What is a Designated Contract Market (DCM)?
A Designated Contract Market (DCM) is the federal licence issued by the Commodity Futures Trading Commission (CFTC) that allows a US exchange to list derivatives contracts for retail and institutional trading. It is the same category of licence held by the Chicago Mercantile Exchange and the New York Mercantile Exchange, and it is what separates regulated US prediction market venues from offshore or crypto-native alternatives.
What is a Designated Contract Market (DCM)?
What a DCM licence allows
A DCM licence permits an exchange to list event contracts and other derivatives, accept deposits from US retail customers, provide a central counterparty clearing mechanism, and operate as a self-regulatory organization subject to CFTC oversight. Without a DCM licence, offering event contracts to US retail customers is generally illegal under the Commodity Exchange Act. The licence requires extensive compliance infrastructure: customer fund segregation, surveillance programs, rulebooks, and regular CFTC reporting.
Who currently holds a DCM licence
As of early 2026, DCM-licensed venues relevant to prediction market traders include: Kalshi (licensed since 2021, the first DCM specifically for event contracts); ForecastEx (operated by Interactive Brokers, licensed for economic and political event contracts); CME Group and CBOE (primarily commodity and financial derivatives, but they share the same licence tier); NYMEX (energy and metals futures); and MIAXdx, which Robinhood acquired in January 2026 to support its sports event contracts product. Polymarket also acquired QCEX's DCM licence in October 2025, signaling a planned US relaunch.
Consumer protections under DCM oversight
DCM status provides several protections that offshore platforms do not. Customer funds must be held in segregated accounts, separate from the exchange's operating capital, so a platform insolvency does not automatically wipe out customer balances. The CFTC has enforcement authority over fraud and manipulation on DCM venues. Customers have a formal dispute resolution path. Disclosure documents (called Designated Contract Market rulebooks) must be filed publicly with the CFTC, giving traders the ability to review the exact resolution and margin rules before trading.
Recent DCM developments
The DCM landscape for prediction markets shifted significantly in 2025 and early 2026. Kalshi won its federal court case against the CFTC in 2025, clearing sports event contracts for US trading. Polymarket, previously US-restricted, acquired the QCEX DCM licence in October 2025 and began preparing a compliant US product. Robinhood acquired MIAXdx in January 2026 and launched sports event contracts using Kalshi-powered technology. Novig, a newer entrant, filed a DCM application in February 2026. The cluster of new DCM applications reflects growing confidence that the US regulatory environment for event contracts is stable and expanding.
이 시리즈의 관련 가이드
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0.62달러에 거래되는 YES 주식이 시장 내재 확률 약 62%를 의미하는 이유, 그리고 이 해석이 무너지는 경우.
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시리즈LMSR(로그 시장 채점 규칙)이란 무엇인가?
Robin Hanson이 예측 시장을 위해 설계한 마켓메이커 공식, 손실을 제한하는 이유, 그리고 여전히 사용하는 곳.