### Question
How is the term futures commission merchant defined?


### Answer
The term **futures commission merchant** is defined in *12 U.S.C. § 4402* as the following:

> 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**

