Polymarket's PM Derivatives Wins NFA Approval as Collateralized FCM
New York – November 03, 2026 -- The National Futures Association (NFA) has approved Polymarket's PM Derivatives, LLC to operate as a Futures Commission Merchant (FCM) on a fully collateralized basis, completing the three core components of Polymarket's U.S. derivatives infrastructure.
Approval adds a broker to Polymarket's exchange and clearinghouse
Polymarket now runs an exchange, QCX LLC (d/b/a Polymarket US), a clearinghouse, QC Clearing LLC, and a broker, PM Derivatives. Polymarket US operates as a CFTC-regulated designated contract market under the Commodity Exchange Act.
FCM status lets PM Derivatives hold customer funds under CFTC and NFA oversight
The authorization allows PM Derivatives to accept and carry customer orders and funds as a broker. Polymarket says this gives it an additional regulated pathway to work with distribution partners and to enter jurisdictions that require a regulated broker.