In the Commodity/Futures system (as used on the Chicago Mercantile Exchange for currency futures options for instance), there are two kinds of participants on the trading floor: floor brokers and floor traders. What status do these people have?
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- a) They are all exchange members.
Yes. Not every exchange member is a clearing member, for the simple reason that clearing membership requires strong capitalization.
b) They are all clearing members.
c) None of the above.