A more thorough explanation:

Definition: A futures-commission merchant is a person or company that carries out orders to purchase or sell futures or futures options.

Example: John wants to buy a futures contract for wheat. He contacts a futures-commission merchant who will execute the order on his behalf. The futures-commission merchant will charge John a commission for their services.

Explanation: A futures-commission merchant acts as a middleman between the buyer and seller of futures contracts. They execute orders on behalf of their clients and charge a commission for their services. In the example, John wants to buy a futures contract for wheat, but he doesn't have direct access to the futures market. The futures-commission merchant acts as an intermediary, executing the order on John's behalf.