Key Notes
- Single-stock perpetual futures can begin trading on eligible US exchanges from November 3.
- Selig said the contracts were deemed approved under CFTC Rule 40.3 and fall under joint CFTC and SEC oversight.
- The statement leaves venue-specific launch dates and opening listings unspecified.
Perpetual futures tied to individual stocks can begin trading on eligible US exchanges from November 3, Commodity Futures Trading Commission Chairman Michael S. Selig said. The announcement extends the regulated US market for perpetual futures from digital commodities to individual equity securities. CFTC release
Eligible venues must be CFTC-designated contract markets that are also registered by notice with the Securities and Exchange Commission to trade security futures products. Selig said the contracts were deemed approved under CFTC Regulation 40.3 as security futures products, bringing them under both agencies’ applicable rules. Full statement
How the Approval Works
Rule 40.3 lets exchanges submit products for CFTC review. Under the rule, a submission can be deemed approved when the review period ends, subject to provisions for extensions and other commission action. Selig traced the joint oversight framework to the Commodity Futures Modernization Act of 2000. Rule 40.3
Selig said the move could give US traders access to tools for hedging and price discovery within regulated markets and reduce their reliance on offshore venues. In May, the CFTC approved KalshiEX’s bitcoin-linked perpetual futures contract through the same product review process. Bitcoin futures approval
Exchange Filings Give an Early Look at Trading Terms
In October, SEC trading and markets director Jamie Selway said Coinbase, Kalshi, Bitnomial, Nadex and ICE Futures had submitted Form 1-N notices in September. Selig’s November 3 statement gives no venue-specific launch dates or opening list of stocks. SEC remarks
A perpetual futures contract tracks an underlying asset without a scheduled expiration. Trading hours depend on the exchange’s rules. KalshiEX’s filing describes cash-settled contracts with periodic funding transfers and a schedule of 23 hours a day, five days a week. KalshiEX filing
The news comes as ICE and Trade[XYZ] pursue a separate US venture for Hyperliquid-based perpetual futures. Our ICE coverage outlines that plan, which the companies announced subject to regulatory approvals.
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