Federal Register #SR-OGM-2026-001

SEC Notice on Nadex’s Proposed Perpetual Single-Stock Futures

The SEC notice describes a proposed Nadex rule change for perpetual, cash-settled single-stock futures; it is a regulatory matter, not a government procurement. - Government agency: U.S. Securities and Exchange Commission (SEC), which published the notice. The Commodity Futures Trading Commission (CFTC) is also referenced in connection with the proposal. - Company named: North American Derivatives Exchange, Inc. (Nadex), the exchange proposing the contracts and platform operator. No procurement vendor or OEM is specified. - Proposed contracts: Each would represent one share of an eligible stock, have no fixed expiration or scheduled final settlement, and use periodic real-time cash adjustments. Nadex proposes to offer them exclusively through its electronic trading platform. - Illustrative underlying stocks: Alphabet (GOOGL), Amazon (AMZN), Apple (AAPL), Meta Platforms (META), Microsoft (MSFT), Nvidia (NVDA), and Tesla (TSLA). Specific instruments would be announced separately. - No products or services are being purchased, and the notice provides no quantities, part numbers, contract value, or performance period.

Description

North American Derivatives Exchange, Inc. filed a proposed rule change to adopt contract specifications for cash-settled single-stock security futures, including perpetual security futures products (SFPs). The proposed rules cover listing, trading, margining, clearing, settlement, and adjustments; each contract represents one share of an eligible underlying stock and has no fixed expiration date or scheduled final settlement. The contracts would use periodic real-time pricing adjustments, be settled in cash, and be offered exclusively on Nadex’s electronic trading platform. The SEC notice solicits comments; the CFTC had not yet approved the proposal as of the notice.

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