Key Takeaways
- • The CFTC, under Chairman Michael Selig, cleared a path for equity perpetual futures ("Equity Perps") to trade in the US for the first time, announced on a Tuesday in early November 2026.
- • Equity perps may trade on designated contract markets that are also registered with the SEC as national securities exchanges under the notice-registration framework for security futures products.
- • The move is grounded in the Commodity Futures Modernization Act of 2000 and the CFTC-SEC Memorandum of Understanding, according to Selig.
- • Selig framed the development as bringing these products onto regulated US venues and away from offshore, potentially unregulated platforms.
Summary
The Commodity Futures Trading Commission has opened a regulated route for US investors to access perpetual futures tied to individual stocks, according to a development announced by CFTC Chairman Michael Selig on Tuesday. The contracts, known as Equity Perps, may be listed on designated contract markets that are also registered with the Securities and Exchange Commission as national securities exchanges under the notice-registration framework governing security futures products.
Selig said the move brings equity perpetual futures into the US regulatory system, giving traders access to instruments used for risk management and price discovery without having to rely on offshore and potentially unregulated platforms. He added that the CFTC's regulatory framework would provide protections for domestic market participants as these products enter regulated US markets.
According to Selig, the development draws on the Commodity Futures Modernization Act of 2000 and the CFTC-SEC Memorandum of Understanding. He said that differences between the two agencies' regulatory approaches had previously created uncertainty around security futures and equity perpetual futures, leaving them without a clear path to market. The CFTC and SEC have since improved coordination, with the stated aim of providing regulatory clarity for innovative products while reducing disputes over their respective jurisdictions.
Selig said the move brings equity perpetual futures into the US regulatory system, giving traders access to instruments used for risk management and price discovery without having to rely on offshore and potentially unregulated platforms. He added that the CFTC's regulatory framework would provide protections for domestic market participants as these products enter regulated US markets.
According to Selig, the development draws on the Commodity Futures Modernization Act of 2000 and the CFTC-SEC Memorandum of Understanding. He said that differences between the two agencies' regulatory approaches had previously created uncertainty around security futures and equity perpetual futures, leaving them without a clear path to market. The CFTC and SEC have since improved coordination, with the stated aim of providing regulatory clarity for innovative products while reducing disputes over their respective jurisdictions.
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