The NCX has three trading membership categories. Registration with the Securities and Exchange Commission (SEC) in any of the trading membership categories is mandatory.
The three trading membership categories of the NCX are:
i. Broker Dealer Member
A corporate entity licensed by the NCX to initiate and execute transactions on own accounts and on behalf of clients with whom it has executed constituent agreements.
ii. Dealer Member
A corporate entity licensed by the NCX to initiate and execute transactions on own accounts only.
iii. Broker Member
A corporate entity licensed by the NCX to initiate and execute transactions only on behalf of its clients with whom it has executed constituent agreements.
Any farmer group, corporate body, commodity merchant, exporter and agro-processor desirous of trading on the Exchange has to apply for a membership category or engage a registered member to trade on his behalf.
Dealing Clerk: Dealing Clerk is a Commodity Broker trained and certified to trade on behalf of a trading member of the Exchange (sponsoring firm). The NCX require individual that shall take up dealing clerkship of the NCX to have minimum of HND/BSc, undergo three levels training on Commodity Exchange Operations and pass NCX Dealership examination.
Sponsored Individual and Compliance Officer: Every applicant shall have at least one sponsored individual who shall be the Compliance Officer and who shall be responsible for monitoring compliance with the ISA 2007, Rules and Regulations, notifications, guidelines, instructions etc. issued by the SEC, NCX or the Federal Government.