ABSTRACT
All futures contracts, exchange-traded forward contracts, and exchangetraded options on either futures or spot are effected through a broker. Forward contracts and most over-the-counter derivatives, such as options and swaps, are dealer products, available through a bank that provides customer service in these areas. A "broker/dealer" is a person who can be a broker or a dealer, depending on the circumstances. The term here refers both to the bank foreign exchange dealer who transacts for the bank's customers and to the futures broker, trading for his customer's account.
