A Futures Commission Merchant (FCM) is a firm or individual that solicits or accepts orders for futures and options contracts and accepts money or assets from customers to support such orders. FCMs are registered with the CFTC and must be members of the NFA.
Example
“The trader opened a futures account through an FCM, which held the margin deposits in a segregated account and routed orders to the CME for execution on the S&P 500 E-mini futures.”