CFTC Approves Perpetual Futures on Stocks in the US

The U.S. Commodity Futures Trading Commission (CFTC) on November 3, 2026, allowed regulated exchanges to begin trading perpetual futures on individual company stocks. This was announced by the agency's chairman, Michael Selig. The new instruments are available to platforms that have the necessary registration with the CFTC and the U.S. Securities and Exchange Commission (SEC).

Perpetual futures are derivative financial instruments without a set expiration date. They allow positions to be opened on the rise or fall of an asset's value without direct ownership. The use of leverage increases both potential profits and possible losses.

According to Selig's statement, the contracts have been granted approved status in accordance with CFTC rule 40.3 and are classified as futures instruments on securities under the Commodity Futures Modernization Act of 2000 (CFMA). Their circulation is subject to the requirements of commodity and financial market legislation, and oversight is carried out jointly by the CFTC and SEC.

According to the head of the CFTC, the emergence of such products on regulated American platforms will allow market participants to use perpetual contracts within national legislation instead of turning to foreign platforms that may be outside American oversight.

Following the regulator's decision, the trading platform Kalshi announced the launch of perpetual contracts on the stocks of McDonald’s, Costco, Qualcomm, and Amgen. The instruments provide for the possibility of trading with leverage and opening positions based on price movements in both directions.

Wall Street Participants Challenged the Regulator's Decision

The CFTC's permission sparked objections from representatives of the traditional financial market. The Capital Markets Alliance (CMA), which includes the exchange operator Cboe Global Markets, market maker Citadel Securities, and the organization Healthy Markets Association, filed a lawsuit in the federal court of the Southern District of New York demanding the decision be overturned.

The plaintiffs believe that perpetual contracts on individual stocks should be classified as security-based swaps, which fall under the SEC's jurisdiction. According to the CMA, the CFTC incorrectly determined the legal status of the instruments and inadequately justified the implications of their approval for investors and the stock market.

A CFTC representative told Reuters that the lawsuit is an attempt to hinder the development of new financial instruments on regulated markets.

Disagreements between the regulator and traditional exchange operators have arisen before. In June, CME Group, which manages major American derivatives markets, challenged the CFTC's decision to allow perpetual futures on digital assets, including Bitcoin.

Thus, trading in new stock contracts is already permitted subject to established requirements, but the legality of their classification remains the subject of legal proceedings. The outcome could affect the further development of the perpetual derivatives market in the U.S.