This summary of the compliance licensing for prediction markets is very detailed; I'll study it. My basic understanding is that it can be divided into two categories: 1) Onshore prediction markets. These markets can be understood according to the traditional "exchange-broker-clearinghouse" system. Exchanges correspond to a futures license for DCMs, clearinghouses to DCO licenses, and brokers to FCM licenses. DCMs also need a binary event contract license. 2) For offshore markets, taking Polymarket (Global) as an example, currently, DCM functionality is implemented by CLOB; FCM brokerage functionality is achieved through fund self-custody and full collateralization; and DCO clearing functionality is achieved through atomic swaps of on-chain contracts. However, it's important to note that the settlement decision upon maturity is not made by the clearinghouse, but by the third-party oracles UMA/Chainlink.