Federal Register #2026-11020

CFTC Policy Statement on Listing of Perpetual Contracts

The Commodity Futures Trading Commission (CFTC) has released a policy statement clarifying its approach to the listing of perpetual contracts in U.S. derivatives markets. - Government buyer: - Commodity Futures Trading Commission (CFTC) - Offices in Chicago, IL and Washington, DC - No OEMs or vendors are mentioned; this is a regulatory policy statement, not a procurement opportunity - No products or services are requested - Key policy details: - Perpetual contracts are derivatives without a fixed expiration date, using a funding rate mechanism to maintain price parity with the underlying asset - The CFTC has permitted the listing of a perpetual contract referencing the spot price of bitcoin as a futures contract - Perpetual contracts referencing other asset classes (e.g., agricultural products, precious metals, equity securities, narrow-based security indexes) require case-by-case review under Commission Regulation 40.3 - The policy aims to provide regulatory clarity and promote responsible innovation in the derivatives market - No procurement-relevant requirements, products, or services are included in this notice

Description

This policy statement from the Commodity Futures Trading Commission (CFTC) outlines the Commission's views on the listing of perpetual contracts, which are derivative contracts without a fixed expiration date and use a funding rate mechanism to maintain price parity with the underlying asset. The statement accompanies an order permitting the listing of a perpetual contract referencing the spot price of bitcoin as a futures contract. It emphasizes that perpetual contracts referencing asset classes not covered by the order should undergo case-by-case review under Commission Regulation 40.3. The policy aims to provide regulatory clarity and promote responsible innovation in the U.S. derivatives markets.

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