Prediction markets
Prediction markets: building on the Phantom letter — passive software, introducing broker or commodity trading advisor
CFTC staff’s September 2026 no-action position lets a front end for regulated event contracts launch without registering as an introducing broker, on ten conditions. What the position lets a startup build and charge for, which designs sit outside it, and what the registered paths cost, from the letters, the rules and NFA’s own pages.

