Traditional derivatives exchanges registered with and regulated by the Commodity Futures Trading Commission (CFTC) on which standardized derivatives contracts are executed. DCMs offer CFTC-regulated exchange-traded derivatives products, such as futures and options.

Unlike swap execution facilities (SEFs), which permit open access to market participants, DCMs can only be accessed by entering into an agreement with a futures commission merchant (FCM) that is a member of that DCM.

For more information on DCMs, see Practice Note, US Derivatives Regulation: Swap Clearing and Trade Execution: Swap Exchanges: DCMs and SEFs.