### Question
How does BILATERAL AND CLEARING ORGANIZATION NETTING define futures commission merchant?


### Answer
Under *12 U.S.C. § 4402*, **futures commission merchant** is defined as:

> a company that is registered or licensed under Federal law to engage in the business of selling futures and options in commodities

#### Citation:
  - *12 U.S.C. § 4402*
  - Heading: **CHAPTER 45-PAYMENT SYSTEM RISK REDUCTION > SUBCHAPTER I-BILATERAL AND CLEARING ORGANIZATION NETTING**

