Eligilibity Criteria

Become a Member !

We appreciate your interest in the FOREX & Commodities Options Exchange.

The Exchange is one of the most respected institutions in the world, primarily due to the integrity and dedication of its members. To maintain this posture, the Membership Committee and Associated Staff are charged with carefully scrutinizing every applicant for membership. Each applicant must be of high moral character, reputation and be financially responsible to be considered for membership.

Any individual, other than an employee of the Association, who is at least twenty-one (21) years of age and who satisfies the Membership Committee that he/she is suitable to assume the responsibilities and privileges of membership, is eligible to become a member. If you meet these requirements, we welcome your application.

Application Filing and Processing Fees

Each application filed must be accompanied by a check made payable to the FOREX & Commodities Options Exchange. The fee is determined by various criteria, i.e., the type of membership being acquired, if the applicant will exercise trading privileges at the FCOEX and whether the membership will be purchased, transferred or leased. The processing fees range between $1,000 to $3,300. The staff can communicate the exact cost to you once they know the answers to the aforementioned criteria.

The application may be typewritten or legibly handwritten.

Applications take a minimum of four to five days to process. This time period may be extended, depending upon the applicant's background. This time period may or may not include the applicant completing necessary education requirements and registering with the FOAV. Applicants are either reviewed by the Membership Committee's Chairman, Vice Chairman or are required to make a personal appearance before the Membership Committee. 

The staff in Member Services will advise applicants if an appearance before the Committee is necessary.

Sponsors

Sponsors are not required, however, the Membership Committee reserves the right to request a sponsor.

Financial Statement

All applicants are required to complete a brief financial statement, which includes personal assets, liabilities and net worth.

Posting Requirements and Personal Investigations

The name of each applicant listed in the Exchange's Bi-Monthly Letter to Members.

Primary Clearing Member Authorization

Each applicant who plans to execute trades on the Exchange Floor or on the electronic trading system must designate a primary clearing member that will accept and clear the member's trades. For those applicants who do not have an affiliation with a clearing member firm, a list can be provided by Member Services for assistance in contacting different firms.

Examination/Education Requirements

It is required that applicants satisfy Exchange educational requirements. Applicants who will access the trading floor will be required to pass a Qualifying Examination covering the basics of the commodity industry, trading strategies and calculations, based on trading scenarios and contract specifications. Study materials will be provided upon application submission. Applicants who will access the trading floor are also required to pass an exam on Canadian Rules and Regulations. A review session which covers material on the Qualifying Exam and the Rules and Regulations may be attended on a voluntary basis. These requirements may be satisfied once an application for membership is submitted to the Member Services Department.

Acquisitions

Following election and procurement of a membership privilege, an applicant is required to sign the membership register in New York prior to obtaining a membership badge.

Purchase or Lease of a Membership

Following the approval of a membership application, an applicant is allowed six months to procure a membership privilege. A bid to purchase a membership may be submitted at any time, i.e., before an application for membership is submitted, while an application is being processed or after an application is approved. A lease agreement or transfer forms may be submitted once approval is secured. An applicant may lease a membership by paying a monthly 'rent' to an owner of any particular membership.

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