and discount brokerage services. Other services provided include fundamental and technical analysis, and managed futures accounts.
www.mymanagedfutures.com
Full service gold, silver and platinum precious metals dealer and adviser.
www.numismaticproperties.com
Specialist in options on futures execution services. The site also provides educational information on options trading.
www.oio.com
Commodity broker and trading firm - will trade customer's strategy for them.
www.oneworldcapital.com
A commodity / futures brokerage firm located in the financial district of Chicago.
opt2.net
Introducing futures broker, specializing in execution of options on futures.
www.optioncaddie.com
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Provider of online futures trading execution for individual traders. Site also provides current fundamental and technical analysis.
paragonfutures.com
Commodity brokerage and investment advisory firm, serving hedgers and speculators.
www.paragoninvestments.com
Full service futures and options broker, offering discount commission rate, online charting with technicals and delayed quotes.
www.pcis.net
Full service brokerage, discount desk, on-line trading, system tracking, & newsletter tracking.
www.pfgbest.com
Provider of online futures brokerage and managed futures services. Site also provides proprietary fundamental and technical analysis.
www.pfgca.com
Commodities trading firm that features hedging and price risk management, financing, transportation and storage. Subsidiary of Citigroup.
www.phibro.com
Provides a full range of investment products and services to individual, institutions and businesses.
www.piperjaffray.com
Complete line of professional futures brokerage services: full-service, broker-assisted, discount, online, or managed futures. Electronic Trading Division offers online trading for both retail and institutional traders.
www.pricegroup.com
Provider of an online futures trading portal for individual traders.
www.pricegroupetd.com
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www.proactivefutures.com
analyze and identify risk in agricultural, energy, and financial markets and make recommendations based on that analysis. Full service commodity brokerage firm offering clients information services.
www.progressivefutures.com
Provides service and execution for institutional & professional futures traders and located in Chicago, Illinois. Site has a German language and Japanese language version.
www.rand-usa.com
Full-Service Brokers assists clients on a trade-by-trade basis with the implementation of specific trading objectives located in Chicago, Illinois.
www.robbins-trading.com
Founded in Milwaukee. Serving the Midwest: individuals, corporations, municipalities and institutional investors.
www.rwbaird.com
Investment bank offering underwriting, securities sales, and research and trading for individuals and institutions. Subsidiary of Citigroup.
www.salomonsmithbarney.com
Full service, commodities futures brokerage and scale trading; located in Fairfield, Iowa.
www.scaletrading.com
Provider of online futures execution services for individual traders. The site also provides real-time futures quotes and news.
www.smartfutures.net
Introducing broker specializing in the agricultural futures markets. The site also provides technical and fundamental analysis of the futures markets.
www.stafutures.com
Futures and securities brokers based in Chicago, Illinois. Professional services to qualified traders, our research on trading systems, and the maintenance of customer systems.
www.striker.com
Acts as broker in the area of futures and options for professional traders and hedgers. Company serves as administrator for managed futures, futures funds, equity funds and hedge funds.
www.swiss-financial.ch
Offers cotton futures brokerage services through its Mandeville, Louisiana office. SFS clears its futures contracts through ING Barings Futures & Options Clearing Services. Site includes links of interest to the cotton industry.
www.swiss-financial.com
Introducing broker offering an online futures trading platform. The site also includes the firm's proprietary research and analysis.
www.tradecenterinc.com
Provider of futures brokerage to individual traders, including online trading capabilities.
www.tradefutures.cc
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www.TradeStation.com
Provider of full-service and discount futures brokerage and managed futures accounts. The site also provides technical and fundamental market information.
www.tradinggroup.com
Full service commodity, futures and options brokerage firmwith corporate headquarters in Minnesota. Futures trading is mainly in, but not limited to, agricultural commodities like corn, wheat, soybeans and livestock.
www.tradingservices.com
Commodity brokerage offering managed accounts, full service, broker assisted, discount or on-line trading. Located in Grants Pass, Oregon.
www.transitionstrading.com
Commodity brokerage firm offering full service, discount and on-line trading to the beginner and advanced trader.
transitionstrading.com
Full service futures brokerage firm that focuses on speed of execution.
trendexcommodity.com
Providing online brokerage and commodity trading advisers that specializes in daytrading the S&P 500 and E-Mini. Located in Americus, Georgia.
www.trendsystems.com
Providing managed futures and brokerage services through commodity trading advisers.
www.ufhc.com
Offering managed futures accounts, broker assisted, and online futures trading, commodity reports and charts.
www.unitedfutures.com
Advisers specializing in trading stock index futures.
www.usafutures.com
Provider of full service and discount futures and foreign exchange brokerage. Also offers managed futures accounts.
www.usfollc.com
Full service broker-dealer and FCM specializing in the trading of futures and options based in New York. USSF's experience in U.S. and global markets also encompasses equities, bonds and investment banking. Structured to serve institutions, prof...
www.ussecurities.com
Concentrates on the trading of grains, vegetable oils, oil seeds, sugar, rice and animal feed such as corn, soyabeanmeal and fishmeal. Special geographic areas of priority are Latin America, Far East, the Middle East and the CIS.
www.vait.com
Brokerage services with managed futures commodity trading adviser.
www.vipfutures.com
Brokerage services with managed futures commodity trading adviser.
www.vipfutures.com
Provider of domestic equity and futures order execution and trade clearing services. Parent/holding company with a high-tech unit involved in manufacturing telecommunication products. This company was capitalized by private investment.
www.woconnor.com
Specialize in serving the beginning commodities trader. Users have access to educational material, free charts, free prices, customer service center and a bi-weekly educational column entitled "The Beginner's Link."
www.worldlinkfutures.com
Internet-based futures brokerage with providing self-directed futures traders with high-speed Internet trading services, market data, trading tools, and up-to-the-minute account information. The main office is located in the Chicago Mercantile E...
www.xpresstrade.com
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Do you want to understand futures brokers news and trends? Perhaps you’re a commodity broker, and you want to see what your competitors are doing. You may need to know how commodities are performing. You may also want to understand the motive behind these brokers' trading of certain commodities.
In the futures market, there are hedgers and speculators. Hedgers look to futures as a guard against downturns in future prices in cash commodities, while speculators look to make money more quickly due to rapid changes in the market. You can actually read the information from the futures brokers themselves on blogs. Here are three ways you can find the latest on futures brokers news and trends:
1. Get the most up-to-date information on commodity futures brokers through blogs.
2. Learn about futures brokerage firms in magazines.
3. Rely on newsletters produced by trading brokers.
Action Steps
The best contacts and resources to help you get it done
Stick with blogs to get the scoop on what commodity futures brokers are trading
One of the best ways to learn what commodities futures brokers are trading is to look at blogs. A future broker blog might not have articles that focus on the futures market as a whole. Instead, you can read why these online futures brokers are buying certain commodities and why they're ignoring others. Then you can post your own comments and read what others are saying.
I recommend: Ira Epstein and Company Futures, which is a registered commodity brokerage firm, has a blog that focuses on the commodities that it likes. The commodity broker blog doesn’t feature articles. However, you can read posts from other users. Cannon Trading also features analyses that commodity brokers post. You’ll likely read about trading ranges or study charts of futures.
Read about futures brokerage firms in magazines
You don't want to overlook online magazines. Not only do they feature stories on the commodity industry, but you can read about Chicago futures brokers, for example, including executives' profiles or how many employees work in the offices. In addition, magazines will have advertisements of discount futures brokers.
I recommend: Futures Mag is one of the leading magazines that cover stories on the industry. Here, you can also read about top ranking commodity brokers. Stocks, Futures and Options Magazine also focuses on the futures industry.
Read about trading brokers in newsletters
Newsletters are likely to focus on specific areas that you won't find in magazines or blogs. You can read about the trading brokers' trading systems. If you need to improve on developing trading ideas or trading methodologies, newsletters by commodity brokers can provide this insight.
I recommend: The Joss Report produces a newsletter that many futures brokers use to come up with their own trading ideas; it is designed to help you come up with a plan for the trading week or month. You’ll have to subscribe to the Joss Report. Odom & Frey is another newsletter to consider; it is the product of a veteran commodity broker. Like the Joss Report, you’ll have to subscribe to this newsletter.
Tips & Tactics
Helpful advice for making the most of this Guide
- • Use the Internet to find seminars on futures brokers. This is another great avenue for getting the latest news and trends.
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Discount futures brokers may help you save money, but you need to take other factors into consideration when looking for futures brokers. Will discount futures brokers offer you advice on your investment strategies? Or are you on your own? You’ve decided to make trading your business. However, your trades have involved stocks, bonds or mutual funds. Now you’re ready to take investment to a new level. You want to invest in futures. You have been studying futures, but it’s still unfamiliar territory.
You're going to be trading. So obviously, you'll be looking for online futures brokers. Or if you live in Chicago, you may want to stay local, and find Chicago futures brokers. When considering futures brokers, you should know the following:
1. Future brokers should offer flexibility on trading.
2. Brokers are available who work for deep discounted commissions.
3. Futures brokers should execute your trades quickly.
Action Steps
The best contacts and resources to help you get it done
Find out what trading platforms the futures brokers use
When it comes to deciding on trading platforms, you want flexibility. Does the commodity broker offer wireless or online trading? If it's online trading, for example, does the futures brokerage firm allow you to execute a trade from any computer? Does it offer real-time prices? Does the commodity broker offer financial and technical analysis? Perhaps you don't want to execute a trade, but instead you want to perform a simulation trade. A good commodity broker should offer this feature. After all, you'll be risking a significant amount of money. One factor you'll need to consider is that prices will vary depending on the features you want.
I recommend: Look at Lind-Waldock’s website. Lind-Waldock is a Chicago futures brokers firm that offers 3 pricing levels: Lite, Standard, and Professional. Choose one that will fit your budget and trading needs. Like Lind-Wald, ExpressFutures.com, a discount futures brokerage firm, offers 3 trading platforms that you can use.
Ask futures brokers how quickly they will execute your trades
Timing is everything. Futures prices can change in just a second. If you use a trading system that is based on buy-and-sell signals, you need a reliable futures brokerage firm that will execute your trade immediately. You will need to have access to real-time futures prices. That way, you can time your buy or sell decisions. You will want to ask the futures brokers how they route their trades. Another question you'll want to ask is their percentage rate on executed trades.
I recommend: Look at both ClearTrade Commodities and Interactive Brokers LLC. ClearTrade’s MTRADE PRO gives you real-time trading access. You can also trade on multiple exchanges. Interactive Brokers uses IB SmartRouting that searches for the best price and dynamically routes your order to find the best execution.
Ask commodity brokers about commission structure
You need to check a future broker's commission structure. Some commodity brokers can charge you higher rates because you've decided to hold trades overnight. Commissions vary at different futures brokerage firms. Some charge flat rates. Depending on how frequently you trade and your account balance, futures brokers will charge you less.
I recommend: NobleTrading Inc’s website has a breakdown of the commission for futures. Heritage West Futures Inc. gives a good explanation of how its commission structures work.
Tips & Tactics
Helpful advice for making the most of this Guide
- • Make a list of services of what futures brokers will offer. Don't just base your decision on discount commissions.
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Futures brokers trade contract obligations on an exchange that includes commodities such as metals, livestock, agriculture, energy and other tangible items. Futures trading also includes derivatives such as money markets, equity indexes, bonds and individual stocks. To become a commodity futures broker you need to pass the Series 3 exam and register with the National Futures Association. Even if you completed the aforementioned requirements, it's always prudent to keep your industry knowledge current through futures brokers education and training.
With the innovation in the financial industry, the number of trading options for commodity brokers is growing each year of the market's existence. Therefore, you need to know what the job of a commodity broker entails and if it's something that can benefit you or your company. This training is available through the governing bodies of the industry and private firms that specialize in future brokers training. However, before you begin any educational investigation there are few items to consider:
1. Review the requirements and job description for a future broker.
2. Examine the futures brokerage training classes available.
3. Contact the futures brokers training and education regulatory agencies.
Action Steps
The best contacts and resources to help you get it done
Scrutinize what the profession of a futures broker entails
Before investing time and money into training, it's imperative that you under the industry process, occupational outlook and the various steps to launching your futures career. All these factors should play an important role in deciding how to allocate your company's training and education budget.
I recommend: Evaluate the occupational outlook that's available at the Bureau of Labor Statistics. Review the tutorial on how to become a futures broker from the AAA Learning Institute. Assess the industry requirements for a futures broker at the National Futures Association.
Enroll in futures commodity brokerage training courses
The basis of any good financial education is the crucible of classroom learning. In this environment, you test theories and expand your industry knowledge without putting you or your company's money at risk. These classes are requirements for certification and a virtual must to keep expanding your future brokerage knowledge base.
I recommend: Inspect the course offering at Alaron Futures & Options, National Futures Association, and Chicago Board of Trade. The Chicago futures brokers is a training curriculum specifically for trading on that futures exchange.
Speak to a representative at each of the commodity futures brokers industry agencies
When you trade futures, it is an obligation to deliver an equity or commodity on a certain date. Because of this obligation, the licensing is an essential part of this profession. These institutions also offer training in the trading brokers industry. In addition, they are excellent resources to connect with other futures brokers within the industry to attain knowledge specific to the profession that you may not learn in textbooks.
I recommend: Examine the training and educational resources available at the Financial Industry Regulatory Authority, Institute for Financial Markets and the Commodity Futures Trading Commission.
Tips & Tactics
Helpful advice for making the most of this Guide
- • Be sure to verify that any futures broker training entity has the proper certification before you enroll in any course. While most are reputable, some unlicensed companies out there would not be a wise educational investment.
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Future brokers are the people that work in the area of the stock market that focus on future deliveries of commodities. These can be things like corn, cattle, crude oil or currencies. If you are looking to trade in this competitive market or are looking to hire a futures broker to handle your transactions for you, a little knowledge of the area in general is a good idea. Take some time to focus on a few key terms before you go investing money from your budget.
Action Steps
The best contacts and resources to help you get it done
Broker
A broker is the person who is paid a fee for buying or selling orders for their customer. There are three types of brokers in the futures markets: Floor Brokers, Associated Persons and the Futures Commission Merchant.
I recommend: Take a visit to MF Global Ltd to read more on brokers and other basic futures terminology.
Futures commission merchant
A futures commission merchant, or FCM, is a person or a group that either solicits or takes orders to buy or sell futures while taking money or assets from customers in direct relation to the orders. To be a futures commission merchant, you must be registered with the Commodity Futures Trading Commission.
I recommend: At RJO Futures, you can get additional information on futures commission merchants and other future brokers key terms.
Commodity Futures Trading Commission
The Commodity Futures Trading Commission, or CFTC, is an agency that was formed in 1974. The CFTC watches over the futures and options on all U.S. futures markets. The CFTS is an independent commission that is made up of five Presidential nominated members who were subject to Senate confirmation.
I recommend: Go directly to the source, the U.S. Commodity Futures Trading Commission, for more information on this key term.
Spread
The spread is the difference in price between two closely related markets or futures commodities.
I recommend: Read more about spread at the University of Missouri site that offers some free commodity futures terminology.
Associated person
The associated person, or AP, is the person that takes or solicits orders on behalf of the futures commission merchant. They can also supervise people who are taking or soliciting orders.
I recommend: At the website for the Texas Cooperative Extension at the Texas A&M University System, you can find additional information on associated person.
Floor broker
The floor broker, or pit broker, is the person who is in charge of executing the orders on the floor of the exchange. The reason they are also called pit brokers is because of the area where the brokers stand to execute orders. It resembles a pit because there are steps that lead down into it.
I recommend: At the Center for Futures Education, you can read more about the role of the floor broker, as well as many other futures broker key terms.
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