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What is CFTC and DCM?

CFTC and DCM explained in plain English: a direct definition, a worked example and related terms, with sources.

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Last updated: · Written and reviewed by Ken Lin

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Quick answer

CFTC and DCM: The CFTC (Commodity Futures Trading Commission) is the US regulator of derivatives markets; a Designated Contract Market (DCM) is an exchange the CFTC has authorised to list futures, options and swaps, including event contracts.

Also called: Designated Contract Market

Explained, with an example

The CFTC glossary defines a DCM as a board of trade designated by the CFTC to trade futures, swaps and/or options, open to institutional and retail participants, as long as each contract is not readily susceptible to manipulation [1]. The CFTC publishes the list of DCMs [2]. Kalshi was designated in November 2020 and Polymarket US (QCX LLC) in July 2025 [3] [4].

Frequently asked questions

What is CFTC and DCM?

The CFTC (Commodity Futures Trading Commission) is the US regulator of derivatives markets; a Designated Contract Market (DCM) is an exchange the CFTC has authorised to list futures, options and swaps, including event contracts.

About this guide

Pred-Data publishes independent, source-linked explainers about prediction markets and the AI tools used around them. Every factual claim on this page links to a primary or reputable secondary source, checked on the date shown above. We do not run a trading venue, take bets, or give personal advice.

Author: Ken Lin · Corrections: if you spot an error, we review it and date-stamp the fix.

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Sources

  1. CFTC Glossary (binary option, DCM, order book, liquid market, market maker, settlement, wash trading, arbitrage, hedging) — U.S. CFTC, accessed 2 Nov 2026
  2. Designated Contract Markets (DCMs) — U.S. CFTC, accessed 2 Nov 2026
  3. CFTC Designates KalshiEX LLC as a Contract Market (4 Nov 2020) — U.S. CFTC, accessed 2 Nov 2026
  4. DCM filing: QCX LLC d/b/a Polymarket US — designated 9 Jul 2025 — U.S. CFTC, accessed 2 Nov 2026