How are futures orders placed and filled?
A. All contracts traded at exchange must be done so by a member of the exchange. A broker such as GFT Futures must be contacted via an electronic platform or phone to place the order, in order to buy or sell a contract. The broker will then submit the order to the trading system. After the trade is entered into the live market, the trader with the best price becomes the counterparty to the deal. The broker will inform the customer that the order is filled and both sides of the trade will pass the trade details onto the clearinghouse, which acts as the central counterparty.
