An exchange or board of trade that is registered with Commodity Futures Trading Commission (CFTC) (in the U.S) and is thus permitted to trade specific commodity or option contracts.

According to the CFTC, “.. designated contract markets (DCMs) are boards of trade (or exchanges) that operate under the regulatory oversight of the CFTC, pursuant to Section 5 of the Commodity Exchange Act (CEA), 7 USC 7. DCMs are most like traditional futures exchanges, which may allow access to their facilities by all types of traders, including retail customers”.