CFTC lets exchanges drop expiry dates from index futures that already trade as perpetuals
CFTC staff will let Coinbase Derivatives and other exchanges drop expiry dates from broad-based security index futures under relief that lapses October 20. Coinbase's contracts already priced like perpetuals, so the letter mainly rewrites their legal terms, and the open question is whether any other exchange uses it.
Reality
- Evidence45
- Adoption
- Not scored
- Hype gap+30
- Incentives55
- Confidence40
CFTC staff let U.S. exchanges remove expiry dates from perpetual-style index futures on October 3, with five days' notice to holders of open positions. Contracts on other assets are excluded, so this is a narrow step toward bringing onshore a product that has mostly traded offshore.
Reality
- Evidence72
- Adoption15
- Hype gap+20
- Incentives40
- Confidence68
CFTC staff give Coinbase Derivatives and Bitnomial 18 days to turn 38 crypto futures into true perpetuals
CFTC staff let Coinbase Derivatives and Bitnomial strip expiry dates from 38 crypto futures, under relief that lapses on June 30. Only contracts on assets with deep spot markets qualify, so the underlying assets decide how many of the 38 convert.
Reality
- Evidence42
- Adoption
- Not scored
- Hype gap+15
- Incentives
- Not scored
- Confidence38
Coinbase won CFTC registration for its own clearinghouse on September 28, ten months after applying, covering only fully collateralized contracts. Its margined book and planned stock perpetuals still clear through partners, so the leveraged trading that dominates crypto volume stays outside.
Perspective Coverage
6 publishers
- Builder
- Builder 23%
- Operator
- Operator 39%
- Investor
- Investor 38%
Reality
- Evidence80
- Adoption
- Not scored
- Hype gap+25
- Incentives60
- Confidence75
Coinbase won CFTC registration on September 28 for its own clearinghouse, limited to fully collateralized futures, options on futures and swaps. Its margined business and planned single-stock perpetual futures will keep clearing through outside partners.
Reality
- Evidence70
- Adoption
- Not scored
- Hype gap+25
- Incentives55
- Confidence65
CFTC approves Coinbase's own clearinghouse for fully collateralized derivatives
Coinbase won CFTC registration on Sept. 28 for its own clearinghouse, licensed for fully collateralized futures, options on futures and swaps. Margined contracts, including planned single-stock perpetuals, still clear through outside partners.
Reality
- Evidence62
- Adoption
- Not scored
- Hype gap+20
- Incentives58
- Confidence60
Both venues want cash-settled contracts on the largest US listings, with funding payments in place of an expiry date, and because the underlyings are securities the products need the SEC as well as the CFTC.
Perspective Coverage
3 publishers
- Builder
- Builder 20%
- Operator
- Operator 38%
- Investor
- Investor 42%
Reality
- Evidence62
- Adoption3
- Hype gap+12
- Incentives45
- Confidence64