NFA clears Polymarket unit for FCM registration, with CFTC approval still pending
The National Futures Association has approved PM Derivatives LLC, a subsidiary of Polymarket, to operate as a futures commission merchant, according to ChainCatcher. An NFA spokesperson said the unit has met all requirements for FCM registration, but it still cannot begin futures brokerage operations without approval from the U.S. Commodity Futures Trading Commission. If that approval is granted, PM Derivatives would be able to act as an intermediary that accepts customer orders and funds. Polymarket said the subsidiary plans to use a fully collateralized model, requiring customers to post sufficient funds for their entire positions at the time of execution. The CFTC is still investigating Polymarket.
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