Those wishing to speculate, or hedge, in the futures markets via either futures contracts, or options on futures contracts, must open a trading account with a futures broker.  The commodity broker chosen might be a Futures Commission Merchant (FCM), or an Introducing Broker (IB); once the account application is processed and approved the client must fund the account to begin trading commodities.  Funds are held by the FCM, and trades are cleared with the futures exchange by the FCM (or their designated clearing house).