A Futures Commission Merchant can be anyone or an entity (an association, partnership or trust) that is “engaged in soliciting or in accepting orders for the purchase or sale of any commodity for future delivery,” including a swap or a commodity option. An FCM can act as a counterparty to “any agreement, contract or [futures] transaction.”
An FCM may accept “money, securities, or property (or extends credit in lieu thereof) to margin, guarantee, or secure any trades or contracts” for these transactions.
A future is an agreement to purchase or sell a commodity for future delivery. The price may be determined from the outset or via another method.