Polymarket wins NFA approval for PM Derivatives FCM

Polymarket said on November 4, 2026, that the National Futures Association (NFA) approved PM Derivatives, LLC to operate as a Futures Commission Merchant (FCM) on a fully collateralized basis.

The approval completes the three main parts of Polymarket's U.S. derivatives infrastructure across affiliated entities: the exchange, QCX LLC, doing business as Polymarket US; the clearinghouse, QC Clearing LLC; and the broker, PM Derivatives.

As an FCM, PM Derivatives can accept and carry customer orders and funds as a broker under Commodity Futures Trading Commission (CFTC) and NFA safeguards. Polymarket said the authorization gives it another regulated route to work with distribution partners and expand into jurisdictions where access through a regulated broker is required.

PM Derivatives will operate only on a fully collateralized basis, meaning customers must fund positions in full when they trade. Any future margin offering would require additional regulatory approval.

Polymarket said its existing FCM and brokerage partners will continue offering their customers access to Polymarket US markets.

"Becoming an approved FCM is a foundational step for PM Derivatives," said Nikhil Joshi, CEO of PM Derivatives. "PM Derivatives' registration as an FCM establishes its regulatory status as an intermediary, enabling it to accept customer orders and hold customer funds. Operating in this capacity entails ongoing obligations for capital adequacy, customer fund protection, risk management, and regulatory compliance."