At a high level, a CFTC-regulated transaction can only be conducted over regulated exchanges, which include, depending on the type of transaction, Designated Contract Markets (βDCMsβ) and Swap Execution Facilities (βSEFsβ). Exceptions to this requirement may apply, but broadly speaking, these exceptions are only available to certain sophisticated market participants or high-net-worth individuals. In addition, the CFTC directly regulates the intermediaries that facilitate CFTC-regulated transactions, including introducing brokers, futures commission merchants, swap dealers, commodity pool operators, or commodity trading advisors. The application process to become a DCM, SEF, or regulated intermediary is costly and difficult, and regulated exchanges and intermediaries are subject to extensive ongoing regulatory oversight by the CFTC.