At least four exchanges are expected to begin trading securities perpetual futures in the fourth quarter of 2026, SEC market structure chief Selway said. If launched as planned, the products—widely used in crypto markets—would bring derivatives with no fixed expiry into the U.S. regulated equity derivatives market.
Speaking on October 14 at the Securities Traders Association’s annual market structure conference, Selway said he expected at least four exchanges to start trading the contracts during the quarter. He did not identify the exchanges or provide launch dates, eligible stocks, leverage limits, funding arrangements or settlement terms.
Five CFTC-regulated exchanges file SEC notices
In September, Coinbase, Kalshi, Bitnomial, NADEX and ICE Futures filed Form 1-N securities futures registration notices with the SEC. All five are registered with the Commodity Futures Trading Commission (CFTC) as designated contract markets (DCMs).
The process differs from a conventional exchange application. Under the applicable rules, registration can take effect once an eligible exchange submits the required notice; it does not require a separate SEC approval of the kind associated with a standard exchange application.
Form 1-N is also limited in scope. SEC rules distinguish these notices from exchange applications that the commission reviews before trading begins. The registration allows platforms to trade securities futures, but does not grant broad authorization to operate a cash equity exchange.
Registration and the launch of specific contracts are separate steps. The five filings show that the platforms have completed the relevant registration step, but do not mean all five will launch perpetual futures at the same time.
CME’s single-stock futures have set expiries
Selway also pointed to CME Group’s cash-settled single-stock futures, which launched on July 27 and covered more than 50 U.S. stocks. The contracts give investors access to listed derivatives tied to individual companies.
Unlike the proposed securities perpetual futures, CME’s contracts have expiry dates. Perpetual futures generally have no fixed expiry, so their price relationship with the underlying asset depends on mechanisms such as funding rates, settlement rules and other contract terms. The final design of any securities perpetual futures will depend on the rules published by each exchange.
Selway said the SEC’s role is not to determine whether the products will succeed commercially, but to ensure platforms meet regulatory standards and support orderly competition to protect investors. “Our job is not to determine whether these ventures are likely to succeed or fail commercially, but to ensure they meet regulatory standards and promote healthy competition to maximize investor protection and benefit,” he said.
Launch dates and contract terms remain unconfirmed
So far, public details center on the registration process and the expected number of launches. Selway said at least four exchanges plan to start trading in the fourth quarter, without naming them. Key terms that will shape how the products trade—including leverage, margin requirements, funding rates, trading hours, eligible stocks and cash-settlement arrangements—have not been announced.
If the products launch on schedule, they will add a contract format distinct from expiring single-stock futures to the U.S. equity derivatives market. Market participants will be watching for formal exchange rules, the regulatory division between the SEC and CFTC, and differences in risk controls and settlement across platforms. The five registration notices have been filed, but actual trading dates and product details remain pending.