Exempt commercial market

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An exempt commercial market (ECM) may trade exempt commodities on electronic trading facilities between eligible commercial entities without being subject to most CFTC regulation. Such a market must satisfy the conditions for the exemption put forth in Sections 2(h)(3)-(5) of the Commodity Exchange Act (CEA), 7 USC 2(h)(3)-(5), including a requirement that the exempt commercial market notify the Commodity Futures Trading Commission (CFTC).

A facility that elects to operate as an ECM must give notice to the CFTC and comply with certain informational, recordkeeping, and other requirements. ECMs are prohibited from claiming that the facility is registered with, or recognized by, the Commission.[1]


  1. Exempt Commercial Markets. CFTC.gov.