[Polymarket's PM Derivatives Approved by NFA for Futures Commission Merchant Registration, Still Awaiting CFTC Approval] According to Reuters, PM Derivatives LLC, a division of prediction market Polymarket, has received approval from the National Futures Association (NFA) to operate as a futures commission merchant (FCM), but still needs approval from the Commodity Futures Trading Commission (CFTC) to actually commence FCM brokerage business. Polymarket stated that PM Derivatives plans to operate on a fully collateralized basis, with all positions fully funded at the time of trade. PM Derivatives CEO Nikhil Joshi called the approval a "foundational step" for the company. An NFA spokesperson confirmed the approval, stating that this indicates PM Derivatives has met all the requirements for FCM registration.