Glossary › Designated contract market (DCM)
Checked September 25, 2026 · 7 sources · plain-English definition, not financial advice
Designated contract market (DCM): An exchange the CFTC has designated to list futures, options or swaps under the Commodity Exchange Act; KalshiEX LLC has been one since 2020.
The CFTC glossary defines a DCM as a board of trade or exchange designated by the CFTC to trade futures, swaps and options under the Commodity Exchange Act, and a DCM can allow both institutional and retail participants. To keep the designation, a DCM must comply with 23 core principles, including contracts not readily subject to manipulation, position limitations or accountability, daily publication of trading information and protection of market participants.
KalshiEX LLC received its order of designation on November 4, 2020 (CFTC release 8302-20), and its member agreement opens by describing Kalshi as a CFTC designated contract market. The CFTC's filing page records that on January 17, 2025 the Commission granted Kalshi's petition to permit intermediated futures trading; Kalshi's help center names Webull, Robinhood Derivatives and Direct Access USA as partner futures commission merchants.
Being a DCM makes Kalshi a self-regulatory organization: the CFTC says DCMs establish and enforce rules against fraud, manipulation and unfair trading practices, which Kalshi does through its rulebook. What to check: that you are trading on KalshiEX LLC itself or through a registered broker, and Kalshi View's state-by-state page for where you can trade.
Is Kalshi legal in your state? · Is Kalshi legit? CFTC status and safety checks
Checked September 25, 2026. Kalshi changes fees, rules, funding options and limits; the market's rules, the order ticket and Kalshi's help center are the final word.
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