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.

PM Derivatives CEO Nikhil Joshi called the approval a "foundational step." He said FCM registration brings ongoing obligations for capital adequacy, customer fund protection, risk management and regulatory compliance.

Every position must be fully funded at the time of trade

PM Derivatives will operate exclusively on a fully collateralized basis. Any future margin offering would need additional regulatory approval.

Polymarket will keep working with its existing FCM and brokerage partners, which will continue to offer their own customers access to Polymarket US markets. The company says it is building toward new products, subject to regulatory approval.