Dorman is the carrying FCM for both direct clients and customers introduced by other brokers. That distinction affects practical details such as funding channels and platform charges. Its current ownership description also supersedes the impression that a long-established brand must still have its original family ownership.[1][4][5][10]
Accounts and eligibility
Sections ↑Account comparison01
Account types
| Item | Terms and scope |
|---|---|
| Carrying entity | Dorman Trading LLC, futures commission merchantSource 3 |
| Parent | Miami International Holdings Inc., wholly owned according to SEC 2025 formSource 4 |
| Client range | Individual, proprietary, institutional and introducing broker customersSource 4 |
| Account route | Direct Dorman or introduced customersSource 1 |
| Minimum deposit | No single binding universal minimum establishedSource 1 |
Account comparison02
Operating company and parent
| Item | Terms and scope |
|---|---|
| Customer carrier | Dorman Trading LLCSource 4Source 1 |
| Parent in SEC filing | Miami International Holdings Inc.Source 4Source 1 |
| Introduced account | An introducing broker can service the customer while Dorman carries the accountSource 4Source 1 |
| Direct account | Dorman also markets direct serviceSource 4Source 1 |
Account comparison03
Identity and onboarding
| Item / condition | Verified detail and interpretation |
|---|---|
| Online application | Electronic signature, secure application and saved progress.Source 15 |
| US individual checks | Name, address, date of birth and potentially identity documents for customer verification.Source 15 |
| Non-US applicants | Passport or government-issued ID, signature/ID number and address proof.Source 15 |
| Corporate entities | Formation documents, operating agreements, good standing or similar records depending on type.Source 15 |
| Introducing broker coordination | Application/commission structures may be arranged through referring IB.Source 15 |
Products and market access
Sections ↑At a glance04
Market coverage
| Item | Terms and scope |
|---|---|
| Currency exposure | CME describes FX futures specializationSource 3 |
| Equity index futures | US index derivative markets includedSource 3 |
| Energy and metals | CME lists commodities segments supportedSource 3 |
| Futures options | CME marks options products supportedSource 3 |
| Digital derivatives | CME broker listing references cryptocurrency market segmentSource 3 |
Specifications05
CME directory product scope
At a glance06
FX futures versus OTC spot
| Item / condition | Verified detail and interpretation |
|---|---|
| Price discovery | Exchange order book, standard contract size and expiry.Source 11 |
| Leverage | Initial/maintenance margin posted as performance bond; not leverage ratio alone.Source 11 |
| Contract rolls | Positions expire and require closing/rolling to maintain exposure.Source 11 |
| US retail cash FX | Broker directory’s foreign exchange classification means FX futures support; it does not prove OTC spot forex dealing.Source 12 |
| Regulated market | CME exchange/clearing rules apply in addition to FCM agreement.Source 12 |
Costs and charges
Sections ↑At a glance07
Price metrics
| Item | Terms and scope |
|---|---|
| Commission model | Futures execution/clearing rather than FX retail pip spreadSource 3 |
| Exchange costs | CME and other venue clearing/membership ratesSource 3 |
| Platform licences | Variety of third-party front ends offeredSource 2 |
| IB relationship | Customer may be introduced through broker partnersSource 4 |
| Futures overnight margin | Exchange and FCM may impose changing levelsSource 3 |
Dorman’s publicly visible margin page is not a list of futures brokerage commissions; it is a contract-specific risk collateral snapshot that can be changed. Execution price and FCM/IB commission need a separate rate disclosure.[13][11][16][14]
Pricing & charges08
Posted FX initial/maintenance margin snapshot
| Item / condition | Verified detail and interpretation |
|---|---|
| EUR/USD Euro FX (6E) | $2,640 initial / $2,400 maintenance.Source 13 |
| JPY (6J) | $2,750 initial / $2,500 maintenance.Source 13 |
| GBP (6B) | $2,035 initial / $1,850 maintenance.Source 13 |
| AUD (6A) | $1,760 initial / $1,600 maintenance.Source 13 |
| CAD (6C) | $1,650 initial / $1,500 maintenance.Source 13 |
| CHF (6S) | $3,300 initial / $3,000 maintenance.Source 13 |
| Dollar index DX | $1,980 initial / $1,800 maintenance.Source 13 |
Pricing & charges09
Cross-asset margin references
| Item / condition | Verified detail and interpretation |
|---|---|
| E-mini S&P 500 ES | $12,320 initial / $11,200 maintenance.Source 13 |
| E-mini Nasdaq NQ | $17,050 initial / $15,500 maintenance.Source 13 |
| NYMEX crude CL | $9,625 initial / $8,750 maintenance.Source 13 |
| Gold GC | $7,920 initial / $7,200 maintenance.Source 13 |
| Disclosure status | Dorman labels the amounts information-only and gives no guarantee of accuracy.Source 13 |
Pricing & charges10
Trading-cost components
| Item / condition | Verified detail and interpretation |
|---|---|
| Broker/IB commission | Request executable FCM and introducing-broker commission schedule; not published in reviewed margin table.Source 11 |
| Exchange and NFA fees | May attach to executed or cleared contracts; exact effective rate is exchange/contract dependent.Source 11 |
| Market data | Platform/exchange subscriptions may involve monthly or usage fees.Source 16 |
| Clearing | Futures FCM may charge trade, give-up, liquidation and delivery/assignment fees by agreement.Source 11 |
| Margins | Collateral is not a fee deducted merely because it is posted; gains/losses and financing/deficits change the account.Source 11 |
| Currency conversion | Funding in EUR/AUD does not establish free exchange from those currencies to USD clearing balance.Source 14 |
Pricing & charges11
Margin example without false leverage conversion
| Item / condition | Verified detail and interpretation |
|---|---|
| Two Euro FX 6E contracts | 2 × $2,640 = $5,280 indicative posted initial margin at shown schedule.Source 13 |
| Maintenance for same two | 2 × $2,400 = $4,800 indicative maintenance margin.Source 13 |
| Gap between initial/maintenance | $480 under unmodified snapshot; not a pre-set maximum permitted trading loss.Source 13 |
| Real-time risk | Clearing/exchange/broker can change margin; loss may exceed funds and demand immediate deposit.Source 13 |
Platforms, orders and execution
Sections ↑At a glance12
Order workflow
| Item | Terms and scope |
|---|---|
| Dorman Direct | Dorman Direct is a CTS-powered T4 front endSource 2 |
| CQG Desktop | Third-party futures trading terminal promotedSource 2 |
| Other front ends | Third-party platform catalogue includes CQG and other vendor routesSource 2 |
| Colocation | CME data-centre hosting/technical solutions advertisedSource 1 |
At a glance13
Dorman Direct technology and access
At a glance14
Custom spreads and options tools
| Item | Terms and scope |
|---|---|
| T4 Sniper | Client-side creation, charting and trading of custom spreadsSource 6 |
| Options Pro | Trading sheets, analysis and heat mapSource 6 |
| Complex options | User-defined spreads and request-for-quote functionsSource 6 |
| Hosting implication | Client-side spread software depends on its own running environmentSource 6 |
At a glance15
Order templates
| Item | Terms and scope |
|---|---|
| Multi-exit OCO | Related orders with predefined profit and loss targetsSource 6Source 8 |
| Standard batch | Reusable patterns of order submissionsSource 6Source 8 |
| Template storage | Create and save configurationsSource 6Source 8 |
| Execution limitation | An order relationship is not a guaranteed fill at the target priceSource 6Source 8 |
At a glance16
Spread and market-session displays
| Item | Terms and scope |
|---|---|
| Spread matrix | Contract months and calendar spreadsSource 6 |
| Strategies | Butterflies and condorsSource 6 |
| Order counts | Number of orders contributing to volume at a priceSource 6 |
| Market-mode countdown | Seconds until a session-state change such as pre-open or closeSource 6 |
At a glance17
Market-on-close functionality
| Item | Terms and scope |
|---|---|
| Time window | Choose start and end timeSource 6Source 8 |
| Quantity | Choose how the target quantity is split into ordersSource 6Source 8 |
| Scope | The T4 feature description, subject to the contract/sessionSource 6Source 8 |
| Execution risk | A configured execution window does not guarantee the market can fill all quantitySource 6Source 8 |
At a glance18
Platform and interface options
| Item / condition | Verified detail and interpretation |
|---|---|
| Dorman Direct/T4 | CME directory names proprietary platform/simulator.Source 12 |
| CQG | Supported ISV/software stack.Source 12 |
| Rithmic | Supported ISV/order-technology provider.Source 12 |
| Trading Technologies | Supported platform/vendor in CME directory.Source 12 |
| Third-party systems | Platform choice does not by itself establish an API licence or lower exchange fee.Source 12Source 16 |
At a glance19
Order and risk mechanics
| Item / condition | Verified detail and interpretation |
|---|---|
| Exchange session | CME Globex schedule by contract including maintenance breaks.Source 11 |
| Initial margin | Performance bond to establish a position; not total maximum downside.Source 13 |
| Maintenance margin | Equity level below which additional funds, reduction or liquidation can be required.Source 13 |
| Daily mark-to-market | Variation margin credits/debits trading account, sometimes intraday.Source 11 |
| Delivery/expiry | Contract rules for physical delivery or cash settlement; currency futures may require action before last trade.Source 11 |
| Order fallback | Specific emergency dealing instructions and acceptance authority depend on desk/IB agreement, not directory listing.Source 11 |
Funding, settlement and transfers
Sections ↑At a glance20
Settlement and funding
| Item | Terms and scope |
|---|---|
| Margin custodian | Dorman Trading LLC identified as full-service FCMSource 4 |
| Exchange variation | Futures positions marked-to-market with margin callsSource 3 |
| Funding beneficiary | Originator name must match the Dorman account holderSource 4 |
| Segregated accounts | Regulated FCM structure for US futuresSource 3 |
| Recent client funds | Financial-data index checked; linked statement data did not render sufficiently to certify current balancesSource 4 |
At a glance21
General funding-page methods
| Item | Terms and scope |
|---|---|
| Bank wire | Considered cleared funds after receipt/creditingSource 5 |
| Supported currency instructions | USD, EUR and AUD linksSource 5 |
| Checks | Eligible personal and specified bank/check-account instrumentsSource 5 |
| Broker transfer | External account transfer considered cleared fundsSource 5 |
| Identity | Originator name must match the account holderSource 5 |
At a glance22
Checks and clearance
At a glance23
ACH depends on the customer route
| Item | Terms and scope |
|---|---|
| General Dorman page | Lists ACH credits/electronic transfers as unacceptableSource 5Source 10 |
| Tradier-specific guide | Describes ACH deposits and withdrawals through the Dorman portalSource 5Source 10 |
| Reconciliation | The partner route is not proof that all unsolicited ACH credits are acceptedSource 5Source 10 |
| Practical instruction | Follow the authenticated instructions assigned to the actual accountSource 5Source 10 |
At a glance24
Other excluded payment channels
The two ACH statements address different routes. Dorman’s public funding page lists ACH credits among unacceptable methods, while Tradier’s instructions for its introduced customers permit portal ACH. A blanket statement that Dorman either always accepts or never accepts ACH would lose that distinction.[5][10]
At a glance25
Withdrawal and collateral process
| Item / condition | Verified detail and interpretation |
|---|---|
| Cash free equity | Margin supporting open futures positions or uncleared deposits is not freely available for withdrawal.Source 11 |
| Wires | Current Dorman withdrawal form, beneficiary checks and outbound charges must be confirmed separately; inbound fee page does not establish them.Source 11 |
| Internal portfolio transfer | Requires relevant Dorman internal transfer form.Source 14 |
| Surplus and calls | Price moves can create variation credits or deficit calls.Source 11 |
| Non-US funding | Accepted foreign-currency bank wires do not guarantee unlimited foreign resident solicitation.Source 15Source 14 |
Regulation and client assets
Sections ↑At a glance26
Regulation
| Item | Terms and scope |
|---|---|
| FCM status | SEC filing identifies full-service FCMSource 4 |
| CME participation | CME broker listing marks clearing memberSource 3 |
| Owner | Miami International Holdings Inc. owns Dorman Trading LLC in SEC amendmentSource 4 |
| Customer protections | Futures segregation rather than securities SIPCSource 3 |
Entities & regulation27
Futures collateral and insurance
| Item | Terms and scope |
|---|---|
| SIPC | Does not cover futures collateral, even at a dual-registered firmSource 8 |
| FCM insolvency | General disclosure does not provide deposit-style insuranceSource 8 |
| Segregation | Customer funds can be pooled separately from the FCM’s own fundsSource 8 |
| Residual risk | Another customer’s deficit can affect recovery if FCM capital is insufficientSource 8 |
Entities & regulation28
Margin and market limits
| Item | Terms and scope |
|---|---|
| Loss exposure | Can exceed the original depositSource 8 |
| Margin call | Additional collateral may be required at short noticeSource 8 |
| Failure to meet call | Positions may be liquidated with a remaining customer deficitSource 8 |
| Limit move | Market conditions can prevent liquidationSource 8 |
Entities & regulation29
Reported FCM capital at 30 June 2026
| Item | Terms and practical effect |
|---|---|
| Adjusted net capital | USD 25.9 million in the parent’s SEC-filed quarterly report.Source 25 |
| CFTC net-capital requirement | USD 5.7 million at the same date.Source 25 |
| Reported compliance | The filing says Dorman also met applicable exchange minimum-capital requirements at that date.Source 25 |
| Interpretation | These are historical company capital figures, not client-account insurance or a guarantee of future solvency.Source 25 |
Support and account records
Sections ↑At a glance30
Desk operations
| Item | Terms and scope |
|---|---|
| Clearing support | Professional execution and futures clearing service marketedSource 1 |
| Technical service | Multiple platform integrations and server hostingSource 2 |
| Introducing-broker support | Dorman accepts IB and direct relationshipsSource 4 |
| Risk escalation | FCM sets margins and liquidations under agreementSource 3 |
| Contract delivery | Futures contract specifications and notices market-dependentSource 3 |
At a glance31
Hosting service and escalation
At a glance32
Operational support map
| Item / condition | Verified detail and interpretation |
|---|---|
| New accounts | Dorman online application and representatives.Source 15 |
| Introducing broker | Can assist with account setup and platform, but scope depends on IB relationship.Source 15 |
| Trading software | Vendor-specific tech support and trade-desk arrangements.Source 12Source 16 |
| Funding instructions | Contact Dorman representative before wiring or sending special cheques.Source 14 |
| Regulator lookup | CFTC guidance points consumers to verify entity via NFA BASIC.Source 18 |
| Formal customer dispute | Contracting FCM/IB complaint procedures and NFA arbitration routes differ; no universal response deadline inferred.Source 11 |
At a glance33
Records and reporting
| Item / condition | Verified detail and interpretation |
|---|---|
| Daily statements | Futures mark-to-market, positions, cash credits/debits and performance bond reconciliation.Source 11 |
| Tax records | Trade and realisation reports must match relevant tax domicile and futures rules.Source 11 |
| Margin calls | Communication channel/timing should be agreed before holding overnight leveraged contracts.Source 11 |
| Failed order | Keep precise exchange, contract month, platform, timestamps and account identifier.Source 11 |
Research and additional services
Sections ↑At a glance34
Additional services
| Item | Terms and scope |
|---|---|
| Introducing broker carrying | Dorman accepts introducing-broker customersSource 4 |
| Algorithmic traders | Multiple platform and routing optionsSource 2 |
| Commercial futures hedging | Currency, energy, agriculture and metals product segmentsSource 3 |
| Hosting | On-site/near-exchange technical infrastructure offeredSource 1 |
| Non-core OTC FX | No consumer spot CFD range verifiedSource 3 |
At a glance35
CME Aurora colocation connectivity
At a glance36
Hosted-server configuration
At a glance37
Hosting data feeds
At a glance38
Automated systems service
| Item | Terms and practical effect |
|---|---|
| Operating model | Selected trading systems can generate signals for automatic execution.Source 19 |
| Named providers | Dorman links Striker Securities, iSystems and Collective2.Source 19 |
| Account decision | The chosen strategy, provider subscription and trading authorization determine how orders reach the account.Source 19 |
| Loss exposure | Automated execution does not change futures margin obligations or guarantee strategy results.Source 19 |
Company and legal entities
Sections ↑At a glance39
Brand history and legal formation
| Item | Terms and scope |
|---|---|
| Brand heritage | 1956 history described by the companySource 1Source 4 |
| Legal LLC | Illinois formation in June 2015 in the SEC filingSource 1Source 4 |
| Ownership evidence | December 2025 SEC-filed description names MIHSource 1Source 4 |
| Customer contract | Operating FCM remains Dorman Trading LLCSource 1Source 4 |
Miami International Holdings completed its acquisition of Dorman in October 2022 and still identifies Dorman as its subsidiary in October 2026. The carrying FCM remains Dorman Trading, LLC; references to its family-run history do not describe current ownership.[23][24][25]
- Headquarters
- Chicago, United States
Legal entities & licences
These are source-dated records, not a blanket assessment of the broker. Read each issuer, identifier, status and scope together.
Dorman Trading LLC
No separate licence entry is recorded in this panel.
Important account distinctions
Sections ↑At a glance40
Public financial-data limitation
Sources & further reading
- Dorman Trading futures clearing, heritage and technology Dorman Trading · Accessed 27 Oct 2026
- Dorman Trading available front-end platforms Dorman Trading · Accessed 27 Oct 2026
- CME broker profile: Dorman Trading LLC markets and membership CME Group · Accessed 27 Oct 2026
- SEC MIAX Form 1 amended filing, December 22 2025, Exhibit C p 25 US Securities and Exchange Commission · Accessed 27 Oct 2026
- Dorman official funding methods and account-name rule Dorman Trading · Accessed 27 Oct 2026
- Dorman Direct /CTS T4 features Dorman Trading · Accessed 27 Oct 2026
- Dorman CME Aurora server hosting terms Dorman Trading · Accessed 27 Oct 2026
- Dorman futures risk and customer-funds disclosure Dorman Trading · Accessed 27 Oct 2026
- Dorman public financial-data index Dorman Trading · Accessed 27 Oct 2026
- Tradier instructions for its introduced Dorman account funding Tradier · Accessed 27 Oct 2026
- Dorman official futures clearing and account services Dorman Trading · Accessed 26 Oct 2026
- CME Group member firm listing and supported products CME Group · Accessed 26 Oct 2026
- Dorman published exchange-product initial/maintenance margin examples Dorman Trading · Accessed 26 Oct 2026
- Dorman approved funding channels, rejected methods and name match Dorman Trading · Accessed 26 Oct 2026
- Dorman online application, identity and non-US documentation Dorman Trading · Accessed 26 Oct 2026
- Dorman online trading and platform access Dorman Trading · Accessed 26 Oct 2026
- Dorman financial statements / NFA reference links Dorman Trading · Accessed 26 Oct 2026
- CFTC checking a firm registration / NFA BASIC instructions US CFTC · Accessed 26 Oct 2026
- Dorman automated systems trading Dorman Trading · Accessed 26 Oct 2026
- Dorman trading server hosting Dorman Trading · Accessed 26 Oct 2026
- Dorman Direct / T4 platform functions Dorman Trading · Accessed 26 Oct 2026
- NFA BASIC firm-profile route NFA · Accessed 26 Oct 2026
- Dorman announcement of completed MIH acquisition — 21 October 2022 Dorman Trading / Miami International Holdings · Accessed 26 Oct 2026
- MIAX corporate release identifying Dorman ownership — 1 October 2026 Miami International Holdings · Accessed 26 Oct 2026
- Miami International Holdings Form 10-Q — quarter ended 30 June 2026 Miami International Holdings / SEC EDGAR · Accessed 26 Oct 2026
This profile reports dated public information, including broker-published services and terms. It does not independently test or guarantee execution, pricing or withdrawals. Inclusion is not an endorsement. Permissions and protections apply only to the named legal entity, service and client category; check the current official records and your contract.