As defined under Section 1a(28) of the Commodity Exchange Act (CEA), An individual, association, partnership, corporation or trust that solicits or accepts orders for the purchase or sale of any commodity for future delivery, a security futures product, swap, as well as certain commodity options and other exchange-traded and leveraged derivatives transactions. FCMs are often affiliates of major dealers or financial institutions that are members of major national derivatives exchanges, typically also affiliated with clearing members of major derivatives clearinghouses.