Designated contract market (DCM)
A designated contract market, or DCM, is an exchange the CFTC has approved to list futures, options on futures and event contracts, open to retail as well as institutional participants. Designation carries ongoing obligations under the core principles of the Commodity Exchange Act, covering market surveillance, recordkeeping, reporting and the prevention of manipulation. Kalshi, Polymarket US, Rothera, DKeX, ProphetX, UDX, Novig and CDNA all trade on DCMs. The registered entity often has a different name from the consumer brand: Novig trades through Ludlow Exchange, LLC, and DKeX through Railbird Exchange, LLC.
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