cftc

On November 3, the CFTC authorized, for the first time, perpetual futures on individual stocks to trade on U.S.-registered markets. That same day, Cboe, Citadel Securities, and the Healthy Markets Association sued the regulator in a federal court in New York to overturn the decision.
What the CFTC has approved:
🔹 “Equity Perps” are treated as securities futures, overseen jointly by the CFTC and the SEC.
🔹 Its chairman, Michael S. Selig, argues that if they are not offered in the U.S., investors will end up on unregulated foreign platforms.

In the clearinghouse’s daily settlements, the rules referred only to banks as “settlement banks”—leaving trust companies caught between the lines for more than a decade. On October 29, Nodal Clear wrote to ask about this, and on November 5, the CFTC’s Division of Clearing and Risk replied with No-Action Letter 26-30: a derivatives clearing organization (DCO) may use trust companies for daily settlements with clearing members, provided they are selected and monitored according to the standards for settlement banks, with compliance assessed under 39.14(c) and (d).
The background is straightforward. The Commodity Exchange Act’s customer funds protections already refer to “banks or trust companies”; however, the settlement provisions in Rule 39.14, which took effect in 2011, mentioned only banks. Nodal argued that New York regulates banks and trust companies to a similar degree, and that trust companies are major custodians of digital assets. Bringing them into daily settlements would make it easier to integrate digital asset collateral into existing fund flows.