To negotiate price by computer each trader has to type in a price, then wait for a reply. A local is an individual who trades for himself. Protecting the interests of all participants in the futures market is the responsibility of all exchange and industry members, as well as federal regulators. Working in concert, they work to maintain an honest, open trading environment for all market participants. OIA staff members work to prevent trading irregularities and investigate possible violations of exchange rules and regulations.
Classes are open to the public and are offered quarterly.
The exchange conducts a thorough investigation of each applicant, focusing on his or her credit standing, financial responsibility, character and level of integrity. The seminar provides instruction in the basics of exchange rules and trading practices. A passing grade is mandatory upon completion of the seminar. Each applicant must meet certain financial and other requirements and be sponsored by two exchange members. The cost of a membership varies by category and current supply and demand factors.