The Commodity Exchange Act requires all futures commission merchants (FCMs) and introducing brokers (IBs) to register as such, unless they qualify for an exemption, e.g.:
All registered FCMs and IBs are required to be members of the National Futures Association (NFA), and may also be members of one or more designated contract markets (commodity exchanges). The NFA and the commodity exchanges are self-regulatory organizations that are required to enforce CFTC-approved minimum financial and reporting requirements for their members.
FCMs and IBs must satisfy minimum standards for: