Frequently Asked Questions

FREQUENTLY ASKED QUESTIONS

When will trading commence?
FutureCom has no way of determining the date when trading can begin. Our application is being processed by the Commodities Futures Exchange Commission and we will start trading once we have received approval. CFTC has assured us that they will process our application with due dispatch.098

How do you apply for a membership in the exchange?
FutureCom will not accept memberships at this time. We will be make sure we are close to approval with CFTC before accepting applications. We will be posting additional information on memberships on this site in the near future.

Do you have to be a member to trade on the exchange?
Yes. FutureCom will be approving qualified applicants although some members may want to clear through another member firm.

Who owns FutureCom?
FutureCom is a Texas Limited Partnership and is part of Texas Beef Group, an umbrella for a group of companies involved in cattle and grain operations. W.H. O'Brien is the manager and the owners are Mr. O'Brien and his family along with the Jack Shelton and W.H. Attebury families in Amarillo Texas. FutureCom is evaluating inquiries from outside parties interested in owning interests in the company.

How secure is trading on FutureCom?
Traders will be logging on to secure servers using user ID and passwords and customer account numbers. FutureCom will also utilize other commonly used security features used by other online trading sites to assure the users of protected access.

How will I view the current bids and offers that are available for trading?
FutureCom will offer a view of the current "Best 5" bids and offers on the month and commodity you select. Order forms will also show the best current bid or offer when you enter an order before you confirm the order for execution.

What happens if I make a mistake entering my order?
We realize that traders may make a mistake entering their order. To prevent or minimize the errors, we have set up a second screen, after you have entered your order, that will display the results of the order entry. It will show you the order including all the specifications, margin required, and ask you to confirm the information before finally sending the order for execution.

How are margin calls handled?
All communications will be handled through email. This will include margin calls that will specify the amount due and the time the amount is due. Some clearing agreements will give the Exchange authority to debit the members account for margins. Should any margin requirement fail to be delivered to the Exchange, the position will automatically close.

What happens in the event of a member default?

Futurecom will issue irrevocable letters of credit ranging from $1-8 million dollars per contract depending on the volume of business. All member defaults will first be charged upon default to the Exchange to the full extent of the Letters of Credit.

What are the rules of the exchange?
The FutureCom rulebook will be posted on public folders of the Exchange and available to any member or qualified trader.

What happens if the internet goes down or my internet provider cannot be accessed?
While parts of the internet have been disabled in the past, the internet is a fairly stable communication mode. Certain extraordinary events may caused disruptions to the Exchange but the internet should be a reliable as our phone system. If your internet provider does not provide you access for whatever reason then the Exchange can not be responsible. Regular traders will want to arrange alternative access options.