{"description":"Documents matching 'perpetual', published on or after 01/01/2025, and from Commodity Futures Trading Commission","count":7,"total_pages":1,"results":[{"title":"Policy Statement Concerning the Listing of Perpetual Contracts","type":"Notice","abstract":"This policy statement describes the views of the Commodity Futures Trading Commission (the \"CFTC\" or \"Commission\") concerning the listing of perpetual contracts. Contemporaneously with the issuance of this policy statement, the Commission has issued an order (the \"Order\") permitting the listing of a perpetual contract that references the spot price of bitcoin by a designated contract market (\"DCM\") as a futures contract. Given the unique characteristics of perpetual contracts, which tend to vary based on the underlying asset they reference, the Commission is of the view that the case-by-case review process detailed in Commission Regulation 40.3 is appropriate for the listing of perpetual contracts that reference asset classes that are not contemplated in the Order.","document_number":"2026-11020","html_url":"https://www.federalregister.gov/documents/2026/06/03/2026-11020/policy-statement-concerning-the-listing-of-perpetual-contracts","pdf_url":"https://www.govinfo.gov/content/pkg/FR-2026-06-03/pdf/2026-11020.pdf","public_inspection_pdf_url":"https://public-inspection.federalregister.gov/2026-11020.pdf?1780404307","publication_date":"2026-06-03","agencies":[{"raw_name":"COMMODITY FUTURES TRADING COMMISSION","name":"Commodity Futures Trading Commission","id":77,"url":"https://www.federalregister.gov/agencies/commodity-futures-trading-commission","json_url":"https://www.federalregister.gov/api/v1/agencies/77","parent_id":null,"slug":"commodity-futures-trading-commission"}],"excerpts":"describes the views of the Commodity Futures Trading Commission (the “CFTC” or “Commission”) concerning the listing of <span class=\"match\">perpetual</span> contracts. Contemporaneously with the issuance of this policy statement, the Commission has issued an order (the “Order”) permitting the listing of a <span class=\"match\">perpetual</span> contract that references the spot price of bitcoin by a designated contract market (“DCM”) as a futures contract. Given the unique characteristics of <span class=\"match\">perpetual</span> contracts, which tend to vary based on the underlying asset they reference, the Commission is of the view that"},{"title":"Request for Comment on the Extension of Standard Futures Contracts to 24/7 Trading and on Perpetual Contracts Referencing Physically Delivered or Storable Energy Commodities","type":"Proposed Rule","abstract":"The Commodity Futures Trading Commission (Commission or CFTC) is requesting public comment on two distinct but related matters arising from recent developments in energy derivatives markets. The first is the extension of standard futures contracts to 24/7 trading, without any change to the contracts' fixed expiration, delivery, or settlement terms. The second is the listing of perpetual contracts that reference physically delivered or storable energy commodities, such as crude oil. The Commission seeks comment on the implications of each matter for the reliability and manipulation-resistance of reference prices, market surveillance and operational readiness, the federal speculative position-limits regime, margin, clearing, and settlement, customer protection, and effects on the underlying physical markets and the commercial participants that rely on them.","document_number":"2026-12784","html_url":"https://www.federalregister.gov/documents/2026/06/25/2026-12784/request-for-comment-on-the-extension-of-standard-futures-contracts-to-247-trading-and-on-perpetual","pdf_url":"https://www.govinfo.gov/content/pkg/FR-2026-06-25/pdf/2026-12784.pdf","public_inspection_pdf_url":"https://public-inspection.federalregister.gov/2026-12784.pdf?1782305111","publication_date":"2026-06-25","agencies":[{"raw_name":"COMMODITY FUTURES TRADING COMMISSION","name":"Commodity Futures Trading Commission","id":77,"url":"https://www.federalregister.gov/agencies/commodity-futures-trading-commission","json_url":"https://www.federalregister.gov/api/v1/agencies/77","parent_id":null,"slug":"commodity-futures-trading-commission"}],"excerpts":" \n \n \n B. <span class=\"match\">Perpetual</span> Contracts and the Commission's Recent Actions \n <span class=\"match\">Perpetual</span> contracts are derivative contracts that have no fixed expiration date and rely on a periodic funding rate mechanism that is designed to maintain relative price parity with the underlying asset's spot price. On May 29, 2026, the Commission issued an order permitting a DCM to list, as a futures contract, a <span class=\"match\">perpetual</span> contract referencing the spot price of bitcoin (the “Order”) and contemporaneously issued the Policy Statement Concerning the Listing of <span class=\"match\">Perpetual</span> Contracts"},{"title":"Request for Comment on the Extension of Standard Futures Contracts to 24/7 Trading and on Perpetual Contracts Referencing Physically Delivered or Storable Energy Commodities","type":"Proposed Rule","abstract":"On June 25, 2026, the Commodity Futures Trading Commission (\"Commission\" or \"CFTC\") published in the Federal Register a request for comment (\"RFC\") titled \"Request for Comment on the Extension of Standard Futures Contracts to 24/7 Trading and on Perpetual Contracts Referencing Physically Delivered or Storable Energy Commodities.\" The comment period for the RFC was set to close on July 27, 2026. The Commission is extending the comment period for this RFC by an additional thirty days. In addition to the questions set forth in the RFC, the Commission is further requesting comment on the self- certified 24/7 oil contract listed by Chicago Mercantile Exchange's (\"CME's\") New York Mercantile Exchange, Inc. (\"NYMEX\") on July 8, 2026 and that the Commission stayed on July 9, 2026.","document_number":"2026-15216","html_url":"https://www.federalregister.gov/documents/2026/07/28/2026-15216/request-for-comment-on-the-extension-of-standard-futures-contracts-to-247-trading-and-on-perpetual","pdf_url":"https://www.govinfo.gov/content/pkg/FR-2026-07-28/pdf/2026-15216.pdf","public_inspection_pdf_url":"https://public-inspection.federalregister.gov/2026-15216.pdf?1785156319","publication_date":"2026-07-28","agencies":[{"raw_name":"COMMODITY FUTURES TRADING COMMISSION","name":"Commodity Futures Trading Commission","id":77,"url":"https://www.federalregister.gov/agencies/commodity-futures-trading-commission","json_url":"https://www.federalregister.gov/api/v1/agencies/77","parent_id":null,"slug":"commodity-futures-trading-commission"}],"excerpts":" \n \n \n SUMMARY: \n \n On June 25, 2026, the Commodity Futures Trading Commission (“Commission” or “CFTC”) published in the \n Federal Register \n a request for comment (“RFC”) titled “Request for Comment on the Extension of Standard Futures Contracts to 24/7 Trading and on <span class=\"match\">Perpetual</span> Contracts Referencing Physically Delivered or Storable Energy Commodities.” The comment period for the RFC was set to close on July 27, 2026. The Commission is extending the comment period for this RFC by an additional thirty days. In addition to the questions set forth"},{"title":"Request for Comment on the Listing of Compute Derivatives Contracts","type":"Proposed Rule","abstract":"The Commodity Futures Trading Commission (\"CFTC\" or \"Commission\") is seeking public responses to this Request for Comment to better inform its understanding and oversight of derivatives markets in compute.","document_number":"2026-17163","html_url":"https://www.federalregister.gov/documents/2026/08/21/2026-17163/request-for-comment-on-the-listing-of-compute-derivatives-contracts","pdf_url":"https://www.govinfo.gov/content/pkg/FR-2026-08-21/pdf/2026-17163.pdf","public_inspection_pdf_url":"https://public-inspection.federalregister.gov/2026-17163.pdf?1787229923","publication_date":"2026-08-21","agencies":[{"raw_name":"COMMODITY FUTURES TRADING COMMISSION","name":"Commodity Futures Trading Commission","id":77,"url":"https://www.federalregister.gov/agencies/commodity-futures-trading-commission","json_url":"https://www.federalregister.gov/api/v1/agencies/77","parent_id":null,"slug":"commodity-futures-trading-commission"}],"excerpts":"contemplated compute derivative markets, including any such conduct that may require additional action by the Commission? \n 4. <span class=\"match\">Perpetual</span> Compute Futures \n a. Would <span class=\"match\">perpetual</span> compute futures have advantages for market participants over “traditional” or “fixed date” futures contracts? Would <span class=\"match\">perpetual</span> compute derivatives provide commercial risk management features that cannot be met with existing products? \n b. Would <span class=\"match\">perpetual</span> compute derivatives pose any unique risks for market participants or the broader markets? Are there additional protections or"},{"title":"Joint Request for Comment on Further Definition of “Swap” and “Security-Based Swap” and on Alternative Compliance","type":"Proposed Rule","abstract":"The Commodity Futures Trading Commission (\"CFTC\") and the Securities and Exchange Commission (\"SEC\") (together, the \"Commissions\") request public comment on potential ways to draw clearer regulatory lines with respect to innovative products that may implicate both SEC and CFTC regulatory interests. The Commissions also request public comment on potential approaches to enable alternative compliance.","document_number":"2026-12743","html_url":"https://www.federalregister.gov/documents/2026/06/24/2026-12743/joint-request-for-comment-on-further-definition-of-swap-and-security-based-swap-and-on-alternative","pdf_url":"https://www.govinfo.gov/content/pkg/FR-2026-06-24/pdf/2026-12743.pdf","public_inspection_pdf_url":"https://public-inspection.federalregister.gov/2026-12743.pdf?1782218724","publication_date":"2026-06-24","agencies":[{"raw_name":"COMMODITY FUTURES TRADING COMMISSION","name":"Commodity Futures Trading Commission","id":77,"url":"https://www.federalregister.gov/agencies/commodity-futures-trading-commission","json_url":"https://www.federalregister.gov/api/v1/agencies/77","parent_id":null,"slug":"commodity-futures-trading-commission"},{"raw_name":"SECURITIES AND EXCHANGE COMMISSION","name":"Securities and Exchange Commission","id":466,"url":"https://www.federalregister.gov/agencies/securities-and-exchange-commission","json_url":"https://www.federalregister.gov/api/v1/agencies/466","parent_id":null,"slug":"securities-and-exchange-commission"}],"excerpts":"the “swap” definition.\n 25 \n \n Is there a need for greater clarity from the Commissions regarding the treatment of futures, including security futures, in the context of innovative markets? For example, is there a need for greater clarity regarding whether a cash-settled “<span class=\"match\">perpetual</span>” contract referencing an equity security could be treated as a security future? What effects could the introduction of such products have on liquidity formation, price discovery, and hedging activity, particularly with regards to the derivatives and underlying cash equity"},{"title":"Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets","type":"Proposed Rule","abstract":"The Commodity Futures Trading Commission (\"Commission\" or \"CFTC\") is issuing an advanced notice of proposed rulemaking regarding section 2(c)(2)(D) of the Commodity Exchange Act (\"CEA\" or \"Act\") to provide notice and seek public comment on its intent to develop and establish fit-for-purpose rules implementing section 2(c)(2)(D) of the Act with respect to transactions and markets in crypto assets.","document_number":"2026-20888","html_url":"https://www.federalregister.gov/documents/2026/10/13/2026-20888/regulation-crypto-asset-transactions-and-regulation-crypto-asset-markets","pdf_url":"https://www.govinfo.gov/content/pkg/FR-2026-10-13/pdf/2026-20888.pdf","public_inspection_pdf_url":"https://public-inspection.federalregister.gov/2026-20888.pdf?1791549921","publication_date":"2026-10-13","agencies":[{"raw_name":"COMMODITY FUTURES TRADING COMMISSION","name":"Commodity Futures Trading Commission","id":77,"url":"https://www.federalregister.gov/agencies/commodity-futures-trading-commission","json_url":"https://www.federalregister.gov/api/v1/agencies/77","parent_id":null,"slug":"commodity-futures-trading-commission"}],"excerpts":"unfortunately, ends up suffering here, you know, more than the broker or the crypto firm in most cases”); \n see also \n Vicky Ge Huang, \n DRW's Don Wilson Encourages CFTC to Approve <span class=\"match\">Perpetual</span> Futures, \n Wall St. J. (Aug. 20, 2026), available at \n https://www.wsj.com/livecoverage/stock-market-today-dow-sp-500-nasdaq-08-20-2026/card/drw-s-don-wilson-encourages-cftc-to-approve-<span class=\"match\">perpetual</span>-futures-WBLJH1WD8D8M0rufCWC9; \n Caitlin Ostroff &amp; Vicky Ge Huang, \n CFTC Committee Discussion on Prediction Markets Gets Heated, \n Wall St. J. (Aug. 20, 2026), available"},{"title":"Order Granting Conditional Substituted Compliance in Connection With Certain Capital and Financial Reporting Requirements Applicable to a Nonbank Swap Dealer Domiciled in the French Republic and Subject to the European Union's Investment Firms Regulation and Investment Firms Directive","type":"Rule","abstract":"The Commodity Futures Trading Commission (\"Commission\" or \"CFTC\") is issuing an order regarding an application submitted by Goldman Sachs Paris Inc. et Cie requesting that the Commission determine that the capital and financial reporting laws and regulations of the European Union applicable to a CFTC-registered swap dealer, which is organized and domiciled in the French Republic and subject to the Investment Firms Regulation (EU) 2019/2033 (\"IFR\") and Investment Firms Directive (EU) 2019/2034 (\"IFD\") legislative package, provide sufficient bases for an affirmative finding of comparability with respect to the Commission's swap dealer capital and financial reporting requirements adopted under the Commodity Exchange Act. The order provides that a nonbank swap dealer organized and domiciled in the French Republic and subject to the IFR and IFD legislative package may satisfy the capital requirements and the financial reporting rules under the applicable provisions of the Commodity Exchange Act and Commission regulations by complying with certain specified European Union laws and regulations and conditions set forth in the order.","document_number":"2026-09693","html_url":"https://www.federalregister.gov/documents/2026/05/14/2026-09693/order-granting-conditional-substituted-compliance-in-connection-with-certain-capital-and-financial","pdf_url":"https://www.govinfo.gov/content/pkg/FR-2026-05-14/pdf/2026-09693.pdf","public_inspection_pdf_url":"https://public-inspection.federalregister.gov/2026-09693.pdf?1778676326","publication_date":"2026-05-14","agencies":[{"raw_name":"COMMODITY FUTURES TRADING COMMISSION","name":"Commodity Futures Trading Commission","id":77,"url":"https://www.federalregister.gov/agencies/commodity-futures-trading-commission","json_url":"https://www.federalregister.gov/api/v1/agencies/77","parent_id":null,"slug":"commodity-futures-trading-commission"}],"excerpts":"the right of nonbank SD to call the instruments for redemption or to convert the instruments to other forms of equity.\n 90 \n \n The term “tier 2 capital” is defined to include certain types of instruments that include both debt and equity characteristics (\n e.g., \n certain <span class=\"match\">perpetual</span> preferred stock instruments and subordinated term debt instruments).\n 91 \n \n Subordinated debt also must meet certain requirements to qualify as tier 2 capital, including that the term of the subordinated debt instrument is at least one year (with the exception of approved"}]}