Designated Contract Market (DCM)
CME, ICE, and Kalshi are all DCMs under CFTC authority.
Prediction Markets 101 editorial team Updated April 16, 2026 1 min read
Definition
A DCM is a CFTC-approved exchange for trading derivatives including event contracts. Kalshi is a DCM.
Plain-English explanation
DCM status requires clearing, segregation of customer funds, CFTC oversight, and trade reporting. Event contracts on a DCM are federally-legal in all US states — CFTC authority preempts state gambling law.