Trading Privilege Holder

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A Trading Privilege Holder, or TPH, is the designation frequently given to an entity that holds the right to trade at an exchange. Entities who hold such rights can include futures commission merchants (FCMs), introducing brokers (IBs) or commodity trading advisors (CTAs).[1][2][3]

References

  1. Trading Permits. CBOE.
  2. General Info Main. CBOE.
  3. Trading Privilege Holders. CCFE.