Prime Clearing Member  - Prime Clearing Member (PCM) is a Market Maker at PANAFEX™. Prime Clearing Member solicits or accepts orders to buy or sell on PANAFEX™. Prime Clearing Member is permitted to accept money or other assets from Clients to support such orders. Prime Clearing Member has full access to informational products available at PANAFEX™, is supported by advanced PANAFEX™ technology, including a real-time risk management system.

  Clearing Member  - Clearing Member (CM) solicits or accepts orders to buy or sell on PANAFEX™. Clearing Member is permitted to accept money or other assets from Clients to support such orders. Clearing member who is not a Market Maker has full access to informational products available at PANAFEX™, is supported by advanced PANAFEX™ technology except real-time risk management system.

  Clearing Broker  - Clearing Broker (CB) is a qualified market participant who is authorized to buy or sell for another person using his own account. Clearing Broker can accept money or other assets from the client, but must clear transactions and accept funds through one of the Clearing Members at PANAFEX™.

  Exchange Pool Operator  - Exchange Pool Operator (EPO) is an individual or organization which operates or solicits funds for an Exchange pool; that is, an enterprise in which funds contributed by a number of persons are combined for the purpose of trading contracts/spot units on PANAFEX™ or to invest in another Exchange pool. EPO must clear transactions and accept funds through one of the Clearing Members at PANAFEX™.

  Non-clearing Broker  - Non-Clearing Broker (NCB) is an individual or organization which solicits or accepts orders to buy or sell contracts/spot units, but does not accept money or other assets from Clients to support such orders.

  Exchange Trading Advisor  - Exchange Trading Advisor (ETA) is an individual or organization which, for compensation or profit, advises others as to the value of or the advisability of buying or selling contracts/spot units on PANAFEX™.

  Associated Person  - Associated Person (AP) is an individual or organization who solicits orders, Clients or Client funds (or who supervises persons so engaged) on behalf of a Prime Clearing Member, Clearing Member, Clearing Broker, EPO, Non-clearing Broker. An AP is, in effect, anyone who is a salesperson or who supervises other salespersons for any of these categories of Members at PANAFEX™.

  Prime Individual Member  - Prime Individual Member (PIM) is an individual or organization and a basic member of the Exchange. Prime Individual Member has the authorization to buy or sell on PANAFEX™ using his account on his own behalf only. PIM has access to informational products available at PANAFEX™ (PANAFEX™ Pro Charts, News, Radio, etc.)

  Individual Member  - Individual Member (IM) is an individual or organization and a basic member of the Exchange. Individual Member has the authorization to buy or sell on PANAFEXT using his own account on his own behalf only.