[NFA Approval Received, Polymarket Subsidiary Still Requires CFTC Approval to Conduct Futures Brokerage Business] Odaily reports that the NFA has approved Polymarket's PM Derivatives LLC to operate as a Futures Commission Merchant (FCM). An NFA spokesperson stated that the subsidiary has met all the requirements for FCM registration, but actual futures brokerage business operations still require approval from the U.S. Commodity Futures Trading Commission (CFTC). If approved, PM Derivatives will be able to act as an intermediary for client orders and funds; Polymarket stated that the subsidiary plans to use a fully collateralized model, requiring clients to provide full funding for all positions at the time of execution. The CFTC is currently investigating Polymarket.