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Futures commission merchant (FCM)

What is a futures commission merchant (FCM)?

A futures commission merchant is a CFTC-registered firm that accepts customer orders and holds customer money for futures and event contracts, much as a stock broker does for shares.

On Polymarket

Robinhood Derivatives and Underdog's UDM, LLC are FCMs that route event-contract orders to exchanges, while Polymarket US is itself an exchange [1][2][3].

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Introducing broker · Designated contract market (DCM) · CFTC

Frequently asked questions

How does Futures commission merchant work on Polymarket?

Robinhood Derivatives and Underdog's UDM, LLC are FCMs that route event-contract orders to exchanges, while Polymarket US is itself an exchange .

Sources

  1. Robinhood: event contracts overview (2026-08-19)
  2. Underdog Predict (UDM, LLC) disclosure (effective 2026-03-16)
  3. Polymarket US: What is Polymarket US (accessed 2026-09-24)

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